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An Experimental Test of the Impact of Overconfidence and Gender on Trading Activity

Citations

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Cited by:

  1. Wei-Xing Zhou & Guo-Hua Mu & Si-Wei Chen & Didier Sornette, "undated". "Strategies used as Spectroscopy of Financial Markets Reveal New Stylized Facts," Working Papers ETH-RC-11-005, ETH Zurich, Chair of Systems Design.
  2. Esther B. Brio & Ilidio Lopes-e-Silva & Javier Perote, 2016. "Effects of opportunistic behaviors on security markets: an experimental approach to insider trading and earnings management," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 33(3), pages 379-402, December.
  3. Oliver Gloede & Lukas Menkhoff, 2014. "Financial Professionals' Overconfidence: Is It Experience, Function, or Attitude?," European Financial Management, European Financial Management Association, vol. 20(2), pages 236-269, March.
  4. Tyack, Nicholas & Arouna, Aminou & Dembele, Urbain & Goeschl, Timo, 2026. "Underconfidence and the low experimentation trap," 2026 Annual Meeting, July 26 - 28, 2026, Kansas City, Missouri 404524, Agricultural and Applied Economics Association.
  5. Merkle, Christoph, 2018. "The curious case of negative volatility," Journal of Financial Markets, Elsevier, vol. 40(C), pages 92-108.
  6. Tsung-ming Yeh & Yue Ling, 2022. "Confidence in Financial Literacy, Stock Market Participation, and Retirement Planning," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 169-186, March.
  7. TOMA, Filip-Mihai & CEPOI, Cosmin-Octavian & NEGREA, Bogdan, 2021. "Does it payoff to be overconfident? Evidence from an emerging market – a quantile regression approach," Finance Research Letters, Elsevier, vol. 38(C).
  8. Michailova, Julija, 2010. "Development of the overconfidence measurement instrument for the economic experiment," MPRA Paper 26384, University Library of Munich, Germany.
  9. Abreu, Margarida, 2019. "How biased is the behavior of the individual investor in warrants?," Research in International Business and Finance, Elsevier, vol. 47(C), pages 139-149.
  10. Dominik M. Piehlmaier, 2025. "The road not taken: a causal mediation analysis to explore gender differences in investor overconfidence," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-6, December.
  11. Thomas Oberlechner & Carol Osler, 2009. "Overconfidence in Currency Markets," Working Papers 02, Brandeis University, Department of Economics and International Business School.
  12. Lawrence, Edward R. & Nguyen, Thanh D. & Wick, Benedikt, 2024. "Gender difference in overconfidence and household financial literacy," Journal of Banking & Finance, Elsevier, vol. 166(C).
  13. Kleine, Jens & Wagner, Niklas & Weller, Tim, 2016. "Openness endangers your wealth: Noise trading and the big five," Finance Research Letters, Elsevier, vol. 16(C), pages 239-247.
  14. Hanaki, Nobuyuki & Akiyama, Eizo & Ishikawa, Ryuichiro, 2018. "Behavioral uncertainty and the dynamics of traders’ confidence in their price forecasts," Journal of Economic Dynamics and Control, Elsevier, vol. 88(C), pages 121-136.
  15. Cueva, Carlos & Iturbe-Ormaetxe, Iñigo & Ponti, Giovanni & Tomás, Josefa, 2019. "Boys will still be boys: Gender differences in trading activity are not due to differences in (over)confidence," Journal of Economic Behavior & Organization, Elsevier, vol. 160(C), pages 100-120.
  16. Hoyer, Britta & van Huizen, Thomas & Keijzer, Linda & Rezaei, Sarah & Rosenkranz, Stephanie & Westbrock, Bastian, 2020. "Gender, competitiveness, and task difficulty: Evidence from the field," Labour Economics, Elsevier, vol. 64(C).
  17. Paulina Granados Zambrano, 2012. "I Prefer Not to Know! Analyzing the Decision of Getting Information about your Ability," Economics Working Papers ECO2012/04, European University Institute.
  18. Markus Spiwoks & Kilian Bizer, 2018. "Correlation Neglect and Overconfidence. An Experimental Study," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 8(3), pages 1-5.
  19. Ramiah, Vikash & Xu, Xiaoming & Moosa, Imad A., 2015. "Neoclassical finance, behavioral finance and noise traders: A review and assessment of the literature," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 89-100.
  20. Brañas-Garza, Pablo & Mesa-Vázquez, Ernesto & Rivero-Garrido, Noelia, 2020. "Gender differences in overplacement in familiar and unfamiliar tasks: Far more similarities," MPRA Paper 104426, University Library of Munich, Germany.
  21. Richards, Daniel W. & Willows, Gizelle D., 2018. "Who trades profusely? The characteristics of individual investors who trade frequently," Global Finance Journal, Elsevier, vol. 35(C), pages 1-11.
  22. D’Hondt, Catherine & De Winne, Rudy & Merli, Maxime, 2021. "Do retail investors bite off more than they can chew? A close look at their return objectives," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 879-902.
  23. Cary Deck & Klajdi Bregu, 2026. "The Discouraging Effect of Overconfidence," Southern Economic Journal, John Wiley & Sons, vol. 92(3), pages 716-727, January.
  24. Hannu Schadewitz & Jonas Spohr, 2022. "Gender diverse boards and goodwill changes: association between accounting conservatism, gender and governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(3), pages 757-779, September.
  25. Oberlechner, Thomas & Osler, Carol, 2012. "Survival of Overconfidence in Currency Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 47(1), pages 91-113, February.
  26. Wolfgang Breuer & Christian Hofmann, 2025. "Replication studies in finance and accounting," Journal of Business Economics, Springer, vol. 95(2), pages 187-196, April.
  27. David L. Dickinson & Ananish Chaudhuri & Ryan Greenaway-McGrevy, 2017. "Trading while sleepy? Circadian mismatch and excess volatility in a global experimental asset market," Working Papers 17-06, Department of Economics, Appalachian State University.
  28. Margarida Abreu, 2017. "How Biased is the Behavior of the Individual Investor in Warrants?," Working Papers REM 2017/07, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
  29. Abreu, Margarida & Mendes, Victor, 2012. "Information, overconfidence and trading: Do the sources of information matter?," Journal of Economic Psychology, Elsevier, vol. 33(4), pages 868-881.
  30. Yang, Xiaolan & Fang, Xiaotong & Gao, Mei & Ackert, Lucy F. & Qi, Li, 2024. "Follow the gaze: How social attention shapes gendered trading choices," China Economic Review, Elsevier, vol. 88(C).
  31. Margaria Abreu, 2017. "HOW Biased is the Behavior of the Individual Investor in Warrants?," Working Papers Department of Economics 2017/18, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
  32. Daniela Beckmann & Lukas Menkhoff, 2008. "Will Women Be Women? Analyzing the Gender Difference among Financial Experts," Kyklos, Wiley Blackwell, vol. 61(3), pages 364-384, August.
  33. Wang, Wenzhao & Su, Chen & Duxbury, Darren, 2022. "The conditional impact of investor sentiment in global stock markets: A two-channel examination," Journal of Banking & Finance, Elsevier, vol. 138(C).
  34. Brinette, Souad & Benkraiem, Ramzi & Khemiri, Sabrina, 2024. "Does directors’ educational background influence financing innovation through corporate venture capital investments? Evidence from France," Finance Research Letters, Elsevier, vol. 60(C).
  35. Danková, Katarína & Servátka, Maroš, 2019. "Gender robustness of overconfidence and excess entry," Journal of Economic Psychology, Elsevier, vol. 72(C), pages 179-199.
  36. Kawamura, Tetsuya & Mori, Tomoharu & Motonishi, Taizo & Ogawa, Kazuhito, 2021. "Is Financial Literacy Dangerous? Financial Literacy, Behavioral Factors, and Financial Choices of Households," Journal of the Japanese and International Economies, Elsevier, vol. 60(C).
  37. Niu, Geng & Yu, Li & Fan, Gang-Zhi & Zhang, Donghao, 2019. "Corporate fraud, risk avoidance, and housing investment in China," Emerging Markets Review, Elsevier, vol. 39(C), pages 18-33.
  38. De Paola, Maria & Gioia, Francesca & Scoppa, Vincenzo, 2014. "Overconfidence, omens and gender heterogeneity: Results from a field experiment," Journal of Economic Psychology, Elsevier, vol. 45(C), pages 237-252.
  39. Michailova, Julija, 2010. "Development of the overconfidence measurement instrument for the economic experiment," MPRA Paper 26384, University Library of Munich, Germany.
  40. Cristian Trejos & Adrian van Deemen & Yeny E. Rodriguez & Juan M. Gomez, 2019. "Overconfidence and disposition effect in the stock market : A micro world based setting," Post-Print hal-02312273, HAL.
  41. Kris Hardies & Diane Breesch & Joël Branson, 2011. "Male and female auditors' overconfidence," Managerial Auditing Journal, Emerald Group Publishing, vol. 27(1), pages 105-118, November.
  42. Andreas Oehler & Matthias Horn & Stefan Wendt, 2022. "Investor Characteristics and their Impact on the Decision to use a Robo-advisor," Journal of Financial Services Research, Springer;Western Finance Association, vol. 62(1), pages 91-125, October.
  43. Hwang, Soosung & Rubesam, Alexandre & Salmon, Mark, 2021. "Beta herding through overconfidence: A behavioral explanation of the low-beta anomaly," Journal of International Money and Finance, Elsevier, vol. 111(C).
  44. Muehlfeld, Katrin & Weitzel, Utz & van Witteloostuijn, Arjen, 2013. "Fight or freeze? Individual differences in investors’ motivational systems and trading in experimental asset markets," Journal of Economic Psychology, Elsevier, vol. 34(C), pages 195-209.
  45. Niu, Geng & Wang, Qi & Li, Han & Zhou, Yang, 2020. "Number of brothers, risk sharing, and stock market participation," Journal of Banking & Finance, Elsevier, vol. 113(C).
  46. Forman, John & Horton, Joanne, 2019. "Overconfidence, position size, and the link to performance," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 291-309.
  47. Oehler, Andreas & Horn, Matthias & Wendt, Stefan, 2020. "Information Illusion: Placebic Information and Stock Price Estimates," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224575, Verein für Socialpolitik / German Economic Association.
  48. Fellner, Gerlinde & Krügel, Sebastian, 2012. "Judgmental overconfidence: Three measures, one bias?," Journal of Economic Psychology, Elsevier, vol. 33(1), pages 142-154.
  49. Cécile Casteuble & Laetitia Lepetit & Thu Tha Tran, 2019. "Women on boards: do quotas affect firm performance?," Working Papers hal-02385034, HAL.
  50. Brander, James A. & Egan, Edward J., 2017. "The winner’s curse in acquisitions of privately-held firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 249-262.
  51. Garcia-Blandon, Josep & Josep Maria, Argilés-Bosch & Diego, Ravenda, 2024. "Female directors and the firm's cost of debt: Evidence from a quasi-natural experiment," European Management Journal, Elsevier, vol. 42(2), pages 224-232.
  52. Selim Aren & Hatice Nayman Hamamcı, 2026. "The Mediating Effect of Self-confidence on the Impact of Conscious and Unconscious Processes on Risky Investment Intention," FIIB Business Review, , vol. 15(2), pages 252-264, March.
  53. Pietro Bini & Lin William Cong & Xing Huang & Lawrence J. Jin, 2026. "Behavioral Economics of AI: LLM Biases and Corrections," Papers 2602.09362, arXiv.org.
  54. Helen X. H. Bao & Steven Haotong Li, 2016. "Overconfidence And Real Estate Research: A Survey Of The Literature," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(04), pages 1-24, September.
  55. Trejos, Cristian & van Deemen, Adrian & Rodríguez, Yeny E. & Gómez, Juan M., 2019. "Overconfidence and disposition effect in the stock market: A micro world based setting," Journal of Behavioral and Experimental Finance, Elsevier, vol. 21(C), pages 61-69.
  56. García Lara, Juan Manuel & García Osma, Beatriz & Mora, Araceli & Scapin, Mariano, 2017. "The monitoring role of female directors over accounting quality," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 651-668.
  57. Michailova, Julija, 2010. "Overconfidence and bubbles in experimental asset markets," MPRA Paper 26388, University Library of Munich, Germany.
  58. Ming-Yu Liu & Chiuling Lu, 2020. "The Continuing Overreaction in the REIT Market," The Journal of Real Estate Finance and Economics, Springer, vol. 61(1), pages 129-149, June.
  59. Wu, Zheng & Westerholm, P. Joakim, 2024. "Gender difference in equity portfolio diversification," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
  60. Michailova, Julija, 2010. "Overconfidence, Risk Aversion and Individual Financial Decisions in Experimental Asset Markets," MPRA Paper 53114, University Library of Munich, Germany, revised Jan 2014.
  61. Zalata, Alaa Mansour & Abdelfattah, Tarek, 2021. "Non-executive female directors and earnings management using classification shifting," Journal of Business Research, Elsevier, vol. 134(C), pages 301-315.
  62. Liêu, L.M. & Pelster, M., 2020. "Framing and the disposition effect in a scopic regime," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 175-185.
  63. K.S. Muehlfeld & G.U. Weitzel & A. van Witteloostuijn, 2012. "Fight or freeze? Individual differences in investors’ motivational systems and trading in experimental asset markets," Working Papers 12-18, Utrecht School of Economics.
  64. Fey, Jan-Christian & Lerbs, Oliver & Schmidt, Carolin & Weber, Martin, 2020. "Risk attitude and capital market participation: Is there a gender investment gap in Germany?," ZEW Discussion Papers 20-080, ZEW - Leibniz Centre for European Economic Research.
  65. Gustavo Iamin, 2024. "Are crypto-investors overconfident? The role of risk propensity and demographics. Evidence from Brazil and Portugal," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 26(1), pages 147-173, November.
  66. Sun, Fangcheng & Dutta, Shantanu & Zhu, Pengcheng & Ren, Wentao, 2021. "Female insiders' ethics and trading profitability," International Review of Financial Analysis, Elsevier, vol. 74(C).
  67. Fellner-Röhling, Gerlinde & Krügel, Sebastian, 2014. "Judgmental overconfidence and trading activity," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 827-842.
  68. Koellinger, Ph.D. & Treffers, T., 2012. "Joy leads to Overconfidence, and a Simple Remedy," ERIM Report Series Research in Management ERS-2012-001-STR, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  69. Bryan C. McCannon & Colleen Tokar Asaad & Mark Wilson, 2015. "Financial Competence, Overconfidence, and Trusting Investments: Results from an Experiment," Working Papers 15-26, Department of Economics, West Virginia University.
  70. Dayong Huang & Lijun Lei & Mengmeng Wang & Yuhang Xing, 2025. "Managerial Overextrapolation: Who and When," Management Science, INFORMS, vol. 71(6), pages 5328-5350, June.
  71. Andreas Oehler & Matthias Horn & Stefan Wendt, 2025. "Information Illusion: Different Amounts of Information and Stock Price Estimates," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(5), pages 1734-1754, August.
  72. Kris Hardies & Diane Breesch & Joël Branson, 2012. "Male and female auditors' overconfidence," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 27(1), pages 105-118, January.
  73. Sonsino, Doron & Regev, Eran, 2013. "Informational overconfidence in return prediction – More properties," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 72-84.
  74. Piet Eichholtz & Erkan Yönder, 2015. "CEO Overconfidence, REIT Investment Activity and Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(1), pages 139-162, March.
  75. Davydov, Denis & Florestedt, Otto & Peltomäki, Jarkko & Schön, Marcus, 2017. "Portfolio performance across genders and generations: The role of financial innovation," International Review of Financial Analysis, Elsevier, vol. 50(C), pages 44-51.
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