Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries

摘要: This article investigates the dynamic relation between market-wide trading activity and returns in 46 markets. Many stock markets exhibit a strong positive turnover past returns. These findings stand up face of various controls for volatility, alternative definitions turnover, differing sample periods, are present at both weekly daily frequency. The is more statistically economically significant countries with high levels corruption, short-sale restrictions, which market volatility high.