TY  - CHAP
A1  - Schmitz, Philipp
A1  - Weber, Martin
T1  - Setze nicht alles auf eine Karte, diversifiziere!
T2  - Genial einfach investieren
Y1  - 2007
SP  - 104
EP  - 140
PB  - Campus-Verlag
CY  - Frankfurt a.M.
ER  - 
TY  - JOUR
A1  - Schmitz, Philipp
A1  - Weber, Martin
T1  - Buying and selling behavior of individual investors in option-like securities
Y1  - 2007
SP  - 1
EP  - 36
ER  - 
TY  - JOUR
A1  - Schmitz, Philipp
A1  - Weber, Martin
T1  - Buying and selling behavior of individual investors in option-like securities
JF  - Die Betriebswirtschaft : DBW
N2  - We analyze the trading behavior of individual investors in option-like securities, namely bankissued warrants, and thus expand the growing literature of investors behavior to a new kind of securities. A unique data set from a large German discount broker gives us the opportunity to analyze the trading behavior of 1,454 investors, making 89,958 transactions in 6,724 warrants on 397 underlyings. In different logit regression, we make use of the facts that investors can speculate on rising and falling prices of the underlying with call and put warrants and that we also have information about the stock portfolios of the investors. We report several facts about the trading behavior of individual investors in warrants that are consistent with the literature on the behavior of individual investors in the stock market. The warrant investors buy calls and sell puts if the price of the underlying has decreased over the past trading days and they sell calls and buy puts if the price of the underlying has increased. That means, the investors follow negative feedback trading strategies in all four trading categories observed. In addition, we find strong evidence for the disposition effect for call as well as put warrants, which is reversed in December. The trading behavior is also influenced if the underlying reaches some exceptionally prices, e.g. highs, lows or the strike price. We show that hedging, as one natural candidate to buy puts, does not play an important role in the market for bank-issued warrants.
KW  - Bank-issued Warrants
KW  - Disposition Effect
KW  - Negative Feedback Trading
KW  - Trading Behavior
KW  - Individual Investors
Y1  - 2012
U6  - http://dx.doi.org/10.2139/ssrn.2055088
SN  - 0342-7064
VL  - 72
IS  - 5
SP  - 409
EP  - 426
PB  - Schäffer-Poeschel
CY  - Stuttgart
ER  -