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The main objective of the research is to examine the excessive trading hypothesis, investors who have higheroverconfidence shown by high miscalibration levels will tend to practice aggresive and excessive tradingstrategy. It is an experimental research which combines both between and within subject design. The participantsare undergraduate students who have already taken financial management course but have not yet invest in realcapital market. The result of the research shows that high overconfidence investors have higher trading activitythan low overconfidence investor. The other result shows that among high overconfidence investors, there is notrading activity differences between pre and post bad news, whereas among low overconfidence investors, theexistence of bad news cause trading activity to decrease in the post bad news period. Then, the investmentreturns of high overconfidence investors is significantly lower than that of the low overconfidence investors.
Trinugroho et al. (Thu,) studied this question.
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