Abstract
Using survey data, we explore the characteristics of Japanese online investors. Our main findings are as follows. First, young men are more likely to engage in online trading. Second, employed investors trade online more frequently, implying that proximity to the information network of the workplace affects investor decisions to trade online. Third, we do not find that investors who are more satisfied with their past returns tend to invest online more often. Thus, the self-attribution bias is not supported for Japanese online traders. Finally, Japanese online investors prefer capital gains, do not prefer low-volatility stocks, refer to chart data when making investing decisions more frequently, and tend to choose stocks to buy and sell on their own. These characteristics of Japanese online investors are consistent with those of overconfident investors.
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