Brown Bag Seminar - Tobin Hanspal (Wirtschaftsuniversität Wien)

Als Vortragenden dürfen wir Tobin Hanspal (Wirtschaftsuniversität Wien) begrüßen.

Er wird sein Paper "Rebuying the Dip" vorstellen.

Abstract:

Retail investor behavior is commonly associated with both momentum trading and contrarian `buying-the-dip' behavior, yet the literature offers little guidance on how these two patterns coexist. I show it depends on ownership. I use transactions and holdings from two German brokerages and a large U.S. discount broker to distinguish net-new purchases of stocks from additions to existing holdings. Conditional on buying, the same investor on the same day enters stocks with higher prior returns and adds to stocks with lower ones. Purchases after large daily gains disproportionately come from non-holders, whereas existing holders account for a larger share after price declines. The effect attenuates for funds and ETFs. Rebalancing toward past portfolio weights does not explain investors’ propensity to add to positions below cost basis. My findings imply that the buying response of retail investors to recent returns depends on ownership composition and investors' purchase history.

Das Brown Bag Seminar findet am 5. November 2026 von 10:00-11:00 Uhr im Raum D2.0.342 statt.