关键词: 反馈效应 , 学习效应 , 过度自信

Abstract: Using a panel data of individual investors trading record, this paper investigates the influence of investors selfattribution and trading experience on their behavior of overconfidence. This paper finds that investors previous trading performance has a negative influence on their excessive trading behavior. It indicates that the previous return will enhance investors overconfidence through the mechanism of selfattribution bias. Furthermore, this paper finds that the investors trading experience has no significant influence on their overconfidence.

Key words: feedback effect , learning process , overconfidence