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Transaktionskostentheoretische Betrachtung des Anlageverhaltens im Online-Handel und deren empirische Evidenz

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  • Theodoro D. Cocca

Abstract

On the basis of empirical data for the Swiss market this paper confirms the hypothesis that the lower direct costs of online trading (brokerage) are cancelled out by higher indirect costs (in the form of information processing costs). In addition, the report provides evidence that during the sampling period online investors earned above-average returns and had above-average financial expertise at their disposal. Besides the cost aspect, the time used for information gathering and the benefits derived from this are also considered, alongside such elements as play, control and social interaction. The study also documents that online investors trade more frequently and are more speculative. These results can be better explained by the illusion of knowledge than by a rational behaviour approach. The findings relating to the returns and know-how of private investors show major differences between the Swiss market and similar studies for US investors.

Suggested Citation

  • Theodoro D. Cocca, 2002. "Transaktionskostentheoretische Betrachtung des Anlageverhaltens im Online-Handel und deren empirische Evidenz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(IV), pages 439-464, December.
    • Handle: RePEc:ses:arsjes:2002-iv-8
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    More about this item

    Keywords

    Online Trading; Internet Banking; Transaktionskosten; Anlageverhalten;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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