Benefits from social trading? Empirical evidence for certificates on wikifolios

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• 作者：Andreas Oehler^a ; ^{andreas.oehler@uni-bamberg.de" class="auth_mail" title="E-mail the corresponding author} ; Matthias Horn^a ; ^{matthias.horn@uni-bamberg.de" class="auth_mail" title="E-mail the corresponding author} ; Stefan Wendt^b ; ^{stefanwendt@ru.is" class="auth_mail" title="E-mail the corresponding author}
• 关键词：G11 ; G23 ; D14
• 刊名：International Review of Financial Analysis
• 出版年：2016
• 出版时间：July 2016
• 年：2016
• 卷：46
• 期：Complete
• 页码：202-210
• 全文大小：420 K

文摘

Social trading describes the idea that signal providers make their investment decisions available to other investors who follow them. The performance of social trading has hardly been in the focus of research so far. We analyze the performance of 1084 wikifolio certificates used in social trading and issued in 2012 and 2013. We apply factor models to analyze these certificates' returns and alphas relative to benchmark indexes. We find that, on average, wikifolios do not outperform the market. However, wikifolios with geographical focus provide better performance than those without. Furthermore, the best performing wikifolios earn significant short-term excess returns.