Boys Will Be Boys: Gender, Overconfidence,

BOYS WILL BE BOYS: GENDER, OVERCONFIDENCE, AND COMMON STOCK INVESTMENT In this paper researchs overconfident for trading of women and men investors. There are some specific subjects. First of all, is gender effected to the people who are overconfident ? Rational investors make repetitive contributions and withdrawals from their investment portfolios and trade to minimize taxes. If people are expected lower return and who wants to more trading Greater overconfidence level leads to greater trading and lower expected utility, overconfidence provide these. According to psychologist analysis, men are trade more than women. Because men have more overconfident than women. This research includes trading records for 35.000 households at a large discount brokerage firm into accounts opened by men and women. They seperate male and female investors. Avarage turnover rate of common stocks for men is approximately one and a half times that for women. Men's performance hurts more by extreme trading than the performance of women. Investors who have the worst perfomance with the highest trading level. Overconfident investors have low expected return because of trading too much and they hold unrealistic beliefs about how high their returns will be about the stock they invested. Secondly, article research how can gender effected investor more overconfident or not? Men are found to be more overconfident than women. Men feel more sufficient than women in financial matters. When there is no feedback ,women have lower opinions about their abilities. 2hypotesis are tested. The null hypothesis is men are trade more than women. The second hypothesis is by trading more men hurt their performance more than women do. Table 1 provides describe statistics for demographics of male and female households.Also shows that differences between married and single households as well as single men and women .In this