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

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.