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167,148
Trading is hazardous to your wealth: The common stock investment performance of individual investors
- JOURNAL OF FINANCE
, 2000
"... Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those that trade most earn an annual return of 11.4 percent, while the market returns 17.9 percent. The ave ..."
Abstract
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Cited by 480 (24 self)
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Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those that trade most earn an annual return of 11.4 percent, while the market returns 17.9 percent
When Are Individual Investors Informed?∗
, 2010
"... This paper presents a simple method for classifying individual investor trades as “in-formed ” or “uninformed. ” The method relies on a simple economic argument, and the classification is necessarily coarse. Nevertheless, in two large datasets of individ-ual investor trading from the United States a ..."
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This paper presents a simple method for classifying individual investor trades as “in-formed ” or “uninformed. ” The method relies on a simple economic argument, and the classification is necessarily coarse. Nevertheless, in two large datasets of individ-ual investor trading from the United States
The Local Bias of Individual Investors
, 2002
"... This study investigates individual investors ’ bias towards nearby companies. Using data from a large U.S. discount brokerage, we find that individual investors tend to invest in companies closer to them relative to the market portfolio. Unlike Coval and Moskowitz’s (1999) findings on institutional ..."
Abstract
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Cited by 1 (0 self)
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This study investigates individual investors ’ bias towards nearby companies. Using data from a large U.S. discount brokerage, we find that individual investors tend to invest in companies closer to them relative to the market portfolio. Unlike Coval and Moskowitz’s (1999) findings on institutional
Individual Investor Activity and Performance
, 2011
"... We examine the activity and performance of a large panel of individual investors (approximately 70,000 investors and their daily returns over the 2000 to 2010 period) in Sweden’s Premium Pension System. We document strong inertia in individuals ’ choices and changes of mutual funds. We find that act ..."
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We examine the activity and performance of a large panel of individual investors (approximately 70,000 investors and their daily returns over the 2000 to 2010 period) in Sweden’s Premium Pension System. We document strong inertia in individuals ’ choices and changes of mutual funds. We find
The Trading Behavior of Individual Investors
, 1999
"... Columbia University for helpful comments. We would also like to thank Jeremy Evnine and the discount brokerage house which provided the data necessary for this study. Financial support from the Nasdaq Foundation and the American Association of Individual Investors is gratefully acknowledged. ..."
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Columbia University for helpful comments. We would also like to thank Jeremy Evnine and the discount brokerage house which provided the data necessary for this study. Financial support from the Nasdaq Foundation and the American Association of Individual Investors is gratefully acknowledged.
Can Individual Investors Beat the
, 2005
"... We document strong persistence in the performance of trades of indi-vidual investors. The correlation of the risk-adjusted performance of an individual across sample periods is about 10 percent. Investors classified in the top performance decile in the first half of our sample subsequently outperfor ..."
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We document strong persistence in the performance of trades of indi-vidual investors. The correlation of the risk-adjusted performance of an individual across sample periods is about 10 percent. Investors classified in the top performance decile in the first half of our sample subsequently
Herding and Feedback Trading by Institutional and Individual Investors
- Journal of Finance
, 1998
"... We document strong positive correlation between changes in institutional ownership and returns measured over the same period. The result suggests that either institutional investors positive feedback trade more than individual investors or institutional herding impacts prices more than herding by in ..."
Abstract
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Cited by 176 (2 self)
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We document strong positive correlation between changes in institutional ownership and returns measured over the same period. The result suggests that either institutional investors positive feedback trade more than individual investors or institutional herding impacts prices more than herding
Individual investor sentiment and IPO returns
"... This paper aims to construct the indicator of individual investor sentiment by referring to their investment behavior, and analyzes the correlation between individual investor sentiment and returns of initial public offerings (IPOs). After controlling variables, such as the market excess return, the ..."
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This paper aims to construct the indicator of individual investor sentiment by referring to their investment behavior, and analyzes the correlation between individual investor sentiment and returns of initial public offerings (IPOs). After controlling variables, such as the market excess return
Reporting and Continuous Assurance on Individual Investors By
, 2008
"... Performance and perception: An experimental investigation of the impact of continuous reporting and continuous assurance on individual investors ..."
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Performance and perception: An experimental investigation of the impact of continuous reporting and continuous assurance on individual investors
Results 1 - 10
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167,148
