政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/63941

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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/63941

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/63941

Title:	Just How Much Do Individual Investors Lose by Trading?
Authors:	李怡宗 Barber, Brad M.;Lee, Yi-Tsung;Liu, Yu-Jane;Odean, Terrance
Contributors:	會計系
Keywords:	market efficiency;individual investors;institutional investors;information asymmetry
Date:	2009-02
Issue Date:	2014-02-18 14:56:22 (UTC+8)
Abstract:	Individual investor trading results in systematic and economically large losses. Using a complete trading history of all investors in Taiwan, we document that the aggregate portfolio of individuals suffers an annual performance penalty of 3.8 percentage points. Individual investor losses are equivalent to 2.2% of Taiwan`s gross domestic product or 2.8% of the total personal income. Virtually all individual trading losses can be traced to their aggressive orders. In contrast, institutions enjoy an annual performance boost of 1.5 percentage points, and both the aggressive and passive trades of institutions are profitable. Foreign institutions garner nearly half of institutional profits.
Relation:	Review of Financial Studies, 22(2), 609-632
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1093/rfs/hhn046
DOI:	10.1093/rfs/hhn046
Appears in Collections:	[會計學系] 期刊論文

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