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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


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/63941


    题名: Just How Much Do Individual Investors Lose by Trading?
    作者: 李怡宗
    Barber, Brad M.;Lee, Yi-Tsung;Liu, Yu-Jane;Odean, Terrance
    贡献者: 會計系
    关键词: market efficiency;individual investors;institutional investors;information asymmetry
    日期: 2009-02
    上传时间: 2014-02-18 14:56:22 (UTC+8)
    摘要: 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.
    關聯: Review of Financial Studies, 22(2), 609-632
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1093/rfs/hhn046
    DOI: 10.1093/rfs/hhn046
    显示于类别:[會計學系] 期刊論文

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