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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


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    題名: 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
    貢獻者: 會計系
    關鍵詞: market efficiency;individual investors;institutional investors;information asymmetry
    日期: 2009-02
    上傳時間: 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
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1093/rfs/hhn046
    DOI: 10.1093/rfs/hhn046
    顯示於類別:[會計學系] 期刊論文

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