Resumo:
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.
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean, Just How Much Do Individual Investors Lose by Trading?, The Review of Financial Studies, Volume 22, Issue 2, February 2009, Pages 609–632, https://doi.org/10.1093/rfs/hhn046
Nenhum comentário:
Postar um comentário