Trading is Hazardous to Your Wealth : The Common Stock Investment Performance of Individual Investors  

Oleh:

Odean, Terrance ; Barber, Brad M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 773-806.
Topik: trading; investment policy; portfolio management; common stock; studies; portfolio performance
Fulltext: p 773.pdf (283.68KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

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 average household earns an annual return of 16,4 percent, tilts its common stock investment toward high - beta, small, value stocks and turns over 75 percent of its portfolio annually. Over confidence can explain high traidng levels and the resulting poor performance of individual investors. Our central message is that trading is hazardous to your wealth.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali