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 …

Theoretical models predict that overconfident investors trade excessively. We test this prediction
by partitioning investors on gender. Psychological research demonstrates that, in areas …

We test and confirm the hypothesis that individual investors are net buyers of attention-grabbing
stocks, eg, stocks in the news, stocks experiencing high abnormal trading volume, and …

… Though we highlight important differences between the two studies in this analysis, Barber
and Lyon (1996a) thoroughly document all of the differences and their implications. The …

We analyze tests for long‐run abnormal returns and document that two approaches yield
well‐specified test statistics in random samples. The first uses a traditional event study …

This research evaluates methods used in event studies that employ accounting-based
measures of operating performance. We examine the choice of an accounting-based …

We argue that the purchase decisions of mutual fund investors are influenced by salient,
attention‐grabbing information. Investors are more sensitive to salient, in‐your‐face fees, like …

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 …

We analyze 1,607 investors who switched from phone-based to online trading during the
1990s. Those who switch to online trading perform well prior to going online, beating the …

We study the trading of individual investors using transaction data and identifying buyer- or
seller-initiated trades. We document four results: (1) Small trade order imbalance correlates …