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| Author: | Anderson, A. |
| Title: | All guts, no glory: trading and diversification among online investors |
| Journal: | European Financial Management
2007 : JUN, VOL. 13:3, p. 448-471 |
| Index terms: | diversification internet investors panel data performance appraisal Sweden |
| Language: | eng |
| Abstract: | This study explores cross-sectional portfolio performance in a sample containing 324736 transactions conducted by 16831 Swedish investors at an Internet discount brokerage company during the period May 1999 to March 2002. On average, investors hold undiversified portfolios, show a strong preference for risk, and trade aggressively. Performance is measured using a panel data model, and the cross-sectional variation is explained using investors' turnover, portfolio size and degree of diversification. It is found that turnover is harmful to performance due to fees, and is therefore more predominant among investors with small portfolios. |
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