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| Tekijä: | Odean, T. |
| Otsikko: | Do investors trade too much? |
| Lehti: | American Economic Review
1999 : DEC, VOL. 89:5, p. 1279-1298 |
| Asiasana: | ECONOMICS TRADE INVESTORS |
| Kieli: | eng |
| Tiivistelmä: | Trading volume on the world's market seems high, perhaps higher than can be explained by models of rational markets. For example, the average annual turnover rate on the New York Stock Exchange (NYSE) is currently greater than 75 percent. This paper tests whether the trading profits of discount brokerage customers are sufficient to cover their trading costs. The surprising finding is that not only do the securities that these investors buy not outperform the securities they sell by enough to cover the trading costs, but on average the securities they buy underperform those they sell. |
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