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| Tekijä: | Barber, B. M. Odean, T. |
| Otsikko: | Online Investors: Do the Slow Die First? |
| Lehti: | Review of Financial Studies
2002 : SUMMER, VOL. 15:2, p. 455-487 |
| Asiasana: | INVESTORS INVESTMENTS DECISION MAKING DECISION ANALYSIS ANALYTICAL REVIEW |
| Kieli: | eng |
| Tiivistelmä: | The authors 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 market by more than 2% annually. After going online, the trade more actively, more speculately, and less profitably, than before - lagging the market by more than 3% annually. Reductions m market frictions (lower trading costs, improved execution speed, and greater ease of access) do not explain these findings. Overconfidence - augmented by self-attribution bias and the illusions of knowledge and control - can explain the increase in trading and reduction in performance of online investors. |
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