Barber, Brad M.; Lee, Yi-Tsung; Liu, Yu-Jane; Odean, … - In: Review of Financial Studies 22 (2009) 2, pp. 609-632
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 individuals suffers an annual performance penalty of 3.8 percentage points. Individual investor losses are...