This paper analyses the links between advances in financial technology, investors' sophistication, and their financial portfolios' composition and returns. We develop a simple portfolio choice model under asymmetric information and derive some theoretical predictions. Using detailed micro data...

Individual investors’ overall return in stock markets decreases with the increase in trading frequency due to factors such as commission expenses, insider trading, spreads, and institutional investors’ high-frequency algorithms. In this study, the relationship between believing the technical...

The main purpose of this study is to classify the 20 biases into different groups (factors) and estimate each of them according to the variables of rational, experiential-affective, risky investment intention, and financial literacy. Behavioral finance, which combines the concepts and approaches...