The valuation of illiquid or non-marketable assets is complicated by the fact that the discount rate cannot be computed by using the risk attributes of the asset along with market parameters. Rather, individual attitudes toward risk affect the discount rate. Some recent research has avoided this...

Conducting the first study of momentum impact on households' ETF trading behavior, we find that Finnish households are less contrarian when trading benchmark index ETFs than when trading common stocks. Also, their propensity to chase recent positive momentum is higher when purchasing ETFs than...

We utilize seventeen years of comprehensive daily portfolio and trading data identified at the individual investor level, to analyze the relative trading performance of the entire universe of households, all domestic financial institutions and all foreign institutions in the Finnish market. We...