Using a unique and large dataset of trading records, we find that individual investors view zero returns as a natural benchmark for their trading performance. They increase both buy and sell trading volume if their past investment outcomes are positive, and decrease them if the outcomes are...

Behavioral biases like disposition effect and over-confidence have received much attention as a potential driver of numerous anomalies observed in the markets. Also, it has been argued that information uncertainty tends to exacerbate these biases and induce stronger irrational behavior among...

Behavioral biases like disposition effect and overconfidence have received much attention as a potential driver of numerous anomalies observed in the markets. Also, it has been argued that information uncertainty tends to exacerbate these biases and induce stronger irrational behavior among...