We document significant persistence in the market timing performance of active individual investors, suggesting that some investors are skilled at timing. Using data on all trades by active Finnish individual investors over almost 15 years, we also show that the net purchases of skilled versus...

For thousands of years, the use of alcoholic beverages has been an intrinsic component of human culture. While existing research has documented the correlation between alcohol consumption and various health problems, the correlational evidence appears inconsistent and the causation has not yet...