We analyze 1,607 investors who switched from phone-based to online trading during the 1990s. Those who switch to online trading perform well prior to going online, beating the market by more than 2% annually. After going online, they trade more actively, more speculatively, and less profitably...

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...

Intro -- Contents -- Foreword -- Preface -- Acknowledgments -- Introduction -- Part One: Game Change -- 1 Industry Challenges -- 2 Why Johnny Can't Improve -- 3 New Analytic Framework -- 4 Process and Behaviors -- 5 Feedback in Action -- 6 Phantastic Risks -- Part Two: Behavioral Matters -- 7...