Matches in SemOpenAlex for { <https://semopenalex.org/work/W2140210711> ?p ?o ?g. }
- W2140210711 abstract "If households are uncertain about their trading abilities but learn by trading, some will trade even if they expect to lose. I show that a Bayesian trading model with frictions is consistent with three empirical regularities in household trading behavior: most households lose to the market, households’ trading intensity depends on past performance, and poorly performing households stop trading altogether. Estimates from a hierarchical population model suggest that, first, moderate amounts of uncertainty can generate the regularities seen in the data; second, approximately 4% of investors could earn excess returns with some consistency; third, 18% of the investors who started active trading believed that they would lose to the market—the possibility of being skilled offset these investors’ expected short-term losses; and fourth, because investors stop trading after poor performance, realized returns are significantly downwards biased measures of investors’ true abilities." @default.
- W2140210711 created "2016-06-24" @default.
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- W2140210711 date "2008-01-01" @default.
- W2140210711 modified "2023-09-23" @default.
- W2140210711 title "Why Do Households Trade So Much" @default.
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