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Learning by Trading

delete2009-09-20
delete270
PRE
AI
A
Amit Seru
T
Tyler Shumway *
N
Noah Stoffman
DOI：10.1093/rfs/hhp060delete
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摘要

摘要

En 中文
Using a large sample of individual investor records over a nine-year period, we analyze survival rates, the disposition effect, and trading performance at the individual level to determine whether and how investors learn from their trading experience. We find evidence of two types of learning: some investors become better at trading with experience, while others stop trading after realizing that their ability is poor. A substantial part of overall learning by trading is explained by the second type. By ignoring investor attrition, the existing literature significantly overestimates how quickly investors become better at trading. (JEL D10, G10)
Keyword:
INVESTORS
DISPOSITION
INFORMATION
SELECTION
BEHAVIOR
PERFORMANCE
SURVIVAL
MODELS
AI总结

AI总结

对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。

期刊

Review of Financial Studies 封面图
Review of Financial Studies
IF:
5.4
论文数:
2.8K
被引数:
3.0W

机构

I
indiana university system
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被引数: 38
U
University of Michigan
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6.4W
论文数: 5.3W
被引数: 124
U
university of michigan system
学者数:
9.1W
论文数: 8.6W
被引数: 133
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