IQ, trading behavior, and performance
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Claims the paper makes
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
A host of variables (e.g., IQ, cognitive abilities, geography, portfolio concentration, age, and past performance) reliably predict cross-sectional variation in performance.
“Recent research documents that a host of variables (e.g., IQ, cognitive abilities, geography, portfolio concentration, age, and past performance) reliably predict crosssectional variation in performance.”
From The cross-section of speculator skill: Evidence from day trading (2014) · cites this paper as Grinblatt, Keloharju, and Linnainmaa (2012)
The lion's share of abnormal returns earned around an informed trade occurs immediately following the trade.
“Several prior studies document that the lion's share of abnormal returns earned around an informed trade occurs immediately following the trade (e.g., Coval, Hirshleifer and Shumway (2005); Grinblatt, Keloharju, and Linnainmaa (2012); Barber, Lee, Liu, and Odean (2009)).”
From The cross-section of speculator skill: Evidence from day trading (2014) · cites this paper as Grinblatt, Keloharju, and Linnainmaa (2012)
Most of the gains (and losses) from trade tend to occur immediately following a trade.
“Most of the gains (and losses) from trade tend to occur immediately following a trade (see Barber, Lee, Liu, and Odean (2009), Coval, Hirshleifer, and Shumway (2005), Grinblatt, Keloharju, and Linnainmaa (2012)).”
From The cross-section of speculator skill: Evidence from day trading (2014) · cites this paper as Grinblatt, Keloharju, and Linnainmaa (2012)
Cites
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754 · see citing works
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283 · see citing works
Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Barber, B. M., & Odean, T. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00226 · Cited by 3,955 · see citing works
Odean, T. (1999) · American Economic Review · doi:10.1257/aer.89.5.1279 · Cited by 2,247 · see citing works
Equity Portfolio Diversification
Goetzmann, W. N., & Kumar, A. (2008) · Review of Finance · doi:10.1093/rof/rfn005 · Cited by 1,222 · cited 2× · see citing works
“Goetzmann and Kumar (2008) find that under-diversification is more prevalent among “less-sophisticated” investors.”
Why do (some) households trade so much?
Linnainmaa, J. T. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr009 · Cited by 141 · see citing works
Self-citation
Flagged first, then by citations
Cited by
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Financial literacy, financial advice, and financial behavior
Stolper, O. A., & Walter, A. (2017) · Journal of Business Economics · doi:10.1007/s11573-017-0853-9 · Cited by 471 · see citing works
“…and Zhu 2006; Vissing-Jorgensen 2003; Calvet et al. 2007, 2009) as well as age (Calvet et al. 2007, 2009; Georgarakos and Pasini 2011), educational attainment (Christiansen et al. 2008; Calvet et al. 2007, 2009), professional status (Calvet et al. 2009), and even IQ (Grinblatt et al. 2011, 2012).”
BackgroundInternational Comparative Household Finance
Badarinza, C., Campbell, J. Y., & Ramadorai, T. (2016) · Annual Review of Economics · doi:10.1146/annurev-economics-080315-015425 · Cited by 218 · see citing works
Do Portfolio Distortions Reflect Superior Information or Psychological Biases?
Korniotis, G. M., & Kumar, A. (2013) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109012000610 · Cited by 166 · see citing works
The cross-section of speculator skill: Evidence from day trading
Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2014) · Journal of Financial Markets · doi:10.1016/j.finmar.2013.05.006 · Cited by 112 · see citing works
- Authors
- Grinblatt, M., Keloharju, M., & Linnainmaa, J. T.
- Affiliations
- University of California, Los Angeles (US)
- Centre for Economic Policy Research (GB)
- University of Chicago (US)
- Corresponding author
- Grinblatt, Mark
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2012-05
- Volume
- 104
- Issue
- 2
- Pages
- 339-362
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W3125407596
- Cited by
- 428
- References
- 6
- Citations by year
- 2026: 24 · 2025: 23 · 2024: 54 · 2023: 28 · 2022: 24 · 2021: 35 · 2020: 32 · 2019: 30 · 2018: 31 · 2017: 29 · 2016: 23 · 2015: 29 · 2014: 25 · 2013: 15 · 2012: 16
- FWCI
- 38.48
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- Journal of Financial Economics (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Keywords
- IQ, investor behavior, trade performance, disposition effect, tax-loss selling, liquidity provision, market timing, stock-picking skill, trade execution, transaction costs, limit order book, intelligence test scores
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
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