The DOI matches its Crossref record; 10 of the 10 references it cites were found in a registry or an index.
Online Investors: Do the Slow Die First?
Open accessAbstract
We examine changes in the stock trading behavior and investment performance of 1,607 investors who switch from phone based to online trading during the period 1992 to 1995. We document that young men who are active traders with high incomes and a preference for investing in small growth stocks with high market risk are more likely to switch to online trading. We also find that those who switch to online trading experience unusually strong performance prior to going online, beating the market by more than two percent annually. After going online, they trade more actively, more speculatively, and less profitably than before -- lagging the market by more than three percent annually. A rational response to reductions in market frictions (lower trading costs, improved execution speed, and greater ease of access) does not explain these findings. The increase in trading and reduction in performance of online investors can be explained by overconfidence augmented by self-attribution bias, the illusion of knowledge, and the illusion of control.
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Cites
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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
Self-citationOn the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
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Improved Methods for Tests of Long‐Run Abnormal Stock Returns
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Self-citationPatterns of behavior of professionally managed and independent investors
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Cited by
Barber, B. M., & Odean, T. (2008) · Review of Financial Studies · doi:10.1093/rfs/hhm079 · Cited by 4,556
Self-citationOdean, T. (1999) · American Economic Review · doi:10.1257/aer.89.5.1279 · Cited by 2,247
Self-citationThe Causal Impact of Media in Financial Markets
ENGELBERG, J. E., & PARSONS, C. A. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01626.x · Cited by 1,121
The Disposition Effect and Underreaction to News
FRAZZINI, A. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00896.x · Cited by 874
Hirshleifer, D. (2015) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-092214-043752 · Cited by 497
Metadata
- Authors
- Barber, B. M., & Odean, T.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2002-01-02
- Volume
- 15
- Issue
- 2
- Pages
- 455-488
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3122842831
- Cited by
- 784
- References
- 10
- FWCI
- 29.51
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
