The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.
Presidential Address: The Cost of Active Investing
Abstract
I compare the fees, expenses, and trading costs society pays to invest in the U.S. stock market with an estimate of what would be paid if everyone invested passively. Averaging over 1980–2006, I find investors spend 0.67% of the aggregate value of the market each year searching for superior returns. Society's capitalized cost of price discovery is at least 10% of the current market cap. Under reasonable assumptions, the typical investor would increase his average annual return by 67 basis points over the 1980–2006 period if he switched to a passive market portfolio.
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Cites
RADAR: an in-building RF-based user location and tracking system
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Boys will be Boys: Gender, Overconfidence, and Common Stock Investment
Barber, B. M., & Odean, T. (2001) · The Quarterly Journal of Economics · doi:10.1162/003355301556400 · Cited by 5,276
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
The active badge location system
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The Cricket location-support system
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Location systems for ubiquitous computing
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Investor Diversification and International Equity Markets
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Self-citationLANDMARC: indoor location sensing using active RFID
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Cited by
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
The Behavior of Individual Investors
Barber, B. M., & Odean, T. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00022-6 · Cited by 750
Scale and skill in active management
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.11.008 · Cited by 547
The Interim Trading Skills of Institutional Investors
PUCKETT, A., & YAN, X. (. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01643.x · Cited by 445
Have financial markets become more informative?
Bai, J., Philippon, T., & Savov, A. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.08.005 · Cited by 394
Metadata
- Authors
- FRENCH, K. R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-07-19
- Volume
- 63
- Issue
- 4
- Pages
- 1537-1573
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2167915877
- Cited by
- 855
- References
- 30
- FWCI
- 61.24
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
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.
