Transcription of The Behavior of Individual Investors - Berkeley Haas
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Handbook of the Economics of Finance 2013 Elsevier All rights M. Barbera and Terrance OdeanbaGraduate School of Management, University of California, Davis, Davis, CA 95616, USA. Tel.:+1 (530) 752 0512bHaas School of Business, University of California, Berkeley , Berkeley , CA 94720, USA. Tel.:+1 (510) 642 6767 The Behavior of Individual Investors *22* We thank Nicholas Barberis, Simon Gervais, Markku Kaustia, Matti Keloharju, Andrei Simonov, Paolo Sodini, Rene Stulz, Sheridan Titman, Stephen Utkus, Jing Yao, and Luo Zuo for comments on this paper. We thank Noah Stoffman for providing us with an analysis of the disposition effect for the Finnish dataset.
test the central prediction of the efficient markets hypothesis: investors are unable to earn superior returns (at least after a reasonable accounting for opportunity and transac - tion costs). While the study of institutional investor performance remains an active research area,
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