| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12462 |
| DP12462 Trading in style: Retail investors vs. institutions | |
| Christian Wolff | |
| 发表日期 | 2017-11-24 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We examine the comparative trading performance of retail investors using an exhaustive sample of trades made by all investors in a stock market. Retail investors trade systematically at better prices than institutions, especially domestic institutions. We also find evidence of retail investors having a comparative advantage when trading stocks in their preferred trading style. These findings are consistent with retail investors rationally utilizing their trading flexibility and information made available to them. Based on a population of retail trades, our findings challenge the stereotype arising from earlier studies that retail investors are noise traders. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp12462 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541273 |
| 推荐引用方式 GB/T 7714 | Christian Wolff. DP12462 Trading in style: Retail investors vs. institutions. 2017. |
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