拉斯维加斯9888

主题:Day trading in equilibrium

演讲人:ProfessorBrad Barber, University of California at Davis

功夫：12月12日（周五）上午10:00-11:30

地址:新楼215教室

提要：We analyze the cross-sectional differences in the performance of individual investors who engage in day trading in Taiwan. Consistent with prior research on the performance of individual investors, we document that in aggregate day traders lose money. However, We find striking evidence that a select few individual investors (less than 1 percent of the day trading population) are able to consistently earn abnormal profits net of fees. Our

results contribute to the evidence that cross-sectional variation in investor ability is an important feature of financial markets.

附Brad BarberCV