Just how much do individual investors lose by trading?

BM Barber, YT Lee, YJ Liu… - The Review of Financial …, 2009 - academic.oup.com
Individual investor trading results in systematic and economically large losses. Using a
complete trading history of all investors in Taiwan, we document that the aggregate portfolio …

Do stocks outperform treasury bills?

H Bessembinder - Journal of financial economics, 2018 - Elsevier
The majority of common stocks that have appeared in the Center for Research in Security
Prices (CRSP) database since 1926 have lifetime buy-and-hold returns less than one-month …

Earnings management and firm performance following open‐market repurchases

G Gong, H Louis, AX Sun - The Journal of finance, 2008 - Wiley Online Library
Both post‐repurchase abnormal returns and reported improvement in operating
performance are driven, at least in part, by pre‐repurchase downward earnings …

Opt-in stewardship: Toward an optimal delegation of mutual fund voting authority

SJ Griffith - Tex. L. Rev., 2019 - HeinOnline
Mutual funds are now the center of power in corporate governance. After decades of strong
growth, mutual funds now own about one-quarter of the total US stock market.'The" Big …

Financial advice and individual investor portfolio performance

MM Kramer - Financial Management, 2012 - Wiley Online Library
This paper investigates whether financial advisers add value to individual investors' portfolio
decisions by comparing portfolios of advised and self‐directed (execution‐only) Dutch …

Conditional performance measurement using portfolio weights: Evidence for pension funds

W Ferson, K Khang - Journal of Financial Economics, 2002 - Elsevier
This paper combines the use of portfolio holdings data and conditioning information to
create a new performance measure. Our conditional weight-based measure has several …

Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior

H Louis, H White - Journal of Financial Economics, 2007 - Elsevier
Signaling is the most commonly cited explanation for stock repurchases in the academic
literature. Yet, there is little evidence on whether managers intentionally use repurchases as …

Why indexing works

JB Heaton, NG Polson, JH Witte - Applied Stochastic Models in …, 2017 - Wiley Online Library
We develop a simple stock selection model to explain why active equity managers tend to
underperform a benchmark index. We motivate our model with the empirical observation that …

Whether stock market provides high returns: evidence from skewness of individual stocks in China

T Ma, S Li, X Feng - China Finance Review International, 2021 - emerald.com
Purpose This paper studies whether individual stocks provide higher returns than
government bond in the Chinese market. Design/methodology/approach The authors …

Causal entropic forces, narratives and self-organisation of capital markets

R Bocher - Journal of Interdisciplinary Economics, 2023 - journals.sagepub.com
The intersubjective markets hypothesis is revisited with respect to causal entropic principles.
While the financial system is assumed to naturally evolve towards uncertainty, a …