Anmerkungen:
In: Journal of Empirical Finance, Vol. 17, No. 4, 2010
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 20, 2009 erstellt
Beschreibung:
This study tests whether investors trade uniformly through time by analyzing the quarter-by- quarter trading decision of individual shareholders in one no-load mutual fund family over nearly six years. These shareholders' trading probabilities change dramatically through time. Time has a larger economic effect on the shareholders' trading decisions than data commonly used in prior research, including fund performance. The results are robust to controls for unobserved heterogeneity, and they are larger among shareholders who have more prior transactions