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dc.contributor.authorFjesme, Sturla Lyngnes
dc.date.accessioned2020-05-06T11:59:15Z
dc.date.available2020-05-06T11:59:15Z
dc.date.issued2019-10-13
dc.description.abstractIt is well documented in the finance literature that retail investors (households) underperform on a risk-adjusted basis when trading in securities markets. More recently, however, there is growing evidence that some retail investors increase risk-adjusted returns from security selection (portfolio concentration). I show that these mixed findings are driven by investor trading experience. Using unique portfolio holdings data of all the 620,970 domestic retail investors on the Oslo Stock Exchange (OSE) from 1993 to 2006, I document that inexperienced investors reduce returns from portfolio concentration. However, as investors gain trading experience their ability to turn portfolio concentration into excess returns improves.en_US
dc.identifier.citationFjesme SLF. Retail investor experience, asset learning, and portfolio risk-adjusted returns. Finance Research Letters. 2020en_US
dc.identifier.cristinIDFRIDAID 1765316
dc.identifier.doi10.1016/j.frl.2019.101315
dc.identifier.issn1544-6123
dc.identifier.issn1544-6131
dc.identifier.urihttps://hdl.handle.net/10037/18232
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.relation.journalFinance Research Letters
dc.rights.accessRightsopenAccessen_US
dc.rights.holder© 2019 Elsevier Inc. All rights reserved.en_US
dc.subjectVDP::Social science: 200en_US
dc.subjectVDP::Samfunnsvitenskap: 200en_US
dc.titleRetail investor experience, asset learning, and portfolio risk-adjusted returnsen_US
dc.type.versionsubmittedVersionen_US
dc.typeJournal articleen_US
dc.typeTidsskriftartikkelen_US
dc.typePreprinten_US
dc.typeManuskripten_US


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