• Informed investors, screening, and sorting on the London capital market, 1891-1913 

      Fjesme, Sturla Lyngnes; Hannah, Leslie; Moore, Lyndon (Journal article; Tidsskriftartikkel; Peer reviewed, 2023-02-02)
      Thousands of prospectuses offered shares to British investors at the turn of the twentieth century. We find evidence that there were informed investors who participated in the market at this time. Firms that attracted additional investor demand were more likely to be listed on the London Stock Exchange, survive longer, and achieve better long-run equity returns. We find that the exchange screened ...
    • Retail investor experience, asset learning, and portfolio risk-adjusted returns 

      Fjesme, Sturla Lyngnes (Journal article; Tidsskriftartikkel, 2019-10-13)
      It 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 ...