Trading and Under-Diversification
Abstract
This paper documents a link between trading and diversi cation by using detailed trading records from a Swedish discount broker matched to individual tax records. Investors' diversification is measured by stake size, defined as the fraction of their risky financial wealth invested in individual stocks at the broker under study. High stake investors have concentrated portfolios, trade more, and achieves lower trading performance. They share...
Paper Details
Title
Trading and Under-Diversification
Published Date
Jan 1, 2008
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