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1、LearningbyTradingAmitSeruChicagoGSBTylerShumwayRossSchoolofBusiness,UniversityofMichiganDownloadedfromNoahStoffmanKelleySchoolofBusiness,IndianaUniversityUsingalargesampleofindividualinvestorrecordsoveranine-yearperiod,weanalyzerfs.oxfordjournals.orgsurvivalrates,thedispositionef
2、fect,andtradingperformanceattheindividualleveltodeterminewhetherandhowinvestorslearnfromtheirtradingexperience.Wefindevidenceoftwotypesoflearning:someinvestorsbecomebetterattradingwithexperience,whileothersstoptradingafterrealizingthattheirabilityispoor.Asubstantialpartofoverallle
3、arningbytradingisexplainedbythesecondtype.Byignoringinvestorattrition,theex-istingliteraturesignificantlyoverestimateshowquicklyinvestorsbecomebetterattrading.(JELD10,G10)atAucklandUniversityofTechnologyonJanuary14,2011Academicshaverecentlyshownaninterestintheinvestmentbehaviorand
4、performanceofindividuals,afieldthathasbeencalled“householdfinance”byCampbell(2006).Overthepastdecade,severalresearchershavedocumentedanumberofbehavioralbiasesamongindividualinvestors.Morerecently,re-searchershavefoundevidencethatsomeindividualinvestorsaremoreinformedorskilledthanot
5、hers.1Consideringthesefindings,itisnaturaltoaskhowskilledorinformedinvestorsacquiretheiradvantage.Forexample,doinvestorslearnbytrading?Ifso,towhatextentdoinvestorsimprovetheirability,andtowhatextentdotheylearnabouttheirinherentability?AndhowquicklydoinvestorsWethankBradBarber,DanB
6、ernhardt,JamesChoi,JuhaniLinnainmaa,UdayRajan,MarkSeasholes,MortenSorensen,MatthewSpiegel(theeditor),NingZhu,twoanonymousreferees,andseminarparticipantsatthe2007WesternFinanceAssociationmeeting,the2007WhartonHouseholdPortfolioChoiceconference,CarnegieMellonUniversity,NanyangTechn
7、icalUniversity,NationalUniversityofSingapore,SingaporeManagementUniversity,UniversityofCaliforniaatIrvine,UniversityofEdinburgh,UniversityofManchester,UniversityofToronto,andUniversityofMichiganforhelpfulcomments.Anyremainingerrorsareours.WearegratefultoJussiKeppoforhelpingustoac
8、quirethedatausedinthisstudy,andtotheMits
