Portfolio Concentration and the Performance of Individual Investors
作者： Scott J. Weisbenner , Scott J. Weisbenner , Zoran Ivkovich , Clemens Sialm , Clemens Sialm
DOI: 10.2139/SSRN.568156
关键词: Financial economics 、 Excess return 、 Information asymmetry 、 Economics 、 Diversification (finance) 、 Portfolio 、 Stock (geology)
摘要: This paper tests whether information advantages help explain why some individual investors concentrate their stock portfolios in a few stocks. Stock investments made by households that choose to brokerage accounts stocks outperform those with more diversified (especially among large portfolios). Excess returns of concentrated relative are stronger for not included the S&P 500 index and local stocks, potentially reflecting investors' successful exploitation asymmetries. Controlling households' average investment abilities, trades holdings perform better when include fewer
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