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dc.contributor.authorBernard, Philippe*
dc.contributor.authorBlanchard, Michel*
dc.date.accessioned2013-10-08T12:11:45Z
dc.date.available2013-10-08T12:11:45Z
dc.date.issued2013
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11775
dc.language.isoenen
dc.subjectAmateur tradersen
dc.subjectbehavioral financeen
dc.subjectinternet tradingen
dc.subjectpersistenceen
dc.subject.ddc332en
dc.subject.classificationjelG.G0.G00en
dc.subject.classificationjelG.G1.G10en
dc.titleThe performance of amateur traders on a public internet site: a case of a stock-exchange contesten
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis paper studies a very thorough e-trading data base, including all of the bid/ask orders and daily portfolio values of more than 600 on-line amateur traders in the Paris Stock market focusing on the stormy period covering 2007-2009. Traders also participate in a monthly contest and can win significant prizes. Our first result emphasizes the huge average losses of amateur traders. On average, portfolio values fall from an initial value of 100 to a terminal value of 7 in the 29 months covered here. Our final value is 28 including rewards. The second result is more surprising. Despite our splitting context, smart traders don't clearly emerge. There is clearly no performance persistence, neither for winners nor for loser. With a very few exceptions, winners seem to be just lucky not skilled.en
dc.relation.isversionofjnlnameEconomics Bulletin
dc.relation.isversionofjnlvol33en
dc.relation.isversionofjnlissue3en
dc.relation.isversionofjnldate2013
dc.relation.isversionofjnlpages1729-1737en
dc.identifier.urlsitehttp://econpapers.repec.org/RePEc:ebl:ecbull:eb-13-00229
dc.relation.isversionofjnlpublisherEconomics Bulletinen
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
hal.person.labIds255365*
hal.person.labIds255365*
hal.identifierhal-01515499*


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