Up until now, the empirical analysis of what makes investors trade has
been hindered by limited and incomplete data about the financial markets.
Work by Odean ~1998!, Shapira and Venezia ~1998!, and Choe, Kho, and
Stulz ~1999!, among others, either focuses on a small segment of the market
that may not be representative and0or limits the analysis of trading to single
issues, like contrarian behavior or the aversion to losses.
Up until now, the empirical analysis of what makes investors trade hasbeen hindered by limited and incomplete data about the financial markets.Work by Odean ~1998!, Shapira and Venezia ~1998!, and Choe, Kho, andStulz ~1999!, among others, either focuses on a small segment of the marketthat may not be representative and0or limits the analysis of trading to singleissues, like contrarian behavior or the aversion to losses.
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