a careful accounting for both the exact timing of trades and the profitability of intramonth trades indicates that the results we report in the main text are slightly high for our full sample and for every sample partition that we analyze.
Consider the common stock portfolio for a particular household. The gross monthly return on the household’s portfolio
In Appendix B, we document that accounting for intramonth trades would improve the performance of individual investors reported in our main results by less than one basis point per month. More important, a careful accounting for both the exact timing of trades and the profitability of intramonth trades indicates that the results we report in the main text are slightly high for our full sample and for every sample partition that we analyze.
Consider the common stock portfolio for a particular household. The gross monthly return on the household’s portfolio