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dc.contributor.authorMizrach, Bruceen
dc.contributor.authorZhang Weerts, Susanen
dc.date.accessioned2009-01-29T15:49:27Z-
dc.date.available2009-01-29T15:49:27Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/23191-
dc.description.abstractWe analyze the trading activity in an Internet chat room with approximately 1,300 participants. Traders make posts in real time about their activities. We find these traders are more skilled than retail investors analyzed in other studies. 55% make profits after transaction costs, and they earn $153 per trade. Traders hold their winners 25% longer than their losers. They have statistically significant alphas of 0.41% per day after controlling for the Fama-French factors and momentum. 38% of profits persist in the next year. Traders improve their skill over time, earning an extra $189 per month for each year of trading experience. They also gain expertise in trading particular stocks. Traders who raise their Herfindahl index by 0.1 raise their profitability by $46 per trade. 42% trade both long and short, with equal success rates, and almost double the profit per trade when short.en
dc.language.isoengen
dc.publisher|aRutgers University, Department of Economics |cNew Brunswick, NJen
dc.relation.ispartofseries|aWorking Paper |x2004-12en
dc.subject.jelG20en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordbehavioral financeen
dc.subject.keywordday tradingen
dc.subject.keywordfamiliarity biasen
dc.subject.keyworddisposition effecten
dc.subject.keywordexpertsen
dc.subject.stwWertpapierhandelen
dc.subject.stwInterneten
dc.subject.stwAnlageverhaltenen
dc.subject.stwVereinigte Staatenen
dc.titleExperts Online : An Analysis of Trading Activity in a Public Internet Chat Room-
dc.typeWorking Paperen
dc.identifier.ppn389549258en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:rut:rutres:200412en

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