Performance of individual investors and personal investment objectives

Camille Magron ()
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Camille Magron: LaRGE Research Center, Université de Strasbourg

Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg

Abstract: This paper investigates the performance of 56’723 individual investors using a large French database between 1999 and 2006. In accordance with previous studies, investors in our sample exhibit poor performances and the securities bought are less profitable than the securities sold on the whole period dataset. Taking into consideration the considerable heterogeneity across investors, we show how personal investment objectives, defined by direct proxies, impact portfolio performance. Controlling for diversification, turnover and usual risk factors, investors who have high aspirations underperform their peers whereas those who have low ones outperform their peers.

Keywords: Individual Investor; Performance Evaluation. (search for similar items in EconPapers)
JEL-codes: G11 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2012-07

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