{"id":"https://openalex.org/W2005239978","doi":"https://doi.org/10.2753/ree1540-496x4904s305","title":"The Impact of Individual Investor Trading on Stock Returns","display_name":"The Impact of Individual Investor Trading on Stock Returns","publication_year":2013,"publication_date":"2013-07-01","ids":{"openalex":"https://openalex.org/W2005239978","doi":"https://doi.org/10.2753/ree1540-496x4904s305","mag":"2005239978"},"language":"en","primary_location":{"id":"doi:10.2753/ree1540-496x4904s305","doi":"https://doi.org/10.2753/ree1540-496x4904s305","is_oa":false,"landing_page_url":"https://doi.org/10.2753/ree1540-496x4904s305","pdf_url":null,"source":{"id":"https://openalex.org/S166264140","display_name":"Emerging Markets Finance and Trade","issn_l":"1061-2009","issn":["1061-2009","1540-496X","1558-0938"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Emerging Markets Finance and Trade","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5102797525","display_name":"Zhijuan Chen","orcid":"https://orcid.org/0000-0002-4334-372X","observed_orcids":["https://orcid.org/0000-0002-4334-372X"]},"institutions":[{"id":"https://openalex.org/I75059550","display_name":"Zhejiang Gongshang University","ror":"https://ror.org/0569mkk41","country_code":"CN","type":"education","lineage":["https://openalex.org/I75059550"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zhijuan Chen","raw_affiliation_strings":["a School of Finance, Zhejiang Gongshang University, Hangzhou, Zhejiang, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"a School of Finance, Zhejiang Gongshang University, Hangzhou, Zhejiang, China","institution_ids":["https://openalex.org/I75059550"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5027145094","display_name":"William T. Lin","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I76130692","display_name":"Zhejiang University","ror":"https://ror.org/00a2xv884","country_code":"CN","type":"education","lineage":["https://openalex.org/I76130692"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"William T. Lin","raw_affiliation_strings":["b Center for Research of Private Economy, Zhejiang University, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"b Center for Research of Private Economy, Zhejiang University, China","institution_ids":["https://openalex.org/I76130692"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5001673070","display_name":"Changfeng Ma","orcid":"https://orcid.org/0000-0002-9446-2075","observed_orcids":["https://orcid.org/0000-0002-9446-2075"]},"institutions":[{"id":"https://openalex.org/I75059550","display_name":"Zhejiang Gongshang University","ror":"https://ror.org/0569mkk41","country_code":"CN","type":"education","lineage":["https://openalex.org/I75059550"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Changfeng Ma","raw_affiliation_strings":["a School of Finance, Zhejiang Gongshang University, Hangzhou, Zhejiang, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"a School of Finance, Zhejiang Gongshang University, Hangzhou, Zhejiang, China","institution_ids":["https://openalex.org/I75059550"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5002342597","display_name":"Zhenlong Zheng","orcid":"https://orcid.org/0000-0001-6415-092X","observed_orcids":["https://orcid.org/0000-0001-6415-092X"]},"institutions":[{"id":"https://openalex.org/I191208505","display_name":"Xiamen University","ror":"https://ror.org/00mcjh785","country_code":"CN","type":"education","lineage":["https://openalex.org/I191208505"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zhenlong Zheng","raw_affiliation_strings":["c Minjiang Scholar Award Program, Xiamen University, Xiamen, Fujian, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"c Minjiang Scholar Award Program, Xiamen University, Xiamen, Fujian, China","institution_ids":["https://openalex.org/I191208505"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.9552,"has_fulltext":false,"cited_by_count":15,"citation_normalized_percentile":{"value":0.94813725,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"49","issue":"sup3","first_page":"62","last_page":"69"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/noise-trading","display_name":"noise trading","score":0.6060000061988831},{"id":"https://openalex.org/keywords/stock-return-predictability","display_name":"stock return predictability","score":0.8109999895095825},{"id":"https://openalex.org/keywords/portfolio-sorting","display_name":"portfolio sorting","score":0.6840000152587891},{"id":"https://openalex.org/keywords/taiwan-stock-exchange","display_name":"Taiwan Stock Exchange","score":0.7620000243186951},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.4269999861717224}],"concepts":[{"id":"https://openalex.org/C197640229","wikidata":"https://www.wikidata.org/wiki/Q2534066","display_name":"Predictability","level":2,"score":0.7664459943771362},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6749181747436523},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5522343516349792},{"id":"https://openalex.org/C131562839","wikidata":"https://www.wikidata.org/wiki/Q1574928","display_name":"Trading strategy","level":2,"score":0.5220377445220947},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5073532462120056},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.500892162322998},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4783284664154053},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4782232940196991},{"id":"https://openalex.org/C78508483","wikidata":"https://www.wikidata.org/wiki/Q139445","display_name":"Algorithmic trading","level":2,"score":0.42574816942214966},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.37473753094673157},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1496625542640686},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0690184235572815},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.2753/ree1540-496x4904s305","doi":"https://doi.org/10.2753/ree1540-496x4904s305","is_oa":false,"landing_page_url":"https://doi.org/10.2753/ree1540-496x4904s305","pdf_url":null,"source":{"id":"https://openalex.org/S166264140","display_name":"Emerging Markets Finance and Trade","issn_l":"1061-2009","issn":["1061-2009","1540-496X","1558-0938"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Emerging Markets Finance and Trade","raw_type":"journal-article"},{"id":"pmh:oai:tkuir.lib.tku.edu.tw:987654321/79788","doi":null,"is_oa":false,"landing_page_url":"https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/79788","pdf_url":null,"source":{"id":"https://openalex.org/S4406922698","display_name":"Tamkang University Institutional Repository (TKUIR)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},{"id":"pmh:oai:tkuir.lib.tku.edu.tw:987654321/93180","doi":null,"is_oa":false,"landing_page_url":"https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/93180","pdf_url":null,"source":{"id":"https://openalex.org/S4406922698","display_name":"Tamkang University Institutional Repository (TKUIR)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},{"id":"pmh:oai:RePEc:mes:emfitr:v:49:y:2013:i:s3:p:62-69","doi":null,"is_oa":false,"landing_page_url":"http://mesharpe.metapress.com/link.asp?target=contribution&id=K3QN163213504150","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:RePEc:taf:emfitr:v:49:y:2013:i:s3:p:62-69","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.2753/REE1540-496X4904S305","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W2003983197","https://openalex.org/W2010891591","https://openalex.org/W2028821420","https://openalex.org/W2045249876","https://openalex.org/W2047485150","https://openalex.org/W2050125131","https://openalex.org/W2052758069","https://openalex.org/W2101194190","https://openalex.org/W2104795328","https://openalex.org/W2128105362","https://openalex.org/W2131177033","https://openalex.org/W3121502928","https://openalex.org/W3122720375","https://openalex.org/W3122776771","https://openalex.org/W3123386791","https://openalex.org/W3126119269","https://openalex.org/W4255174803"],"related_works":["https://openalex.org/W7143725976","https://openalex.org/W1842200750","https://openalex.org/W3201932548","https://openalex.org/W2795146794","https://openalex.org/W2176334842","https://openalex.org/W3125793766","https://openalex.org/W7111133608","https://openalex.org/W7098963359","https://openalex.org/W1969166177","https://openalex.org/W2921586986"],"abstract_inverted_index":{"In":[0],"this":[1],"paper,":[2],"we":[3,59,99],"study":[4],"the":[5,8,28,34,46,50,62,91,95,102],"impact":[6],"of":[7,10,36,105],"trading":[9,43,66,104],"individual":[11,42,65,79],"investors":[12,80],"on":[13,40,72],"short-horizon":[14],"stock":[15,37,70],"returns":[16,38,71],"from":[17],"2005":[18],"to":[19,55,87],"2006":[20],"using":[21,45,94],"a":[22,73],"unique":[23],"data":[24],"set":[25],"provided":[26],"by":[27,44],"Taiwan":[29],"Stock":[30],"Exchange.":[31],"We":[32],"examine":[33],"predictability":[35],"based":[39],"net":[41],"portfolio-sorting":[47],"approach":[48],"and":[49],"Fama-MacBeth":[51],"regression":[52],"method.":[53],"Contrary":[54],"previously":[56],"offered":[57],"conclusions,":[58],"find":[60,100],"that":[61,78,101],"imbalance":[63],"in":[64],"negatively":[67],"predicts":[68],"future":[69],"stock-by-stock":[74],"basis,":[75],"which":[76],"indicates":[77],"can":[81],"be":[82],"viewed":[83],"as":[84],"noise":[85,103],"traders":[86],"some":[88],"extent.":[89],"At":[90],"same":[92],"time,":[93],"principal":[96],"component":[97],"analysis,":[98],"individuals":[106],"is":[107],"not":[108],"systematic.":[109]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":3}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}