{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,11,3]],"date-time":"2026-11-03T04:25:40Z","timestamp":1793679940506,"version":"4.5.1"},"reference-count":34,"publisher":"Wiley","issue":"2","license":[{"start":{"date-parts":[[2002,12,17]],"date-time":"2002-12-17T00:00:00Z","timestamp":1040083200000},"content-version":"vor","delay-in-days":990,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["The Journal of Finance"],"published-print":{"date-parts":[[2000,4]]},"abstract":"<jats:p>Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those that trade most earn an annual return of 11.4 percent, while the market returns 17.9 percent. The average household earns an annual return of 16.4 percent, tilts its common stock investment toward high\u2010beta, small, value stocks, and turns over 75 percent of its portfolio annually. Overconfidence can explain high trading levels and the resulting poor performance of individual investors. Our central message is that trading is hazardous to your wealth.<\/jats:p>","DOI":"10.1111\/0022-1082.00226","type":"journal-article","created":{"date-parts":[[2003,3,12]],"date-time":"2003-03-12T02:33:56Z","timestamp":1047436436000},"page":"773-806","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":3060,"title":["Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors"],"prefix":"10.1111","volume":"55","author":[{"given":"Brad M.","family":"Barber","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Terrance","family":"Odean","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2002,12,17]]},"reference":[{"key":"e_1_2_22_2_1","doi-asserted-by":"publisher","DOI":"10.1017\/CBO9780511809477.022"},{"key":"e_1_2_22_3_1","volume-title":"Can investors profit from the prophets? Consensus analyst recommendations and stock returns, Working paper","author":"Barber Brad M.","year":"1998"},{"key":"e_1_2_22_4_1","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.1980.408739"},{"key":"e_1_2_22_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/S1386-4181(97)00010-4"},{"key":"e_1_2_22_6_1","volume-title":"Overconfident speculation with imperfect competition, Working paper","author":"Caball\u00e9 Jordi","year":"1998"},{"key":"e_1_2_22_7_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03808.x"},{"key":"e_1_2_22_8_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00077"},{"key":"e_1_2_22_9_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1996.tb05204.x"},{"key":"e_1_2_22_10_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1991.tb04636.x"},{"key":"e_1_2_22_11_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(93)90023-5"},{"key":"e_1_2_22_12_1","volume-title":"Learning to be overconfident, Working paper","author":"Gervais Simon","year":"1998"},{"key":"e_1_2_22_13_1","volume-title":"How are large institutions different from other investors? Why do these differences matter?, Working paper","author":"Gompers Paul","year":"1998"},{"key":"e_1_2_22_14_1","doi-asserted-by":"publisher","DOI":"10.1016\/0010-0285(92)90013-R"},{"key":"e_1_2_22_15_1","doi-asserted-by":"publisher","DOI":"10.1086\/296593"},{"key":"e_1_2_22_16_1","first-page":"393","article-title":"On the impossibility of informationally efficient markets","volume":"70","author":"Grossman Sanford J.","year":"1980","journal-title":"American Economic Review"},{"key":"e_1_2_22_17_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(87)90004-3"},{"key":"e_1_2_22_18_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1993.tb04702.x"},{"key":"e_1_2_22_19_1","doi-asserted-by":"publisher","DOI":"10.1086\/295182"},{"key":"e_1_2_22_20_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(97)00023-8"},{"key":"e_1_2_22_21_1","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v54.n4.2198"},{"key":"e_1_2_22_22_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1972.tb00985.x"},{"key":"e_1_2_22_23_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb02751.x"},{"key":"e_1_2_22_24_1","volume-title":"Brookings Papers on Economic Activity: Microeconomics","author":"Lakonishok Josef","year":"1992"},{"key":"e_1_2_22_25_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(97)81614-5"},{"key":"e_1_2_22_26_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00101"},{"key":"e_1_2_22_27_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1995.tb04795.x"},{"key":"e_1_2_22_28_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00072"},{"key":"e_1_2_22_29_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00078"},{"key":"e_1_2_22_30_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.5.1279"},{"key":"e_1_2_22_31_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1978.tb04859.x"},{"key":"e_1_2_22_32_1","doi-asserted-by":"publisher","DOI":"10.1086\/295998"},{"key":"e_1_2_22_33_1","volume-title":"Securities Industry Fact Book","author":"Security Industry Association","year":"1997"},{"key":"e_1_2_22_34_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1985.tb05002.x"},{"key":"e_1_2_22_35_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1996.tb05205.x"}],"container-title":["The Journal of Finance"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.wiley.com\/onlinelibrary\/tdm\/v1\/articles\/10.1111%2F0022-1082.00226","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1111\/0022-1082.00226","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,10,2]],"date-time":"2023-10-02T05:33:06Z","timestamp":1696224786000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/0022-1082.00226"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2000,4]]},"references-count":34,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2000,4]]}},"alternative-id":["10.1111\/0022-1082.00226"],"URL":"https:\/\/doi.org\/10.1111\/0022-1082.00226","archive":["Portico"],"relation":{},"ISSN":["0022-1082","1540-6261"],"issn-type":[{"value":"0022-1082","type":"print"},{"value":"1540-6261","type":"electronic"}],"subject":[],"published":{"date-parts":[[2000,4]]},"assertion":[{"value":"2002-12-17","order":2,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}