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Realized Returns on Common Stock Investments: The Experience of Individual Investors

Gary G. Schlarbaum, Wilbur G. Lewellen and Ronald C. Lease
The Journal of Business
Vol. 51, No. 2 (Apr., 1978), pp. 299-325
Stable URL: http://www.jstor.org/stable/2352530
Page Count: 27
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Realized Returns on Common Stock Investments: The Experience of Individual Investors
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Abstract

Virtually all existing empirical studies of the American capital market deal with the investment performance record of institutions. The present paper offers data on the investment experiences of a large and representative sample of individual investors, based on a 7-year history of actual trading behavior. Those experiences suggest some reasonable skill in security selection, particularly in connection with short-term trading cycles. Transactions costs, however, have a substantial impact on realized net returns, rendering the overall performance results observed similar to those available from passive investment strategies over corresponding calendar periods.

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