amit seru::We find evidence of two types of learning: some investors become better at trading with experience, while others stop trading after realizing that their ability is poor amit seru

amit seru::We find evidence of two types of learning: some investors become better at trading with experience, while others stop trading after realizing that their ability is poor.
A substantial part of overall learning by trading is explained by the second type.
By ignoring investor attrition, the existing literature significantly overestimates how quickly investors become better at trading.
Number of pages in pdf file: keywords: learning, behavioral biases, disposition effect, individual investor performance jel classifications: d10, g10