Do Individual Investors Learn From Their Trading Experience
研究了个人投资者能否随着交易经验增加而提高收益率，发现交易经验（交易年限、交易次数、购买股票种类数）显著改善投资组合表现，且选股择时能力随经验提升。
The paper investigates whether individual investors are able to and how to improve their return rates as their trading experience increases.Trading experience,measured by the age of trading,the number transactions, and the number of different stocks purchased,significantly help to improve investor's portfolio performance. This result holds for male and female investors and for different age investors.We also find that investors 'ability of choosing right stock at the right time is improving as their experience increases.