Market Access and Retail Investment Performance
利用时区边界附近交易时间的不连续性，发现散户可交易时间减少反而提高了其资本利得，表明限制交易时间能抑制过度交易、改善投资绩效。
ABSTRACT We examine the effects of stock market access, and in particular trading hours, on retail investment performance. Using discontinuities around time zone borders, we find that plausibly exogenous decreases in waking trading hours are associated with meaningful increases in retail investors’ capital gains, as reported on tax returns for the U.S. population. Our results indicate that limiting trading hours curbs active retail trading, leading to improvements in portfolio performance. Our findings identify one negative effect of decreasing barriers to entry for retail investors in trading markets. JEL Classifications: M41; M48; G40; G51.