• 1 Introduction
  • 2 Data
  • 2.1 Data compilation
  • 2.2 Participants’ objective attributes
  • 3 Descriptive information about investors’ behavior
  • 3.1 Measures of sophisticated behavior
  • 3.2 Further control variables
  • 4 Regression analyses
  • 4.1 Methods applied
  • 4.2 Correlates of sophisticated investment behavior
  • 5 Economic significance and robustness
  • 6 Conclusions
  • References