Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - Center for Financial Studies - 2009
, average annual account volume was 10,015 Euro. We
computed monthly turnover by dividing the combined transaction value of all … return (Jensen’s Alpha) for portfolio p;
p
E
= estimated market beta for portfolio p;
r
M ,t
= log return of the Euro …)
is much greater. The average monthly number of trades per 1000 euro of account volume is .32
for IFA and .44 for non …