Investors have been shown to have particular preferences when it comes to the characteristics of stock they hold in their portfolios, while prior gains and losses have been shown to impact on individuals' economic decisions, both in an investment context and more widely. This paper is the first...

Market structure affects the informational and real frictions faced by traders in equity markets. Using bid-ask spreads, we present evidence which suggests that while real frictions associated with the costs of supplying immediacy are less in order-driven systems, informational frictions...

"Experts Versus the Evidence: A Practical Guide to Stock Investing brings together the ideas and successes of experts and the potential of data to give readers the opportunity to learn from the best and to put their insights into practice. Readers will learn two important aspects of financial...