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.

中文翻译：

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市场准入和零售投资绩效


摘要我们研究了股票市场准入（特别是交易时间）对零售投资表现的影响。利用时区边界周围的不连续性，我们发现，正如美国人口纳税申报表所报告的那样，清醒交易时间的外源性减少与散户投资者资本收益的显着增加有关。我们的结果表明，限制交易时间可以抑制活跃的零售交易，从而改善投资组合的表现。我们的研究结果发现，散户投资者进入交易市场的门槛降低会产生负面影响。 JEL 分类：M41； M48； G40； G51。