Manapol Ekkayokkaya, Suppasit Jirajaroenying, Christian Wolff, 09 January 2019

Retail investors are generally considered to be uninformed noise traders, but a recent literature suggests that such investors accumulate novel information about smaller stocks. Using new data from Thailand, this column argues that retail investors systematically outperform institutions, especially domestic institutions. In addition, retail investors have a comparative advantage in executing trades of small stocks. 

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