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Abstract
In this study, I examine the market timing ability of individual investors in the US The analysis is based on data gathered by the American Association of Individual Investors asset allocation survey during a period that spans more than 30 years. Individual investors correctly time the market during the full sample period and during sub-periods based on different market conditions.
TOPIC: Style investing
Key Findings
• Self-directed investors outperform investors that relay on professional financial advisors.
• A sample of individual investors show good market timing skill during a 30-year period.
• Timing ability is positive during bear and bull market conditions.
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UK: 0207 139 1600