Does practice make perfect? Evidence from individual investors' experiences and investment returns.

Having experienced several asset pricing bubbles, people are still making the next as- set pricing bubble. Why don't people learn to be more rational in the investment? This study tends to research the effects of individual investors' experiences on investment returns to respond to the function of learning in investment decision-making. CHFS database is uti- lized for the empirical research on investment experiences in enhancing investment returns and finding out the uncertain effects of investment experiences on investment returns. This study analyzes such situations from the complicated effects of investment experiences on individual investors. [ABSTRACT FROM PUBLISHER]