investor_data_LLPW_2020

Abstract

We obtain data on month-end holdings and daily executed transactions of securities (including security identifiers, volume and price) of a randomly drawn sample of 63,024 individual investors who are clients of a large German online bank, covering the period from January 2007 to November 2012. We also obtain information on a range of client demographics, which were measured in November 2012, including the investor’s zip code of residence. We exclude inactive accounts, defined as accounts with not more than one trade per year on average (5,701 investors), and investors with incomplete information on the relevant variables (9,541 investors), most of which concerns zip codes which could not be matched (8,931 investors). This leaves us with a sample of 47,782 investors.