from standard models is a change in the population of investors due to changes in market conditions, rendering individual level analysis incomplete. Lottery Barber and Odean (2006) explored what

others? We leave these questions for future research. 12 REFERENCES Barber, B. M., Odean, T., & Zheng, L. (2005). Out of sight, out of mind: The effects of expenses on mutual fund flows. The Journal of