Starting with Odean (1998): Are Investors Reluctant to Realize Their Losses? (Journal of Finance, Vol. 53, 1775-1798).

The following table shows the shares in Trine's portfolio on January 1, 2017. The table also shows information on the first purchase price for each stock.

Table 1. Trine`s portfolio on 1 January 2017
Stock	Number of shares	First purchase price
A	120	80
B	30	100
C	23	50
D	34	12

Trine has actively traded in four different shares since the beginning of 2017: A, B, C, D.

On January 7, Trine buys 20 C shares and 10 D shares. On February 15, she sells 5 C-shares and buys 10 A-shares and 12 D-shares. On April 4, she sells 10 A-shares and 5 C-shares, and buys 6 B-shares. On April 6, she buys 20 C shares. On May 20, she sells the entire stock of the A, C and D shares. Table 2 shows price changes for the A, B, C, D and E shares for the entire period.

Price changes for the shares in 2017
Day	A-stock	B-stock	C-stock	D-stock	E-stock
7 January	95 NOK	100 NOK	50 NOK	23 NOK	10 NOK
15 February	110 NOK	120 NOK	52 NOK	27 NOK	9 NOK
4 April	70 NOK	80 NOK	57 NOK	40 NOK	15 NOK
6 April	85 NOK	70 NOK	54 NOK	40 NOK	13 NOK
20 May	120 NOK	25 NOK	60 NOK	47 NOK	15 NOK

Calculate the outflow effect for Trine for the period from 1 January 2017 until 20 May. Use the same method as Odean (1998) in his main analysis, using the first purchase price as the reference point. Describe your steps and your calculations in an understandable manner.