Publications
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach
When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...
Reaching for Yield: Evidence from Households
The existing literature has documented “reaching for yield”—the phenomenon of investing more in risky assets when interest rates are lower—among...
Personality Differences and Investment Decision-Making
We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five...
Factor Demand and Factor Returns
A mutual fund’s demand for a pricing factor, measured by the loading of the fund’s returns on the factor’s returns, is persistent over time. When...
Extrapolative Bubbles and Trading Volume
We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model...