Publications
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...
Exploited by Complexity
Due to their complex features, structured financial products can hurt the average investor. Are certain investors particularly vulnerable? Using...
Resolving the Excessive Trading Puzzle: An Integrated Approach Based on Surveys and Transactions
The literature has provided over a dozen explanations for the widely documented excessive trading puzzle of retail investors trading so much that it...