Details about David Hirshleifer

E-mail:
Homepage:	https://sites.uci.edu/dhirshle/
Workplace:	Department of Finance and Business Economics, Marshall School of Business, University of Southern California, (more information at EDIRC)

Access statistics for papers by David Hirshleifer.

Last updated 2023-05-08. Update your information in the RePEc Author Service.

Short-id: phi20

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Working Papers

2025

1. Trading in Twilight: Sleep, Mental Alertness, and Stock Market Trading
   NBER Working Papers, National Bureau of Economic Research, Inc

2024

2. Friends with Benefits: Social Capital and Household Financial Behavior
   NBER Working Papers, National Bureau of Economic Research, Inc
3. Social Interaction Intensity and Investor Behavior
   NBER Working Papers, National Bureau of Economic Research, Inc
4. The Effect of New Information Technologies on Asset Pricing Anomalies
   NBER Working Papers, National Bureau of Economic Research, Inc

2023

5. News Diffusion in Social Networks and Stock Market Reactions
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
   See also Journal Article News Diffusion in Social Networks and Stock Market Reactions, The Review of Financial Studies, Society for Financial Studies (2025) (2025)
6. War Discourse and Disaster Premia: 160 Years of Evidence from Stock and Bond Markets
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
7. War Discourse and the Cross Section of Expected Stock Returns
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2022

8. Do Sell-Side Analysts Say “Buy” While Whispering “Sell”?
   NBER Working Papers, National Bureau of Economic Research, Inc
   See also Journal Article Do sell-side analysts say “buy” while whispering “sell”?, Review of Finance, European Finance Association (2024) (2024)

2021

9. Information Cascades and Social Learning
   Papers, arXiv.org View citations (9)
   Also in MPRA Paper, University Library of Munich, Germany (2021) View citations (8)
   NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (8)
   See also Journal Article Information Cascades and Social Learning, Journal of Economic Literature, American Economic Association (2024) View citations (4) (2024)
10. Macro News and Micro News: Complements or Substitutes?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in MPRA Paper, University Library of Munich, Germany (2021) View citations (4)
    See also Journal Article Macro news and micro news: Complements or substitutes?, Journal of Financial Economics, Elsevier (2022) View citations (9) (2022)
11. Social Interactions and Lottery Stock Mania
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)

2020

12. Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Moonshots, investment booms, and selection bias in the transmission of cultural traits, Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences (2021) View citations (2) (2021)
13. Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    See also Journal Article Social finance as cultural evolution, transmission bias, and market dynamics, Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences (2021) View citations (8) (2021)

2019

14. Do Trade Creditors Possess Private Information? Stock Returns Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
15. Naïve *Buying* Diversification and Narrow Framing by Individual Investors
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    See also Journal Article Naïve Buying Diversification and Narrow Framing by Individual Investors, Journal of Finance, American Finance Association (2023) View citations (2) (2023)
16. Visibility Bias in the Transmission of Consumption Beliefs and Undersaving
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article Visibility Bias in the Transmission of Consumption Beliefs and Undersaving, Journal of Finance, American Finance Association (2023) View citations (2) (2023)

2018

17. Decision Fatigue and Heuristic Analyst Forecasts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Decision fatigue and heuristic analyst forecasts, Journal of Financial Economics, Elsevier (2019) View citations (47) (2019)
18. Mood Betas and Seasonalities in Stock Returns
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Mood beta and seasonalities in stock returns, Journal of Financial Economics, Elsevier (2020) View citations (45) (2020)
19. Shared Analyst Coverage: Unifying Momentum Spillover Effects
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article Shared analyst coverage: Unifying momentum spillover effects, Journal of Financial Economics, Elsevier (2020) View citations (58) (2020)
20. Social Transmission Bias and Investor Behavior
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Journal Article Social Transmission Bias and Investor Behavior, Journal of Financial and Quantitative Analysis, Cambridge University Press (2022) View citations (13) (2022)

2017

21. Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
22. Innovative Originality, Profitability, and Stock Returns
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    See also Journal Article Innovative Originality, Profitability, and Stock Returns, The Review of Financial Studies, Society for Financial Studies (2018) View citations (54) (2018)
23. Misvaluation and Corporate Inventiveness
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article Misvaluation and Corporate Inventiveness, Journal of Financial and Quantitative Analysis, Cambridge University Press (2021) View citations (5) (2021)
24. Short- and Long-Horizon Behavioral Factors
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article Short- and Long-Horizon Behavioral Factors, The Review of Financial Studies, Society for Financial Studies (2020) View citations (100) (2020)
25. The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    See also Journal Article The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies, Journal of Finance, American Finance Association (2020) View citations (47) (2020)

2016

26. Overconfident Investors, Predictable Returns, and Excessive Trading
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article Overconfident Investors, Predictable Returns, and Excessive Trading, Journal of Economic Perspectives, American Economic Association (2015) View citations (103) (2015)

2015

27. Overconfident investors, predictable returns, and excessive trading
    MPRA Paper, University Library of Munich, Germany View citations (74)

2014

28. Behavioral Finance
    MPRA Paper, University Library of Munich, Germany View citations (9)
    See also Journal Article Behavioral Finance, Annual Review of Financial Economics, Annual Reviews (2015) View citations (12) (2015)
29. Don’t Hide Your Light Under a Bushel: Innovative Originality and Stock Returns
    MPRA Paper, University Library of Munich, Germany View citations (1)
30. Superstition and financial decision making
    MPRA Paper, University Library of Munich, Germany View citations (3)
    See also Journal Article Superstition and Financial Decision Making, Management Science, INFORMS (2018) View citations (26) (2018)

2012

31. Overvalued equity and financing decisions
    MPRA Paper, University Library of Munich, Germany View citations (52)
    See also Journal Article Overvalued Equity and Financing Decisions, The Review of Financial Studies, Society for Financial Studies (2012) View citations (51) (2012)

2011

32. Beyond the Disposition Effect: Do Investors Really Like Gains More Than Losses?
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics

2010

33. A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns
    MPRA Paper, University Library of Munich, Germany View citations (45)
    See also Journal Article A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns, The Review of Financial Studies, Society for Financial Studies (2010) View citations (45) (2010)
34. A theory of Fads, Fashion, Custom and cultural change as informational Cascades
    Levine's Working Paper Archive, David K. Levine View citations (110)
    See also Journal Article A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades, Journal of Political Economy, University of Chicago Press (1992) View citations (2210) (1992)
35. Are Overconfident CEOs Better Innovators?
    MPRA Paper, University Library of Munich, Germany View citations (12)
    See also Journal Article Are Overconfident CEOs Better Innovators?, Journal of Finance, American Finance Association (2012) View citations (653) (2012)
36. Investor Overconfidence and the Forward Discount Puzzle
    2010 Meeting Papers, Society for Economic Dynamics View citations (1)
    Also in Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics (2005) View citations (2)
    MPRA Paper, University Library of Munich, Germany (2007) View citations (2)
37. Investor Overconfidence and the Forward Premium Puzzle
    Working Papers, Duke University, Department of Economics View citations (7)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (5)
    See also Journal Article Investor Overconfidence and the Forward Premium Puzzle, The Review of Economic Studies, Review of Economic Studies Ltd (2011) View citations (63) (2011)

2009

38. An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness
    Yale School of Management Working Papers, Yale School of Management
    Also in Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University (2001) View citations (4)
    Yale School of Management Working Papers, Yale School of Management (2009) View citations (1)
    See also Journal Article An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness, Journal of Economics & Management Strategy, Wiley Blackwell (2002) View citations (43) (2002)
39. Commonality in Misvaluation, Equity Financing, and the Cross Section of Stock Returns
    MPRA Paper, University Library of Munich, Germany View citations (2)
40. Learning to Fail? Evidence from Frequent IPO Investors
    MPRA Paper, University Library of Munich, Germany
41. SHORT ARBITRAGE, RETURN ASYMMETRY AND THE ACCRUAL ANOMALY
    MPRA Paper, University Library of Munich, Germany
    See also Journal Article Short Arbitrage, Return Asymmetry, and the Accrual Anomaly, The Review of Financial Studies, Society for Financial Studies (2011) View citations (91) (2011)
42. The Psychological Attraction Approach to Accounting and Disclosure Policy
    MPRA Paper, University Library of Munich, Germany View citations (11)
    See also Journal Article The Psychological Attraction Approach to Accounting and Disclosure Policy*, Contemporary Accounting Research, John Wiley & Sons (2009) View citations (10) (2009)

2008

43. Thought and Behavior Contagion in Capital Markets
    MPRA Paper, University Library of Munich, Germany View citations (4)
    Also in MPRA Paper, University Library of Munich, Germany (2008) View citations (3)

2007

44. Accruals and Aggregate Stock Market Returns
    MPRA Paper, University Library of Munich, Germany View citations (1)
45. Do short-sellers arbrtrage accrual-based return anomalies?
    MPRA Paper, University Library of Munich, Germany
46. Driven to distraction: Extraneous events and underreaction to earnings news
    MPRA Paper, University Library of Munich, Germany View citations (11)
    See also Journal Article Driven to Distraction: Extraneous Events and Underreaction to Earnings News, Journal of Finance, American Finance Association (2009) View citations (522) (2009)
47. Fear of the Unknown: Familiarity and Economic Decisions
    MPRA Paper, University Library of Munich, Germany View citations (6)
    See also Journal Article Fear of the Unknown: Familiarity and Economic Decisions, Review of Finance, European Finance Association (2011) View citations (52) (2011)
48. Promotion Tournaments and Capital Rationing
    MPRA Paper, University Library of Munich, Germany
    Also in Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics (2005)
    See also Journal Article Promotion Tournaments and Capital Rationing, The Review of Financial Studies, Society for Financial Studies (2009) View citations (3) (2009)
49. Prospect Theory and Reference Point Adaptation: Evidence from the US, China, and Korea
    MPRA Paper, University Library of Munich, Germany
50. Psychological Bias as a Driver of Financial Regulation
    MPRA Paper, University Library of Munich, Germany View citations (4)
    See also Journal Article Psychological Bias as a Driver of Financial Regulation, European Financial Management, European Financial Management Association (2008) View citations (43) (2008)
51. Stock market misvaluation and corporate investment
    MPRA Paper, University Library of Munich, Germany View citations (7)
52. The Accrual Anomaly: Risk or Mispricing?
    MPRA Paper, University Library of Munich, Germany View citations (3)
    Also in Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics (2006) View citations (11)
    See also Journal Article The Accrual Anomaly: Risk or Mispricing?, Management Science, INFORMS (2012) View citations (56) (2012)

2006

53. Reference Point Adaptation: Tests in the Domain of Security Trading
    MPRA Paper, University Library of Munich, Germany View citations (32)
    See also Journal Article Reference point adaptation: Tests in the domain of security trading, Organizational Behavior and Human Decision Processes, Elsevier (2008) View citations (61) (2008)

2005

54. Aggregate Accruals and Stock Market Returns
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics
55. Information Cascades and Observational Learning
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics View citations (1)
56. Investor Psychology and Tests of Factor Pricing Models
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics View citations (19)
57. Limited Investor Attention and Stock Market Misreactions to Accounting Information
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics View citations (5)
    See also Journal Article Limited Investor Attention and Stock Market Misreactions to Accounting Information, The Review of Asset Pricing Studies, Society for Financial Studies (2011) View citations (148) (2011)

2004

58. A Generalized Earnings-Based Stock Valuation Model
    Finance, University Library of Munich, Germany
    See also Journal Article A GENERALIZED EARNINGS‐BASED STOCK VALUATION MODEL, Manchester School, University of Manchester (2005) View citations (2) (2005)
59. A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions
    Finance, University Library of Munich, Germany View citations (28)
60. Can Individual Investors Beat the Market?
    Finance, University Library of Munich, Germany View citations (10)
    See also Journal Article Can Individual Investors Beat the Market?, The Review of Asset Pricing Studies, Society for Financial Studies (2021) View citations (5) (2021)
61. Disclosure to a Credulous Audience: The Role of Limited Attention
    MPRA Paper, University Library of Munich, Germany View citations (6)
62. Disclosure to an Audience with Limited Attention
    Game Theory and Information, University Library of Munich, Germany View citations (26)
    Also in Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics (2004) View citations (25)
63. Do Individual Investors Drive Post-Earnings Announcement Drift? Direct Evidence from Personal Trades
    Finance, University Library of Munich, Germany View citations (18)
64. Do Investors Overvalue Firms With Bloated Balance Sheets?
    Finance, University Library of Munich, Germany View citations (239)
    Also in Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics (2004) View citations (242)
    See also Journal Article Do investors overvalue firms with bloated balance sheets?, Journal of Accounting and Economics, Elsevier (2004) View citations (237) (2004)
65. Do Tender Offers Create Value? New Methods and Evidence
    Finance, University Library of Munich, Germany View citations (6)
    See also Journal Article Do tender offers create value? New methods and evidence, Journal of Financial Economics, Elsevier (2005) View citations (91) (2005)
66. Does Investor Misvaluation Drive the Takeover Market?
    Finance, University Library of Munich, Germany View citations (21)
    See also Journal Article Does Investor Misvaluation Drive the Takeover Market?, Journal of Finance, American Finance Association (2006) View citations (303) (2006)
67. Feedback and the Success of Irrational Investors
    Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics View citations (2)
    Also in University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA (2002) View citations (3)
    See also Journal Article Feedback and the success of irrational investors, Journal of Financial Economics, Elsevier (2006) View citations (53) (2006)
68. Good Day Sunshine: Stock Returns and the Weather
    Finance, University Library of Munich, Germany View citations (10)
    See also Journal Article Good Day Sunshine: Stock Returns and the Weather, Journal of Finance, American Finance Association (2003) View citations (617) (2003)
69. Taking the Road Less Traveled: Does Conversation Eradicate Pernicious Cascades?
    Game Theory and Information, University Library of Munich, Germany View citations (3)
    See also Journal Article Taking the road less traveled by: Does conversation eradicate pernicious cascades?, Journal of Economic Theory, Elsevier (2011) View citations (19) (2011)

2001

70. Herd Behavior and Cascading in Capital Markets: A Review and Synthesis
    MPRA Paper, University Library of Munich, Germany View citations (44)
    See also Journal Article Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis, European Financial Management, European Financial Management Association (2003) View citations (305) (2003)
71. Investor Psychology and Asset Pricing
    MPRA Paper, University Library of Munich, Germany View citations (935)
    See also Journal Article Investor Psychology and Asset Pricing, Journal of Finance, American Finance Association (2001) View citations (841) (2001)

2000

72. Covariance Risk, Mispricing, and the Cross Section of Security Returns
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
73. On the Survival of Overconfident Traders in a Competitive Securities Market
    MPRA Paper, University Library of Munich, Germany View citations (1)
    See also Journal Article On the survival of overconfident traders in a competitive securities market, Journal of Financial Markets, Elsevier (2001) View citations (113) (2001)

1993

74. The Blind Leading the Blind: Social Influence, Fads, and Informational Cascades
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA View citations (7)

1992

75. Market-Based Estimates of Value Gains from Takeovers: An Intervention Approach
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA

1990

76. FUTURES VERSUS SHARE CONTRACTING AS MEANS OF DIVERSIFING OUTPUT RISK
    Working Papers, Columbia - Graduate School of Business
    See also Journal Article Futures versus Share Contracting as Means of Diversifying Output Risk, Economic Journal, Royal Economic Society (1993) View citations (11) (1993)
77. Resolution Preference and Project Choice
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA View citations (1)

1989

78. Facilitation of Competing Bids and the Price of a Takeover Target
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA View citations (41)

1983

79. A Model of Hedging and Futures Price Bias
    University of California at Los Angeles, Anderson Graduate School of Management, Anderson Graduate School of Management, UCLA

Undated

80. Institutional Memory, Inertia and Impulsiveness
    Finance, University of California at Los Angeles

Journal Articles

2025

1. News Diffusion in Social Networks and Stock Market Reactions
   The Review of Financial Studies, 2025, 38, (3), 883-937
   See also Working Paper News Diffusion in Social Networks and Stock Market Reactions, NBER Working Papers (2023) View citations (7) (2023)
2. War Discourse and Disaster Premium: 160 Years of Evidence from the Stock Market
   The Review of Financial Studies, 2025, 38, (2), 457-506

2024

3. Do sell-side analysts say “buy” while whispering “sell”?
   Review of Finance, 2024, 28, (4), 1275-1310
   See also Working Paper Do Sell-Side Analysts Say “Buy” While Whispering “Sell”?, NBER Working Papers (2022) (2022)
4. Information Cascades and Social Learning
   Journal of Economic Literature, 2024, 62, (3), 1040-93 View citations (4)
   See also Working Paper Information Cascades and Social Learning, Papers (2021) View citations (9) (2021)

2023

5. Naïve Buying Diversification and Narrow Framing by Individual Investors
   Journal of Finance, 2023, 78, (3), 1705-1741 View citations (2)
   See also Working Paper Naïve *Buying* Diversification and Narrow Framing by Individual Investors, NBER Working Papers (2019) View citations (2) (2019)
6. Social contagion and the survival of diverse investment styles
   Journal of Economic Dynamics and Control, 2023, 154, (C) View citations (3)
7. Visibility Bias in the Transmission of Consumption Beliefs and Undersaving
   Journal of Finance, 2023, 78, (3), 1647-1704 View citations (2)
   See also Working Paper Visibility Bias in the Transmission of Consumption Beliefs and Undersaving, NBER Working Papers (2019) View citations (6) (2019)

2022

8. Macro news and micro news: Complements or substitutes?
   Journal of Financial Economics, 2022, 145, (3), 1006-1024 View citations (9)
   See also Working Paper Macro News and Micro News: Complements or Substitutes?, NBER Working Papers (2021) View citations (4) (2021)
9. Social Transmission Bias and Investor Behavior
   Journal of Financial and Quantitative Analysis, 2022, 57, (1), 390-412 View citations (13)
   See also Working Paper Social Transmission Bias and Investor Behavior, NBER Working Papers (2018) View citations (7) (2018)
10. The Exploratory Mindset and Corporate Innovation
    Journal of Financial and Quantitative Analysis, 2022, 57, (1), 127-169 View citations (11)

2021

11. Can Individual Investors Beat the Market?
    The Review of Asset Pricing Studies, 2021, 11, (3), 552-579 View citations (5)
    See also Working Paper Can Individual Investors Beat the Market?, Finance (2004) View citations (10) (2004)
12. First Impression Bias: Evidence from Analyst Forecasts*
    (Biased beliefs, asset prices, and investment: a structural approach)
    Review of Finance, 2021, 25, (2), 325-364 View citations (7)
13. Misvaluation and Corporate Inventiveness
    Journal of Financial and Quantitative Analysis, 2021, 56, (8), 2605-2633 View citations (5)
    See also Working Paper Misvaluation and Corporate Inventiveness, NBER Working Papers (2017) View citations (1) (2017)
14. Moonshots, investment booms, and selection bias in the transmission of cultural traits
    Proceedings of the National Academy of Sciences, 2021, 118, (26), e2015571118 View citations (2)
    See also Working Paper Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits, NBER Working Papers (2020) View citations (3) (2020)
15. Social finance as cultural evolution, transmission bias, and market dynamics
    Proceedings of the National Academy of Sciences, 2021, 118, (26), e2015568118 View citations (8)
    See also Working Paper Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics, NBER Working Papers (2020) View citations (2) (2020)

2020

16. Mood beta and seasonalities in stock returns
    Journal of Financial Economics, 2020, 137, (1), 272-295 View citations (45)
    See also Working Paper Mood Betas and Seasonalities in Stock Returns, NBER Working Papers (2018) View citations (3) (2018)
17. Presidential Address: Social Transmission Bias in Economics and Finance
    Journal of Finance, 2020, 75, (4), 1779-1831 View citations (58)
18. Shared analyst coverage: Unifying momentum spillover effects
    Journal of Financial Economics, 2020, 136, (3), 649-675 View citations (58)
    See also Working Paper Shared Analyst Coverage: Unifying Momentum Spillover Effects, NBER Working Papers (2018) (2018)
19. Short- and Long-Horizon Behavioral Factors
    The Review of Financial Studies, 2020, 33, (4), 1673-1736 View citations (100)
    See also Working Paper Short- and Long-Horizon Behavioral Factors, NBER Working Papers (2017) View citations (4) (2017)
20. The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies
    Journal of Finance, 2020, 75, (5), 2631-2672 View citations (47)
    See also Working Paper The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies, NBER Working Papers (2017) View citations (4) (2017)

2019

21. Decision fatigue and heuristic analyst forecasts
    Journal of Financial Economics, 2019, 133, (1), 83-98 View citations (47)
    See also Working Paper Decision Fatigue and Heuristic Analyst Forecasts, NBER Working Papers (2018) View citations (3) (2018)

2018

22. A Theory of Costly Sequential Bidding*
    (Strategic jump bidding in English auctions)
    Review of Finance, 2018, 22, (5), 1631-1665 View citations (4)
23. American Finance Association
    Journal of Finance, 2018, 73, (1), 468-468 View citations (1)
    Also in Journal of Finance, 2017, 72, (6), 2889-2889 (2017)
24. Innovative Originality, Profitability, and Stock Returns
    The Review of Financial Studies, 2018, 31, (7), 2553-2605 View citations (54)
    See also Working Paper Innovative Originality, Profitability, and Stock Returns, NBER Working Papers (2017) View citations (14) (2017)
25. Superstition and Financial Decision Making
    Management Science, 2018, 64, (1), 235-252 View citations (26)
    See also Working Paper Superstition and financial decision making, MPRA Paper (2014) View citations (3) (2014)

2017

26. How psychological bias shapes accounting and financial regulation
    Behavioural Public Policy, 2017, 1, (1), 87-105 View citations (1)
27. How to Write an Effective Referee Report and Improve the Scientific Review Process
    Journal of Economic Perspectives, 2017, 31, (1), 231-44 View citations (13)
28. Opportunism as a firm and managerial trait: Predicting insider trading profits and misconduct
    Journal of Financial Economics, 2017, 126, (3), 490-515 View citations (56)

2015

29. Asset pricing in production economies with extrapolative expectations
    Journal of Monetary Economics, 2015, 76, (C), 87-106 View citations (74)
30. Behavioral Finance
    Annual Review of Financial Economics, 2015, 7, (1), 133-159 View citations (12)
    See also Working Paper Behavioral Finance, MPRA Paper (2014) View citations (9) (2014)
31. Editor's Choice Editorial: Cosmetic Surgery in the Academic Review Process
    The Review of Financial Studies, 2015, 28, (3), 637-649 View citations (8)
32. Overconfident Investors, Predictable Returns, and Excessive Trading
    Journal of Economic Perspectives, 2015, 29, (4), 61-88 View citations (103)
    See also Working Paper Overconfident Investors, Predictable Returns, and Excessive Trading, NBER Working Papers (2016) View citations (5) (2016)

2013

33. Innovative efficiency and stock returns
    Journal of Financial Economics, 2013, 107, (3), 632-654 View citations (315)
34. Joint Editorial
    The Review of Financial Studies, 2013, 26, (11), 2685-2686 View citations (1)

2012

35. Are Investors Really Reluctant to Realize Their Losses? Trading Responses to Past Returns and the Disposition Effect
    The Review of Financial Studies, 2012, 25, (8), 2485-2532 View citations (113)
36. Are Overconfident CEOs Better Innovators?
    Journal of Finance, 2012, 67, (4), 1457-1498 View citations (653)
    See also Working Paper Are Overconfident CEOs Better Innovators?, MPRA Paper (2010) View citations (12) (2010)
37. Overvalued Equity and Financing Decisions
    The Review of Financial Studies, 2012, 25, (12), 3645-3683 View citations (51)
    See also Working Paper Overvalued equity and financing decisions, MPRA Paper (2012) View citations (52) (2012)
38. The Accrual Anomaly: Risk or Mispricing?
    Management Science, 2012, 58, (2), 320-335 View citations (56)
    See also Working Paper The Accrual Anomaly: Risk or Mispricing?, MPRA Paper (2007) View citations (3) (2007)

2011

39. Do Investors Learn from Experience? Evidence from Frequent IPO Investors
    The Review of Financial Studies, 2011, 24, (5), 1560-1589 View citations (101)
40. Fear of the Unknown: Familiarity and Economic Decisions
    Review of Finance, 2011, 15, (1), 173-206 View citations (52)
    See also Working Paper Fear of the Unknown: Familiarity and Economic Decisions, MPRA Paper (2007) View citations (6) (2007)
41. Investor Overconfidence and the Forward Premium Puzzle
    The Review of Economic Studies, 2011, 78, (2), 523-558 View citations (63)
    See also Working Paper Investor Overconfidence and the Forward Premium Puzzle, Working Papers (2010) View citations (7) (2010)
42. Limited Investor Attention and Stock Market Misreactions to Accounting Information
    The Review of Asset Pricing Studies, 2011, 1, (1), 35-73 View citations (148)
    See also Working Paper Limited Investor Attention and Stock Market Misreactions to Accounting Information, Working Paper Series (2005) View citations (5) (2005)
43. Short Arbitrage, Return Asymmetry, and the Accrual Anomaly
    The Review of Financial Studies, 2011, 24, (7), 2429-2461 View citations (91)
    See also Working Paper SHORT ARBITRAGE, RETURN ASYMMETRY AND THE ACCRUAL ANOMALY, MPRA Paper (2009) (2009)
44. Taking the road less traveled by: Does conversation eradicate pernicious cascades?
    Journal of Economic Theory, 2011, 146, (4), 1418-1436 View citations (19)
    See also Working Paper Taking the Road Less Traveled: Does Conversation Eradicate Pernicious Cascades?, Game Theory and Information (2004) View citations (3) (2004)

2010

45. A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns
    The Review of Financial Studies, 2010, 23, (9), 3401-3436 View citations (45)
    See also Working Paper A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns, MPRA Paper (2010) View citations (45) (2010)
46. A cross-cultural study of reference point adaptation: Evidence from China, Korea, and the US
    Organizational Behavior and Human Decision Processes, 2010, 112, (2), 99-111 View citations (36)

2009

47. Accruals, cash flows, and aggregate stock returns
    Journal of Financial Economics, 2009, 91, (3), 389-406 View citations (69)
48. Driven to Distraction: Extraneous Events and Underreaction to Earnings News
    Journal of Finance, 2009, 64, (5), 2289-2325 View citations (522)
    See also Working Paper Driven to distraction: Extraneous events and underreaction to earnings news, MPRA Paper (2007) View citations (11) (2007)
49. Promotion Tournaments and Capital Rationing
    The Review of Financial Studies, 2009, 22, (1), 219-255 View citations (3)
    See also Working Paper Promotion Tournaments and Capital Rationing, MPRA Paper (2007) (2007)
50. Richard A. Lanham, The Economics of Attention: Style and Substance in the Age of Information
    Journal of Bioeconomics, 2009, 11, (1), 99-102
51. Systemic risk, coordination failures, and preparedness externalities
    Journal of Financial Economic Policy, 2009, 1, (2), 128-142 View citations (2)
52. The Psychological Attraction Approach to Accounting and Disclosure Policy*
    Contemporary Accounting Research, 2009, 26, (4), 1067-1090 View citations (10)
    See also Working Paper The Psychological Attraction Approach to Accounting and Disclosure Policy, MPRA Paper (2009) View citations (11) (2009)

2008

53. Psychological Bias as a Driver of Financial Regulation
    European Financial Management, 2008, 14, (5), 856-874 View citations (43)
    See also Working Paper Psychological Bias as a Driver of Financial Regulation, MPRA Paper (2007) View citations (4) (2007)
54. Reference point adaptation: Tests in the domain of security trading
    Organizational Behavior and Human Decision Processes, 2008, 105, (1), 67-81 View citations (61)
    See also Working Paper Reference Point Adaptation: Tests in the Domain of Security Trading, MPRA Paper (2006) View citations (32) (2006)

2006

55. Does Investor Misvaluation Drive the Takeover Market?
    Journal of Finance, 2006, 61, (2), 725-762 View citations (303)
    See also Working Paper Does Investor Misvaluation Drive the Takeover Market?, Finance (2004) View citations (21) (2004)
56. Feedback and the success of irrational investors
    Journal of Financial Economics, 2006, 81, (2), 311-338 View citations (53)
    See also Working Paper Feedback and the Success of Irrational Investors, Working Paper Series (2004) View citations (2) (2004)

2005

57. A GENERALIZED EARNINGS‐BASED STOCK VALUATION MODEL
    Manchester School, 2005, 73, (s1), 1-31 View citations (2)
    See also Working Paper A Generalized Earnings-Based Stock Valuation Model, Finance (2004) (2004)
58. Do tender offers create value? New methods and evidence
    Journal of Financial Economics, 2005, 76, (1), 3-60 View citations (91)
    See also Working Paper Do Tender Offers Create Value? New Methods and Evidence, Finance (2004) View citations (6) (2004)

2004

59. Do investors overvalue firms with bloated balance sheets?
    Journal of Accounting and Economics, 2004, 38, (1), 297-331 View citations (237)
    See also Working Paper Do Investors Overvalue Firms With Bloated Balance Sheets?, Finance (2004) View citations (239) (2004)

2003

60. Good Day Sunshine: Stock Returns and the Weather
    Journal of Finance, 2003, 58, (3), 1009-1032 View citations (617)
    See also Working Paper Good Day Sunshine: Stock Returns and the Weather, Finance (2004) View citations (10) (2004)
61. Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis
    European Financial Management, 2003, 9, (1), 25-66 View citations (305)
    See also Working Paper Herd Behavior and Cascading in Capital Markets: A Review and Synthesis, MPRA Paper (2001) View citations (44) (2001)
62. Limited attention, information disclosure, and financial reporting
    Journal of Accounting and Economics, 2003, 36, (1-3), 337-386 View citations (633)

2002

63. An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness
    Journal of Economics & Management Strategy, 2002, 11, (3), 379-421 View citations (43)
    See also Working Paper An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness, Yale School of Management Working Papers (2009) (2009)
64. Investor psychology in capital markets: evidence and policy implications
    Journal of Monetary Economics, 2002, 49, (1), 139-209 View citations (245)
65. Sidelined Investors, Trading-Generated News, and Security Returns
    The Review of Financial Studies, 2002, 15, (2), 615-648 View citations (45)

2001

66. Investor Psychology and Asset Pricing
    Journal of Finance, 2001, 56, (4), 1533-1597 View citations (841)
    See also Working Paper Investor Psychology and Asset Pricing, MPRA Paper (2001) View citations (935) (2001)
67. On the survival of overconfident traders in a competitive securities market
    Journal of Financial Markets, 2001, 4, (1), 73-84 View citations (113)
    See also Working Paper On the Survival of Overconfident Traders in a Competitive Securities Market, MPRA Paper (2000) View citations (1) (2000)
68. Overconfidence, Arbitrage, and Equilibrium Asset Pricing
    Journal of Finance, 2001, 56, (3), 921-965 View citations (284)

1998

69. Corporate Control Through Board Dismissals and Takeovers
    Journal of Economics & Management Strategy, 1998, 7, (4), 489-520 View citations (28)
70. Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades
    Journal of Economic Perspectives, 1998, 12, (3), 151-170 View citations (632)

1994

71. Managerial performance, boards of directors and takeover bidding
    Journal of Corporate Finance, 1994, 1, (1), 63-90 View citations (34)
72. Security Analysis and Trading Patterns When Some Investors Receive Information before Others
    Journal of Finance, 1994, 49, (5), 1665-98 View citations (297)

1993

73. Futures versus Share Contracting as Means of Diversifying Output Risk
    Economic Journal, 1993, 103, (418), 620-38 View citations (11)
    See also Working Paper FUTURES VERSUS SHARE CONTRACTING AS MEANS OF DIVERSIFING OUTPUT RISK, Working Papers (1990) (1990)
74. Managerial Reputation and Corporate Investment Decisions
    Financial Management, 1993, 22, (2) View citations (68)

1992

75. A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades
    Journal of Political Economy, 1992, 100, (5), 992-1026 View citations (2210)
    See also Working Paper A theory of Fads, Fashion, Custom and cultural change as informational Cascades, Levine's Working Paper Archive (2010) View citations (110) (2010)
76. Managerial Conservatism, Project Choice, and Debt
    The Review of Financial Studies, 1992, 5, (3), 437-70 View citations (196)
77. Risk, managerial effort, and project choice
    Journal of Financial Intermediation, 1992, 2, (3), 308-345 View citations (79)

1991

78. Seasonal patterns of futures hedging and the resolution of output uncertainty
    Journal of Economic Theory, 1991, 53, (2), 304-327 View citations (6)

1990

79. Hedging Pressure and Futures Price Movements in a General Equilibrium Model
    Econometrica, 1990, 58, (2), 411-28 View citations (103)
80. Share Tendering Strategies and the Success of Hostile Takeover Bids
    Journal of Political Economy, 1990, 98, (2), 295-324 View citations (116)

1989

81. Determinants of Hedging and Risk Premia in Commodity Futures Markets
    Journal of Financial and Quantitative Analysis, 1989, 24, (3), 313-331 View citations (55)
82. Futures Trading, Storage, and the Division of Risk: A Multiperiod Analysis
    Economic Journal, 1989, 99, (397), 700-719 View citations (25)

1988

83. Residual Risk, Trading Costs, and Commodity Futures Risk Premia
    The Review of Financial Studies, 1988, 1, (2), 173-193 View citations (152)
84. Risk, Futures Pricing, and the Organization of Production in Commodity Markets
    Journal of Political Economy, 1988, 96, (6), 1206-20 View citations (35)

1987

85. Price Discrimination through Offers to Match Price
    The Journal of Business, 1987, 60, (3), 365-83 View citations (75)

Books

2005

1. Price Theory and Applications
   Cambridge Books, Cambridge University Press View citations (51)