Behavioral biases and investment

Review of Finance

Volumn 9, Issue 4, 2005, Pages 483-507

  Massa, Massimo ^a   Simonov, Andrei ^b  

^a INSEAD ^*

^b STOCKHOLM SCHOOL OF ECONOMICS   (Sweden)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 28144453086     PISSN: 15723097     EISSN: 1573692X     Source Type: Journal    
DOI: 10.1007/s10679-005-4998-y     Document Type: Review

References (36)

1. Arellano, M. (1990) Testing for autocorrelation in dynamic random effects models, Review of Economic Studies 57, 127-134.
2. Arellano, M. and Bond, S. R. (1991) Some tests of specification for panel data. Monte Carlo evidence and an application to employment equations, Review of Economic Studies 58, 277-297.
3. Barber, B. M. and Odean, T. (2000) Trading is hazardous to your wealth: The common stock investment performance of individual investors, Journal of Finance 55, 773-806.
4. Barber, B. M. and Odean, T. (2001) Boys will be boys: Gender, overconfidence, and common stock investment, Quarterly Journal of Economics 116, 261-292.
5. Barber, B. M. and Odean, T. (2002) Online investors: Do the slow die first?, Review of Financial Studies 15, 455-487.
6. Barberis, N., Huang, M., and Santos, T. (2001) Prospect theory and asset prices, Quarterly Journal of Economics 116, 1-53.
7. Barberis, N. and Huang, M. (2001) Mental accounting, loss aversion, and individual stock returns, Journal of Finance 56(4), 1247-1292.
8. Benartzi, S. and Thaler, R. (1995) Myopic loss aversion and the equity premium puzzle, Quarterly Journal of Economics 110, 73-92.
9. Brown, P., Chappel, N., da Silva Rosa, R., and Walter, T. (2002) The reach of the disposition effect: Large sample evidence across investor classes, Mimeo.
10. Calvet, L., Gonzalez-Eiras, M., and Sodini, P. (2002) Financial innovation, stock market participation and asset prices, SSE/WFI Working Paper 464.
11. Carroll, C. D. and Samwick, A. A. (1997) The nature of precautionary wealth, Journal of Monetary Economics 40, 41-71.
12. Edin, P. A. and Fredriksson, P. (2000) LINDA: Longitudinal individual data for Sweden 1960-1997, Uppsala University Working Paper.
13. Englund, P., Quigley, J. M., and Redfearn, C. (1998) Improved price indexes for real estate: Measuring the course of Swedish housing prices, Journal of Urban Economics 44, 171-196.
14. Genesove, D. and Mayer, C. (2001) Loss aversion and seller behavior: Evidence from the housing market, Quarterly Journal of Economics 116, 1233-1260.
15. Grinblatt, M. and Keloharju, M. (2000) The investment behavior and performance of various investor types: A study of Finland's unique data set, Journal of Financial Economics 55, 43-67.
16. Grinblatt, M. and Keloharju, M. (2001), How distance, language, and culture influence stockholdings and trades, Journal of Finance 56, 1053-1073.
17. Grinblatt, M. and Keloharju, M. (2001) What makes investors trade?, Journal of Finance 56, 589-616.
18. Guiso, L. and Jappelli, T. (2002) Household Portfolios in Italy, in L. Guiso, T. Jappelli and M. Haliassos (eds.), Household Portfolios, MIT Press, pp. 250-289.
19. Heaton, J. and Lucas, D. (2000) Portfolio choice and asset prices: The importance of entrepreneurial risk, Journal of Finance 55, 1163-1198.
20. Heaton, J. and Lucas, D. (2000) Portfolio choice in the presence of background risk, Economic Journal 110, 1-26.
21. Heckman, J. (1979) Sample selection bias as a specification error, Econometrica 47, 153-161.
22. Jackson, A. (2002) The aggregate behavior of individual investors, LBS Working Paper.
23. Judd, K. L., Kubler, F., and Schmedders, K. (2003) Asset trading volume with dynamically complete markets and heterogeneous agents, Journal of Finance 58, 2203-2218.
24. Kiviet, J. F. (1995) On bias, inconsistency and efficiency of various estimators in dynamic panel data models, Journal of Econometrics 68, 53-78.
25. Odean, T. (1998) Are investors reluctant to realize their losses?, Journal of Finance 53, 1775-1798.
26. Odean, T. (1999) Do investors trade too much?, American Economic Review 89, 1279-1298.
27. Poterba, J. (1987) How burdensome are capital gains taxes? Evidence from the United States, Journal of Public Economics 33(2), 157-172.
28. Poterba J. M. and Weisbenner, S. J. (2001) Capital gains tax rules, tax-loss trading, and turn-of-the-year returns, Journal of Finance 56, 353-369.
29. Shefrin, H. and Statman, M. (1985) The disposition to sell winners too early and ride losers too long: Theory and evidence, Journal of Finance 40, 777-791.
30. Shiller, R., Case, K., and Quigley, J. (2001) Stock market wealth, housing market wealth, spending and consumption, Berkeley program on housing and urban policy, Working Paper W01-004, Berkeley.
31. Sundin A. and Sundqvist, S. I. (2002) Owners and power in Sweden's listed companies, SIS Ägarservice AB, 1986-2002.
32. Thaler, R. H. and Johnson, E. (1990) Gambling with the house money and trying to break even: The effects of prior outcomes in risky choice, Management Science 36(6), 643-660.
33. Tversky, A. and Kahneman, D. (1979) Prospect theory: An analysis of decision under risk, Econometrica 47, 263-293.
34. Vissing-Jørgensen, A. (2002) Towards an explanation of household portfolio choice heterogeneity: Non-financial income and participation cost structures, Mimeo.
35. Vissing-Jørgensen, A. (2002) Limited stock market participation and the equity premium puzzle, Mimeo.
36. Weber, M. and Camerer, C. F. (1998) The disposition effect in securities trading: An experimental analysis, Journal of Economic Behavior & Organization 33, 167-185.