Graduate School of Management
My Papers on SSRN
- “Rating Changes, Rating Levels, and the Predictive Value of Analyst Recommendations,” with R. Lehavy and B. Trueman.
- “Do Individual Day Traders Make Money?,” with Y. Lee, Y. Liu, and T. Odean.
- "Once Burned, Twice Shy: How Naive Learning and Counterfactuals affect the Repurchase of Stocks Previously Sold," with T. Odean and M. Strahilevitz.
- "Systematic Noise," with T. Odean and N. Zhu, Journal of Financial Markets, forthcoming.
- "Just How Much Do Individual Investors Lose by Trading?" with Y. Lee, Y. Liu, and T. Odean, Review of Financial Studies, vol. 22, no.2, pp.609-632, 2009.
- "Do Retail Trades Move Markets?" with T. Odean and N. Zhu, Review of Financial Studies, vol. 22, no.1, pp.151-186, 2009.
- “All that Glitters: The Effect of Attention on the Buying Behavior of Individual and Institutional Investors," with T. Odean, Review of Financial Studies, vol.21, no.2, pp.785-818, 2008.
- "Monitoring the Monitor: Evaluating CalPERS' Activism," Journal of Investing, pp.66-80, Winter 2007.
- “Comparing the Stock
Recommendation Performance of Investment Banks and Independent Research
Firms,” with R. Lehavy and B. Trueman, Journal of Financial
Economics, vol.85, no.2, pp.490-517, 2007.
- “Buys, Holds, and Sells:
The Distribution of Investment Banks' Stock Ratings and the
Implications for the Profitability of Analysts' Recommendations,”
with R. Lehavy, M. McNichols, and B. Trueman, Journal of Accounting and Economics, vol.41, no.1-2, pp.87-117, April 2006.
- “Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows,” with T. Odean and L. Zheng, Journal of Business, vol.78, no.6, pp. 2095-2119, November 2005.
- “Are Individual
Investors Tax Savvy? Evidence from Retail and Discount Brokerage
Accounts,” with T. Odean, Journal of Public Economics, vol.88,
no.1-2, pp.419-442, January 2004.
- “Good Rationales Sell:
Rationale-Based Choice Among Group and Individual Investors in the
Stock Market,” with T. Odean and C. Heath, Management Science,
vol.49, no.12, pp.1636-52, December 2003.
- “Prophets and Losses:
Reassessing the Returns to Analysts’ Recommendations,” with
R. Lehavy, M. McNichols, and B. Trueman, Financial Analyst Journal,
vol.59, no.2, pp.88-96, March/April 2003.
- “Online Investors: Do the
Slow Die First?” with T. Odean, Review of Financial Studies, vol.15, no.2, pp.455-489, 2002.
- “Challengers, Elites, and
Owning Families: A Social Class Theory of Corporate Acquisitions in the
1960s,” with D. Palmer, Administrative Science Quarterly, vol.46, no.1, pp.87-120, 2001.
- “Can Investors Profit from
the Prophets? Consensus Analyst Recommendations and Stock
Returns,” with R. Lehavy, M. McNichols, and B. Trueman, Journal
of Finance, vol.56, no.2, pp.773-806, April 2001.
- “Boys will be Boys: Gender,
Overconfidence, and Common Stock Investment,” with T. Odean,
Quarterly Journal of Economics, vol.116, no.1, pp.261-292, February
- “The Internet and the Investor,” with T. Odean, Journal of Economic Perspectives, vol. 15, no. 1, pp.41-54, 2001.
- “Trading is Hazardous to
Your Wealth: The Common Stock Investment Performance of Individual
Investors," with T. Odean, Journal of Finance, vol.55, no.2,
pp.773-806, April 2000.
- “Too Many Cooks Spoil the
Profits: Investment Club Performance,” with T. Odean, Financial
Analyst Journal, vol.56, no.1, pp.17-25, 2000.
- “The Courage of Misguided
Convictions: The Trading Behavior of Individual Investors,” with
T. Odean, Financial Analyst Journal, vol. 55, no. 6, pp.41-55, 1999.
- “Improved Methods for Tests
of Long-Run Abnormal Stock Returns,” with J. Lyon and C. Tsai,
Journal of Finance, vol. 54, no. 1, pp.165-201, 1999.
- “The Impact of Shocks to
Exchange Rates and Oil Prices on U.S. Sales of Japanese and American
Automakers,” with R. Click and M. Darrough, Japan and the World
Economy, vol. 11, no.1, pp.57-93, 1999.
- “Detecting Long-Run
Abnormal Stock Returns: The Empirical Power and Specification of Test
Statistics,” with J. Lyon, Journal of Financial Economics, vol.
43, no. 3, pp. 341-372, 1997.
- “Firm Size, Book-to-Market
Ratio, and Security Returns: A Holdout Sample of Financial
Firms,” with J. Lyon, Journal of Finance, vol. 52, no. 5, pp.
- “Detecting Abnormal
Operating Performance: The Empirical Power and Specification of
Test-Statistics,” with J. Lyon, Journal of Financial Economics, vol. 41, no. 3, pp. 359-400, 1996.
- “Product Reliability and
Firm Value: The Experience of Japanese and American Automakers
1973-1992,” with M. Darrough, Journal of Political Economy, vol.
104, no. 5, pp. 1084-1099, 1996.
- “Forecasting The Discounts
of Market Prices from Appraised Values for Real Estate Limited
Partnerships,” Real Estate Economics, vol. 24, no. 4, pp.
- “The Determinants of
Conglomerate and Predatory Acquisitions: Evidence from the
1960s,” with D. Palmer and J. Wallace, Journal of Corporate
Finance, vol. 1, no. 3/4, pp. 283-318, 1995.
- “The Other Contested
Terrain: The Friendly and Predatory Acquisition of Large U.S.
Corporations during the 1960s,” with D. Palmer, X. Zhou, and Y.
Soysal, American Sociological Review, vol. 60, no. 4, pp. 469-499, 1995.
- “The Finance Conception of
Control — the Theory that Ate New York: Reply to
Fligstein,” with D. Palmer, X. Zhou, American Sociological
Review, vol. 60, no. 4, pp. 504-508, 1995.
- “Noise Trading and Prime and Score Premiums,” Journal of Empirical Finance, vol. 1, no. 3/4, pp. 251-278, 1994.
- “The Fraud-on-the-Market
Theory and Indicators of Common Stocks' Efficiency,” with P.
Griffin and B. Lev. Journal of Corporation Law, vol. 19, no. 2,
pp. 285-312, 1994.
- “The Dartboard Column:
Second-Hand Information & Price Pressure,” Journal of
Financial and Quantitative Analysis, vol. 28, no. 2, pp. 273-282, 1993.
- “Exchangeable Debt,” Financial Management, vol. 22, no. 1, pp. 48 60, 1993.
- “Privatized Pensions: An Irrational Choice,” with D. Kahneman and T. Odean, Global Agenda Magazine, 2005.
- “Does online investing
change investor behavior?” with T. Odean, European Business and
Organization Law Review, vol. 3, no. 1, pp.83-129, 2002.
- “Investing Advice from Television Advertising,” with K. Elsbach and T. Odean, AARP, 2002.
- “Assessing the Costs of
Security Trading,” with R. Leftwich, in Mastering Finance, Pitman
Publishing, London, pp.202-210, 1998.
- “The Elusive Butterfly of
Superior Returns,” with R. Leftwich, in Mastering Finance, Pitman
Publishing, London, pp.263-270, 1998.
- “Book Review: Investment Science, by David Luenberger,” Journal of Finance, vol. 53, no. 6, pp.2261-2264, 1998.