We study the stock market effects of the arrival of the three rounds of “stimulus checks” to US
taxpayers and the single round of direct payments to Hong Kong citizens. The first two …

We study mislearning from equilibrium prices, and contrast this with mislearning from
exogenous fundamentals. We micro-found mislearning from prices with a psychologically …

We develop a dynamic theory of" Partial Equilibrium Thinking"(PET), which micro-founds
time-varying price extrapolation. Extrapolative beliefs are present at all times, but only …

Using trade order imbalances to identify retail buying frenzies, we find that frenzies are
associated with large contemporaneous stock price increases followed by prolonged …

We develop two new, simple measures to quantify active fund decisions at the individual
position level. The intuition is to separate passive rebalancing induced by flows and position …

Each time a stock is bought or sold by a passive index fund, who takes the other side? We
use a combination of datasets to account for as many shares as possible in every stock that …

In most stock markets, average overnight (close-to-open) returns are high while intraday
(open-to-close) returns are low, even negative. We show that retail investors' trading …

ESSAYS ON INVESTOR HETEROGENEITY IN EQUITY MARKETS Page 1 ESSAYS ON INVESTOR
HETEROGENEITY IN EQUITY MARKETS DONG WOO NOH ADissertation PRESENTED TO …

How does earnings news get priced into stock returns? I use a demand system approach to
show that this passthrough depends on investor responses to both earnings and prices and …

Social media attention before earnings announcements is overly optimistic, fails to predict
fundamentals, and generates buying pressure, leading to a 58 bps stock return as …