In this review, I criticize the ability of popular asymmetric information-based models to
explain the magnitude of the underpricing of initial public offerings (IPOs) that is observed. I …

Purpose This study aims to explore the importance of past behaviour and financial literacy in
the investment decision-making of individual investors and examines the validity of the …

Abstract Rock's [1] theory ascertains information asymmetry as a primary reason to answer
“Why New Issues are Underpriced?” Theoretical construct of this seminal work is based on …

Personal experiences of economic outcomes, from global financial crises to individual-level
job losses, can shape individual beliefs, risk attitudes, and choices for years to come. A …

Using novel survey data, we document that individuals extrapolate from recent personal
experiences when forming expectations about aggregate economic outcomes. Recent …

We provide an overview of research on the stock trading behavior of individual investors.
This research documents that individual investors (1) underperform standard benchmarks …

To investigate the enforcement value of third-party information on potentially collusive
taxpayers, I study an anti-tax evasion program that rewards consumers for ensuring that …

We study how managers respond to hurricane events when their firms are located in the
neighborhood of the disaster area. We find that the sudden shock to the perceived liquidity …

We investigate whether individual experiences of macroeconomic shocks affect financial risk
taking, as often suggested for the generation that experienced the Great Depression. Using …

Household finance—the normative and positive study of how households use financial
markets to achieve their objectives—has gained a lot of attention over the past decade and …