Purpose The purpose of this paper is to study and describe several biases in investment
decision-making through the review of research articles in the area of behavioral finance. It …

Abstract In 1979, Daniel Kahneman and Amos Tversky, published a paper in Econometrica
titled “Prospect Theory: An Analysis of Decision under Risk.” The paper presented a new …

内容提要: 组合投资的两种传统策略是基于收益惯性和收益反转. DeBondt and Thaler (1985)
发现较长时期内股票价格运动存在相当程度的收益反转现象, 而Jegadeesh and Tit2 man …

We create a newspaper-based Equity Market Volatility (EMV) tracker that moves with the VIX
and with the realized volatility of returns on the S&P 500. Parsing the underlying text, we find …

Winner of the Nobel Prize in Economics Get ready to change the way you think about
economics. Nobel laureate Richard H. Thaler has spent his career studying the radical …

Managed portfolios that take less risk when volatility is high produce large alphas, increase
Sharpe ratios, and produce large utility gains for mean‐variance investors. We document …

We propose a new investor sentiment index that is aligned with the purpose of predicting the
aggregate stock market. By eliminating a common noise component in sentiment proxies …

Behavioral finance tries to make sense of financial data using models that are based on
psychologically accurate assumptions about people's beliefs, preferences, and cognitive …

Loss aversion is one of the most widely used concepts in behavioral economics. We conduct
a large-scale, interdisciplinary meta-analysis to systematically accumulate knowledge from …

Building on evidence that lifetime experiences shape individuals' macroeconomic
expectations, we study asset prices in an economy in which a representative agent learns …