Terrance Odean

University of California, Berkeley - Haas School of Business

Rudd Family Foundation Professor of Finance

545 Student Services Building, #1900

2220 Piedmont Avenue

Berkeley, CA 94720

United States

http://www.haas.berkeley.edu/faculty/odean.html

  • University of California, Berkeley - Haas School of Business

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    • Tel: 510-642-6767
    • Fax: 510-666-2561
SCHOLARLY PAPERS

42

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99,037

SSRN CITATIONS
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2,499

CROSSREF CITATIONS

251

Scholarly Papers (42)

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1.

Attention Induced Trading and Returns: Evidence from Robinhood Users

Journal of Finance, Forthcoming
Number of pages: 73 Posted: 23 Oct 2020 Last Revised: 13 Oct 2021
Brad M. Barber, Xing Huang, Terrance Odean and Christopher Schwarz
University of California, Davis, Washington University in St. Louis - Olin Business School, University of California, Berkeley - Haas School of Business and University of California, Irvine - The Paul Merage School of Business
Downloads 14,808 (428)
Citation 13

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Attention-Induced Trading, Herding, FinTech, Limited Attention, System 1 vs. System 2, Price Pressure, Return Predictability

2.

The Behavior of Individual Investors

Number of pages: 54 Posted: 27 Jun 2011 Last Revised: 06 Jan 2012
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 14,645 (438)
Citation 121

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individual investors

3.

The 'Actual Retail Price' of Equity Trades

Number of pages: 79 Posted: 17 Aug 2022 Last Revised: 15 Sep 2022
Christopher Schwarz, Brad M. Barber, Xing Huang, Philippe Jorion and Terrance Odean
University of California, Irvine - The Paul Merage School of Business, University of California, Davis, Washington University in St. Louis - Olin Business School, University of California, Irvine - Paul Merage School of Business and University of California, Berkeley - Haas School of Business
Downloads 10,920 (747)

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retail trading, execution quality, bid/ask spread, market microstructure, payment for order flow, commissions, broker-dealers

4.

Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors

Downloads 5,944 ( 2,115)

Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors

Number of pages: 34 Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 5,944 (2,092)
Citation 357

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Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors

Journal of Finance, Vol. 55, Issue 2, April 2000
Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business

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5.

All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors

Downloads 5,370 ( 2,544)
Citation 399

All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors

EFA 2005 Moscow Meetings Paper
Number of pages: 51 Posted: 20 Jun 2005
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 5,370 (2,510)
Citation 399

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attention, news, investor behavior, individual investors, behavioral finance, behavioral biases

All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors

Review of Financial Studies, Vol. 21, No. 2, pp. 785-818, 2008
Posted: 26 Jun 2008
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business

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6.

The Courage of Misguided Convictions: The Trading Behavior of Individual Investors

Downloads 4,952 ( 2,953)
Citation 45

The Courage of Misguided Convictions: The Trading Behavior of Individual Investors

Number of pages: 37 Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 4,952 (2,916)
Citation 45

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The Courage of Misguided Convictions: The Trading Behavior of Individual Investors

Financial Analyst Journal, Vol. 55, Issue 6, 1999
Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business

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7.

The Cross-Section of Speculator Skill: Evidence from Day Trading

Number of pages: 44 Posted: 15 Apr 2004 Last Revised: 24 Feb 2013
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu and Terrance Odean
University of California, Davis, Peking University - Guanghua School of Management, National Chengchi University (NCCU) - Department of Finance and Banking and University of California, Berkeley - Haas School of Business
Downloads 4,799 (3,105)
Citation 36

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day traders, individual investors, market efficiency

8.

Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment

Downloads 4,013 ( 4,198)

Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment

Number of pages: 39 Posted: 12 Nov 1998
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 4,013 (4,119)
Citation 435

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Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment

Quarterly Journal of Economics, 2000
Posted: 20 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business

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9.

Do Noise Traders Move Markets?

EFA 2006 Zurich Meetings Paper
Number of pages: 47 Posted: 15 Dec 2005
Brad M. Barber, Terrance Odean and Ning Zhu
University of California, Davis, University of California, Berkeley - Haas School of Business and China Academy of Financial Research (CAFR)
Downloads 3,768 (4,668)
Citation 62

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Behavioral Finance, Asset Pricing, Market Efficiency

10.

Do Investors Trade Too Much?

Downloads 3,227 ( 6,081)
Citation 152

Do Investors Trade Too Much?

Number of pages: 41 Posted: 02 Jun 1998
Terrance Odean
University of California, Berkeley - Haas School of Business
Downloads 3,227 (5,968)
Citation 152

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Do Investors Trade Too Much?

Posted: 20 Apr 2000
Terrance Odean
University of California, Berkeley - Haas School of Business

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11.

Which Factors Matter to Investors? Evidence from Mutual Fund Flows

Number of pages: 77 Posted: 14 Mar 2014 Last Revised: 16 Jun 2016
Brad M. Barber, Xing Huang and Terrance Odean
University of California, Davis, Washington University in St. Louis - Olin Business School and University of California, Berkeley - Haas School of Business
Downloads 2,410 (9,656)
Citation 89

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mutual fund flows, investor behavior

12.

Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows

Number of pages: 36 Posted: 03 May 2004
Brad M. Barber, Terrance Odean and Lu Zheng
University of California, Davis, University of California, Berkeley - Haas School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 2,037 (12,689)
Citation 188

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mutual funds, investor behavior, operating expenses

13.

Are Investors Reluctant to Realize Their Losses?

Downloads 1,914 (13,994)

Are Investors Reluctant to Realize Their Losses?

Number of pages: 34 Posted: 01 Jun 1998
Terrance Odean
University of California, Berkeley - Haas School of Business
Downloads 1,914 (13,734)
Citation 47

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Are Investors Reluctant to Realize Their Losses?

Posted: 02 Aug 1998
Terrance Odean
University of California, Berkeley - Haas School of Business

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14.

Systematic Noise

AFA 2004 San Diego Meetings, EFA 2005 Moscow Meetings Paper
Number of pages: 33 Posted: 14 Aug 2005
Brad M. Barber, Terrance Odean and Ning Zhu
University of California, Davis, University of California, Berkeley - Haas School of Business and China Academy of Financial Research (CAFR)
Downloads 1,888 (14,286)
Citation 89

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Noise trading, herding, individual investors,

15.

Family, Values, and Women in Finance

Number of pages: 33 Posted: 23 Aug 2016 Last Revised: 08 Mar 2017
Renee B. Adams, Brad M. Barber and Terrance Odean
University of Oxford, University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 1,874 (14,480)
Citation 17

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Finance; Women; CFA; Investment Industry; Values; Tradition; Selection

16.

Resolving a Paradox: Retail Trades Positively Predict Returns but are Not Profitable

Number of pages: 67 Posted: 18 Feb 2021 Last Revised: 22 Mar 2023
Brad M. Barber, Shengle Lin and Terrance Odean
University of California, Davis, San Francisco State University - Department of Finance and University of California, Berkeley - Haas School of Business
Downloads 1,785 (15,687)

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Individual Investors, Attention, Retail Trading, Return Predictability, Order Imbalance

17.

Just How Much Do Individual Investors Lose By Trading?

Downloads 1,667 (17,318)
Citation 168

Just How Much Do Individual Investors Lose By Trading?

AFA 2006 Boston Meetings Paper, EFA 2005 Moscow Meetings Paper
Number of pages: 30 Posted: 02 Sep 2005
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu and Terrance Odean
University of California, Davis, Peking University - Guanghua School of Management, National Chengchi University (NCCU) - Department of Finance and Banking and University of California, Berkeley - Haas School of Business
Downloads 1,667 (17,021)
Citation 168

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market efficiency, individual investors, institutional investors, information asymmetry

Just How Much Do Individual Investors Lose by Trading?

The Review of Financial Studies, Vol. 22, No. 2, pp. 609-632, 2009
Posted: 25 Jan 2009
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu and Terrance Odean
University of California, Davis, Peking University - Guanghua School of Management, National Chengchi University (NCCU) - Department of Finance and Banking and University of California, Berkeley - Haas School of Business

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G11, G14, G15, H31

18.

Learning Fast or Slow?

Forthcoming: Review of Asset Pricing Studies
Number of pages: 58 Posted: 09 Dec 2014 Last Revised: 12 Jul 2019
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean and Ke Zhang
University of California, Davis, Peking University - Guanghua School of Management, Peking University - Guanghua School of Management, University of California, Berkeley - Haas School of Business and Nanjing University - School of Management and Engineering
Downloads 1,586 (18,708)
Citation 14

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learning, day traders, day trading, individual investors, Taiwan

19.

Online Investors: Do the Slow Die First?

EFA 0335
Number of pages: 47 Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 1,375 (23,208)
Citation 83

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20.

Learning to Be Overconfident

Number of pages: 39 Posted: 16 Oct 1997
Simon Gervais and Terrance Odean
Duke University - Fuqua School of Business and University of California, Berkeley - Haas School of Business
Downloads 1,159 (29,883)
Citation 102

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21.

Volume, Volatility, Price, and Profit When All Traders are Above Average

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Volume, Volatility, Price, and Profit When All Traders are Above Average

Number of pages: 52 Posted: 01 Jun 1998
Terrance Odean
University of California, Berkeley - Haas School of Business
Downloads 1,045 (34,113)
Citation 23

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Volume, Volatility, Price, and Profit When All Traders are Above Average

Posted: 01 Sep 1998
Terrance Odean
University of California, Berkeley - Haas School of Business

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22.

Leveraging Overconfidence

Number of pages: 74 Posted: 07 Sep 2019 Last Revised: 26 Jul 2022
Brad M. Barber, Xing Huang, K. Jeremy Ko and Terrance Odean
University of California, Davis, Washington University in St. Louis - Olin Business School, affiliation not provided to SSRN and University of California, Berkeley - Haas School of Business
Downloads 984 (37,674)
Citation 4

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Individual Investors, Margin, Overconfidence, Stock Trading

23.

The Common Stock Investment Performance of Individual Investors

Number of pages: 47 Posted: 01 Jun 1998
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 982 (37,781)
Citation 4

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24.

Once Burned, Twice Shy: How Naive Learning, Counterfactuals, and Regret Affect the Repurchase of Stocks Previously Sold

Strahilevitz, M. A., Odean, T., & Barber, B. M. (2011). Once burned, twice shy: How naive learning, counterfactuals, and regret affect the repurchase of stocks previously sold. Journal of Marketing Research, 48(SPL), S102-S120.
Number of pages: 19 Posted: 16 Sep 2005 Last Revised: 22 Nov 2021
Michal Ann Strahilevitz, Terrance Odean and Brad M. Barber
Saint Mary's College of California - School of Economics & Business, University of California, Berkeley - Haas School of Business and University of California, Davis
Downloads 888 (43,445)
Citation 43

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Behavioral finance, prospect theory, disposition effect, individual investors

25.

A (Sub)penny For Your Thoughts: Tracking Retail Investor Activity in TAQ

Number of pages: 47 Posted: 01 Sep 2022 Last Revised: 03 Apr 2023
Brad M. Barber, Xing Huang, Philippe Jorion, Terrance Odean and Christopher Schwarz
University of California, Davis, Washington University in St. Louis - Olin Business School, University of California, Irvine - Paul Merage School of Business, University of California, Berkeley - Haas School of Business and University of California, Irvine - The Paul Merage School of Business
Downloads 877 (44,196)

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retail trading, execution quality, bid/ask spread, market microstructure

26.

The Math Gender Gap and Women's Career Outcomes

Number of pages: 39 Posted: 16 Mar 2017 Last Revised: 24 Mar 2022
Renee B. Adams, Brad M. Barber and Terrance Odean
University of Oxford, University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 831 (47,610)
Citation 3

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Math Gender Gap, Gender Preferences, Gender Inequality, Women’s Careers

27.

Too Many Cooks Spoil the Profits: Investment Club Performance

Downloads 538 (83,680)
Citation 3

Too Many Cooks Spoil the Profits: Investment Club Performance

Number of pages: 22 Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 538 (82,764)
Citation 3

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Too Many Cooks Spoil the Profits: Investment Club Performance

Financial Analyst Journal, Vol. 56, Issue 1, 2000
Posted: 12 Apr 2000
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business

Abstract:

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28.

STEM Parents and Women in Finance

Financial Analysts Journal, 2018 (vol. 74, no.2)
Number of pages: 33 Posted: 30 May 2017 Last Revised: 23 Aug 2018
Renee B. Adams, Brad M. Barber and Terrance Odean
University of Oxford, University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 528 (85,700)

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Women, Gender, Finance, CFA, Investment Industry

29.

Made Poorer by Choice: Worker Outcomes in Social Security vs. Private Retirement Accounts

Number of pages: 39 Posted: 01 Oct 2012 Last Revised: 07 Jul 2016
Javed Ahmed, Brad M. Barber and Terrance Odean
Metis, University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 466 (99,641)
Citation 5

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Social Security, Private Retirement Accounts, Behavioral Finance

30.

Stock Repurchasing Bias of Mutual Funds

Number of pages: 55 Posted: 14 Sep 2018 Last Revised: 14 Jun 2022
Mengqiao Du, Alexandra Niessen-Ruenzi, Alexandra Niessen-Ruenzi and Terrance Odean
Business School, National University of Singapore, University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance and University of California, Berkeley - Haas School of Business
Downloads 448 (104,435)
Citation 2

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Stock Repurchasing, Mutual Funds, Performance, Behavioral Bias

31.

Is the Aggregate Investor Reluctant to Realize Losses? Evidence from Taiwan

Number of pages: 37 Posted: 16 Nov 2006
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu and Terrance Odean
University of California, Davis, Peking University - Guanghua School of Management, National Chengchi University (NCCU) - Department of Finance and Banking and University of California, Berkeley - Haas School of Business
Downloads 433 (108,762)
Citation 19

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Disposition effect, behavioral finance, investor behavior

32.

Bubbling with Excitement: An Experiment

Number of pages: 34 Posted: 20 Mar 2012 Last Revised: 28 Jun 2012
Terrance Odean, Shengle Lin and Eduardo Andrade
University of California, Berkeley - Haas School of Business, San Francisco State University - Department of Finance and affiliation not provided to SSRN
Downloads 389 (123,049)
Citation 11

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bubbles, emotions, experimental markets

33.

Gender Diversity in Investment Management: New Research for Practitioners on How to Close the Gender Gap

CFA Institute Research Foundation 2016B - 5
Number of pages: 16 Posted: 31 May 2017
Rebecca Fender, Renee B. Adams, Brad M. Barber and Terrance Odean
CFA Institute, University of Oxford, University of California, Davis and University of California, Berkeley - Haas School of Business
Downloads 251 (195,568)
Citation 3

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34.

Easy Money, Cheap Talk, or Spuds: Inducing Risk Aversion in Economics Experiments

Number of pages: 12 Posted: 12 Aug 2019 Last Revised: 13 Oct 2019
Hans K. Hvide, Jae Lee and Terrance Odean
University of Bergen - Department of Economics, University of Aberdeen and University of California, Berkeley - Haas School of Business
Downloads 132 (343,984)

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risk preferences, experimental methodology, risk taking

35.

Disposed to Be Overconfident

Downloads 104 (408,778)

Disposed to Be Overconfident

Number of pages: 40 Posted: 13 Apr 2023 Last Revised: 10 May 2023
Katrin Gödker, Terrance Odean and Paul Smeets
Bocconi Univesity, University of California, Berkeley - Haas School of Business and University of Amsterdam
Downloads 79 (491,690)

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Investor Beliefs, Disposition Effect, Overconfidence, Experimental Finance

Disposed to Be Overconfident

CESifo Working Paper No. 10357
Number of pages: 41 Posted: 13 Apr 2023
Katrin Gödker, Terrance Odean and Paul Smeets
Bocconi Univesity, University of California, Berkeley - Haas School of Business and University of Amsterdam
Downloads 25 (798,142)

Abstract:

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investor beliefs, disposition effect, overconfidence, experimental finance

36.

Made Poorer by Choice: Worker Outcomes in Social Security v. Private Retirement Accounts

Posted: 11 May 2013
Javed Ahmed, Brad M. Barber and Terrance Odean
Metis, University of California, Davis and University of California, Berkeley - Haas School of Business

Abstract:

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Social Security, private retirement accounts, behavioral finance

37.

An Interview with Vernon L. Smith: 2002 Nobel Laureate in Economic Sciences and Father of Experimental Economics

Journal of Applied Finance, Vol. 18, Issue 2, pp. 116-123, Fall/Winter2008
Posted: 24 Jul 2012
Terrance Odean and Betty J. Simkins
University of California, Berkeley - Haas School of Business and Oklahoma State University - Stillwater - Department of Finance

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Interviews, Bidding Strategies, Auctions, Economic Bubbles, Real Estate Bubbles

38.

Overconfidence, Compensation Contracts, and Capital Budgeting

Journal of Finance, Vol. 66, No. 5, pp. 1725-77 (2011)
Posted: 07 Mar 2011 Last Revised: 22 Nov 2020
Simon Gervais, J.B. Heaton and Terrance Odean
Duke University - Fuqua School of Business, One Hat Research LLC and University of California, Berkeley - Haas School of Business

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overconfidence, capital budgeting, compensation, labor market

39.

Pioneers in Finance: Vernon Smith Interview

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 18, No. 2, 2008
Posted: 18 Jun 2009
Vernon L. Smith, Terrance Odean and Betty J. Simkins
Chapman University - Economic Science Institute, University of California, Berkeley - Haas School of Business and Oklahoma State University - Stillwater - Department of Finance

Abstract:

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Experimental economics, behavioral finance, Nobel Laureate

40.

Do Retail Trades Move Markets?

The Review of Financial Studies, Vol. 22, No. 1, pp. 151-186, 2009
Posted: 03 Jan 2009
Brad M. Barber, Terrance Odean and Ning Zhu
University of California, Davis, University of California, Berkeley - Haas School of Business and China Academy of Financial Research (CAFR)

Abstract:

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G11, G12, G14

41.

Good Reasons Sell: Reason-Based Choice Among Group and Individual Investors in the Stock Market

Management Science, Vol. 49, No. 12, pp. 1636-1652, December 2003
Posted: 15 Apr 2004
Brad M. Barber, Chip Heath and Terrance Odean
University of California, Davis, Stanford Graduate School of Business and University of California, Berkeley - Haas School of Business

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Reason-based choice, group decision making, group polarization

42.

Are Individual Investors Tax Savvy? Evidence from Retail and Discount Brokerage Accounts

Journal of Public Economics, Vol. 88, No. 1-2, pp. 419-442, January 2004
Posted: 15 Apr 2004
Brad M. Barber and Terrance Odean
University of California, Davis and University of California, Berkeley - Haas School of Business

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Aasset location, asset allocation, portfolio choice, taxation