David Hirshleifer

University of Southern California - Marshall School of Business - Finance and Business Economics Department

Kirby Chair of Behavioral Finance

Marshall School of Business

Los Angeles, CA 90089

United States

http://https://sites.uci.edu/dhirshle/

National Bureau of Economic Research (NBER)

Research Associate

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • University of Southern California - Marshall School of Business - Finance and Business Economics Department

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

165

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205,381

SSRN CITATIONS
Rank 92

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Top 92

in Total Papers Citations

5,339

CROSSREF CITATIONS

2,214

Ideas:
“  I'm currently working on social economics and finance, with a special emphasis on the effects of social transmission bias.  ”

  • University of Southern California - Marshall School of Business - Finance and Business Economics Department

  • National Bureau of Economic Research (NBER)

Scholarly Papers (165)

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1.

A Checklist for Reviewing a Paper

Duke I&E Research Paper No. 2017-03, Stanford University Graduate School of Business Research Paper No. 17-6
Number of pages: 2 Posted: 21 Dec 2016 Last Revised: 10 Sep 2020
Jonathan Berk, Campbell R. Harvey and David Hirshleifer
Stanford Graduate School of Business, Duke University - Fuqua School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 45,335 (64)
Citation 1

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Referee Report, Cover Letter, Conflicts of Interest

2.

Preparing a Referee Report: Guidelines and Perspectives

Number of pages: 9 Posted: 11 Jan 2015 Last Revised: 21 Dec 2016
Jonathan Berk, Campbell R. Harvey and David Hirshleifer
Stanford Graduate School of Business, Duke University - Fuqua School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 15,875 (492)
Citation 3

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Referee report, Cover letter, Ethics, Conflicts of Interest

3.

Can Individual Investors Beat the Market?

HBS Finance Working Paper No. 04-025, Harvard NOM Working Paper No. 02-45
Number of pages: 39 Posted: 06 Jan 2003 Last Revised: 21 Jul 2018
Joshua D. Coval, David Hirshleifer and Tyler Shumway
Harvard Business School - Finance Unit, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business
Downloads 12,413 (742)
Citation 37

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Individual Investors, Market Efficiency, Performance Persistence

4.

Investor Psychology and Asset Pricing

Downloads 9,194 ( 1,276)

Investor Psychology and Asset Pricing

AFA 2001 New Orleans Meetings
Number of pages: 92 Posted: 28 Mar 2001
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 9,194 (1,267)
Citation 37

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Investor Psychology and Asset Pricing

Journal of Finance, Vol. 56, No. 4, pp. 1533-1598, August 2001
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

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5.

A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-Reactions

Number of pages: 59 Posted: 01 May 1997 Last Revised: 21 May 2018
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 8,664 (1,415)
Citation 110

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6.

Behavioral Finance

Downloads 5,188 ( 3,373)

Behavioral Finance

Number of pages: 69 Posted: 15 Aug 2014 Last Revised: 01 Oct 2014
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 5,188 (3,334)
Citation 40

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Investor psychology, heuristics, overconfidence, attention, feelings, reference dependence, social finance

Behavioral Finance

Annual Review of Financial Economics, Vol. 7, pp. 133-159, 2015
Posted: 11 Dec 2015
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

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7.

How to Write an Effective Referee Report and Improve the Scientific Review Process

Duke I&E Research Paper No. 2016-47
Number of pages: 14 Posted: 26 Nov 2016 Last Revised: 13 Dec 2016
Jonathan Berk, Campbell R. Harvey and David Hirshleifer
Stanford Graduate School of Business, Duke University - Fuqua School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 4,392 (4,475)
Citation 9

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Referee report, Cover letter, Ethics, Conflicts of Interest

8.

Good Day Sunshine: Stock Returns and the Weather

Downloads 4,009 ( 5,203)
Citation 255

Good Day Sunshine: Stock Returns and the Weather

Dice Center Working Paper No. 2001-3
Number of pages: 31 Posted: 17 Apr 2001
David Hirshleifer and Tyler Shumway
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business
Downloads 4,009 (5,104)
Citation 255

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Good Day Sunshine: Stock Returns and the Weather

Posted: 22 Jul 2003
David Hirshleifer and Tyler Shumway
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business

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9.

Do Investors Overvalue Firms with Bloated Balance Sheets?

Number of pages: 53 Posted: 03 Aug 2004
David Hirshleifer, Kewei Hou, Siew Hong Teoh and Yinglei Zhang
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Ohio State University (OSU) - Department of Finance, UCLA Anderson School of Management and The Chinese University of Hong Kong (CUHK) - School of Accountancy
Downloads 3,960 (5,292)
Citation 114

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limited attention, market efficiency, investor misvaluation

10.

Limited Attention, Information Disclosure, and Financial Reporting

Downloads 3,921 ( 5,391)

Limited Attention, Information Disclosure, and Financial Reporting

Number of pages: 63 Posted: 06 Jan 2004
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 3,921 (5,291)
Citation 430

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limited attention, behavioral accounting, investor psychology, capital markets, accounting regulation, disclosure, market efficiency

Limited Attention, Information Disclosure, and Financial Reporting

Posted: 01 Dec 2003
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management

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limited attention, behavioral accounting, investor psychology, capital markets, accounting regulation, disclosure, market efficiency

11.

Herd Behavior and Cascading in Capital Markets: A Review and Synthesis

Downloads 3,895 ( 5,457)
Citation 51

Herd Behavior and Cascading in Capital Markets: A Review and Synthesis

Dice Center Working Paper No. 2001-20
Number of pages: 58 Posted: 10 Jan 2002
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 3,714 (5,805)
Citation 30

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Herd Behavior and Cascading in Capital Markets: A Review and Synthesis

Number of pages: 76 Posted: 10 Mar 2023
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 181 (317,385)

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herd behavior, informational cascades, social learning, analyst herding, capital markets, financial reporting, behavioral finance, investor psychology, market efficiency

12.

Investor Psychology in Capital Markets: Evidence and Policy Implications

Downloads 3,479 ( 6,598)

Investor Psychology in Capital Markets: Evidence and Policy Implications

Dice Center WP 2001-10
Number of pages: 94 Posted: 14 Aug 2001
Kent D. Daniel, David Hirshleifer and Siew Hong Teoh
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 3,479 (6,475)
Citation 49

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Investor Psychology in Capital Markets: Evidence and Policy Implications

THE PSYCHOLOGY OF WORLD EQUITY MARKETS, Werner De Bondt, ed., Edward Elgar Publishing Ltd., July 2005, Journal of Monetary Economics, Vol. 49, No. 1, 2002
Posted: 01 Dec 2008
Kent D. Daniel, David Hirshleifer and Siew Hong Teoh
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management

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13.

The Accrual Anomaly: Risk or Mispricing?

AFA 2007 Chicago Meetings Paper
Number of pages: 51 Posted: 30 Mar 2006 Last Revised: 31 Mar 2010
David Hirshleifer, Kewei Hou and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Ohio State University (OSU) - Department of Finance and UCLA Anderson School of Management
Downloads 2,705 (9,819)
Citation 16

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Capital markets, accruals, market efficiency, behavioral accounting, behavioral finance, limited attention

14.

Short- and Long-Horizon Behavioral Factors

Downloads 2,580 (10,594)
Citation 205

Short- and Long-Horizon Behavioral Factors

Review of Financial Studies, Forthcoming
Number of pages: 74 Posted: 12 Dec 2017 Last Revised: 13 Sep 2019
Kent D. Daniel, David Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and George Mason University - Department of Finance
Downloads 2,457 (11,235)
Citation 17

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Factor Models, Anomalies, Behavioral Factors

Short- and Long-Horizon Behavioral Factors

NBER Working Paper No. w24163
Number of pages: 75 Posted: 03 Jan 2018 Last Revised: 10 Jul 2023
Kent D. Daniel, David Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Florida State University
Downloads 123 (437,655)
Citation 12

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15.

Do Individual Investors Cause Post-Earnings Announcement Drift? Direct Evidence from Personal Trades

Downloads 2,407 (11,826)

Do Individual Investors Cause Post-Earnings Announcement Drift? Direct Evidence from Personal Trades

Number of pages: 51 Posted: 23 Nov 2003 Last Revised: 09 Aug 2018
David Hirshleifer, James N. Myers, Linda A. Myers and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Tennessee, Knoxville - College of Business Administration, University of Tennessee, Haslam College of Business, Accounting and Information Management and UCLA Anderson School of Management
Downloads 2,407 (11,609)
Citation 17

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earnings anomalies, post-earnings announcement drift, market efficiency, trading activity, individual investors, investor sophistication

Do Individual Investors Cause Post-Earnings Announcement Drift? Direct Evidence from Personal Trades

Accounting Review, November 2008
Posted: 04 Jun 2008 Last Revised: 19 Oct 2008
David Hirshleifer, James N. Myers, Linda A. Myers and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Tennessee, Knoxville - College of Business Administration, University of Tennessee, Haslam College of Business, Accounting and Information Management and UCLA Anderson School of Management

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earnings anomalies, post-earnings announcement drift, market efficiency, trading activity, individual investors, investor sophistication

16.

Are Overconfident CEOs Better Innovators?

Journal of Finance, Forthcoming
Number of pages: 60 Posted: 02 May 2010 Last Revised: 15 Jun 2018
David Hirshleifer, Siew Hong Teoh and Angie Low
University of Southern California - Marshall School of Business - Finance and Business Economics Department, UCLA Anderson School of Management and Nanyang Business School, Nanyang Technological University
Downloads 2,334 (12,404)
Citation 17

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CEO Overconfidence, Innovation, R&D, Patent

17.

Innovative Efficiency and Stock Returns

Journal of Financial Economics (JFE), Vol. 107, 2013
Number of pages: 62 Posted: 04 Apr 2011 Last Revised: 15 Jun 2018
David Hirshleifer, Po-Hsuan Hsu and Dongmei Li
University of Southern California - Marshall School of Business - Finance and Business Economics Department, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 2,290 (12,807)
Citation 63

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innovative efficiency, limited attention

18.

Thought and Behavior Contagion in Capital Markets

HANDBOOK OF FINANCIAL MARKETS: DYNAMICS AND EVOLUTION, 2009
Number of pages: 78 Posted: 16 Jun 2008 Last Revised: 13 Dec 2008
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 1,977 (16,136)
Citation 14

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capital markets, thought contagion, behavioral contagion, herd behavior, information cascades, social learning, investor psychology, accounting regulation, disclosure, behavioral finance, market efficiency, popular models, memes

19.

Does Investor Misvaluation Drive the Takeover Market?

Downloads 1,948 (16,494)

Does Investor Misvaluation Drive the Takeover Market?

EFA 2003 Annual Conference Paper No. 652, Dice Center Working Paper No. 2003-7
Number of pages: 44 Posted: 01 May 2003 Last Revised: 13 Dec 2008
Ming Dong, David Hirshleifer, Scott A. Richardson and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department, London Business School and UCLA Anderson School of Management
Downloads 1,948 (16,199)
Citation 127

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takeovers, misvaluation, market efficiency, behavioral finance

Does Investor Misvaluation Drive the Takeover Market?

Journal of Finance, Vol. 61, No. 2, pp. 725-762, April 2006
Posted: 06 Oct 2008 Last Revised: 19 Oct 2008
Ming Dong, David Hirshleifer, Scott A. Richardson and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department, London Business School and UCLA Anderson School of Management

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takeovers, misvaluation, market efficiency, behavioral finance

20.

Macro News and Micro News: Complements or Substitutes?

Downloads 1,891 (17,341)
Citation 35

Macro News and Micro News: Complements or Substitutes?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 53 Posted: 28 Dec 2016 Last Revised: 07 Oct 2021
David Hirshleifer and Jinfei Sheng
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Irvine - Paul Merage School of Business
Downloads 1,850 (17,673)
Citation 5

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macro news, earnings announcements, market efficiency, investor attention, complementary relationship

Macro News and Micro News: Complements or Substitutes?

NBER Working Paper No. w28931
Number of pages: 64 Posted: 21 Jun 2021 Last Revised: 21 Jul 2023
David Hirshleifer and Jinfei Sheng
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Irvine - Paul Merage School of Business
Downloads 41 (818,440)
Citation 30

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21.

Shared Analyst Coverage: Unifying Momentum Spillover Effects

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 64 Posted: 09 Aug 2017 Last Revised: 12 Jun 2019
Usman Ali and David Hirshleifer
Pacific Investment Management Company (PIMCO) and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,890 (17,356)
Citation 73

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CF momentum, cross-asset momentum, industry momentum, geographic momentum, customer momentum, supplier momentum, technology momentum, complicated firms

22.

Mood Beta and Seasonalities in Stock Returns

Journal of Financial Economics, 2020, 137(1): 272-295
Number of pages: 63 Posted: 07 Dec 2016 Last Revised: 31 May 2022
David Hirshleifer, Danling Jiang and Yuting Meng DiGiovanni
University of Southern California - Marshall School of Business - Finance and Business Economics Department, College of Business, Stony Brook University and University of South Florida - Department of Finance
Downloads 1,833 (18,237)
Citation 45

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Return seasonality, Investor mood, Mood beta, Market efficiency, Anomalies

23.

Attention, Social Interaction, and Investor Attraction to Lottery Stocks

Downloads 1,744 (19,678)
Citation 22

Attention, Social Interaction, and Investor Attraction to Lottery Stocks

9th Miami Behavioral Finance Conference 2018, Baruch College Zicklin School of Business Research Paper No. 2019-03-01, Georgetown McDonough School of Business Research Paper No. 3343769
Number of pages: 70 Posted: 15 Mar 2019 Last Revised: 10 Dec 2021
Turan G. Bali, David Hirshleifer, Lin Peng and Yi Tang
Georgetown University - McDonough School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Fordham University - Gabelli School of Business
Downloads 1,683 (20,442)
Citation 21

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lottery stocks, investor attention, social interactions, social network, MAX, skewness, retail investors.

Attention, Social Interaction, and Investor Attraction to Lottery Stocks

NBER Working Paper No. w29543
Number of pages: 70 Posted: 07 Dec 2021 Last Revised: 16 Apr 2023
Turan G. Bali, David Hirshleifer, Lin Peng and Yi Tang
Georgetown University - McDonough School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Fordham University - Gabelli School of Business
Downloads 61 (686,072)
Citation 6

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24.

A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades

Journal of Political Economy, Vol. 100, No. 5, pp. 992-1026, October 1992
Number of pages: 51 Posted: 01 Dec 2008 Last Revised: 18 May 2009
Sushil Bikhchandani, Ivo Welch and David Hirshleifer
University of California, Los Angeles - Anderson School of Management, University of California, Los Angeles (UCLA) and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,599 (22,477)
Citation 160

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25.

An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness

Downloads 1,590 (22,722)
Citation 7

An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness

Yale ICF Working Paper No. 00-47, Cowles Foundation Discussion Paper No. 1306, Dice Working Paper No. 2000-4
Number of pages: 46 Posted: 17 May 2001 Last Revised: 20 Aug 2009
David Hirshleifer and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)
Downloads 1,590 (22,330)
Citation 7

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Memory, Inertia, Amnesia, Behavioral Economics

An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness

Journal of Economics and Management Strategy, Vol. 11, No. 3, pp. 379-421, Fall 2002
Posted: 01 Dec 2008
David Hirshleifer and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)

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26.

Limited Investor Attention and Stock Market Misreactions to Accounting Information

Number of pages: 48 Posted: 18 Nov 2005 Last Revised: 07 Jul 2011
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 1,584 (22,845)
Citation 133

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limited attention, behavioral finance, investor psychology, capital markets, accruals, market efficiency

27.

Driven to Distraction: Extraneous Events and Underreaction to Earnings News

3rd Prize, 2007 Chicago Quantitative Alliance Annual Academic Competition, Journal of Finance, Forthcoming
Number of pages: 41 Posted: 18 Apr 2007 Last Revised: 21 Jun 2018
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 1,512 (24,521)
Citation 351

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limited attention, behavioral finance, investor psychology, capital markets, post-earnings announcement drift, market efficiency

28.

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Downloads 1,464 (25,689)
Citation 66

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Journal of Finance, Forthcoming
Number of pages: 62 Posted: 01 Dec 2015 Last Revised: 02 Dec 2019
Yongqiang Chu, David Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of South Carolina - Darla Moore School of Business
Downloads 1,372 (27,800)
Citation 3

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Limits to Arbitrage, Anomalies, Short Sale Constraints, Regulation SHO

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

NBER Working Paper No. w24144
Number of pages: 61 Posted: 28 Dec 2017 Last Revised: 22 Jun 2023
Yongqiang Chu, David Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of South Carolina - Darla Moore School of Business
Downloads 92 (540,603)
Citation 49

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29.

News Diffusion in Social Networks and Stock Market Reactions

Downloads 1,463 (25,721)
Citation 5

News Diffusion in Social Networks and Stock Market Reactions

Number of pages: 69 Posted: 12 Apr 2021 Last Revised: 19 Jun 2024
David Hirshleifer, Lin Peng and Qiguang Wang
University of Southern California - Marshall School of Business - Finance and Business Economics Department, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Hong Kong Baptist University (HKBU)
Downloads 1,445 (25,736)
Citation 5

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Social Networks, Information Diffusion, Earnings Announcement, Investor Attention, Disagreement, Social Finance

News Diffusion in Social Networks and Stock Market Reactions

NBER Working Paper No. w30860
Number of pages: 123 Posted: 23 Jan 2023 Last Revised: 28 Apr 2023
David Hirshleifer, Lin Peng and Qiguang Wang
University of Southern California - Marshall School of Business - Finance and Business Economics Department, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Hong Kong Baptist University (HKBU)
Downloads 18 (1,038,017)
Citation 1
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30.

The Blind Leading the Blind: Social Influence, Fads and Informational Cascades

THE NEW ECONOMICS OF HUMAN BEHAVIOUR, Ierulli, K. and Tommasi, M., eds., Ch.12, pp. 188-215, Cambridge University Press, 1995, Anderson Graduate School of Management, UCLA, Working Paper No. 24-93
Number of pages: 35 Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,409 (27,179)
Citation 9

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31.

Disclosure to a Credulous Audience: The Role of Limited Attention

Downloads 1,379 (28,058)
Citation 20

Disclosure to a Credulous Audience: The Role of Limited Attention

Number of pages: 45 Posted: 19 Jan 2004
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 478 (114,815)
Citation 10

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Disclosure to a Credulous Audience: The Role of Limited Attention

Dice Center Working Paper No. 2002-3
Number of pages: 42 Posted: 13 Feb 2002
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 458 (120,853)
Citation 8

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Disclosure to a Credulous Audience: The Role of Limited Attention

Number of pages: 45 Posted: 04 Feb 2005
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 443 (125,724)
Citation 21

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32.

Innovative Originality, Profitability, and Stock Returns

Downloads 1,360 (28,613)
Citation 89

Innovative Originality, Profitability, and Stock Returns

Review of Financial Studies, Forthcoming
Number of pages: 97 Posted: 26 Jul 2012 Last Revised: 27 Jan 2020
David Hirshleifer, Po-Hsuan Hsu and Dongmei Li
University of Southern California - Marshall School of Business - Finance and Business Economics Department, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 1,221 (33,003)
Citation 69

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Limited attention, Market efficiency, Processing fluency, Innovative originality, Complexity, Ambiguity aversion

Innovative Originality, Profitability, and Stock Returns

NBER Working Paper No. w23432
Number of pages: 77 Posted: 30 May 2017 Last Revised: 12 Jul 2023
David Hirshleifer, Po-Hsuan Hsu and Dongmei Li
University of Southern California - Marshall School of Business - Finance and Business Economics Department, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 139 (397,420)
Citation 3

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33.

Are Investors Really Reluctant to Realize their Losses? Trading Responses to Past Returns and the Disposition Effect

Review of Financial Studies 25(8), 2485-2532, Fisher College of Business Working Paper No. 2011-03-013, Dice Center Working Paper No. 2011-13
Number of pages: 81 Posted: 03 Jul 2011 Last Revised: 21 Jul 2018
Itzhak Ben-David and David Hirshleifer
Ohio State University (OSU) - Department of Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,346 (29,048)
Citation 85

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disposition effect, realization preference, loss avoidance, loss aversion, prospect theory, individual investors

34.

Accruals and Aggregate Stock Market Returns

Journal of Financial Economics, Forthcoming
Number of pages: 53 Posted: 21 Nov 2005 Last Revised: 19 Oct 2008
David Hirshleifer, Kewei Hou and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Ohio State University (OSU) - Department of Finance and UCLA Anderson School of Management
Downloads 1,346 (29,048)
Citation 8

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35.

Investor Overconfidence and the Forward Premium Puzzle

Downloads 1,344 (29,119)
Citation 27

Investor Overconfidence and the Forward Premium Puzzle

Number of pages: 58 Posted: 27 Mar 2008 Last Revised: 31 Mar 2010
A. Craig Burnside, Bing Han, David Hirshleifer and Tracy Yue Wang
Duke University - Department of Economics, University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 954 (46,924)
Citation 1

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investor overconfidence, forward discount puzzle, inflation differential, exchange rate overshooting, market efficiency, Purchasing Power Parity

Investor Overconfidence and the Forward Premium Puzzle

Economic Research Initiatives at Duke (ERID) Working Paper No. 47, McCombs Research Paper Series No. FIN-03-10
Number of pages: 61 Posted: 27 Apr 2010 Last Revised: 08 Oct 2010
A. Craig Burnside, Bing Han, David Hirshleifer and Tracy Yue Wang
Duke University - Department of Economics, University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 289 (201,945)
Citation 15

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Investor Overconfidence and the Forward Premium Puzzle

NBER Working Paper No. w15866
Number of pages: 61 Posted: 05 Apr 2010 Last Revised: 10 May 2023
A. Craig Burnside, Bing Han, David Hirshleifer and Tracy Yue Wang
Duke University - Department of Economics, University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 101 (507,686)

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36.

Decision Fatigue and Heuristic Analyst Forecasts

Downloads 1,318 (30,032)
Citation 73

Decision Fatigue and Heuristic Analyst Forecasts

Number of pages: 46 Posted: 24 Jul 2017 Last Revised: 31 Jul 2018
David Hirshleifer, Yaron Levi, Ben Lourie and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California - Marshall School of Business, University of California, Irvine and UCLA Anderson School of Management
Downloads 1,232 (32,555)
Citation 9

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Analysts, Decision Fatigue, Heuristic, Behavioral Finance

Decision Fatigue and Heuristic Analyst Forecasts

NBER Working Paper No. w24293
Number of pages: 56 Posted: 28 Feb 2018 Last Revised: 19 May 2023
David Hirshleifer, Yaron Levi, Ben Lourie and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California - Marshall School of Business, University of California, Irvine and UCLA Anderson School of Management
Downloads 86 (564,666)
Citation 4

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37.

First Impression Bias: Evidence from Analyst Forecasts

Review of Finance, Forthcoming
Number of pages: 56 Posted: 23 Apr 2019 Last Revised: 26 May 2024
David Hirshleifer, Ben Lourie, Thomas Ruchti and Phong Truong
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of California, Irvine, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 1,267 (31,775)
Citation 2

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First Impressions, Equity Analysts, Behavioral Finance

38.

A Generalized Earnings-Based Stock Valuation Model

Number of pages: 44 Posted: 22 Nov 2004
Ming Dong and David Hirshleifer
York University - Schulich School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,261 (32,009)
Citation 2

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Stock valuation, negative earnings, asset pricing

39.

Transcript of the AFA 2020 Presidential Address with Presentation Slides: Social Transmission Bias in Economics and Finance

Number of pages: 39 Posted: 28 Jan 2020 Last Revised: 01 Oct 2020
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,174 (35,432)

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social transmission bias, social economics, social finance, behavioral economics, behavioral finance, social networks, social learning, information percolation, biased percolation, epidemiology, visibility bias, self-enhancing transmission bias, simplistic thinking, memes, cultural evolution

40.

Misvaluation and Corporate Inventiveness

Downloads 1,133 (37,277)
Citation 26

Misvaluation and Corporate Inventiveness

Journal of Financial and Quantitative Analysis
Number of pages: 67 Posted: 03 Dec 2016 Last Revised: 26 Jun 2020
Ming Dong, David Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 1,006 (43,561)
Citation 2

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Stock Market Misvaluation, Innovation, R&D, Patents, Behavioral Finance, Market Efficiency

Misvaluation and Corporate Inventiveness

NBER Working Paper No. w24142
Number of pages: 68 Posted: 28 Dec 2017 Last Revised: 19 Jun 2023
Ming Dong, David Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 127 (426,825)
Citation 4

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41.

Psychological Bias as a Driver of Financial Regulation

Downloads 1,057 (41,202)
Citation 4

Psychological Bias as a Driver of Financial Regulation

European Financial Management Journal, Forthcoming
Number of pages: 36 Posted: 03 Oct 2007 Last Revised: 13 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,029 (42,196)
Citation 1

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Investor psychology, regulation, salience, omission bias, scapegoating, xenophobia, fairness, reciprocity, norms, mood, availability cascades, overconfidence, evolutionary psychology, memes, ideology, replicators

Psychological Bias as a Driver of Financial Regulation

European Financial Management, Vol. 14 Iss. 5, November 2008, pp. 856-874, https://doi.org/10.1111/j.1468-036X.2007.00437.x
Number of pages: 37 Posted: 16 Feb 2023
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 28 (931,627)

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investor psychology, regulation, salience, omission bias, scapegoating, xenophobia, fairness, reciprocity, norms, mood, availability cascades, overconfidence, evolutionary psychology, memes, ideology, replicators

42.

Investor Psychology and Tests of Factor Pricing Models

Number of pages: 40 Posted: 26 Nov 2005
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 1,043 (42,029)
Citation 9

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factor models, overconfidence, Fama-French factors, covariance risk

43.

Presidential Address: Social Transmission Bias in Economics and Finance

Number of pages: 71 Posted: 28 Apr 2020 Last Revised: 29 Apr 2021
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,037 (42,369)
Citation 11

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Social Transmission Bias, Social Economics, Social Finance, Behavioral Economics, Behavioral Finance, Social Networks, Social Learning, Information Percolation, Biased Percolation, Epidemiology, Visibility Bias, Self-Enhancing Transmission Bias

44.

Opportunism as a Firm and Managerial Trait: Predicting Insider Trading Profits and Misconduct

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 81 Posted: 24 Jul 2015 Last Revised: 17 May 2018
Usman Ali and David Hirshleifer
Pacific Investment Management Company (PIMCO) and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,035 (42,483)
Citation 3

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insider trading, managerial opportunism, managerial traits, misconduct, financial reporting, compensation

45.

Presentation Slides for American Finance Association 2020 Presidential Address: Social Transmission Bias in Economics and Finance

Number of pages: 83 Posted: 28 Jan 2020 Last Revised: 10 Sep 2020
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 1,016 (43,625)

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social transmission bias, social economics, social finance, behavioral economics, behavioral finance, social networks, social learning, information percolation, biased percolation, epidemiology, visibility bias, self-enhancing transmission bias, simplistic thinking, memes, cultural evolution

46.

Feedback and the Success of Irrational Investors

Journal of Financial Economics, Vol. 81, No. 2, pp. 311-338, August 2006, Dice Center Working Paper No. 2003-22
Number of pages: 40 Posted: 28 Jul 2003 Last Revised: 13 Dec 2008
David Hirshleifer, Avanidhar Subrahmanyam and Sheridan Titman
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of California, Los Angeles (UCLA) - Finance Area and University of Texas at Austin - Department of Finance
Downloads 1,015 (43,688)
Citation 24

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47.

Covariance Risk, Mispricing, and the Cross Section of Security Returns

Downloads 1,014 (43,751)
Citation 2

Covariance Risk, Mispricing, and the Cross Section of Security Returns

Ohio State University Working Paper No. 2000-6
Number of pages: 51 Posted: 29 Dec 2000
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 902 (50,687)

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Covariance Risk, Mispricing, and the Cross Section of Security Returns

NBER Working Paper No. w7615
Number of pages: 47 Posted: 16 May 2000 Last Revised: 24 Apr 2022
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 112 (470,374)
Citation 2

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48.

Up or Out: Resetting Norms for Peer Reviewed Publishing in the Social Sciences

Number of pages: 15 Posted: 15 Dec 2020
Campbell R. Harvey and David Hirshleifer
Duke University - Fuqua School of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 973 (46,332)
Citation 4

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Editing, Editorial process, Peer review, Research, Academic publishing, Innovation, Turnaround time, Refereeing, Union Heuristic, Intersection Heuristic, Up-or-out

49.

A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns

Review of Financial Studies, 2010, 2 (9), 3401-3436.
Number of pages: 59 Posted: 20 Mar 2007 Last Revised: 28 Feb 2023
David Hirshleifer and Danling Jiang
University of Southern California - Marshall School of Business - Finance and Business Economics Department and College of Business, Stony Brook University
Downloads 968 (46,681)
Citation 6

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Misvaluation, financing, new issues, repurchase, factor models, market efficiency, behavioral finance

50.

Conversation, Observational Learning, and Informational Cascades

Dice Center Working Paper No. 2001-5
Number of pages: 37 Posted: 09 May 2001 Last Revised: 20 Aug 2009
H. Henry Cao and David Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 921 (50,010)
Citation 13

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51.

Disclosure to an Audience with Limited Attention

Number of pages: 49 Posted: 15 Oct 2004
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 884 (52,895)
Citation 31

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Disclosure policy, disclosure regulation, limited attention, behavioral economics, behavioral accounting, behavioral finance, market efficiency, psychology and economics

52.

Overvalued Equity and Financing Decisions

Number of pages: 60 Posted: 30 Jun 2011 Last Revised: 26 Jul 2012
Ming Dong, David Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 865 (54,545)
Citation 3

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financing decisions, equity issuance, overvalued equity, behavioral finance, market efficiency

53.

A Theory of Costly Sequential Bidding

Ross School of Business Paper No. 98028
Number of pages: 41 Posted: 17 Aug 1999 Last Revised: 25 Feb 2019
Kent D. Daniel and David Hirshleifer
Columbia University - Columbia Business School, Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 813 (59,325)
Citation 37

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takeovers, auctions, sequential bidding, revenue equivalence

54.

Superstition and Financial Decision Making

Management Science, Forthcoming
Number of pages: 44 Posted: 08 Aug 2012 Last Revised: 25 Feb 2017
David Hirshleifer, Ming Jian and Huai Zhang
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Nanyang Technological University (NTU) and Nanyang Business School, Nanyang Technological University
Downloads 752 (65,816)
Citation 12

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superstition, financial decision, IPO

55.

Do Tender Offers Create Value? New Methods and Evidence

Dice Center Working Paper No. 2004-4
Number of pages: 64 Posted: 18 May 2004
Sanjai Bhagat, Ming Dong, David Hirshleifer and Robert B. Noah
University of Colorado at Boulder - Department of Finance, York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Cambridge Finance Partners, LLC
Downloads 750 (66,045)
Citation 49

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Tender offers, value improvements, truncation dilemma, revelation bias, agency

56.

Short Arbitrage, Return Asymmetry and the Accrual Anomaly

Number of pages: 52 Posted: 20 Jun 2007 Last Revised: 09 Aug 2018
David Hirshleifer, Siew Hong Teoh and Jeff Jiewei Yu
University of Southern California - Marshall School of Business - Finance and Business Economics Department, UCLA Anderson School of Management and University of Arizona
Downloads 746 (66,513)
Citation 23

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Accruals, anomalies, arbitrage, short sales, market efficiency

57.

One Brief Shining Moment(um): Past Momentum Performance and Momentum Reversals

Columbia Business School Research Paper No. 17-48
Number of pages: 40 Posted: 24 Apr 2017 Last Revised: 02 Jun 2017
Usman Ali, Kent D. Daniel and David Hirshleifer
Pacific Investment Management Company (PIMCO), Columbia University - Columbia Business School, Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 705 (71,563)
Citation 2

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58.

Self-Enhancing Transmission Bias and Active Investing

Number of pages: 57 Posted: 02 Apr 2012 Last Revised: 05 Jun 2015
Bing Han and David Hirshleifer
University of Toronto, Rotman School of Management and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 703 (71,824)
Citation 21

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social interactions, self-enhancement, active investing, behavioral finance, behavioral economics, social networks, cultural evolution

59.

Presentation Slides for 'Investor Psychology and Security Market Under and Overreactions'

Journal of Finance, Vol. 53, No. 6, 1998
Number of pages: 42 Posted: 31 May 2018
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 673 (75,890)
Citation 426

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investor psychology, overconfidence, behavioral finance, overreactions, underreactions, asset pricing, anomalies, return predictability

60.

The FIN and PEAD Factors: Motivation, Construction, and Availability

Number of pages: 6 Posted: 06 Oct 2020
Kent D. Daniel, David Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and George Mason University - Department of Finance
Downloads 663 (77,358)

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Factor Models, Behavioral Factors

61.

Fear of the Unknown: Familiarity and Economic Decisions

Number of pages: 48 Posted: 10 May 2007 Last Revised: 16 Sep 2009
H. Henry Cao, Bing Han, Harold H. Zhang and David Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, University of Toronto, Rotman School of Management, University of Texas at Dallas - Naveen Jindal School of Management and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 651 (79,166)
Citation 45

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familiarity, model uncertainty, status quo, home bias, diversification, inertia

62.

The Exploratory Mindset and Corporate Innovation

Journal of Financial and Quantitative Analysis, forthcoming
Number of pages: 87 Posted: 13 May 2019 Last Revised: 04 Sep 2020
Zhaozhao He and David Hirshleifer
University of New Hampshire - Department of Accounting & Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 599 (87,866)
Citation 1

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exploratory mindset, long-termism vs. short-termism, PhD CEOs, innovation

63.

War Discourse and the Cross-Section of Expected Stock Returns

Downloads 565 (94,653)

War Discourse and the Cross-Section of Expected Stock Returns

Number of pages: 132 Posted: 14 Jun 2023 Last Revised: 03 Apr 2024
David Hirshleifer, Dat Mai and Kuntara Pukthuanthong
University of Southern California - Marshall School of Business - Finance and Business Economics Department, MKT MediaStats LLC and University of Missouri, Columbia
Downloads 556 (95,448)

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War Discourse and the Cross Section of Expected Stock Returns

NBER Working Paper No. w31348
Number of pages: 132 Posted: 12 Jun 2023 Last Revised: 26 Jun 2023
David Hirshleifer, Dat Mai and Kuntara Pukthuanthong
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Missouri-Columbia and University of Missouri, Columbia
Downloads 9 (1,142,414)
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64.

The Psychological Attraction Approach to Accounting and Disclosure Policy

Number of pages: 28 Posted: 18 Mar 2009
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 547 (98,601)
Citation 2

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65.

Naïve Buying Diversification and Narrow Framing by Individual Investors

Journal of Finance, Forthcoming
Number of pages: 83 Posted: 21 Oct 2017 Last Revised: 14 Oct 2022
John Gathergood, David Hirshleifer, David Leake, Hiroaki Sakaguchi and Neil Stewart
University of Nottingham - School of Economics, University of Southern California - Marshall School of Business - Finance and Business Economics Department, Independent, affiliation not provided to SSRN and Warwick Business School, University of Warwick
Downloads 545 (99,095)

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investor behavior, portfolio allocation, naive diversification, narrow framing

66.

Information Asymmetry, Market Participation, and Asset Prices

6th Miami Behavioral Finance Conference
Number of pages: 53 Posted: 14 Apr 2016
David Hirshleifer, Chong Huang and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of California, Irvine - Paul Merage School of Business and UCLA Anderson School of Management
Downloads 537 (100,912)
Citation 5

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capital markets, stock market participation, information costs, information risk, information asymmetry, information risk, limited awareness, investor recognition

67.

Payment Timeliness and Firm Performance

Number of pages: 41 Posted: 23 Dec 2018 Last Revised: 03 Jul 2022
David Hirshleifer, Yifan Li, Ben Lourie and Thomas Ruchti
University of Southern California - Marshall School of Business - Finance and Business Economics Department, San Francisco State University, University of California, Irvine and Government of the United States of America - Office of Financial Research
Downloads 527 (103,230)
Citation 1

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trade credit, non-bank lending, customer–supplier relationships, stock returns, private information, supply chain

68.

Firm and Managerial Incentives to Manipulate the Timing of Project Resolution

Dice Center Working Paper No. 2001-4
Number of pages: 40 Posted: 25 Apr 2001
David Hirshleifer, Tarun Chordia and Sonya S. Lim
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Emory University - Department of Finance and DePaul University - Department of Finance
Downloads 525 (103,674)
Citation 5

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69.

Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion

Downloads 509 (107,688)

Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion

Number of pages: 63 Posted: 17 Jan 2017 Last Revised: 26 Mar 2024
David Hirshleifer, Chong Huang and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of California, Irvine - Paul Merage School of Business and UCLA Anderson School of Management
Downloads 437 (127,795)
Citation 1

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Ambiguity aversion, information asymmetry, index design, index investing, CAPM

Index Investing and Asset Pricing Under Information Asymmetry and Ambiguity Aversion

NBER Working Paper No. w24143
Number of pages: 52 Posted: 28 Dec 2017 Last Revised: 21 Jun 2023
David Hirshleifer, Chong Huang and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of California, Irvine - Paul Merage School of Business and UCLA Anderson School of Management
Downloads 72 (627,822)

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70.

Teaching Slides on Short and Long Horizon Behavioral Factors

Columbia Business School Research Paper
Number of pages: 63 Posted: 24 May 2021
Kent D. Daniel, David Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and George Mason University - Department of Finance
Downloads 481 (115,230)

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Factor Models, Anomalies, Behavioral Factors

71.

Asset Pricing in Production Economies with Extrapolative Expectations

Journal of Monetary Economics, Forthcoming, AFA 2012 Chicago Meetings Paper
Number of pages: 48 Posted: 21 Mar 2011 Last Revised: 25 Sep 2015
David Hirshleifer, Jun Li and Jianfeng Yu
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Texas at Dallas and Tsinghua University - PBC School of Finance
Downloads 481 (115,230)
Citation 51

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Extrapolation, long-run risk, production-based model, recursive preferences

72.

Overconfident Investors, Predictable Returns, and Excessive Trading

Downloads 476 (116,698)
Citation 73

Overconfident Investors, Predictable Returns, and Excessive Trading

Journal of Economic Perspectives, Volume 29, Number 4, Fall 2015, Columbia Business School Research Paper No. 16-15
Number of pages: 37 Posted: 25 Jan 2016
Kent D. Daniel and David Hirshleifer
Columbia University - Columbia Business School, Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 376 (152,012)
Citation 1

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asset pricing, efficient markets, anomalies, behavioral finance, overconfidence

Overconfident Investors, Predictable Returns, and Excessive Trading

NBER Working Paper No. w21945
Number of pages: 38 Posted: 01 Feb 2016 Last Revised: 19 Jun 2022
Kent D. Daniel and David Hirshleifer
Columbia University - Columbia Business School, Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 100 (511,176)
Citation 10

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73.

Sidelined Investors, Trading-Generated News, and Security Returns

Dice Working Paper No. 2000-2
Number of pages: 45 Posted: 10 Jul 2001
H. Henry Cao, Joshua D. Coval and David Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, Harvard Business School - Finance Unit and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 470 (118,527)
Citation 21

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74.

Do Sell-Side Analysts Say “Buy” While Whispering “Sell”?

Downloads 468 (119,133)

Do Sell-Side Analysts Say “Buy” While Whispering “Sell”?

Number of pages: 81 Posted: 05 Sep 2019 Last Revised: 05 Feb 2024
David Hirshleifer, Yushui Shi and Weili Wu
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Monash University - Department of Banking and Finance and Central University of Finance and Economics (CUFE)
Downloads 461 (119,901)

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Analyst Recommendations; Mutual Fund; Information Transmission

Do Sell-Side Analysts Say “Buy” While Whispering “Sell”?

NBER Working Paper No. w30032
Number of pages: 82 Posted: 16 May 2022 Last Revised: 14 Apr 2023
David Hirshleifer, Yushui Shi and Weili Wu
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Monash University - Department of Banking and Finance and Central University of Finance and Economics (CUFE)
Downloads 7 (1,165,630)

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75.

Stock Market Overvaluation, Moon Shots, and Corporate Innovation (Presentation Slides)

Number of pages: 54 Posted: 03 Jan 2018 Last Revised: 26 May 2018
Ming Dong, David Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 467 (119,456)
Citation 5

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stock market misvaluation, innovation, R&D, patents, behavioral finance, market efficiency

76.

A Cross-Cultural Study of Reference Point Adaptation: Evidence from China, Korea, and the US

Organizational Behavior and Human Decision Processes, Vol. 112, No. 2, pp. 99-111, July 2010
Number of pages: 31 Posted: 12 Jul 2007 Last Revised: 11 Jun 2010
Hal R. Arkes, David Hirshleifer, Danling Jiang and Sonya S. Lim
Ohio State University - Department of Psychology, University of Southern California - Marshall School of Business - Finance and Business Economics Department, College of Business, Stony Brook University and DePaul University - Department of Finance
Downloads 464 (120,335)
Citation 10

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Prospect theory, cross-cultural differences, reference point adaptation, mental accounting, security trading

77.

The UMO (Undervalued Minus Overvalued) Factor

Number of pages: 6 Posted: 03 Aug 2011
David Hirshleifer and Danling Jiang
University of Southern California - Marshall School of Business - Finance and Business Economics Department and College of Business, Stony Brook University
Downloads 448 (125,396)
Citation 1

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Misvaluation Factor, New Issues, Repurchases, External Financing, Return Predictability

78.

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving

Downloads 447 (125,711)
Citation 12

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving

Rotman School of Management Working Paper No. 2798638
Number of pages: 70 Posted: 23 Jun 2016 Last Revised: 29 Dec 2021
Bing Han, David Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Berkeley - Finance Group
Downloads 369 (155,234)
Citation 4

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visibility bias, overconsumption, saving, behavioral economics, social influence, social learning

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving

NBER Working Paper No. w25566
Number of pages: 71 Posted: 19 Feb 2019 Last Revised: 12 Jun 2023
Bing Han, David Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Berkeley - Finance Group
Downloads 78 (599,483)
Citation 4

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79.

Do Investors Learn from Experience? Evidence from Frequent IPO Investors

Review of Financial Studies, Forthcoming
Number of pages: 45 Posted: 19 Mar 2009 Last Revised: 16 Dec 2015
Yao-Min Chiang, David Hirshleifer, Yiming Qian and Ann E. Sherman
National Taiwan University - Department of Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Connecticut - Department of Finance and DePaul University
Downloads 433 (130,547)
Citation 11

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IPO, auction, investor behavior, learning, reinforcement learning, institutional investor, individual investor, experience

80.

Are Overconfident CEOs Better Innovators? (Presentation Slides)

Journal of Finance (2012)
Number of pages: 31 Posted: 15 Jun 2018
David Hirshleifer, Angie Low and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Nanyang Business School, Nanyang Technological University and UCLA Anderson School of Management
Downloads 426 (132,996)
Citation 139

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CEO Overconfidence, Innovation, R&D, Patent

81.

Reference Point Adaptation: Tests in the Domain of Security Trading

Organizational Behavior and Human Decision Processes, Vol. 105, No. 1, pp. 67-81, January 2008
Number of pages: 32 Posted: 28 Jun 2006 Last Revised: 19 Oct 2008
Hal R. Arkes, David Hirshleifer, Danling Jiang and Sonya S. Lim
Ohio State University - Department of Psychology, University of Southern California - Marshall School of Business - Finance and Business Economics Department, College of Business, Stony Brook University and DePaul University - Department of Finance
Downloads 424 (133,675)
Citation 16

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Prospect theory, Reference point, Asset pricing, Security trading

82.

Social Contagion and the Survival of Diverse Investment Styles

Number of pages: 72 Posted: 23 Feb 2022 Last Revised: 27 Jul 2023
David Hirshleifer, Andrew W. Lo and Ruixun Zhang
University of Southern California - Marshall School of Business - Finance and Business Economics Department, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and Peking University
Downloads 403 (141,792)
Citation 1

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Contagion, Investment Styles, Investor Behavior, Investor Psychology, Adaptive Markets

83.

War Discourse and Disaster Premia: 160 Years of Evidence from the Stock Market

Downloads 394 (145,901)

War Discourse and Disaster Premia: 160 Years of Evidence from the Stock Market

Number of pages: 154 Posted: 18 Feb 2024
David Hirshleifer, Dat Mai and Kuntara Pukthuanthong
University of Southern California - Marshall School of Business - Finance and Business Economics Department, MKT MediaStats LLC and University of Missouri, Columbia
Downloads 133 (411,731)

Abstract:

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War, Topic Modelling, Machine Learning, Predictability, Disaster Risk

War Discourse and Disaster Premia: 160 Years of Evidence from Stock and Bond Markets

Number of pages: 103 Posted: 09 May 2023 Last Revised: 05 Aug 2024
David Hirshleifer, Dat Mai and Kuntara Pukthuanthong
University of Southern California - Marshall School of Business - Finance and Business Economics Department, MKT MediaStats LLC and University of Missouri, Columbia
Downloads 251 (233,960)

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War, disaster risk, machine learning, topic modelling, predictability, out-of-sample test

War Discourse and Disaster Premia: 160 Years of Evidence from Stock and Bond Markets

NBER Working Paper No. w31204
Number of pages: 155 Posted: 08 May 2023 Last Revised: 22 May 2023
David Hirshleifer, Dat Mai and Kuntara Pukthuanthong
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Missouri-Columbia and University of Missouri, Columbia
Downloads 10 (1,130,818)
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84.

Social Transmission Bias and Investor Behavior

Forthcoming Journal of Financial and Quantitative Analysis
Number of pages: 42 Posted: 22 Sep 2015 Last Revised: 29 Jul 2020
Bing Han, David Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Berkeley - Finance Group
Downloads 391 (146,763)
Citation 12

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social interaction, transmission bias, active investing, networks, thought contagion, behavioral finance

85.

Presentation Slides for 'Can Individual Investors Beat the Market?'

Number of pages: 15 Posted: 08 Aug 2018
Joshua D. Coval, David Hirshleifer and Tyler Shumway
Harvard Business School - Finance Unit, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business
Downloads 367 (157,495)
Citation 8

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Individual Investors, Market Efficiency, Performance Persistence

86.

Promotion Tournaments and Capital Rationing

Downloads 348 (166,852)
Citation 1

Promotion Tournaments and Capital Rationing

Review of Financial Studies, Forthcoming , Dice Center Working Paper No. 2005-20
Number of pages: 47 Posted: 16 Nov 2005 Last Revised: 19 Oct 2008
Bing Han, David Hirshleifer and John C. Persons
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Independent
Downloads 348 (165,534)
Citation 1

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promotion, tournaments, capital rationing, conglomerate, career concerns, managerial overconfidence

Promotion Tournaments and Capital Rationing

The Review of Financial Studies, Vol. 22, No. 1, pp. 219-255, 2009
Posted: 03 Jan 2009
Bing Han, David Hirshleifer and John C. Persons
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Independent

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G30, G31, G39

87.

Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics

Number of pages: 26 Posted: 06 Oct 2020 Last Revised: 22 Dec 2020
Erol Akcay and David Hirshleifer
University of Pennsylvania - Department of Biology and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 316 (184,915)

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social evolution, cultural evolution, financial markets, social economics, social finance, behavioral economics, behavioral finance, social learning, social influence, social transmission bias

88.

Presentation Slides for 'Decision Fatigue and Heuristic Analyst Forecasts'

Journal of Financial Economics (JFE), Vol. 133, No. 1, 2019
Number of pages: 26 Posted: 18 May 2020
David Hirshleifer, Yaron Levi, Ben Lourie and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California - Marshall School of Business, University of California, Irvine and UCLA Anderson School of Management
Downloads 315 (185,530)

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Analysts, Decision fatigue, Heuristic, Behavioral finance

89.

Social Transmission Bias and Active Investing

HKUST Finance Symposium 2016: Active Investing and Arbitrage Capital, Rotman School of Management Working Paper No. 2897801
Number of pages: 59 Posted: 11 Jan 2017
Bing Han and David Hirshleifer
University of Toronto, Rotman School of Management and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 293 (200,327)

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capital markets, active investing, thought contagion, transmission bias, behavioral contagion, social in uence, behavioral nance, sending schedule, receiving schedule, popular models, memes

90.

Taking the Road Less Traveled by: Does Conversation Eradicate Pernicious Cascades?

Merage School of Business Working Paper, University of California, Irvine
Number of pages: 28 Posted: 22 Aug 2003 Last Revised: 31 Jul 2018
H. Henry Cao, Bing Han and David Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, University of Toronto, Rotman School of Management and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 288 (203,986)
Citation 12

Abstract:

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information cascades, herding, conversation, imitation, information externality

91.

Presentation Slides for 'Innovative Originality, Profitability, and Stock Returns'

Review of Financial Studies, Forthcoming
Number of pages: 32 Posted: 15 Jun 2018
David Hirshleifer, Po-Hsuan Hsu and Dongmei Li
University of Southern California - Marshall School of Business - Finance and Business Economics Department, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 286 (205,435)

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Limited attention, Market efficiency, Processing fluency, Innovative originality, Complexity, Ambiguity aversion

92.

Bringing Evolutionary Thinking into Economics and Finance: Advice for an Aspiring Economist

Number of pages: 8 Posted: 06 Oct 2020
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 283 (207,703)

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evolution, economics, finance, behavioral economics, behavioral finance, new evolutionary finance, cultural evolution

93.

(Presentation Slides) The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Number of pages: 28 Posted: 21 Aug 2018
Yongqiang Chu, David Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of South Carolina - Darla Moore School of Business
Downloads 280 (209,946)

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Limits to Arbitrage, Anomalies, Short Sale Constraints, Regulation SHO

94.

Social Transmission Bias and Investor Behavior

NBER Working Paper No. w24281
Number of pages: 43 Posted: 05 Feb 2018 Last Revised: 07 May 2023
Bing Han, David Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Berkeley - Finance Group
Downloads 263 (223,698)
Citation 67

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95.

(Presentation Slides) Investor Overconfidence, Covariance Risk, and Predictors of Securities Returns

Number of pages: 60 Posted: 21 Aug 2018
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 260 (226,234)
Citation 8

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investor psychology, asset pricing, arbitrage, overconfidence, behavioral finance, misvaluation, risk, expected returns

96.

Attention, Psychological Bias, and Social Interactions (Presentation Slides, for Finance Theory Group Wharton Summer School (Long Version))

Number of pages: 112 Posted: 11 Oct 2019
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 254 (231,520)
Citation 1

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limited attention, behavioral finance, behavioral economics, social influence, transmission bias, anomalies, consumption, saving, investing

97.

Social Transmission Bias and the Cultural Evolution of Folk Economic Beliefs

Number of pages: 5 Posted: 02 Apr 2018
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 254 (231,520)
Citation 4

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folk economic beliefs, social transmission bias, cultural evolution

98.

Systemic Risk, Coordination Failures, and Preparedness Externalities: Applications to Tax and Accounting Policy

Number of pages: 17 Posted: 22 Aug 2009 Last Revised: 02 Sep 2009
Siew Hong Teoh and David Hirshleifer
UCLA Anderson School of Management and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 250 (235,151)
Citation 2

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regulation, taxation, systemic risk, risk management, preparedness externalities

99.

Style as an Attention Technology

Journal of Bioeconomics, 2009
Number of pages: 7 Posted: 20 Mar 2006 Last Revised: 13 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 249 (236,028)

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attention, style, technology

100.

Informational Cascades and Social Conventions

THE NEW PALGRAVE DICTIONARY OF ECONOMICS AND THE LAW, May 1988, University of Michigan Business School Working Paper No. 9705-10
Number of pages: 24 Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 244 (240,804)

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101.

Presentation Slides for 'Investor Psychology and Asset Pricing'

Number of pages: 57 Posted: 31 May 2018
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 240 (244,829)
Citation 5

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investor psychology, asset pricing, behavioral finance, misvaluation, risk, heuristics and biases

102.

Presentation Slides for 'Innovative Efficiency and Stock Returns'

Journal of Financial Economics (JFE), Vol. 107, 2013
Number of pages: 21 Posted: 15 Jun 2018
David Hirshleifer, Po-Hsuan Hsu and Dongmei Li
University of Southern California - Marshall School of Business - Finance and Business Economics Department, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 221 (264,905)

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Innovative efficiency, Limited attention, Research and development, Market efficiency

103.

Opportunism as a Firm and Managerial Trait: Predicting Insider Trading Profits and Misconduct (Presentation Slides)

Number of pages: 61 Posted: 25 May 2018
Usman Ali and David Hirshleifer
Pacific Investment Management Company (PIMCO) and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 206 (282,777)
Citation 63

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insider trading, managerial opportunism, managerial traits, misconduct, financial reporting, compensation

104.

On the Survival of Overconfident Traders in a Competitive Securities Market

Downloads 200 (290,441)
Citation 3

On the Survival of Overconfident Traders in a Competitive Securities Market

Journal of Financial Markets, Vol. 4, No. 1, pp. 73-84, January 2001
Number of pages: 22 Posted: 01 Dec 2008
Guo Ying Luo and David Hirshleifer
Rutgers, The State University of New Jersey - Management Science & Information Systems and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 200 (289,603)
Citation 3

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survivorship, natural selection, overconfident traders, noise traders

On the Survival of Overconfident Traders in a Competitive Securities Market

Dice Working Paper No. WP 99-9
Posted: 02 Mar 2000
David Hirshleifer and Guo Ying Luo
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Rutgers, The State University of New Jersey - Management Science & Information Systems

Abstract:

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105.

Shared Analyst Coverage: Unifying Momentum Spillover Effects (Internet Appendix)

Number of pages: 3 Posted: 12 Jun 2019
Usman Ali and David Hirshleifer
Pacific Investment Management Company (PIMCO) and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 196 (295,819)
Citation 4

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momentum spillovers, cross-asset momentum, CF momentum, linked firms, analyst co-coverage

106.

Overvalued Equity and Financing Decisions (Presentation Slides)

Number of pages: 35 Posted: 26 May 2018
Ming Dong, David Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 192 (301,493)
Citation 13

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financing decisions, equity issuance, overvalued equity, behavioral finance, market efficiency

107.

(Presentation Slides) Do Individual Investors Cause Post-Earnings Announcement Drift? Direct Evidence From Personal Trades

Number of pages: 54 Posted: 21 Aug 2018
David Hirshleifer, James N. Myers, Linda A. Myers and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Tennessee, Knoxville - College of Business Administration, University of Tennessee, Haslam College of Business, Accounting and Information Management and UCLA Anderson School of Management
Downloads 187 (308,682)
Citation 4

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Earnings Anomalies, Post-Earnings Announcement Drift, Market Efficiency, Trading Activity, Individual Investors, Investor Sophistication

108.

Attention, Psychological Bias, and Social Interactions (Presentation Slides, for Finance Theory Group Wharton Summer School)

Number of pages: 92 Posted: 11 Oct 2019
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 171 (334,368)

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limited attention, behavioral finance, behavioral economics, social influence, transmission bias, anomalies, consumption, saving, investing

109.

Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits

Downloads 167 (341,295)
Citation 7

Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits

Number of pages: 28 Posted: 06 Oct 2020 Last Revised: 08 Jan 2021
David Hirshleifer and Joshua Plotkin
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Pennsylvania
Downloads 156 (361,638)

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Cultural Evolution, Evolutionary Finance, Biased Censorship, Irrational Behavior, Price Equation, Mutation Pressure

Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits

NBER Working Paper No. w27735
Number of pages: 30 Posted: 31 Aug 2020 Last Revised: 14 Apr 2023
David Hirshleifer and Joshua Plotkin
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Pennsylvania
Downloads 11 (1,119,408)

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110.

Uncertainty and Trading Strategies of Institutional Investors

Number of pages: 56 Posted: 20 Mar 2009
Itzhak Ben-David, John A. Doukas and David Hirshleifer
Ohio State University (OSU) - Department of Finance, Old Dominion University - Strome College of Business and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 164 (346,622)
Citation 2

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Institutional investors, Trading volume, Overconfidence, Disposition effect, Uncertainty, Ambiguity, Investment strategies

111.

The Effect of New Information Technologies on Asset Pricing Anomalies

Downloads 162 (350,289)

The Effect of New Information Technologies on Asset Pricing Anomalies

Number of pages: 45 Posted: 25 Jul 2024
David Hirshleifer and Liang Ma
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of South Carolina - Darla Moore School of Business
Downloads 158 (357,729)

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financial information technologies, anomalies, limited attention, limited processing power, stacked difference-in-differences, EDGAR, XBRL

The Effect of New Information Technologies on Asset Pricing Anomalies

NBER Working Paper No. w32767
Number of pages: 42 Posted: 06 Aug 2024
David Hirshleifer and Liang Ma
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of South Carolina - Darla Moore School of Business
Downloads 4 (1,200,548)
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112.

(Presentation Slides) Do Short-Sellers Arbitrage the Accrual Anomaly?

Number of pages: 47 Posted: 21 Aug 2018
David Hirshleifer, Siew Hong Teoh and Jeff Jiewei Yu
University of Southern California - Marshall School of Business - Finance and Business Economics Department, UCLA Anderson School of Management and University of Arizona
Downloads 159 (355,765)

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accruals, anomalies, arbitrage, short sales, market efficiency

113.

Presentation Slides for 'Are Investors Really Reluctant to Realize Their Losses? Trading Responses to Past Returns and the Disposition Effect'

Number of pages: 44 Posted: 08 Aug 2018
Itzhak Ben-David and David Hirshleifer
Ohio State University (OSU) - Department of Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 154 (365,361)
Citation 1

Abstract:

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disposition effect, realization preference, loss avoidance, loss aversion, prospect theory, individual investors

114.

Presentation Slides for 'Limited Attention, Information Disclosure, and Financial Reporting'

Number of pages: 27 Posted: 08 Aug 2018
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 151 (371,334)
Citation 13

Abstract:

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limited attention, behavioral accounting, investor psychology, capital markets, accounting regulation, disclosure, market efficiency

115.

Friends with Benefits: Social Capital and Household Financial Behavior

Downloads 132 (413,039)

Friends with Benefits: Social Capital and Household Financial Behavior

Number of pages: 52 Posted: 18 Mar 2024
Brad Cannon, David Hirshleifer and Joshua Thornton
Binghamton University, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Baylor University
Downloads 127 (426,825)

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social capital, stock market participation, savings behavior, social networks, household finance

Friends with Benefits: Social Capital and Household Financial Behavior

NBER Working Paper No. w32186
Number of pages: 52 Posted: 05 Mar 2024
Brad Cannon, David Hirshleifer and Joshua Thornton
Binghamton University, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Baylor University
Downloads 5 (1,188,771)
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116.

Information Cascades and Social Learning

Downloads 131 (415,464)
Citation 6

Information Cascades and Social Learning

Number of pages: 108 Posted: 24 May 2021 Last Revised: 08 Feb 2024
Sushil Bikhchandani, David Hirshleifer, Omer Tamuz and Ivo Welch
University of California, Los Angeles - Anderson School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department, California Institute of Technology (Caltech) - Division of the Humanities and Social Sciences and University of California, Los Angeles (UCLA)
Downloads 83 (577,290)

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Information Cascades, Social Learning, Herding, Fads, Fashion, Conformity, Culture

Information Cascades and Social Learning

NBER Working Paper No. w28887
Number of pages: 109 Posted: 07 Jun 2021 Last Revised: 07 Jun 2023
Sushil Bikhchandani, David Hirshleifer, Omer Tamuz and Ivo Welch
University of California, Los Angeles - Anderson School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department, California Institute of Technology (Caltech) - Division of the Humanities and Social Sciences and University of California, Los Angeles (UCLA)
Downloads 48 (767,107)
Citation 1

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117.

Presentation Slides for 'The Psychological Attraction Approach to Accounting and Disclosure Policy'

Number of pages: 59 Posted: 04 Feb 2019
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management
Downloads 130 (417,951)
Citation 5

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psychological attraction, accounting policy, disclosure, financial regulation, behavioral accounting, behavioral finance

118.

Presentation Slides for 'Driven to Distraction: Extraneous Events and Underreaction to Earnings News'

Number of pages: 27 Posted: 19 Jun 2018
David Hirshleifer, Sonya S. Lim and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 129 (420,419)

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limited attention, behavioral finance, investor psychology, capital markets, post-earnings announcement drift, market efficiency

119.

A Theory of Costly Sequential Bidding (Presentation Slides)

Forthcoming, Review of Finance, March 2018
Number of pages: 34 Posted: 31 May 2018 Last Revised: 29 Jul 2018
David Hirshleifer and Kent D. Daniel
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Columbia University - Columbia Business School, Finance
Downloads 126 (427,992)
Citation 3

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sequential bidding, auctions, takeover bidding, revenue equivalence

120.

Shared Analyst Coverage: Unifying Momentum Spillover Effects

NBER Working Paper No. w25201
Number of pages: 55 Posted: 29 Oct 2018 Last Revised: 12 May 2023
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 109 (477,092)

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121.

Mood Betas and Seasonalities in Stock Returns

NBER Working Paper No. w24676
Number of pages: 62 Posted: 13 Jun 2018 Last Revised: 05 Jun 2022
David Hirshleifer, Danling Jiang and Yuting Meng DiGiovanni
University of Southern California - Marshall School of Business - Finance and Business Economics Department, College of Business, Stony Brook University and University of South Florida - Department of Finance
Downloads 102 (500,272)
Citation 2

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122.

Do Trade Creditors Possess Private Information? Stock Returns Evidence

NBER Working Paper No. w25553
Number of pages: 42 Posted: 19 Feb 2019 Last Revised: 28 Apr 2023
David Hirshleifer, Yifan Li, Ben Lourie and Thomas Ruchti
University of Southern California - Marshall School of Business - Finance and Business Economics Department, San Francisco State University, University of California, Irvine and Government of the United States of America - Office of Financial Research
Downloads 88 (550,549)

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123.

Teaching Slides for "Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits"

Number of pages: 27 Posted: 14 Jan 2022
David Hirshleifer and Joshua Plotkin
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Pennsylvania
Downloads 84 (566,358)

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Cultural Evolution, Evolutionary Finance, Biased Censorship, Irrational Behavior, Price Equation, Mutation Pressure

124.

Cosmetic Surgery: Reviewer Signal-Jamming and Compulsory Embellishment in the Publication Process (Presentation Slides)

Number of pages: 27 Posted: 20 Aug 2018
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 80 (582,890)

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cosmetic surgery, review process, publication process, publication delay, academic journals, sociology of science, signal-jamming, reputation, information asymmetry

125.

Social Interaction Intensity and Investor Behavior

Downloads 78 (591,466)

Social Interaction Intensity and Investor Behavior

Number of pages: 46 Posted: 08 Aug 2024
Michael Gelman, David Hirshleifer, Yaron Levi and Liron Reiter Gavish
Alfred Lerner College of Business and Economics, The University of Delaware, University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California - Marshall School of Business and Netanya Academic College
Downloads 76 (608,462)

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Social Finance, Behavioral Finance, Retail Investor, Portfolio Choice, Peer Effects

Social Interaction Intensity and Investor Behavior

NBER Working Paper No. w32772
Number of pages: 47 Posted: 06 Aug 2024
Michael Gelman, David Hirshleifer, Yaron Levi and Liron Reiter Gavish
Alfred Lerner College of Business and Economics, The University of Delaware, University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California and Netanya Academic College
Downloads 2 (1,225,510)
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126.

Naïve *Buying* Diversification and Narrow Framing by Individual Investors

NBER Working Paper No. w25567
Number of pages: 84 Posted: 19 Feb 2019 Last Revised: 12 Jun 2023
John Gathergood, David Hirshleifer, David Leake, Hiroaki Sakaguchi and Neil Stewart
University of Nottingham - School of Economics, University of Southern California - Marshall School of Business - Finance and Business Economics Department, Lloyds Banking Group, affiliation not provided to SSRN and Warwick Business School, University of Warwick
Downloads 78 (591,466)
Citation 1

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127.

(Presentation Slides) Taking the Road Less Traveled by: Does Conversation Eradicate Pernicious Cascades?

Number of pages: 38 Posted: 21 Aug 2018
H. Henry Cao and David Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 77 (595,626)
Citation 1

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information cascades, herding, conversation, imitation, information externality

128.

Presentation Slides for "A Financing-Based Misvaluation Factor and the Cross Section of Expected Returns"

Review of Financial Studies, volume 23, issue 9, 2010 [10.1093/rfs/hhq063]
Number of pages: 16 Posted: 20 Jun 2024
David Hirshleifer and Danling Jiang
University of Southern California - Marshall School of Business - Finance and Business Economics Department and College of Business, Stony Brook University
Downloads 62 (668,041)

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Misvaluation, New Issues, Financing, Repurchase, Factor Models, UMO

129.

Presentation Slides for "Visibility Bias in the Transmission of Consumption Beliefs and Undersaving"

Number of pages: 63 Posted: 14 May 2024
Bing Han, David Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Berkeley - Finance Group
Downloads 42 (790,573)

Abstract:

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visibility bias, overconsumption, saving, behavioral economics, social influence, social learning

130.

Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics

NBER Working Paper No. w27745
Number of pages: 26 Posted: 31 Aug 2020 Last Revised: 24 Apr 2022
Erol Akcay and David Hirshleifer
University of Pennsylvania - Department of Biology and University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 29 (895,412)

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131.

Residual Risk, Trading Costs and Commodity Futures Risk Premia

Review of Financial Studies, Vol. 2, pp. 173-193, Summer 1988
Posted: 03 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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132.

Cooperation in a Repeated Prisoners' Dilemma with Ostracism

Journal of Economic Behavior and Organization, Vol. 12, No. 1, pp. 87-106, August 1989
Posted: 01 Dec 2008
Eric Bennett Rasmusen and David Hirshleifer
Indiana University - Kelley School of Business - Department of Business Economics & Public Policy and University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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133.

Overconfidence, Arbitrage, and Equilibrium Asset Pricing

Journal of Finance, Vol. 56, No. 3, pp. 921-965, June 2001
Posted: 01 Dec 2008
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area

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134.

Investor Psychology and Security Market Under- and Over-Reactions

Journal of Finance, Vol. 53, No. 6, pp. 1839-1885, December 1998 , THE INTERNATIONAL LIBRARY OF CRITICAL WRITINGS IN FINANCIAL ECONOMICS, Hersh Shefrin, ed., Edward Elgar Publishers, 2002, ADVANCES IN BEHAVIORAL FINANCE II, Richard Thaler, ed., Princeton, 2002
Posted: 01 Dec 2008 Last Revised: 15 Aug 2014
Kent D. Daniel, David Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area

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135.

Price Discrimination Through Offers to Match Price

Journal of Business, Vol. 60, No. 3, pp. 365-383, July 1987
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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136.

Risk, Futures Pricing, and the Organization of Production in Commodity Markets

Journal of Political Economy, 96(6), December (1988):1206-1220.
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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137.

Futures Trading, Storage and the Division of Risk: A Multiperiod Analysis

Economic Journal, Vol. 99, No. 397, pp. 700-719, September 1989
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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138.

Determinants of Hedging and Risk Premia in Commodity Futures Markets

Journal of Financial and Quantitative Analysis (JFQA), Vol. 24, No. 3, pp. 313-331, September 1989
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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139.

Hedging Pressure and Futures Price Movements in a General Equilibrium Model

THE THEORY OF FUTURE MARKETS, P. Weller, ed., Blackwell Publishers, Oxford, UK and Cambridge MA, 1992, Econometrica Vol. 58, No. 2, pp. 411-458, 1990
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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140.

Seasonal Patterns of Futures Hedging and the Resolution of Output Uncertainty

Journal of Economic Theory, Vol. 3, No. 2, pp. 304-327, April 1991
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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141.

Corporate Control and Majority Positions

Cuadernos Economicos de ICE, Vol. 50, No. 1, pp. 175-201, 1992
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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142.

Risk, Managerial Effort and Project Choice

[1] Journal of Financial Intermediation, (3), (1992):308-45. [2] The Theory of Corporate Finance, Vol. 1, M.J. Brennan editor, Edward Elgar Publishers, Cheltenham, UK, 1996, pp. 419-58., Journal of Financial Intermediation, Vol. 3, 1992
Posted: 01 Dec 2008
David Hirshleifer and Yoon Suh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Accounting Area

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143.

Futures Versus Share Contracting as Alternatives for Diversifying Output Risk

Economic Journal, Vol. 103, pp. 620-639, May 1993
Posted: 01 Dec 2008
David Hirshleifer and Avanidhar Subrahmanyam
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA) - Finance Area

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144.

Managerial Reputation and Corporate Investment Decisions

Financial Management, Vol. 22, No. 2, pp. 145-160, Summer 1993
Posted: 01 Dec 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

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145.

Corporate Control Through Board Dismissals and Takeovers

Journal of Economics and Management Strategy, Vol. 7, No. 4, pp. 489-520, 1998
Posted: 01 Dec 2008
David Hirshleifer and Anjan V. Thakor
University of Southern California - Marshall School of Business - Finance and Business Economics Department and Washington University in St. Louis - John M. Olin Business School

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146.

Herding and Cascading in Capital Markets: A Review and Synthesis

European Financial Management, Vol. 9, No. 1, pp. 25-66, March 2003
Posted: 01 Dec 2008
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management

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147.

Share Tendering Strategies and the Success of Hostile Takeover Bids

Journal of Political Economy, Vol. 98, No. 2, pp. 295-324, April 1990
Posted: 01 Dec 2008
Sheridan Titman and David Hirshleifer
University of Texas at Austin - Department of Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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148.

Managerial Conservatism, Project Choice and Debt

Review of Financial Studies, Vol. 5, No. 3, pp. 437-470, 1992
Posted: 01 Dec 2008
Anjan V. Thakor and David Hirshleifer
Washington University in St. Louis - John M. Olin Business School and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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149.

Managerial Performance, Boards of Directors and Takeover Bidding

Journal of Corporate Finance, Vol. 1, No. 1, pp. 63-90, 1994
Posted: 01 Dec 2008
Anjan V. Thakor and David Hirshleifer
Washington University in St. Louis - John M. Olin Business School and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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150.

Sidelined Investors, Trading-Generated News, and the Conditional Moments of Stock Returns

Review of Financial Studies, Vol. 15, No. 2, pp. 615-648, 2002
Posted: 01 Dec 2008
H. Henry Cao, Joshua D. Coval and David Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, Harvard Business School - Finance Unit and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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151.

Facilitation of Competing Bids and the Price of a Takeover Target

Review of Financial Studies, Vol. 2, No. 4, pp. 587-606, 1989
Posted: 01 Dec 2008
Ivan P. L. Png and David Hirshleifer
National University of Singapore (NUS) and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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152.

Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades

Journal of Economic Perspectives, Vol. 12, No. 3, pp. 151-70, Summer 1998
Posted: 01 Dec 2008
Sushil Bikhchandani, David Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)

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153.

Decisions Without Blinders

Harvard Business Review, Vol. 84, No. 4, April 2006
Posted: 19 Oct 2008
David Hirshleifer and Siew Hong Teoh
University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management

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154.

Price Theory and Applications: Decisions, Markets, and Information

Cambridge University Press, No. 7, 2005
Posted: 14 Oct 2008
Jack Hirshleifer, Amihai Glazer and David Hirshleifer
affiliation not provided to SSRN, University of California, Irvine - Department of Economics and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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155.

Takeovers

THE NEW PALGRAVE DICTIONARY OF MONEY AND FINANCE, 1993
Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

Abstract:

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156.

Mergers and Acquisitions: Strategic and Informational Issues

NORTH HOLLAND HANDBOOKS IN OPERATIONS RESEARCH AND MANAGEMENT SCIENCE: FINANCE, Vol. 9, pp. 839-887, 1995
Posted: 05 Oct 2008 Last Revised: 19 Oct 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

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157.

The Blurring of Boundaries between Financial Institutions and Markets

Journal of Financial Intermediation, Vol. 10, Nos. 3/4, pp.272-275, 2001
Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

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158.

Reputation, Incentives, and Managerial Decision

THE NEW PALGRAVE DICTIONARY OF MONEY AND FINANCE, Ch. 26, pp. 332-337, 1992
Posted: 05 Oct 2008 Last Revised: 19 Oct 2008
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department

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159.

Deception and Self-Deception in Capital Markets

DECEPTION IN MARKETS, Caroline Gerschlager, ed., pp. 131-169, Palgrave Macmillan/U.K, 2005
Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
Joshua D. Coval, David Hirshleifer and Siew Hong Teoh
Harvard Business School - Finance Unit, University of Southern California - Marshall School of Business - Finance and Business Economics Department and UCLA Anderson School of Management

Abstract:

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160.

Information Cascades

THE NEW PALGRAVE DICTIONARY OF ECONOMICS, Second Edition, Steven N. Durlauf and Lawrence E. Blume, eds., Palgrave Macmillan/U.K., 2008
Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
Sushil Bikhchandani, David Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)

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161.

Information Cascades; Entry Written for the New Palgrave Dictionary of Economics

Posted: 14 Nov 2005
Sushil Bikhchandani, David Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)

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information cascades, information aggregation, social learning, cultural evolution

162.

Security Analysis and Trading Patterns When Some Investors Receive Information Before Others

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Security Analysis and Trading Patterns When Some Investors Receive Information Before Others

Journal of Finance, Vol. 49, No. 5, pp. 1665-1698, December 1994
Posted: 01 Dec 2008
Avanidhar Subrahmanyam, Sheridan Titman and David Hirshleifer
University of California, Los Angeles (UCLA) - Finance Area, University of Texas at Austin - Department of Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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Security Analysis and Trading Patterns When Some Investors Receive Information Before Others

Anderson Graduate School of Management Working Paper at UCLA Number 7-93
Posted: 14 Sep 1999
David Hirshleifer, Avanidhar Subrahmanyam and Sheridan Titman
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of California, Los Angeles (UCLA) - Finance Area and University of Texas at Austin - Department of Finance

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163.

Institutional Memory, Inertia, and Impulsiveness

Posted: 02 Sep 1999
David Hirshleifer and Ivo Welch
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of California, Los Angeles (UCLA)

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164.

Do Takeovers Increase Value? An Intervention Approach

Posted: 11 Jul 1997
Sanjai Bhagat and David Hirshleifer
University of Colorado at Boulder - Department of Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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165.

Market-Based Estimates of Value Gains from Takeovers: An Intervention Approach

Posted: 24 Feb 1997
Sanjai Bhagat and David Hirshleifer
University of Colorado at Boulder - Department of Finance and University of Southern California - Marshall School of Business - Finance and Business Economics Department

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Other Papers (1)

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1.

Editorial: Cosmetic Surgery in the Academic Review Process

Number of pages: 15 Posted: 11 Dec 2014
David Hirshleifer
University of Southern California - Marshall School of Business - Finance and Business Economics Department
Downloads 77

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cosmetic surgery, review process, publication process, publication delay, academic journals, sociology of science, signal-jamming, reputation, information asymmetry