David A. Hirshleifer

Marshall School of Business, USC

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

  • Marshall School of Business, USC

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

160

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Rank 48

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in Total Papers Downloads

188,423

SSRN CITATIONS
Rank 105

SSRN RANKINGS

Top 105

in Total Papers Citations

4,047

CROSSREF CITATIONS

2,211

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

  • Marshall School of Business, USC

  • National Bureau of Economic Research (NBER)

Scholarly Papers (160)

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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 A. Hirshleifer
Stanford Graduate School of Business, Duke University - Fuqua School of Business and Marshall School of Business, USC
Downloads 38,899 (80)
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 A. Hirshleifer
Stanford Graduate School of Business, Duke University - Fuqua School of Business and Marshall School of Business, USC
Downloads 14,876 (458)
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 A. Hirshleifer and Tyler Shumway
Harvard Business School - Finance Unit, Marshall School of Business, USC and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business
Downloads 12,016 (674)
Citation 29

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Individual Investors, Market Efficiency, Performance Persistence

4.

Investor Psychology and Asset Pricing

Downloads 8,980 ( 1,107)

Investor Psychology and Asset Pricing

AFA 2001 New Orleans Meetings
Number of pages: 92 Posted: 28 Mar 2001
David A. Hirshleifer
Marshall School of Business, USC
Downloads 8,980 (1,103)
Citation 38

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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 A. Hirshleifer
Marshall School of Business, USC

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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 A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area
Downloads 8,368 (1,256)
Citation 73

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6.

Behavioral Finance

Downloads 4,756 ( 3,326)
Citation 40

Behavioral Finance

Number of pages: 69 Posted: 15 Aug 2014 Last Revised: 01 Oct 2014
David A. Hirshleifer
Marshall School of Business, USC
Downloads 4,756 (3,280)
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 A. Hirshleifer
Marshall School of Business, USC

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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 A. Hirshleifer
Stanford Graduate School of Business, Duke University - Fuqua School of Business and Marshall School of Business, USC
Downloads 4,024 (4,390)
Citation 8

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Referee report, Cover letter, Ethics, Conflicts of Interest

8.

Do Investors Overvalue Firms with Bloated Balance Sheets?

Number of pages: 53 Posted: 03 Aug 2004
David A. Hirshleifer, Kewei Hou, Siew Hong Teoh and Yinglei Zhang
Marshall School of Business, USC, Ohio State University (OSU) - Department of Finance, UCLA Anderson School of Management and The Chinese University of Hong Kong (CUHK) - School of Accountancy
Downloads 3,784 (4,859)
Citation 114

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limited attention, market efficiency, investor misvaluation

9.

Limited Attention, Information Disclosure, and Financial Reporting

Downloads 3,775 ( 4,886)

Limited Attention, Information Disclosure, and Financial Reporting

Number of pages: 63 Posted: 06 Jan 2004
David A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 3,775 (4,790)
Citation 347

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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 A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management

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

10.

Good Day Sunshine: Stock Returns and the Weather

Downloads 3,772 ( 4,897)
Citation 211

Good Day Sunshine: Stock Returns and the Weather

Dice Center Working Paper No. 2001-3
Number of pages: 31 Posted: 17 Apr 2001
David A. Hirshleifer and Tyler Shumway
Marshall School of Business, USC and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business
Downloads 3,772 (4,800)
Citation 211

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Good Day Sunshine: Stock Returns and the Weather

Posted: 22 Jul 2003
David A. Hirshleifer and Tyler Shumway
Marshall School of Business, USC and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business

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11.

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

Downloads 3,761 ( 4,920)
Citation 36

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 A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 3,618 (5,173)
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 A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 143 (335,879)

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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 3,422 ( 5,782)

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 A. Hirshleifer and Siew Hong Teoh
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 3,422 (5,666)
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 A. Hirshleifer and Siew Hong Teoh
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC 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 A. Hirshleifer, Kewei Hou and Siew Hong Teoh
Marshall School of Business, USC, Ohio State University (OSU) - Department of Finance and UCLA Anderson School of Management
Downloads 2,666 (8,595)
Citation 16

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

14.

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

Downloads 2,320 (10,723)
Citation 17

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 A. Hirshleifer, James N. Myers, Linda A. Myers and Siew Hong Teoh
Marshall School of Business, USC, 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 2,320 (10,518)
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 A. Hirshleifer, James N. Myers, Linda A. Myers and Siew Hong Teoh
Marshall School of Business, USC, 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

15.

Short- and Long-Horizon Behavioral Factors

Downloads 2,279 (11,056)
Citation 143

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 A. Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and George Mason University
Downloads 2,166 (11,736)
Citation 16

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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 A. Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and Florida State University
Downloads 113 (402,213)
Citation 12

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16.

Are Overconfident CEOs Better Innovators?

Journal of Finance, Forthcoming
Number of pages: 60 Posted: 02 May 2010 Last Revised: 15 Jun 2018
David A. Hirshleifer, Siew Hong Teoh and Angie Low
Marshall School of Business, USC, UCLA Anderson School of Management and Nanyang Business School, Nanyang Technological University
Downloads 2,216 (11,561)
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 A. Hirshleifer, Po-Hsuan Hsu and Dongmei Li
Marshall School of Business, USC, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 2,135 (12,272)
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 A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 1,954 (14,130)
Citation 9

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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 1,906 (14,696)
Citation 127

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 A. Hirshleifer, Scott A. Richardson and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC, London Business School and UCLA Anderson School of Management
Downloads 1,906 (14,441)
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 A. Hirshleifer, Scott A. Richardson and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC, 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 1,738 (16,959)
Citation 18

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 A. Hirshleifer and Jinfei Sheng
Marshall School of Business, USC and University of California, Irvine - Paul Merage School of Business
Downloads 1,712 (17,085)
Citation 2

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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 A. Hirshleifer and Jinfei Sheng
Marshall School of Business, USC and University of California, Irvine - Paul Merage School of Business
Downloads 26 (823,874)
Citation 17

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21.

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 A. Hirshleifer, Danling Jiang and Yuting Meng DiGiovanni
Marshall School of Business, USC, College of Business, Stony Brook University and University of South Florida - Department of Finance
Downloads 1,712 (17,380)
Citation 28

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

22.

Attention, Social Interaction, and Investor Attraction to Lottery Stocks

Downloads 1,587 (19,489)
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 A. Hirshleifer, Lin Peng and Yi Tang
Georgetown University - McDonough School of Business, Marshall School of Business, USC, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Fordham University - Gabelli School of Business
Downloads 1,565 (19,545)
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 A. Hirshleifer, Lin Peng and Yi Tang
Georgetown University - McDonough School of Business, Marshall School of Business, USC, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Fordham University - Gabelli School of Business
Downloads 22 (860,268)
Citation 6

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23.

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

Downloads 1,580 (19,586)

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 A. Hirshleifer and Ivo Welch
Marshall School of Business, USC and University of California, Los Angeles (UCLA)
Downloads 1,580 (19,241)
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 A. Hirshleifer and Ivo Welch
Marshall School of Business, USC and University of California, Los Angeles (UCLA)

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24.

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 A. Hirshleifer
Pacific Investment Management Company (PIMCO) and Marshall School of Business, USC
Downloads 1,557 (20,076)
Citation 41

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

25.

Limited Investor Attention and Stock Market Misreactions to Accounting Information

Number of pages: 48 Posted: 18 Nov 2005 Last Revised: 07 Jul 2011
David A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 1,519 (20,878)
Citation 107

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

26.

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 A. Hirshleifer
University of California, Los Angeles - Anderson School of Management, University of California, Los Angeles (UCLA) and Marshall School of Business, USC
Downloads 1,507 (21,096)
Citation 160

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27.

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 1,391 (23,808)
Citation 9

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28.

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 A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 1,379 (24,121)
Citation 279

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

29.

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies

Downloads 1,374 (24,255)
Citation 49

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 A. Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, Marshall School of Business, USC and University of South Carolina - Darla Moore School of Business
Downloads 1,292 (26,041)
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 A. Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, Marshall School of Business, USC and University of South Carolina - Darla Moore School of Business
Downloads 82 (499,553)
Citation 43

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30.

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 A. Hirshleifer, Kewei Hou and Siew Hong Teoh
Marshall School of Business, USC, Ohio State University (OSU) - Department of Finance and UCLA Anderson School of Management
Downloads 1,316 (25,805)
Citation 8

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31.

Disclosure to a Credulous Audience: The Role of Limited Attention

Downloads 1,260 (27,584)
Citation 17

Disclosure to a Credulous Audience: The Role of Limited Attention

Number of pages: 45 Posted: 19 Jan 2004
David A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 447 (107,640)
Citation 9

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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 A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 423 (115,185)
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 A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 390 (126,315)
Citation 18

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32.

Innovative Originality, Profitability, and Stock Returns

Downloads 1,251 (27,860)
Citation 64

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 A. Hirshleifer, Po-Hsuan Hsu and Dongmei Li
Marshall School of Business, USC, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 1,129 (31,884)
Citation 55

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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 A. Hirshleifer, Po-Hsuan Hsu and Dongmei Li
Marshall School of Business, USC, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 122 (382,473)
Citation 3

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33.

A Generalized Earnings-Based Stock Valuation Model

Number of pages: 44 Posted: 22 Nov 2004
Ming Dong and David A. Hirshleifer
York University - Schulich School of Business and Marshall School of Business, USC
Downloads 1,247 (27,954)
Citation 2

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Stock valuation, negative earnings, asset pricing

34.

Investor Overconfidence and the Forward Premium Puzzle

Downloads 1,240 (28,195)
Citation 22

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 A. Hirshleifer and Tracy Yue Wang
Duke University - Department of Economics, University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 918 (42,656)
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 A. Hirshleifer and Tracy Yue Wang
Duke University - Department of Economics, University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 251 (202,116)
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 A. Hirshleifer and Tracy Yue Wang
Duke University - Department of Economics, University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 71 (544,054)

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35.

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 A. Hirshleifer
Ohio State University (OSU) - Department of Finance and Marshall School of Business, USC
Downloads 1,228 (28,602)
Citation 63

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

36.

Decision Fatigue and Heuristic Analyst Forecasts

Downloads 1,212 (29,157)
Citation 49

Decision Fatigue and Heuristic Analyst Forecasts

Number of pages: 46 Posted: 24 Jul 2017 Last Revised: 31 Jul 2018
David A. Hirshleifer, Yaron Levi, Ben Lourie and Siew Hong Teoh
Marshall School of Business, USC, University of Southern California - Marshall School of Business, University of California, Irvine and UCLA Anderson School of Management
Downloads 1,139 (31,456)
Citation 6

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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 A. Hirshleifer, Yaron Levi, Ben Lourie and Siew Hong Teoh
Marshall School of Business, USC, University of Southern California - Marshall School of Business, University of California, Irvine and UCLA Anderson School of Management
Downloads 73 (535,465)
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 2020
David A. Hirshleifer, Ben Lourie, Thomas Ruchti and Phong Truong
Marshall School of Business, USC, University of California, Irvine, Government of the United States of America - Office of Financial Research and Pennsylvania State University
Downloads 1,123 (32,657)
Citation 2

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First Impressions, Equity Analysts, Behavioral Finance

38.

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 1,089 (33,961)

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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

39.

Misvaluation and Corporate Inventiveness

Downloads 1,079 (34,406)
Citation 12

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 A. Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 982 (38,735)
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 A. Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 97 (448,537)
Citation 4

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40.

Psychological Bias as a Driver of Financial Regulation

Downloads 1,033 (36,625)
Citation 2

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 1,021 (36,674)
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 A. Hirshleifer
Marshall School of Business, USC
Downloads 12 (960,714)

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

41.

Investor Psychology and Tests of Factor Pricing Models

Number of pages: 40 Posted: 26 Nov 2005
Kent D. Daniel, David A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area
Downloads 1,002 (38,236)
Citation 9

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

42.

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 A. Hirshleifer, Avanidhar Subrahmanyam and Sheridan Titman
Marshall School of Business, USC, University of California, Los Angeles (UCLA) - Finance Area and University of Texas at Austin - Department of Finance
Downloads 989 (38,948)
Citation 24

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43.

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

Downloads 988 (38,999)
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 A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area
Downloads 886 (44,740)

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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 A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area
Downloads 102 (433,386)
Citation 2

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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 A. Hirshleifer
Pacific Investment Management Company (PIMCO) and Marshall School of Business, USC
Downloads 962 (40,473)
Citation 3

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

45.

News Diffusion in Social Networks and Stock Market Reactions

Downloads 960 (40,726)
Citation 2

News Diffusion in Social Networks and Stock Market Reactions

Number of pages: 79 Posted: 12 Apr 2021 Last Revised: 03 Apr 2023
David A. Hirshleifer, Lin Peng and Qiguang Wang
Marshall School of Business, USC, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Hong Kong Baptist University (HKBU)
Downloads 946 (40,997)
Citation 1

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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: 80 Posted: 23 Jan 2023 Last Revised: 28 Apr 2023
David A. Hirshleifer, Lin Peng and Qiguang Wang
Marshall School of Business, USC, City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance and Hong Kong Baptist University (HKBU)
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46.

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 A. Hirshleifer and Danling Jiang
Marshall School of Business, USC and College of Business, Stony Brook University
Downloads 942 (41,729)
Citation 6

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

47.

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 921 (43,054)

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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

48.

Presidential Address: Social Transmission Bias in Economics and Finance

Number of pages: 71 Posted: 28 Apr 2020 Last Revised: 29 Apr 2021
David A. Hirshleifer
Marshall School of Business, USC
Downloads 913 (43,564)
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

49.

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 A. Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area and Marshall School of Business, USC
Downloads 897 (44,622)
Citation 13

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50.

Disclosure to an Audience with Limited Attention

Number of pages: 49 Posted: 15 Oct 2004
David A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 841 (48,796)
Citation 31

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

51.

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 A. Hirshleifer
Duke University - Fuqua School of Business and Marshall School of Business, USC
Downloads 824 (50,191)
Citation 2

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

52.

Overvalued Equity and Financing Decisions

Number of pages: 60 Posted: 30 Jun 2011 Last Revised: 26 Jul 2012
Ming Dong, David A. Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 806 (51,688)
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 A. Hirshleifer
Columbia University - Columbia Business School, Finance and Marshall School of Business, USC
Downloads 801 (52,093)
Citation 36

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takeovers, auctions, sequential bidding, revenue equivalence

54.

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 A. Hirshleifer and Robert B. Noah
University of Colorado at Boulder - Department of Finance, York University - Schulich School of Business, Marshall School of Business, USC and Cambridge Finance Partners, LLC
Downloads 734 (58,622)
Citation 49

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

55.

Short Arbitrage, Return Asymmetry and the Accrual Anomaly

Number of pages: 52 Posted: 20 Jun 2007 Last Revised: 09 Aug 2018
David A. Hirshleifer, Siew Hong Teoh and Jeff Jiewei Yu
Marshall School of Business, USC, UCLA Anderson School of Management and University of Arizona
Downloads 732 (58,843)
Citation 23

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Accruals, anomalies, arbitrage, short sales, market efficiency

56.

Superstition and Financial Decision Making

Management Science, Forthcoming
Number of pages: 44 Posted: 08 Aug 2012 Last Revised: 25 Feb 2017
David A. Hirshleifer, Ming Jian and Huai Zhang
Marshall School of Business, USC, Nanyang Technological University (NTU) and Nanyang Business School, Nanyang Technological University
Downloads 709 (61,374)
Citation 12

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superstition, financial decision, IPO

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 A. Hirshleifer
Pacific Investment Management Company (PIMCO), Columbia University - Columbia Business School, Finance and Marshall School of Business, USC
Downloads 659 (67,432)
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 A. Hirshleifer
University of Toronto, Rotman School of Management and Marshall School of Business, USC
Downloads 610 (74,364)
Citation 21

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

59.

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 A. 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 Marshall School of Business, USC
Downloads 604 (75,275)
Citation 41

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

60.

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 A. Hirshleifer
University of New Hampshire - Department of Accounting & Finance and Marshall School of Business, USC
Downloads 545 (85,557)
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exploratory mindset, long-termism vs. short-termism, PhD CEOs, innovation

61.

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

Number of pages: 6 Posted: 06 Oct 2020
Kent D. Daniel, David A. Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and George Mason University
Downloads 535 (87,558)

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Factor Models, Behavioral Factors

62.

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 A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area
Downloads 522 (90,288)
Citation 333

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

63.

The Psychological Attraction Approach to Accounting and Disclosure Policy

Number of pages: 28 Posted: 18 Mar 2009
David A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 512 (92,449)
Citation 2

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64.

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 A. Hirshleifer, Tarun Chordia and Sonya S. Lim
Marshall School of Business, USC, Emory University - Department of Finance and DePaul University - Department of Finance
Downloads 512 (92,449)
Citation 5

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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 A. Hirshleifer, David Leake, Hiroaki Sakaguchi and Neil Stewart
University of Nottingham - School of Economics, Marshall School of Business, USC, Independent, affiliation not provided to SSRN and Warwick Business School, University of Warwick
Downloads 497 (95,780)

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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 A. Hirshleifer, Chong Huang and Siew Hong Teoh
Marshall School of Business, USC, University of California, Irvine - Paul Merage School of Business and UCLA Anderson School of Management
Downloads 480 (100,043)
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 A. Hirshleifer, Yifan Li, Ben Lourie and Thomas Ruchti
Marshall School of Business, USC, San Francisco State University, University of California, Irvine and Government of the United States of America - Office of Financial Research
Downloads 473 (101,749)
Citation 1

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

68.

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 A. Hirshleifer, Danling Jiang and Sonya S. Lim
Ohio State University - Department of Psychology, Marshall School of Business, USC, College of Business, Stony Brook University and DePaul University - Department of Finance
Downloads 454 (106,842)
Citation 8

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

69.

Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion

Downloads 450 (107,892)

Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion

Number of pages: 51 Posted: 17 Jan 2017 Last Revised: 04 Apr 2022
David A. Hirshleifer, Chong Huang and Siew Hong Teoh
Marshall School of Business, USC, University of California, Irvine - Paul Merage School of Business and UCLA Anderson School of Management
Downloads 390 (126,315)
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 A. Hirshleifer, Chong Huang and Siew Hong Teoh
Marshall School of Business, USC, University of California, Irvine - Paul Merage School of Business and UCLA Anderson School of Management
Downloads 60 (595,317)

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70.

Overconfident Investors, Predictable Returns, and Excessive Trading

Downloads 448 (108,489)
Citation 49

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 A. Hirshleifer
Columbia University - Columbia Business School, Finance and Marshall School of Business, USC
Downloads 355 (140,535)
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 A. Hirshleifer
Columbia University - Columbia Business School, Finance and Marshall School of Business, USC
Downloads 93 (461,372)
Citation 10

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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 A. Hirshleifer, Jun Li and Jianfeng Yu
Marshall School of Business, USC, University of Texas at Dallas and Tsinghua University - PBC School of Finance
Downloads 444 (109,611)
Citation 51

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

72.

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 A. Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, Harvard Business School - Finance Unit and Marshall School of Business, USC
Downloads 441 (110,495)
Citation 21

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73.

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 A. Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 439 (111,095)
Citation 5

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

74.

War Discourse and the Cross-Section of Expected Stock Returns

Downloads 426 (115,074)

War Discourse and the Cross-Section of Expected Stock Returns

Number of pages: 92 Posted: 14 Jun 2023 Last Revised: 11 Jul 2023
David A. Hirshleifer, Dat Mai and Kuntara Pukthuanthong
Marshall School of Business, USC, University of Missouri at Columbia and University of Missouri, Columbia
Downloads 418 (116,560)

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War Discourse and the Cross Section of Expected Stock Returns

NBER Working Paper No. w31348
Number of pages: 61 Posted: 12 Jun 2023 Last Revised: 26 Jun 2023
David A. Hirshleifer, Dat Mai and Kuntara Pukthuanthong
Marshall School of Business, USC, University of Missouri-Columbia and University of Missouri, Columbia
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75.

The UMO (Undervalued Minus Overvalued) Factor

Number of pages: 6 Posted: 03 Aug 2011
David A. Hirshleifer and Danling Jiang
Marshall School of Business, USC and College of Business, Stony Brook University
Downloads 422 (116,336)
Citation 1

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

76.

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

Downloads 418 (117,718)

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

Number of pages: 75 Posted: 05 Sep 2019 Last Revised: 16 Jun 2023
David A. Hirshleifer, Yushui Shi and Weili Wu
Marshall School of Business, USC, Monash University - Department of Banking and Finance and Central University of Finance and Economics (CUFE)
Downloads 414 (117,809)

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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: 83 Posted: 16 May 2022 Last Revised: 14 Apr 2023
David A. Hirshleifer, Yushui Shi and Weili Wu
Marshall School of Business, USC, Monash University - Department of Banking and Finance and Central University of Finance and Economics (CUFE)
Downloads 4 (1,038,063)
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77.

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 A. Hirshleifer, Danling Jiang and Sonya S. Lim
Ohio State University - Department of Psychology, Marshall School of Business, USC, College of Business, Stony Brook University and DePaul University - Department of Finance
Downloads 407 (121,340)
Citation 14

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Prospect theory, Reference point, Asset pricing, Security trading

78.

Information Cascades and Social Learning

Downloads 398 (124,526)
Citation 1

Information Cascades and Social Learning

Number of pages: 133 Posted: 24 May 2021
Sushil Bikhchandani, David A. Hirshleifer, Omer Tamuz and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USC, California Institute of Technology - Division of the Humanities and Social Sciences and University of California, Los Angeles (UCLA)
Downloads 369 (134,552)

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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: 77 Posted: 07 Jun 2021 Last Revised: 07 Jun 2023
Sushil Bikhchandani, David A. Hirshleifer, Omer Tamuz and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USC, California Institute of Technology - Division of the Humanities and Social Sciences and University of California, Los Angeles (UCLA)
Downloads 29 (798,596)
Citation 1

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79.

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving

Downloads 385 (129,697)
Citation 8

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 A. Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of California, Berkeley - Finance Group
Downloads 330 (152,498)
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 A. Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of California, Berkeley - Finance Group
Downloads 55 (621,671)
Citation 4

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80.

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 A. Hirshleifer, Yiming Qian and Ann E. Sherman
National Taiwan University - Department of Finance, Marshall School of Business, USC, University of Connecticut - Department of Finance and DePaul University
Downloads 383 (130,106)
Citation 11

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

81.

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 A. Hirshleifer and Lin Sun
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and George Mason University
Downloads 365 (137,276)

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Factor Models, Anomalies, Behavioral Factors

82.

Are Overconfident CEOs Better Innovators? (Presentation Slides)

Journal of Finance (2012)
Number of pages: 31 Posted: 15 Jun 2018
David A. Hirshleifer, Angie Low and Siew Hong Teoh
Marshall School of Business, USC, Nanyang Business School, Nanyang Technological University and UCLA Anderson School of Management
Downloads 362 (138,558)
Citation 139

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CEO Overconfidence, Innovation, R&D, Patent

83.

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 A. Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of California, Berkeley - Finance Group
Downloads 344 (146,470)
Citation 12

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

84.

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

Number of pages: 15 Posted: 08 Aug 2018
Joshua D. Coval, David A. Hirshleifer and Tyler Shumway
Harvard Business School - Finance Unit, Marshall School of Business, USC and University of Michigan at Ann Arbor, The Stephen M. Ross School of Business
Downloads 330 (153,003)
Citation 8

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Individual Investors, Market Efficiency, Performance Persistence

85.

Social Contagion and the Survival of Diverse Investment Styles

Number of pages: 72 Posted: 23 Feb 2022 Last Revised: 27 Jul 2023
David A. Hirshleifer, Andrew W. Lo and Ruixun Zhang
Marshall School of Business, USC, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and Peking University - School of Mathematical Sciences
Downloads 329 (153,500)

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

86.

Promotion Tournaments and Capital Rationing

Downloads 318 (159,255)
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 A. Hirshleifer and John C. Persons
University of Toronto, Rotman School of Management, Marshall School of Business, USC and Independent
Downloads 318 (158,233)
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 A. Hirshleifer and John C. Persons
University of Toronto, Rotman School of Management, Marshall School of Business, USC 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 A. Hirshleifer
University of Pennsylvania - Department of Biology and Marshall School of Business, USC
Downloads 276 (184,618)

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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.

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

Number of pages: 8 Posted: 06 Oct 2020
David A. Hirshleifer
Marshall School of Business, USC
Downloads 268 (190,071)

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

89.

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

Review of Financial Studies, Forthcoming
Number of pages: 32 Posted: 15 Jun 2018
David A. Hirshleifer, Po-Hsuan Hsu and Dongmei Li
Marshall School of Business, USC, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 261 (195,284)

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

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 A. Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, University of Toronto, Rotman School of Management and Marshall School of Business, USC
Downloads 257 (198,226)
Citation 7

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information cascades, herding, conversation, imitation, information externality

91.

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

Number of pages: 28 Posted: 21 Aug 2018
Yongqiang Chu, David A. Hirshleifer and Liang Ma
Belk College of Business, UNC Charlotte, Marshall School of Business, USC and University of South Carolina - Darla Moore School of Business
Downloads 253 (201,330)

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

92.

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 A. Hirshleifer, Yaron Levi, Ben Lourie and Siew Hong Teoh
Marshall School of Business, USC, University of Southern California - Marshall School of Business, University of California, Irvine and UCLA Anderson School of Management
Downloads 252 (202,163)

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Analysts, Decision fatigue, Heuristic, Behavioral finance

93.

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 A. Hirshleifer
University of Toronto, Rotman School of Management and Marshall School of Business, USC
Downloads 251 (202,954)

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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

94.

Style as an Attention Technology

Journal of Bioeconomics, 2009
Number of pages: 7 Posted: 20 Mar 2006 Last Revised: 13 Dec 2008
David A. Hirshleifer
Marshall School of Business, USC
Downloads 242 (210,243)

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attention, style, technology

95.

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 240 (211,934)
Citation 1

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

96.

Social Transmission Bias and the Cultural Evolution of Folk Economic Beliefs

Number of pages: 5 Posted: 02 Apr 2018
David A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 235 (216,342)
Citation 2

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folk economic beliefs, social transmission bias, cultural evolution

97.

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 235 (216,342)

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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 A. Hirshleifer
UCLA Anderson School of Management and Marshall School of Business, USC
Downloads 233 (218,167)
Citation 2

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

99.

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

Number of pages: 60 Posted: 21 Aug 2018
Kent D. Daniel, David A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area
Downloads 230 (220,913)
Citation 8

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

100.

Presentation Slides for 'Investor Psychology and Asset Pricing'

Number of pages: 57 Posted: 31 May 2018
David A. Hirshleifer
Marshall School of Business, USC
Downloads 220 (230,492)
Citation 5

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

101.

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 A. Hirshleifer and Johan Walden
University of Toronto, Rotman School of Management, Marshall School of Business, USC and University of California, Berkeley - Finance Group
Downloads 215 (235,478)
Citation 50

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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 A. Hirshleifer, Po-Hsuan Hsu and Dongmei Li
Marshall School of Business, USC, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 202 (249,402)

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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 A. Hirshleifer
Pacific Investment Management Company (PIMCO) and Marshall School of Business, USC
Downloads 193 (259,756)
Citation 47

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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 183 (272,478)
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 A. Hirshleifer
Rutgers, The State University of New Jersey - Management Science & Information Systems and Marshall School of Business, USC
Downloads 183 (272,280)
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 A. Hirshleifer and Guo Ying Luo
Marshall School of Business, USC and Rutgers, The State University of New Jersey - Management Science & Information Systems

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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 A. Hirshleifer
Pacific Investment Management Company (PIMCO) and Marshall School of Business, USC
Downloads 169 (291,928)
Citation 1

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

106.

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

Number of pages: 54 Posted: 21 Aug 2018
David A. Hirshleifer, James N. Myers, Linda A. Myers and Siew Hong Teoh
Marshall School of Business, USC, 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 166 (296,329)
Citation 4

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

107.

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

Number of pages: 92 Posted: 11 Oct 2019
David A. Hirshleifer
Marshall School of Business, USC
Downloads 159 (307,287)

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

108.

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

Downloads 148 (327,968)

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

Number of pages: 103 Posted: 09 May 2023 Last Revised: 07 Aug 2023
David A. Hirshleifer, Dat Mai and Kuntara Pukthuanthong
Marshall School of Business, USC, University of Missouri at Columbia and University of Missouri, Columbia
Downloads 139 (345,567)

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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: 104 Posted: 08 May 2023 Last Revised: 22 May 2023
David A. Hirshleifer, Dat Mai and Kuntara Pukthuanthong
Marshall School of Business, USC, University of Missouri-Columbia and University of Missouri, Columbia
Downloads 9 (991,671)
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109.

Overvalued Equity and Financing Decisions (Presentation Slides)

Number of pages: 35 Posted: 26 May 2018
Ming Dong, David A. Hirshleifer and Siew Hong Teoh
York University - Schulich School of Business, Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 147 (327,968)
Citation 13

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

110.

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

Downloads 138 (344,792)
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 A. Hirshleifer and Joshua Plotkin
Marshall School of Business, USC and University of Pennsylvania
Downloads 132 (357,827)
Citation 1

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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 A. Hirshleifer and Joshua Plotkin
Marshall School of Business, USC and University of Pennsylvania
Downloads 6 (1,020,573)

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111.

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

Number of pages: 27 Posted: 08 Aug 2018
David A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 137 (346,765)
Citation 13

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

112.

Uncertainty and Trading Strategies of Institutional Investors

Number of pages: 56 Posted: 20 Mar 2009
Itzhak Ben-David, John A. Doukas and David A. Hirshleifer
Ohio State University (OSU) - Department of Finance, Old Dominion University - Strome College of Business and Marshall School of Business, USC
Downloads 129 (362,997)
Citation 2

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

113.

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

Number of pages: 47 Posted: 21 Aug 2018
David A. Hirshleifer, Siew Hong Teoh and Jeff Jiewei Yu
Marshall School of Business, USC, UCLA Anderson School of Management and University of Arizona
Downloads 122 (378,479)

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accruals, anomalies, arbitrage, short sales, market efficiency

114.

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 A. Hirshleifer
Ohio State University (OSU) - Department of Finance and Marshall School of Business, USC
Downloads 116 (392,544)
Citation 1

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

115.

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

Number of pages: 27 Posted: 19 Jun 2018
David A. Hirshleifer, Sonya S. Lim and Siew Hong Teoh
Marshall School of Business, USC, DePaul University - Department of Finance and UCLA Anderson School of Management
Downloads 114 (397,576)

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

116.

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

Number of pages: 59 Posted: 04 Feb 2019
David A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management
Downloads 113 (400,178)
Citation 5

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

117.

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 A. Hirshleifer and Kent D. Daniel
Marshall School of Business, USC and Columbia University - Columbia Business School, Finance
Downloads 112 (402,734)
Citation 3

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sequential bidding, auctions, takeover bidding, revenue equivalence

118.

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 A. Hirshleifer, Danling Jiang and Yuting Meng DiGiovanni
Marshall School of Business, USC, College of Business, Stony Brook University and University of South Florida - Department of Finance
Downloads 93 (457,688)
Citation 2

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119.

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 A. Hirshleifer
Marshall School of Business, USC
Downloads 90 (467,172)

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120.

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 A. Hirshleifer, Yifan Li, Ben Lourie and Thomas Ruchti
Marshall School of Business, USC, San Francisco State University, University of California, Irvine and Government of the United States of America - Office of Financial Research
Downloads 76 (516,923)

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121.

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 A. Hirshleifer, David Leake, Hiroaki Sakaguchi and Neil Stewart
University of Nottingham - School of Economics, Marshall School of Business, USC, Lloyds Banking Group, affiliation not provided to SSRN and Warwick Business School, University of Warwick
Downloads 68 (549,575)
Citation 1

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122.

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

Number of pages: 27 Posted: 20 Aug 2018
David A. Hirshleifer
Marshall School of Business, USC
Downloads 68 (549,575)

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

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 A. Hirshleifer and Joshua Plotkin
Marshall School of Business, USC and University of Pennsylvania
Downloads 66 (558,251)

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

124.

(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 A. Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area and Marshall School of Business, USC
Downloads 63 (571,744)
Citation 1

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information cascades, herding, conversation, imitation, information externality

125.

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 A. Hirshleifer
University of Pennsylvania - Department of Biology and Marshall School of Business, USC
Downloads 19 (860,394)

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126.

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 A. Hirshleifer
Marshall School of Business, USC

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127.

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 A. Hirshleifer
Indiana University - Kelley School of Business - Department of Business Economics & Public Policy and Marshall School of Business, USC

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128.

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 A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area

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129.

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 A. Hirshleifer and Avanidhar Subrahmanyam
Columbia University - Columbia Business School, Finance, Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Finance Area

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130.

Price Discrimination Through Offers to Match Price

Journal of Business, Vol. 60, No. 3, pp. 365-383, July 1987
Posted: 01 Dec 2008
David A. Hirshleifer
Marshall School of Business, USC

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131.

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 A. Hirshleifer
Marshall School of Business, USC

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132.

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 A. Hirshleifer
Marshall School of Business, USC

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133.

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 A. Hirshleifer
Marshall School of Business, USC

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134.

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 A. Hirshleifer
Marshall School of Business, USC

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135.

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 A. Hirshleifer
Marshall School of Business, USC

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136.

Corporate Control and Majority Positions

Cuadernos Economicos de ICE, Vol. 50, No. 1, pp. 175-201, 1992
Posted: 01 Dec 2008
David A. Hirshleifer
Marshall School of Business, USC

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137.

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 A. Hirshleifer and Yoon Suh
Marshall School of Business, USC and University of California, Los Angeles (UCLA) - Accounting Area

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138.

Futures Versus Share Contracting as Alternatives for Diversifying Output Risk

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

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139.

Managerial Reputation and Corporate Investment Decisions

Financial Management, Vol. 22, No. 2, pp. 145-160, Summer 1993
Posted: 01 Dec 2008
David A. Hirshleifer
Marshall School of Business, USC

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140.

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 A. Hirshleifer and Anjan V. Thakor
Marshall School of Business, USC and Washington University, Saint Louis - John M. Olin School of Business

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141.

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 A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management

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142.

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 A. Hirshleifer
University of Texas at Austin - Department of Finance and Marshall School of Business, USC

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143.

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 A. Hirshleifer
Washington University, Saint Louis - John M. Olin School of Business and Marshall School of Business, USC

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144.

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 A. Hirshleifer
Washington University, Saint Louis - John M. Olin School of Business and Marshall School of Business, USC

Abstract:

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145.

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 A. Hirshleifer
University of North Carolina (UNC) at Chapel Hill - Finance Area, Harvard Business School - Finance Unit and Marshall School of Business, USC

Abstract:

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146.

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 A. Hirshleifer
National University of Singapore (NUS) and Marshall School of Business, USC

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147.

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 A. Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USC and University of California, Los Angeles (UCLA)

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148.

Decisions Without Blinders

Harvard Business Review, Vol. 84, No. 4, April 2006
Posted: 19 Oct 2008
David A. Hirshleifer and Siew Hong Teoh
Marshall School of Business, USC and UCLA Anderson School of Management

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149.

Price Theory and Applications: Decisions, Markets, and Information

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

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150.

Takeovers

THE NEW PALGRAVE DICTIONARY OF MONEY AND FINANCE, 1993
Posted: 05 Oct 2008 Last Revised: 29 Sep 2009
David A. Hirshleifer
Marshall School of Business, USC

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151.

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 A. Hirshleifer
Marshall School of Business, USC

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152.

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 A. Hirshleifer
Marshall School of Business, USC

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153.

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 A. Hirshleifer
Marshall School of Business, USC

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154.

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 A. Hirshleifer and Siew Hong Teoh
Harvard Business School - Finance Unit, Marshall School of Business, USC and UCLA Anderson School of Management

Abstract:

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155.

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 A. Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USC and University of California, Los Angeles (UCLA)

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156.

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

Posted: 14 Nov 2005
Sushil Bikhchandani, David A. Hirshleifer and Ivo Welch
University of California, Los Angeles - Anderson School of Management, Marshall School of Business, USC and University of California, Los Angeles (UCLA)

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information cascades, information aggregation, social learning, cultural evolution

157.

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 A. Hirshleifer
University of California, Los Angeles (UCLA) - Finance Area, University of Texas at Austin - Department of Finance and Marshall School of Business, USC

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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 A. Hirshleifer, Avanidhar Subrahmanyam and Sheridan Titman
Marshall School of Business, USC, University of California, Los Angeles (UCLA) - Finance Area and University of Texas at Austin - Department of Finance

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158.

Institutional Memory, Inertia, and Impulsiveness

Posted: 02 Sep 1999
David A. Hirshleifer and Ivo Welch
Marshall School of Business, USC and University of California, Los Angeles (UCLA)

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159.

Do Takeovers Increase Value? An Intervention Approach

Posted: 11 Jul 1997
Sanjai Bhagat and David A. Hirshleifer
University of Colorado at Boulder - Department of Finance and Marshall School of Business, USC

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160.

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

Posted: 24 Feb 1997
Sanjai Bhagat and David A. Hirshleifer
University of Colorado at Boulder - Department of Finance and Marshall School of Business, USC

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1.

Editorial: Cosmetic Surgery in the Academic Review Process

Number of pages: 15 Posted: 11 Dec 2014
David A. Hirshleifer
Marshall School of Business, USC
Downloads 73

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