Alok Kumar

University of Miami - Miami Herbert Business School

Gabelli Asset Management Chair and Professor of Finance

517B Jenkins Building

Department of Finance

Coral Gables, FL 33124-6552

United States

http://moya.bus.miami.edu/~akumar

SCHOLARLY PAPERS

89

DOWNLOADS
Rank 276

SSRN RANKINGS

Top 276

in Total Papers Downloads

86,222

SSRN CITATIONS
Rank 552

SSRN RANKINGS

Top 552

in Total Papers Citations

915

CROSSREF CITATIONS

869

Scholarly Papers (89)

The Dow Theory: William Peter Hamilton's Track Record Re-Considered

Number of pages: 46 Posted: 11 Feb 1998
New York University - Stern School of Business, University of Miami - Miami Herbert Business School and Yale School of Management - International Center for Finance
Downloads 14,280 (403)
Citation 6

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2.
Downloads 4,651 ( 2,976)
Citation 134

Equity Portfolio Diversification

Number of pages: 40 Posted: 06 Dec 2004 Last Revised: 12 Mar 2008
Alok Kumar and William N. Goetzmann
University of Miami - Miami Herbert Business School and Yale School of Management - International Center for Finance
Downloads 4,252 (3,393)
Citation 28

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Individual investors, diversification, over-confidence, trend-following behavior, local bias.

Equity Portfolio Diversification

NBER Working Paper No. w8686
Number of pages: 45 Posted: 20 Dec 2001 Last Revised: 26 Sep 2022
Alok Kumar and William N. Goetzmann
University of Miami - Miami Herbert Business School and Yale School of Management - International Center for Finance
Downloads 399 (108,741)
Citation 12

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Equity Portfolio Diversification

Review of Finance, Forthcoming
Posted: 14 Jan 2008
William N. Goetzmann and Alok Kumar
Yale School of Management - International Center for Finance and University of Miami - Miami Herbert Business School

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Individual investors, diversification, local bias, over-confidence, trend-following behavior

Equity Portfolio Diversification

Review of Finance, Vol. 12, No. 3, pp. 433-463, 2008
Posted: 08 Aug 2008
William N. Goetzmann and Alok Kumar
Yale School of Management - International Center for Finance and University of Miami - Miami Herbert Business School

Abstract:

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G11, G12

3.

Do Older Investors Make Better Investment Decisions?

Review of Economics and Statistics, Forthcoming
Number of pages: 65 Posted: 20 Mar 2006 Last Revised: 11 Jul 2009
George M. Korniotis and Alok Kumar
University of Miami and University of Miami - Miami Herbert Business School
Downloads 3,310 (5,292)
Citation 20

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Older individual investors, cognitive aging, investment experience, learning, rules of thumb, investment skill

4.

Confirmation Bias, Overconfidence, and Investment Performance: Evidence from Stock Message Boards

McCombs Research Paper Series No. IROM-07-10
Number of pages: 59 Posted: 14 Jul 2010 Last Revised: 08 Oct 2010
University of Texas at Austin - Red McCombs School of Business, University of Texas at Austin - Department of Information, Risk and Operations Management, Boston University - Department of Management Information Systems, University of Miami - Miami Herbert Business School and University of Texas at Austin - Red McCombs School of Business
Downloads 3,059 (6,069)
Citation 14

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Confirmation Bias, Overconfidence, Investment Decisions, Korean Individual Investors, Virtual Communities, Stock Message Boards

5.

Behavioral Biases of Mutual Fund Investors

Journal of Financial Economics (JFE), Forthcoming, AFA 2009 San Francisco Meetings Paper
Number of pages: 69 Posted: 20 Mar 2008 Last Revised: 19 Jul 2010
Warren Bailey, Alok Kumar and David T. Ng
Cornell University, University of Miami - Miami Herbert Business School and Johnson College of Business
Downloads 2,551 (8,060)
Citation 19

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Individual investors, behavioral biases, disposition effect, narrow framing, mutual fund investments

6.

Political Climate, Optimism, and Investment Decisions

AFA 2012 Chicago Meetings Paper
Number of pages: 40 Posted: 21 Nov 2009 Last Revised: 20 Apr 2012
University of Colorado at Denver - Department of Finance, University of Miami - Miami Herbert Business School and Brigham Young University
Downloads 2,327 (9,322)
Citation 29

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Downloads 2,205 ( 10,190)
Citation 256

Who Gambles in the Stock Market?

AFA 2006 Boston Meetings Paper, Journal of Finance, Forthcoming, EFA 2005 Moscow Meetings Paper
Number of pages: 53 Posted: 15 Mar 2005 Last Revised: 06 Sep 2008
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 1,928 (12,432)
Citation 10

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Individual investors, lottery-type stocks, skewness preference, gambling

Who Gambles in the Stock Market?

Journal of Finance, Forthcoming
Number of pages: 53 Posted: 05 Sep 2008
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 277 (161,482)
Citation 57

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8.

Religious Beliefs, Gambling Attitudes, and Financial Market Outcomes

EFA 2009 Bergen Meetings Paper, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 82 Posted: 31 Jan 2009 Last Revised: 04 Apr 2011
University of Miami - Miami Herbert Business School, Brigham Young University and University of Mannheim - Business School
Downloads 2,038 (11,634)
Citation 22

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9.

Daily Winners and Losers

Number of pages: 134 Posted: 14 Mar 2017 Last Revised: 23 Apr 2021
University of Miami - Miami Herbert Business School, University of Mannheim - Department of International Finance and Aalto University
Downloads 1,782 (14,340)
Citation 11

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Salient stock returns, investor attention, idiosyncratic volatility puzzle, retail investors.

Do the Diversification Choices of Individual Investors Influence Stock Returns?

McCombs Research Paper Series No. FIN-06-06
Number of pages: 37 Posted: 10 Feb 2005 Last Revised: 21 Jul 2008
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 1,498 (18,368)
Citation 4

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Individual investors, Under-diversification, Narrow risk framing, Investor sentiment, Information asymmetry, Asset pricing, Arbitrage costs

Do the Diversification Choices of Individual Investors Influence Stock Returns?

Journal of Financial Markets, Forthcoming
Number of pages: 36 Posted: 11 Sep 2007
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 136 (307,149)

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11.

Corporate Policies of Republican Managers

AFA 2011 Denver Meetings Paper, Journal of Financial and Quantitative Analysis (JFQA), 2014, 49(5/6), 1279-1310
Number of pages: 76 Posted: 17 Mar 2010 Last Revised: 14 Apr 2015
Irena Hutton, Danling Jiang and Alok Kumar
Florida State University - College of Business, College of Business, Stony Brook University and University of Miami - Miami Herbert Business School
Downloads 1,506 (18,549)
Citation 39

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Political values, financial conservatism, corporate culture, capital structure, dividend policy, investments

12.

What is in a Name? Mutual Fund Flows When Managers Have Foreign-Sounding Names

Review of Financial Studies, Forthcoming
Number of pages: 56 Posted: 02 Nov 2011 Last Revised: 10 Jan 2015
University of Miami - Miami Herbert Business School, University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance and University of Mannheim - Business School
Downloads 1,503 (18,599)
Citation 11

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How Do Decision Frames Influence the Stock Investment Choices of Individual Investors?

EFA 2005 Moscow Meetings
Number of pages: 31 Posted: 07 Aug 2005
Sonya S. Lim and Alok Kumar
DePaul University - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 1,494 (18,450)
Citation 9

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Narrow framing, trade clustering, disposition effect, portfolio diversification, prospect theory

How Do Decision Frames Influence the Stock Investment Choices of Individual Investors?

Management Science, Forthcoming
Posted: 14 Jan 2008
Sonya S. Lim and Alok Kumar
DePaul University - Department of Finance and University of Miami - Miami Herbert Business School

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Narrow framing, trade clustering, disposition effect, portfolio diversification, prospect theory

14.

Retail Investor Sentiment and Return Comovements

Number of pages: 48 Posted: 17 Feb 2004
Alok Kumar and Charles M.C. Lee
University of Miami - Miami Herbert Business School and Foster School of Business, University of Washington
Downloads 1,447 (19,717)
Citation 94

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Correlated trading, Retail sentiment, Habitat-based comovement, Arbitrage costs

15.

Climate Sensitivity, Mispricing, and Predictable Returns

Number of pages: 74 Posted: 26 Feb 2019 Last Revised: 28 Nov 2022
Marquette University, University of Miami - Miami Herbert Business School, University of Warwick, Warwick Business School and University of Exeter Business School
Downloads 1,398 (20,759)
Citation 5

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Climate sensitivity, return predictability, mispricing, market under-reaction, institutional investors, sell-side analysts.

16.

Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors

Number of pages: 37 Posted: 02 Jan 2004
John R. Graham and Alok Kumar
Duke University and University of Miami - Miami Herbert Business School
Downloads 1,378 (21,204)
Citation 57

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Retail investors, Dividend clienteles, Dividend events, Dividend taxation, Attention hypothesis

17.

State-Level Business Cycles and Local Return Predictability

Journal of Finance, Forthcoming
Number of pages: 89 Posted: 19 Feb 2008 Last Revised: 20 Apr 2012
George M. Korniotis and Alok Kumar
University of Miami and University of Miami - Miami Herbert Business School
Downloads 1,305 (22,973)
Citation 16

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18.

Political Sentiment and Predictable Returns

Number of pages: 72 Posted: 02 Nov 2012 Last Revised: 01 Mar 2016
Jawad M. Addoum and Alok Kumar
Cornell SC Johnson College of Business and University of Miami - Miami Herbert Business School
Downloads 1,300 (23,108)
Citation 11

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19.

Do Portfolio Distortions Reflect Superior Information or Psychological Biases?

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 80 Posted: 20 Jul 2009 Last Revised: 20 Apr 2012
George M. Korniotis and Alok Kumar
University of Miami and University of Miami - Miami Herbert Business School
Downloads 1,234 (24,955)
Citation 22

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Individual investors, cognitive abilities, behavioral biases, diversification, active trading, local bias

20.

In-Group Bias in Financial Markets

Number of pages: 52 Posted: 13 Dec 2016 Last Revised: 24 May 2022
University of Missouri-Columbia, University of Miami - Miami Herbert Business School, University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance and University of Michigan at Ann Arbor - Department of Economics
Downloads 1,218 (25,431)
Citation 11

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In-group bias, female analysts, earnings forecasts, stock recommendations, forecast accuracy, market reaction

21.

Geographic Diffusion of Accounting Information, Analyst Behavior, and Return Predictability

Number of pages: 52 Posted: 21 Oct 2013 Last Revised: 26 Jun 2020
Jawad M. Addoum, Alok Kumar and Kelvin Law
Cornell SC Johnson College of Business, University of Miami - Miami Herbert Business School and Nanyang Business School, Nanyang Technological University
Downloads 1,183 (26,539)
Citation 2

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Geographic connections, information diffusion, sell-side analysts, institutional investors, earnings and return predictability

The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?

McCombs Research Paper Series No. FIN-02-09
Number of pages: 57 Posted: 09 Jun 2008 Last Revised: 18 Jan 2009
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and University of Miami - Miami Herbert Business School
Downloads 1,093 (29,423)
Citation 87

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Idiosyncratic volatility, stock market bubbles, retail investors, speculation, stock splits

The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes?

The Review of Financial Studies, Vol. 23, Issue 2, pp. 863-899, 2009
Posted: 01 Feb 2010
Duke University - Fuqua School of Business, Duke University - Fuqua School of Business, Duke University and University of Miami - Miami Herbert Business School

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G11, G12, G14

23.

Stature, Obesity, and Portfolio Choice

Number of pages: 61 Posted: 21 Nov 2009 Last Revised: 17 Jul 2015
Cornell SC Johnson College of Business, University of Miami and University of Miami - Miami Herbert Business School
Downloads 1,067 (30,846)
Citation 17

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24.

Only Gamble in Town: Stock Market Gambling Around the World and Market Efficiency

Number of pages: 56 Posted: 10 Nov 2020 Last Revised: 10 Nov 2021
University of Miami - Miami Herbert Business School, Faculty of Finance, University of Economics, The University of Danang, Vietnam and University of Technology Sydney (UTS)
Downloads 1,061 (31,110)

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stock market gambling, casino, state lottery, liquidity, informational efficiency

25.

Weather-Induced Mood, Institutional Investors, and Stock Returns

Number of pages: 56 Posted: 13 Sep 2013 Last Revised: 25 Oct 2014
Yale School of Management - International Center for Finance, Office of Financial Research, US Department of the Treasury, University of Miami - Miami Herbert Business School and Oklahoma State University - Tulsa
Downloads 1,057 (31,254)
Citation 30

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26.

Speculative Retail Trading and Asset Prices

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 52 Posted: 02 Apr 2009 Last Revised: 20 Apr 2012
Bing Han and Alok Kumar
University of Toronto, Rotman School of Management and University of Miami - Miami Herbert Business School
Downloads 1,040 (31,998)
Citation 53

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27.

Diversification Decisions of Individual Investors and Asset Prices

Yale ICF Working Paper No. 03-31
Number of pages: 60 Posted: 21 Nov 2003 Last Revised: 28 Nov 2022
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 977 (35,009)

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Individual investors, Under-diversification, Narrow risk framing, Asset pricing, Arbitrage costs

28.

Political Values, Culture, and Corporate Litigation

Management Science, 2015, 61(12): 2905-2925.
Number of pages: 67 Posted: 04 Mar 2012 Last Revised: 18 Dec 2015
Irena Hutton, Danling Jiang and Alok Kumar
Florida State University - College of Business, College of Business, Stony Brook University and University of Miami - Miami Herbert Business School
Downloads 976 (35,057)
Citation 18

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Political values, culture, litigation, managerial misconduct, Corporate Misconduct

29.

Political Contributions and Analyst Behavior

Review of Accounting Studies, 2016, 21(1): 37-88
Number of pages: 57 Posted: 03 Oct 2010 Last Revised: 08 Mar 2016
Danling Jiang, Alok Kumar and Kelvin Law
College of Business, Stony Brook University, University of Miami - Miami Herbert Business School and Nanyang Business School, Nanyang Technological University
Downloads 933 (37,330)
Citation 13

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Equity Analysts, Political Contribution, Conservative Analysts, Forecasting Style, Market Reaction

30.

Searching for Gambles: Gambling Sentiment and Stock Market Outcomes

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 61 Posted: 25 Jul 2015 Last Revised: 08 Feb 2021
Yao Chen, Alok Kumar and Chendi Zhang
University of Exeter Business School, University of Miami - Miami Herbert Business School and University of Exeter Business School
Downloads 878 (40,618)
Citation 2

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Gambling sentiment; lottery-type stocks; investor attention; catering; stock splits; IPO first-day return

31.

Skewness Preference and Market Anomalies

University of Miami Business School Research Paper No. 3166638
Number of pages: 77 Posted: 06 May 2018 Last Revised: 19 Jul 2022
University of Miami - Miami Herbert Business School, Bayes Business School (formerly Cass) and University of Warwick - Finance Group
Downloads 864 (41,488)
Citation 1

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Market anomalies, skewness preference, mispricing, idiosyncratic skewness, investor sentiment.

Hard-to-Value Stocks, Behavioral Biases, and Informed Trading

Number of pages: 38 Posted: 23 May 2006 Last Revised: 13 Mar 2008
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 854 (41,548)
Citation 29

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Hard-to-Value Stocks, Behavioral Biases, and Informed Trading

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Posted: 14 Mar 2008
Alok Kumar
University of Miami - Miami Herbert Business School

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33.

Local Investors and Corporate Governance

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 49 Posted: 21 Nov 2009 Last Revised: 20 Apr 2012
University of Miami - Department of Finance, University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 837 (43,281)
Citation 18

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34.

Home Away From Home: Geography of Information and Local Investors

26th Australasian Finance and Banking Conference 2013, AFA 2012 Chicago Meetings Paper, 14th Annual Conference of Financial Economics and Accounting 2011
Number of pages: 69 Posted: 21 Nov 2010 Last Revised: 12 Nov 2013
University of Miami - Department of Finance, University of Miami - Miami Herbert Business School and National University of Singapore (NUS) - Department of Finance
Downloads 815 (44,861)
Citation 35

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Multi-Dimensional Firm Location, Information Asymmetry, Local Informational Advantage

35.

Terrorist Attacks, Analyst Sentiment, and Earnings Forecasts

Number of pages: 51 Posted: 13 Dec 2015 Last Revised: 13 Jan 2020
Marquette University, University of Warwick - Warwick Business School, University of Miami - Miami Herbert Business School and University of Miami Herbert Business School
Downloads 813 (45,031)
Citation 4

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Analyst sentiment, forecast accuracy, extreme events, terrorist attacks

36.

Terrorist Attacks, Managerial Sentiment, and Corporate Policies

Number of pages: 54 Posted: 21 Feb 2015 Last Revised: 27 Feb 2017
University of Warwick - Warwick Business School, University of Miami - Miami Herbert Business School and University of Miami Herbert Business School
Downloads 800 (45,998)
Citation 7

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Terrorist attacks, mass shootings, managerial sentiment, corporate policies, media coverage, firm location.

37.

Gambling and Comovement

Number of pages: 49 Posted: 18 Dec 2010 Last Revised: 19 Oct 2013
University of Miami - Miami Herbert Business School, Brigham Young University and University of Mannheim - Business School
Downloads 745 (50,619)
Citation 3

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38.

Foreign Investments of U'S' Individual Investors: Causes and Consequences

AFA 2007 Chicago Meetings Paper
Number of pages: 33 Posted: 03 Jan 2005
Warren Bailey, Alok Kumar and David T. Ng
Cornell University, University of Miami - Miami Herbert Business School and Johnson College of Business
Downloads 743 (50,809)
Citation 24

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Individual investors, diversification, home bias, local bias, over-confidence

39.

Geography of Firms and Propagation of Local Economic Conditions

Number of pages: 66 Posted: 22 May 2012 Last Revised: 26 Jul 2021
University of Miami - Department of Finance, University of Miami - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 742 (50,906)

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Economic networks, 10-K filings, Gross State Product, predictability, return comovement, liquidity, sales

40.

An Analyst by Any Other Surname: Surname Favorability and Market Reaction to Analyst Forecasts

Journal of Accounting and Economics (JAE), Forthcoming
Number of pages: 74 Posted: 27 Aug 2016 Last Revised: 21 Feb 2019
City, University of London - Bayes Business School, University of Miami - Miami Herbert Business School, DePaul University - Department of Finance and KAIST College of Business
Downloads 734 (51,644)
Citation 5

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Equity analyst, surname favorability, earnings forecast, market reaction, motivated reasoning

Dynamic Style Preferences of Individual Investors and Stock Returns

Number of pages: 52 Posted: 09 May 2005 Last Revised: 14 Jul 2008
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 387 (112,578)
Citation 3

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Dynamic Style Preferences of Individual Investors and Stock Returns

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 50 Posted: 11 Sep 2007
Alok Kumar
University of Miami - Miami Herbert Business School
Downloads 333 (133,209)

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42.

Firm-Level ESG Information and Active Fund Management

University of Miami Business School Research Paper No. 3747085
Number of pages: 74 Posted: 29 Jan 2021 Last Revised: 03 Oct 2022
University of Exeter, University of Exeter Business School, University of Miami - Miami Herbert Business School and The University of Edinburgh Business School, The University of Edinburgh
Downloads 675 (57,603)
Citation 1

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ESG integration; materiality; sustainable investing; mutual funds; investment skill; catering.

43.

Investor Sentiment and Return Comovements: Evidence from Stock Splits and Headquarters Changes

Review of Finance, Forthcoming
Number of pages: 47 Posted: 12 Dec 2010 Last Revised: 20 Apr 2012
University of Miami - Miami Herbert Business School, Brigham Young University and University of Mannheim - Business School
Downloads 655 (59,942)
Citation 6

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44.

Under-Reaction to Political Information and Price Momentum

University of Miami Legal Studies Research Paper No. 18-4
Number of pages: 51 Posted: 17 Apr 2014 Last Revised: 04 Sep 2021
Cornell SC Johnson College of Business, University of Miami - Department of Finance, University of South Carolina - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 640 (61,783)
Citation 2

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Price momentum, political climate, market underreaction, trading strategies

45.

Network Analysis of Search Dynamics: The Case of Stock Habitats

Management Science, Forthcoming
Number of pages: 49 Posted: 07 Apr 2013 Last Revised: 25 Jan 2016
City University of Hong Kong (CityU) - Department of Information Systems, University of Texas at Austin - Red McCombs School of Business, University of Texas at Austin - Department of Information, Risk and Operations Management and University of Miami - Miami Herbert Business School
Downloads 629 (63,140)
Citation 5

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Online Search, Correlated Search, User Attention, Network Analysis, Comovement, Investment Habitats, Stock Returns

46.

Mood, Firm Behavior, and Aggregate Economic Outcomes

Number of pages: 66 Posted: 25 Mar 2015 Last Revised: 21 Jun 2019
University of Miami - Department of Finance, Office of Financial Research, US Department of the Treasury, University of Miami and University of Miami - Miami Herbert Business School
Downloads 598 (67,422)
Citation 5

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Cloud cover, mood, small business managers, firm investment behavior, managerial optimism, state-level business cycles

47.

Investor Sophistication and Asset Prices

Number of pages: 55 Posted: 10 Dec 2012 Last Revised: 19 Jul 2017
University of Miami, University of Miami - Miami Herbert Business School and Brigham Young University
Downloads 597 (67,571)
Citation 1

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Local return predictability, return comovement, trading correlation, investor sophistication, risk sharing, local bias, state portfolios

48.

Social Learning and Analyst Behavior

Journal of Financial Economics (JFE), Vol. 143, No. 1, 2022
Number of pages: 62 Posted: 27 Nov 2019 Last Revised: 30 Mar 2022
Alok Kumar, Ville Rantala and Rosy Xu
University of Miami - Miami Herbert Business School, University of Miami - Department of Finance and The Chinese University of Hong Kong
Downloads 596 (67,704)
Citation 3

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Sell-side equity analysts, social learning, forecast optimism, bold forecasts, in-group bias, forecast accuracy.

49.

Climate Change, Analyst Forecasts, and Market Behavior

Number of pages: 62 Posted: 24 Mar 2021
Marquette University, University of Miami - Miami Herbert Business School, University of Warwick, Warwick Business School and University of Exeter Business School
Downloads 533 (77,716)

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climate change, temperature sensitivity, sell-side analysts, forecast accuracy, market reaction

50.

Analysts, Macroeconomic News, and the Benefit of Active In-House Economists

Number of pages: 50 Posted: 12 Apr 2013 Last Revised: 24 Jul 2015
Artur Hugon, Alok Kumar and An-Ping Lin
Arizona State University (ASU), University of Miami - Miami Herbert Business School and Singapore Management University - School of Accountancy
Downloads 517 (80,720)
Citation 11

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Sell-side analyst, macroeconomist, GDP, price efficiency

Political Activism, Information Costs, and Stock Market Participation

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 73 Posted: 27 Mar 2011 Last Revised: 05 Jun 2012
Yosef Bonaparte and Alok Kumar
University of Colorado at Denver - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 486 (86,197)
Citation 7

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Stock market participation, political activism, information costs, individual investors, geographic instruments.

Political Involvement, Information Costs, and Stock Market Participation

Number of pages: 52 Posted: 19 Mar 2011
Alok Kumar and Yosef Bonaparte
University of Miami - Miami Herbert Business School and University of Colorado at Denver - Department of Finance
Downloads 26 (712,364)

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Investment decisions, stock market participation, political involvement, information costs, individual investors

52.

Do Behavioral Biases Adversely Affect the Macro-Economy?

Review of Financial Studies, Forthcoming
Number of pages: 72 Posted: 11 Aug 2008 Last Revised: 17 Sep 2010
George M. Korniotis and Alok Kumar
University of Miami and University of Miami - Miami Herbert Business School
Downloads 478 (88,815)
Citation 8

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Risk sharing, income risk, financial markets, cognitive abilities, behavioral biases, investor sophistication

53.

Investor Clienteles and Habitat-Based Return Comovements

AFA 2011 Denver Meetings Paper
Number of pages: 66 Posted: 27 Aug 2009 Last Revised: 15 Apr 2010
University of Miami - Miami Herbert Business School, Brigham Young University and University of Mannheim - Business School
Downloads 472 (90,138)
Citation 8

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54.

Why the Going-Concern Anomaly: Gambling in the Market?

WBS Finance Group Research Paper No. 200
Number of pages: 58 Posted: 13 Apr 2013
Asad Kausar, Alok Kumar and Richard Taffler
American University - Kogod School of Business, University of Miami - Miami Herbert Business School and University of Warwick - Finance Group
Downloads 444 (96,814)
Citation 7

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Audit report, market underreaction, retail investors, lottery-type stocks, gambling

55.

Prozac for Depressed States? Effect of Mood on Local Economic Recessions

Number of pages: 56 Posted: 19 Apr 2011 Last Revised: 15 Jul 2017
University of Miami - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 441 (97,584)
Citation 7

Abstract:

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56.

Income Hedging and Portfolio Decisions

Number of pages: 70 Posted: 09 Nov 2012 Last Revised: 31 Jul 2013
University of Colorado at Denver - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 428 (101,119)
Citation 16

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income hedging, market participation, asset allocation, household finance

57.

Local Business Cycles and Local Liquidity

Number of pages: 53 Posted: 07 May 2012 Last Revised: 05 Dec 2013
University of Miami - Department of Finance, University of Miami, University of Miami - Miami Herbert Business School and Oklahoma State University - Tulsa
Downloads 426 (101,681)
Citation 3

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Geographical market segmentation, local business cycles, local liquidity, local bias, state portfolios, return predictability

58.

Dynamic ESG Preferences and Asset Prices

Number of pages: 50 Posted: 26 Feb 2019 Last Revised: 27 Jul 2020
Yao Chen, Alok Kumar and Chendi Zhang
University of Exeter Business School, University of Miami - Miami Herbert Business School and University of Exeter Business School
Downloads 402 (108,729)

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corporate social responsibility; investor attention, socially responsible investing, return predictability, social sentiment.

59.

Local Bankruptcy and Geographic Contagion in the Bank Loan Market

Review of Finance, Volume 24, Issue 5, September 2020, Pages 997–1037
Number of pages: 60 Posted: 29 Jul 2015 Last Revised: 14 Oct 2020
Cornell SC Johnson College of Business, University of Miami - Miami Herbert Business School, Australian National University and University of Mannheim, Department of FinanceUniversity of Mannheim - Department of Finance
Downloads 399 (109,683)
Citation 3

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Corporate bankruptcy, geographic contagion, bank loans

60.

Dividend Sentiment, Catering Incentives, and Return Predictability

Journal of Corporate Finance, Vol. 72, No. 102128, 2022
Number of pages: 62 Posted: 26 Nov 2016 Last Revised: 20 Dec 2021
Alok Kumar, Zicheng Lei and Chendi Zhang
University of Miami - Miami Herbert Business School, King's College London and University of Exeter Business School
Downloads 374 (117,998)

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Dividend catering; investor attention; Internet search volume; dividend sentiment; return predictability.

61.

Deviations From Norms and Informed Trading

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 62 Posted: 21 Mar 2011 Last Revised: 16 Oct 2012
Alok Kumar and Jeremy K. Page
University of Miami - Miami Herbert Business School and Brigham Young University
Downloads 367 (120,485)
Citation 6

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Institutional investors, informed trading, investor tastes, skewness, gambling, sin stocks, social norms

62.

Income Hedging, Dynamic Style Preferences, and Return Predictability

Journal of Finance, Forthcoming, University of Miami Business School Research Paper No. 18-8
Number of pages: 91 Posted: 04 May 2014 Last Revised: 10 Oct 2018
Cornell SC Johnson College of Business, University of Miami - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 337 (132,263)
Citation 1

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Income hedging, hedging demand, value factor, state-level income risk, style investing, return predictability

63.

Heuristic Fund Allocation Decisions

8th Miami Behavioral Finance Conference 2017, University of Miami Business School Research Paper No. 2869426
Number of pages: 47 Posted: 15 Nov 2016 Last Revised: 13 Feb 2020
University of Miami, University of Miami - Miami Herbert Business School, University of Miami - Department of Finance and University of Melbourne - Department of Finance
Downloads 331 (134,900)

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heuristics, mutual fund flows, sector funds, sophistication, model uncertainty

64.

Social Risk and Portfolio Choice

7th Miami Behavioral Finance Conference 2016
Number of pages: 82 Posted: 03 Nov 2016 Last Revised: 28 Nov 2022
University of Kansas, University of Colorado at Denver - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 319 (140,253)
Citation 6

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Stock market participation, asset allocation, income risk, subjective probabilities, household finance

65.

Predicting Hedge Fund Performance When Fund Returns Are Skewed

Number of pages: 40 Posted: 12 Jun 2014 Last Revised: 20 Oct 2019
University of Miami - Department of Finance, University College Cork and University of Miami - Miami Herbert Business School
Downloads 311 (144,020)
Citation 2

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Performance measurement, hedge funds, fund-specific skewness, performance

66.

Anxiety, Excitement, and Asset Prices

University of Miami Business School Research Paper No. 3902654
Number of pages: 72 Posted: 16 Sep 2021 Last Revised: 23 Nov 2022
ICMA Centre, Henley Business School, University of Miami - Miami Herbert Business School and University of Warwick - Finance Group
Downloads 301 (149,045)

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Investor emotions, market emotion index, emotion beta, asset mispricing, return predictability

67.

Geography, Diversity, and Accuracy of Crowdsourced Earnings Forecasts

Number of pages: 61 Posted: 18 Mar 2015 Last Revised: 06 Oct 2016
University of San Diego, University of San Diego and University of Miami - Miami Herbert Business School
Downloads 298 (150,626)

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Crowdsourcing, crowd diversity, local bias, analysts, earnings forecasts, forecast accuracy

68.

Short Selling Before Initial Public Offerings

WBS Finance Group Research Paper Series
Number of pages: 38 Posted: 27 Jun 2015 Last Revised: 21 Mar 2017
Linquan Chen, Alok Kumar and Chendi Zhang
University of Exeter, University of Miami - Miami Herbert Business School and University of Exeter Business School
Downloads 286 (157,017)

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IPO underpricing; two-stage offering; short selling; IPO long-run performance

69.

Hispanic Culture, Portfolio Decisions, and Asset Prices

Number of pages: 100 Posted: 16 Dec 2016 Last Revised: 13 Jun 2022
Cornell SC Johnson College of Business, Marquette University, University of Miami - Miami Herbert Business School and University of Miami
Downloads 277 (162,257)
Citation 1

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Hispanic culture, local bias, lottery stocks, return comovement, local returns, return momentum.

70.

Twitter Information, Analyst Behavior, and Market Efficiency

Number of pages: 59 Posted: 16 Feb 2022 Last Revised: 07 Mar 2022
West Virginia University - Department of Finance, Florida International University (FIU) - Department of Finance, University of Miami - Miami Herbert Business School and Florida International University (FIU) - Department of Finance
Downloads 245 (183,299)

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Social media, Twitter information, earnings forecast, sell-side analysts, market reaction, market efficiency.

71.

Bankruptcy Sells Stocks… But Who's Buying (and Why)?

Number of pages: 62 Posted: 24 Apr 2014
University of Algarve, New York University (NYU) - Department of Finance, University of Miami - Miami Herbert Business School and University of Warwick - Finance Group
Downloads 239 (187,876)
Citation 1

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Post-Chapter 11 trading, gambling, lottery-like stocks, retail investors, limits to arbitrage, market under-reaction

72.

Contagious Negative Sentiment and Corporate Policies: Evidence from Local Bankruptcy Filings

Paris December 2014 Finance Meeting EUROFIDAI - AFFI Paper
Number of pages: 47 Posted: 04 Sep 2014
Jawad M. Addoum, Alok Kumar and Nhan Le
Cornell SC Johnson College of Business, University of Miami - Miami Herbert Business School and Australian National University
Downloads 238 (188,633)

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Local bankruptcy, Corporate policies

73.

Has Local Informational Advantage Disappeared?

Number of pages: 47 Posted: 30 Apr 2016 Last Revised: 13 Oct 2018
University of Miami - Department of Finance, University of Miami - Miami Herbert Business School, National University of Singapore (NUS) - Department of Finance and Oklahoma State University - Tulsa
Downloads 231 (193,999)
Citation 4

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Institutional investors; equity analysts; local bias; informational advantage

74.

Do Hedge Fund Managers Understand Politics? Political Sensitivity and Investment Skill

University of Miami Business School Research Paper No. 2865206
Number of pages: 68 Posted: 08 Nov 2016 Last Revised: 06 Aug 2020
Honghui Chen, Alok Kumar, Yan Lu and Ajai K. Singh
Department of Finance, University of Central Florida, University of Miami - Miami Herbert Business School, University of Central Florida - College of Business Administration and Department of Finance, University of Central Florida
Downloads 225 (198,922)
Citation 1

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Hedge funds, political sensitivity, Presidential elections, portfolio adjustments, performance evaluation, managerial skill.

75.
Downloads 222 (201,520)
Citation 6

Income Risk and Stock Market Entry/Exit Decisions

Number of pages: 66 Posted: 24 May 2017 Last Revised: 11 May 2021
University of Colorado at Denver - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 221 (201,958)
Citation 5

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Non-retirement accounts, ownership turnover, trading costs, PSID, SCF.

Income Risk and Stock Market Entry/Exit Decisions

CEPR Discussion Paper No. DP15370
Number of pages: 69 Posted: 03 Nov 2020 Last Revised: 14 May 2021
University of Colorado at Denver - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 1 (982,650)
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76.

Lending to Sensation-Seeking Households

Number of pages: 49 Posted: 12 Aug 2016 Last Revised: 24 Oct 2016
University of Miami Herbert Business School, University of Miami, University of Miami - School of Business Administration and University of Miami - Miami Herbert Business School
Downloads 207 (215,025)

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Household Credit, Mortgage, Sensation-Seeking, Local Culture, Soft Information

77.

Heterogeneous Beliefs and Return Volatility Around Seasoned Equity Offerings

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 49 Posted: 28 Feb 2017 Last Revised: 11 May 2020
West Virginia University - Department of Finance, Florida International University (FIU) - Department of Finance, University of Miami - Miami Herbert Business School and Florida International University (FIU) - Department of Finance
Downloads 206 (215,981)
Citation 2

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Return Volatility; SEOs; Analyst Forecast Dispersion; Trade-based Heterogeneity in Beliefs; Short Selling

78.

Big Fish in a Small Pond: Locally-Dominant Firms and the Business Cycle

Journal of Economic Behavior & Organization, Volume 180, December 2020
Number of pages: 82 Posted: 14 Dec 2016 Last Revised: 29 Oct 2020
University of Missouri-Columbia, University of Miami and University of Miami - Miami Herbert Business School
Downloads 185 (237,600)
Citation 1

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Idiosyncratic shocks; state-level business cycle; U.S. business cycle; economic contagion

79.

A Computational Analysis of the Core of a Trading Economy with Three Competitive Equilibria and a Finite Number of Traders

Number of pages: 25 Posted: 12 Sep 2001
Martin Shubik and Alok Kumar
Yale University - School of Management and University of Miami - Miami Herbert Business School
Downloads 171 (254,156)

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Core, Multiple competitive equilibria, Speed of convergence, Sensitivity Analysis.

80.

Does Diversity Help Minorities? Evidence From Sell-Side Equity Analysts

Number of pages: 65 Posted: 08 Mar 2021 Last Revised: 12 Jul 2021
University of Florida - Department of Finance, Insurance and Real Estate, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 166 (260,681)
Citation 1

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Diversity, racial/ethnic minorities, sell-side analysts, earnings forecasts, forecast accuracy, market reaction.

81.

Cosearch Attention and Stock Return Predictability in Supply-Chains

Ashish Agarwal, Alvin Chung Man Leung, Prabhudev Konana, Alok Kumar (2017) Cosearch Attention and Stock Return Predictability in Supply Chains, Information Systems Research, DOI: doi/10.1287/isre.2016.0656 (Forthcoming)
Number of pages: 60 Posted: 30 Mar 2017
University of Texas at Austin - Red McCombs School of Business, City University of Hong Kong (CityU) - Department of Information Systems, University of Texas at Austin - Department of Information, Risk and Operations Management and University of Miami - Miami Herbert Business School
Downloads 158 (271,581)
Citation 6

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online search, correlated search, user attention, network analysis, stock returns, supply chain

82.

Seeing is Believing: Tourism and International Equity Investments

Number of pages: 56 Posted: 13 Nov 2018 Last Revised: 09 Sep 2022
University of Warwick - Warwick Business School, Marquette University, University of Miami - Miami Herbert Business School and University of Warwick - Warwick Business School
Downloads 150 (283,315)
Citation 2

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International tourism, foreign equity investments, home bias, familiarity.

83.

Variations on the Theme of Scarf's Counter-Example

Number of pages: 23 Posted: 30 Nov 2001
Martin Shubik and Alok Kumar
Yale University - School of Management and University of Miami - Miami Herbert Business School
Downloads 126 (324,201)
Citation 3

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Scarf's counter-example, Price adjustment mechanism, Feedback Controller, Multiple competitive equilibria, Stability

84.

It Takes Two to Tango: Spousal Risk Preferences and CEO Risk-Taking Behavior

Number of pages: 41 Posted: 06 Apr 2022
University of Warwick - Warwick Business School, Marquette University, University of Miami - Miami Herbert Business School and University of Warwick - Warwick Business School
Downloads 110 (356,914)

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Cultural norms, spousal risk preferences, corporate risk-taking, litigation risk, individualism.

85.

Diversity, Information Choice, and Aggregate Market Outcomes

Number of pages: 67 Posted: 28 Jul 2022 Last Revised: 11 Nov 2022
University of Miami - Department of Finance, University of Miami - Miami Herbert Business School and University of Miami - Miami Herbert Business School
Downloads 76 (449,360)

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Equity analysts, racial/ethnic diversity, information heterogeneity, earnings predictability, market uncertainty.

86.

Discrimination and Economic Expectations

Number of pages: 29 Posted: 29 Jul 2022
University of Kansas, University of Colorado at Denver - Department of Finance, University of Miami and University of Miami - Miami Herbert Business School
Downloads 45 (575,857)

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Economic expectations, discrimination, racial/ethnic minorities, inflation, income growth uncertainty.

87.

Artificially Intelligent Analyst Sentiment and Aggregate Market Behavior

Number of pages: 67 Posted: 06 Dec 2022
University of Miami - Department of Finance, University of Miami - Miami Herbert Business School, University of Miami - Department of Finance and Florida International University (FIU)
Downloads 27 (715,222)

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analyst biases, earnings forecasts, aggregate analyst sentiment, return predictability, machine learning

88.

Self-Selection and the Forecasting Abilities of Female Equity Analysts

Journal of Accounting Research, Forthcoming
Posted: 15 Nov 2007 Last Revised: 06 Oct 2009
Alok Kumar
University of Miami - Miami Herbert Business School

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Female analysts, earnings forecasts, market reaction, career mobility, gender bias, media coverage, self-selection.

89.

Foreign Investments of U.S. Individual Investors: Causes and Consequences

Management Science, Forthcoming
Posted: 07 Sep 2007
Warren Bailey, Alok Kumar and David T. Ng
Cornell University, University of Miami - Miami Herbert Business School and Johnson College of Business

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Individual investors, diversification, home bias, local bias, over-confidence