A Century of Investors

Santa Clara Department of Finance Working Paper No. 02-01

27 Pages Posted: 21 Jul 2002

See all articles by Meir Statman

Meir Statman

Santa Clara University - Department of Finance

Multiple version iconThere are 2 versions of this paper

Date Written: May 2002


Today's investors are more rapidly informed than their predecessors a century ago, but they are neither better informed nor better behaved.

We draw a picture of investors during 1906-1918 from investor questions to The World's Work magazine and compare it to the picture of today's investors as reflected in today's media. The investors of a century ago, like today's investors, wanted to be secure while they aspired to be rich, wanted to save while they were tempted to spend, wanted to avoid the pain of regret and escape taxes. As The World's Work wrote, "Human nature is human nature."

Keywords: Behavioral finance, forecasting, tactical asset allocation, investor sentiment, market efficiency

JEL Classification: G10, G14

Suggested Citation

Statman, Meir, A Century of Investors (May 2002). Santa Clara Department of Finance Working Paper No. 02-01. Available at SSRN: https://ssrn.com/abstract=317302 or http://dx.doi.org/10.2139/ssrn.317302

Meir Statman (Contact Author)

Santa Clara University - Department of Finance ( email )

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Santa Clara, CA 95053
United States
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