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Main Interests: Behavioral Finance, Empirical
Asset Pricing, Corporate Finance, Computational Economics.
PUBLICATIONS
1.
Corporate Policies of Republican Managers (with
Irena
Hutton and Danling
Jiang).
v Formerly
titled Do Republican Managers Adopt Conservative Corporate Policies?
v Journal of
Financial and Quantitative Analysis, Forthcoming.
2.
Information Acquisition and Confirmation Bias in
Virtual Communities: Evidence from Stock Message Boards (with
Bin Gu, Prabhudev Konana, JaeHong
Park, and Raj Raghunathan).
v Information
Systems Research, Forthcoming.
3.
Deviations From Norms and
Informed Trading (with Jeremy Page).
v Journal of
Financial and Quantitative Analysis, Forthcoming.
4.
Investor Sentiment and Return Comovements:
Evidence From Stock Splits and Headquarters Changes (with Jeremy Page and
Oliver Spalt)
v Review of
Finance, Forthcoming.
5.
Political Activism, Information Costs, and Stock
Market Participation (with Yosef Bonaparte).
v Journal of
Financial Economics, 107 (3), 760-786.
6.
State-Level Business Cycles and
Local Return Predictability (with George Korniotis)
v Journal of
Finance, June 2013.
7.
Speculative Trading and Asset Prices (with Bing
Han)
v Formerly
titled Retail Clienteles and the Idiosyncratic Volatility Puzzle.
v Journal of
Financial and Quantitative Analysis, April 2013.
8.
Do Portfolio Distortions Reflect
Superior Information or Psychological Biases? (with George Korniotis)
v Formerly
titled Superior Information or Psychological Biases? A Unified Framework
with Cognitive Abilities Resolves Three Puzzles.
v Journal of
Financial and Quantitative Analysis, February 2013.
9.
Local Investors and Corporate Governance (with
Vidhi
Chhaochharia and Alexandra Niessen).
v Journal of
Accounting and Economics, 54 (1), 42-67.
10. Religious Beliefs, Gambling Attitudes, and Financial
Market Outcomes (with Jeremy Page and
Oliver Spalt)
v Journal of
Financial Economics, 102 (3), 671-708.
11. Behavioral Biases of Mutual Fund Investors (with
Warren
Bailey and David T. Ng)
v Journal of
Financial Economics, 102 (1), 1-27. Lead
article.
12. Do Behavioral Biases Adversely Affect the
Macro-Economy? (with George
Korniotis)
v Review of
Financial Studies, 24 (5), 1513-1559.
13. Do Older Investors Make Better
Investment Decisions? (with George Korniotis)
v Review of
Economics and Statistics, 93 (1), 244-265, 2011.
v
Wall Street Journal (Feb 13, 2010). New York Times (Dec 4, 2005).
14. Self-Selection
and the Forecasting Abilities of Female Equity Analysts
v Journal of
Accounting Research, 48 (2), 393-435, 2010.
15. Idiosyncratic
Volatility Puzzle: Time Trend or Speculative Episodes? (with Michael
Brandt, Alon Brav, and John
Graham)
v Review of
Financial Studies, 23 (2), 863-899,
2010.
16. Hard-To-Value
Stocks, Behavioral Biases, and Informed Trading
v Formerly
titled When Do Investors Exhibit Stronger Behavioral Biases?
v Journal of
Financial and Quantitative Analysis, 44 (6), 1375-1401, 2009.
17. Dynamic
Style Preferences of Individual Investors and Stock Returns
v Formerly
titled Style Switching and Stock Returns.
v Journal of
Financial and Quantitative Analysis,
44 (3),
607-640, 2009.
18. Who
Gambles in the Stock Market?
v Journal of
Finance, 64 (4), 1889-1933,
2009.
19. Equity
Portfolio Diversification (with William N. Goetzmann)
v Formerly
titled Why Do Individual Investors Hold Under-Diversified Portfolios?
v Review of
Finance, 12 (3), 433-463, 2008. Lead article.
20. How Do
Decision Frames Influence the Stock Investment Choices of Individual
Investors? (with Sonya Lim)
v Management
Science, 54 (6), 1052-1064, 2008.
21. Foreign
Investments of U.S. Individual Investors: Causes and Consequences (with
Warren Bailey and David T.
Ng)
v Management
Science, 54 (3), 443-459, 2008.
22. Do the
Diversification Choices of Individual Investors Influence Stock Returns?
v Journal of Financial
Markets, 10 (4), 362-390, 2007.
23. Retail
Investor Sentiment and Return Comovements,
(with Charles M.C. Lee)
v Journal of
Finance, 61 (5), 2451-2486, 2006.
24. Do
Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail
Investors (with John Graham)
v Journal of
Finance, 61 (3), 1305-1336, 2006.
25. Variations
on the Theme of Scarf's Counter-Example (with Martin
Shubik)
v Computational
Economics, 24 (1), 1-19, 2004. Lead article.
26. A
Computational Analysis of Core Convergence in a Multiple Equilibria Economy (with Martin
Shubik)
v Games and
Economic Behavior, 42,
253-266, 2003.
27. The Dow
Theory: William Peter Hamilton's Track Record Re-Considered
(with William
N. Goetzmann and Stephen
J. Brown)
v Journal of
Finance,
53 (4), 1311-1333, 1998.
Books and Book Chapters
28. Psychology-Based Trading
Strategies, Oxford University Press,
2013, Forthcoming.
29. Cognitive
Abilities and Financial Decisions (with George
Korniotis), Behavioral Finance
(edited by H. Kent Baker and John Nofsinger), Chapter 30, John Wiley and
Sons, 2010.
WORKING
PAPERS
Revise and Resubmit
30. Political Values, Culture, and Corporate Litigation (with
Irena
Hutton and Danling
Jiang).
v Second round at the Management
Science.
31. Income Hedging and Portfolio Decisions (with
Yosef
Bonaparte and George Korniotis).
v Second round at the Journal of
Financial Economics.
32. What is in a Name? Mutual Fund Flows When Managers
Have Foreign-Sounding Names (with Alexandra
Niessen-Ruenzi and Oliver
Spalt).
v EFA
2012.
v Second round at the Review of
Financial Studies.
33. Gambling and Comovement
(with Jeremy Page and
Oliver Spalt).
v AFA
2011.
v Second round at the Journal of
Financial and Quantitative Analysis.
Reject and Resubmit
34. Home Away From Home: Economic Relevance and Local
Investors (with Gennaro
Bernile and Johan
Sulaeman). June 2012.
v AFA
2012, FIRS 2011.
Papers Under Initial
Submission
35. Stature, Obesity, and Portfolio Choice (with
George
Korniotis). May 2013.
v Formerly
titled Tall versus Short: Height, Lifelong Experiences, and Portfolio
Choice.
36. Analysts, Macroeconomic News, and the Benefit of
In-House Economists (with Artur Hugon and An-Ping Lin). April
2013.
37. Geography of Firms and Propagation of Local Economic
Shocks (with Gennaro
Bernile, and George Korniotis). April 2013.
38. Why the Going-Concern Anomaly: Gambling in the Market?
(with Asad Kausar and Richard J.
Taffler). April 2013.
39. Online Search and Return Comovement
(with Ashish Agarwal, Alvin Leung, and Prabhudev Konana). April
2013.
40. Investor Sophistication and Asset Prices (with
George Korniotis and Jeremy Page). March
2013.
41. Prozac for Depressed States? Effect of Mood on Local
Economic Recessions (with Vidhi
Chhaochharia and George Korniotis). December 2012.
v
WSJ Economic Blog, Miami
Herald, NPR, Psychology Today (Sept/Oct 2011).
42. Political Climate, Optimism, and Investment Decisions (with
Yosef
Bonaparte and Jeremy
Page). June 2012.
v AFA
2012, 2011 Queens Behavioral Finance Conference.
v
New York Times (January
31, 2010).
Other Working Papers and
Work-in-Progress
43. Income Hedging and Asset
Prices (with George Korniotis and Jawad Addoum). March 2013.
44. Political Sentiment and Predictable Returns
(with Jawad Addoum). March 2013.
45. Political Contributions, Conservatism, and Analyst
Behavior (with Danling
Jiang and Kelvin
Law). May 2013.
v Formerly
titled Republican Equity Analysts.
46. Local Business Cycles and Local Liquidity (with
Gennaro
Bernile, George Korniotis, and Qin Wang). February
2013.
47. Social Risk and Portfolio
Choice (with Yosef
Bonaparte). March 2013.
48. Leveling the Playing Field: Regulation and
Disappearing Local Bias (with Gennaro
Bernile and Johan
Sulaeman). October 2012.
v China
International Conference 2012, EFA 2012.
49. Fleeting Local Information: Intraquarter
Trading and Performance of Institutional Investors (with Gennaro
Bernile, Johan Sulaeman,
and Qin Wang). September 2012.
50. Under-Estimating Female
CEOs (with Justin
Wolfers).
v 2008
Conference on Empirical Legal Studies, NBER Law and Economics Summer
Institute 2008, ALEA 2008, UT Economics of Business and Law Symposium 2008.
Under major revision.
OTHER
RELATED WORK
1.
Aspnes, James, David F. Fischer, Michael
J. Fischer, Ming Y. Kao and Alok Kumar, Towards
Understanding the Predictability of Stock Markets From the Perspective of
Computational Complexity, Proceedings
of the 12th Annual ACM-SIAM Symposium on Discrete Algorithms, pp. 745-754, January 2001. SODA version
Full version
2.
Kumar,
Alok and Victor E. McGee, 1996, FEVA (Feature Vector Analysis): Explicitly Looking for
Structure and Forecastability in Time Series Data,
Economic and
Financial Computing, Winter 1996, pp.
165-189.
Last Updated: 4/11/2013.
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