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NBER Papers on Behavioral Finance Working Group

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2021
w28854 Long Chen
Yadong Huang
Shumiao Ouyang
Wei Xiong

The Data Privacy Paradox and Digital Demand
w28824 Nicolae B. Gârleanu
Stavros Panageas
Geoffery X. Zheng

A Long and a Short Leg Make For a Wobbly Equilibrium
w28796 Stephen L. Ross
Tingyu Zhou

Loss Aversion in Housing Sales Prices: Evidence from Focal Point Bias
w28730 Kazi Iqbal
Asadul Islam
John A. List
Vy Nguyen

Myopic Loss Aversion and Investment Decisions: from the Laboratory to the Field
w28718 Catherine Balfe
Patrick Button
Mary Penn
David Schwegman

Infrequent Identity Signals and Detection Risks in Audit Correspondence Studies
w28692 Valentin Haddad
Tyler Muir

Do Intermediaries Matter for Aggregate Asset Prices?
w28650 Benjamin Enke
Uri Gneezy
Brian Hall
David C. Martin
Vadim Nelidov
Theo Offerman
Jeroen van de Ven

Cognitive Biases: Mistakes or Missing Stakes?
w28624 Itzhak Ben-David
Jiacui Li
Andrea Rossi
Yang Song

Discontinued Positive Feedback Trading and the Decline of Momentum Profitability
w28611 Lasse Brune
Eric Chyn
Jason T. Kerwin

Pay Me Later: Savings Constraints and the Demand for Deferred Payments
w28604 Francesco Bianchi
Cosmin L. Ilut
Hikaru Saijo

Implications of Diagnostic Expectations: Theory and Applications
w28574 Asaf Bernstein
Peter Koudijs

The Mortgage Piggy Bank: Building Wealth through Amortization
w28484 Ester Faia
Andreas Fuster
Vincenzo Pezone
Basit Zafar

Biases in Information Selection and Processing: Survey Evidence from the Pandemic
w28479 Paolina C. Medina
Vrinda Mittal
Michaela Pagel

The Effect of Stock Ownership on Individual Spending and Loyalty
w28469 John Chalmers
Olivia S. Mitchell
Jonathan Reuter
Mingli Zhong

Auto-Enrollment Retirement Plans for the People: Choices and Outcomes in OregonSaves
w28432 Theis Ingerslev Jensen
Bryan T. Kelly
Lasse Heje Pedersen

Is There A Replication Crisis In Finance?
w28426 Alp Simsek
The Macroeconomics of Financial Speculation
w28408 Pooya Molavi
Alireza Tahbaz-Salehi
Andrea Vedolin

Model Complexity, Expectations, and Asset Prices
w28393 Edward Asiedu
Dean Karlan
Monica P. Lambon-Quayefio
Christopher R. Udry

A Call for Structured Ethics Appendices in Social Science Papers
w28369 Itzhak Ben-David
Francesco Franzoni
Byungwook Kim
Rabih Moussawi

Competition for Attention in the ETF Space
w28363 Ankit Kalda
Benjamin Loos
Alessandro Previtero
Andreas Hackethal

Smart(Phone) Investing? A within Investor-time Analysis of New Technologies and Trading Behavior.
w28361 Abigail Hurwitz
Olivia S. Mitchell
Orly Sade

Longevity Perceptions and Saving Decisions during the COVID-19 Outbreak: An Experimental Investigation
w28356 Marco Del Angel
Caroline Fohlin
Marc D. Weidenmier

Do Global Pandemics Matter for Stock Prices? Lessons from the 1918 Spanish Flu
w28331 Zarek C. Brot-Goldberg
Timothy Layton
Boris Vabson
Adelina Yanyue Wang

The Behavioral Foundations of Default Effects: Theory and Evidence from Medicare Part D
2020
w28312 Naomi Feldman
Ori Heffetz

A Grant to Every Citizen: Survey Evidence of the Impact of a Direct Government Payment in Israel
w28259 Nicholas Bloom
Steven J. Davis
Lucia Foster
Brian Lucking
Scott Ohlmacher
Itay Saporta-Eksten

Business-Level Expectations and Uncertainty
w28234 Michael Bailey
Drew M. Johnston
Martin Koenen
Theresa Kuchler
Dominic Russel
Johannes Stroebel

Social Networks Shape Beliefs and Behavior: Evidence from Social Distancing During the COVID-19 Pandemic
w28226 Stefano Giglio
Bryan T. Kelly
Johannes Stroebel

Climate Finance
w28223 Jennifer Kee
Melinda Knuth
Joanna Lahey
Marco A. Palma

Does Eye-Tracking Have an Effect on Economic Behavior?
w28156 Jie Cao
Sheridan Titman
Xintong Zhan
Weiming Zhang

ESG Preference, Institutional Trading, and Stock Return Patterns
w28138 Victor Stango
Jonathan Zinman

We are all Behavioral, More or Less: A Taxonomy of Consumer Decision Making
w28136 Andreas Grunewald
Jonathan A. Lanning
David C. Low
Tobias Salz

Auto Dealer Loan Intermediation: Consumer Behavior and Competitive Effects
w28121 Hanming Fang
Zenan Wu

Consumer Vulnerability and Behavioral Biases
w28103 Itzhak Ben-David
Jiacui Li
Andrea Rossi
Yang Song

Advice-Driven Demand and Systematic Price Fluctuations
w28102 Lars A. Lochstoer
Tyler Muir

Volatility Expectations and Returns
w28075 Rava Azeredo da Silveira
Yeji Sung
Michael Woodford

Optimally Imprecise Memory and Biased Forecasts
w28028 Jonathan A. Parker
Antoinette Schoar
Yang Sun

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds
w28010 Michael Boutros
Itzhak Ben-David
John R. Graham
Campbell R. Harvey
John W. Payne

The Persistence of Miscalibration
w28007 Daniel J. Benjamin
Mark Alan Fontana
Miles S. Kimball

Reconsidering Risk Aversion
w27979 Alexander W. Butler
Bruce I. Carlin
Alan D. Crane
Boyang Liu
James P. Weston

The Value of Social Status
w27973 Theresa Kuchler
Johannes Stroebel

Social Finance
w27971 John B. Shoven
Daniel B. Walton

An Analysis of the Performance of Target Date Funds
w27969 Svetlana Bender
James J. Choi
Danielle Dyson
Adriana Z. Robertson

Millionaires Speak: What Drives Their Personal Investment Decisions?
w27947 Hassan Afrouzi
Spencer Yongwook Kwon
Augustin Landier
Yueran Ma
David Thesmar

Overreaction and Working Memory
w27889 Paul A. Gompers
Steven N. Kaplan
Vladimir Mukharlyamov

Private Equity and COVID-19
w27866 Ivo Welch
The Wisdom of the Robinhood Crowd
w27860 Victor Stango
Jonathan Zinman

Behavioral Biases are Temporally Stable
w27859 Ravi Jagannathan
Yang Zhang

A Return Based Measure of Firm Quality
w27853 Steven N. Kaplan
Morten Sorensen
Anastasia A. Zakolyukina

What Is CEO Overconfidence? Evidence from Executive Assessments
w27843 Jules H. van Binsbergen
Xiao Han
Alejandro Lopez-Lira

Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases
w27820 Cosmin L. Ilut
Rosen Valchev

Economic Agents as Imperfect Problem Solvers
w27784 Josue Cox
Daniel L. Greenwald
Sydney C. Ludvigson

What Explains the COVID-19 Stock Market?
w27745 Erol Akcay
David Hirshleifer

Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics
w27740 Scott R. Baker
Stephanie G. Johnson
Lorenz Kueng

Financial Returns to Household Inventory Management
w27735 David Hirshleifer
Joshua Plotkin

Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits
w27712 Ricardo J. Caballero
Alp Simsek

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect
w27655 Söhnke M. Bartram
Mark Grinblatt
Yoshio Nozawa

Book-to-Market, Mispricing, and the Cross-Section of Corporate Bond Returns
w27653 Zhuang Liu
Michael Sockin
Wei Xiong

Data Privacy and Temptation
w27648 Irem Demirci
Miguel A. Ferreira
Pedro Matos
Clemens Sialm

How Global is Your Mutual Fund? International Diversification from Multinationals
w27638 Richard Sias
Laura Starks
Harry J. Turtle

Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation
w27635 Marius Guenzel
Ulrike Malmendier

Behavioral Corporate Finance: The Life Cycle of a CEO Career
w27573 Mathias Kronlund
Veronika K. Pool
Clemens Sialm
Irina Stefanescu

Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations
w27487 Antoinette Schoar
Kelvin Yeung
Luo Zuo

The Effect of Managers on Systematic Risk
w27459 John Beshears
James J. Choi
Christopher Clayton
Christopher Harris
David Laibson
Brigitte C. Madrian

Optimal Illiquidity
w27454 Itzhak Ben-David
Justin Birru
Andrea Rossi

The Performance of Hedge Fund Performance Fees
w27439 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19
w27438 David Blanchett
Michael S. Finke
Jonathan Reuter

Portfolio Delegation and 401(k) Plan Participant Responses to COVID-19
w27412 Nicolas L. Bottan
Ricardo Perez-Truglia

Betting on the House: Subjective Expectations and Market Choices
w27410 Jacob Boudoukh
Ronen Israel
Matthew P. Richardson

Biases in Long-Horizon Predictive Regressions
w27406 Francesco Bianchi
Sydney C. Ludvigson
Sai Ma

Belief Distortions and Macroeconomic Fluctuations
w27399 Francesco D’Acunto
Daniel Hoang
Michael Weber

Managing Households' Expectations with Unconventional Policies
w27396 Robin Greenwood
Samuel G. Hanson
Andrei Shleifer
Jakob Ahm Sørensen

Predictable Financial Crises
w27380 Samuel M. Hartzmark
David H. Solomon

Reconsidering Returns
w27363 Qiping Xu
Eric Zwick

Tax Policy and Abnormal Investment Behavior
w27327 David Danz
Lise Vesterlund
Alistair J. Wilson

Belief Elicitation: Limiting Truth Telling with Information on Incentives
w27318 Steffen Andersen
Julie Marx
Kasper Meisner Nielsen
Lise Vesterlund

Gender Differences in Negotiation: Evidence from Real Estate Transactions
w27313 Ricardo J. Caballero
Alp Simsek

Monetary Policy with Opinionated Markets
w27308 George-Marios Angeletos
Zhen Huo
Karthik A. Sastry

Imperfect Macroeconomic Expectations: Evidence and Theory
w27299 Theresa Kuchler
Yan Li
Lin Peng
Johannes Stroebel
Dexin Zhou

Social Proximity to Capital: Implications for Investors and Firms
w27283 Pedro Bordalo
Nicola Gennaioli
Rafael La Porta
Andrei Shleifer

Expectations of Fundamentals and Stock Market Puzzles
w27272 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Inside the Mind of a Stock Market Crash
w27265 Andrew Caplin
Daniel J. Martin

Framing, Information, and Welfare
w27261 Olivia S. Mitchell
Building Better Retirement Systems in the Wake of the Global Pandemic
w27227 Alexander M. Chinco
Samuel M. Hartzmark
Abigail B. Sussman

Necessary Evidence For A Risk Factor's Relevance
w27171 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Model of Managing the Financial System
w27168 Valentin Haddad
Alan Moreira
Tyler Muir

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response
w27160 Augustin Landier
David Thesmar

Earnings Expectations in the COVID Crisis
w27155 Nicholas C. Barberis
Lawrence J. Jin
Baolian Wang

Prospect Theory and Stock Market Anomalies
w27097 Scott R. Baker
R. A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
w27092 Sergey Chernenko
Adi Sunderam

Measuring the Perceived Liquidity of the Corporate Bond Market
w27088 Arvind Krishnamurthy
Wenhao Li

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
w27051 Christopher Hansman
Harrison Hong
Áureo de Paula
Vishal Singh

A Sticky-Price View of Hoarding
w27025 John Y. Campbell
Roman Sigalov

Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
w27010 Mark Garmaise
Yaron Levi
Hanno Lustig

Spending Less After (Seemingly) Bad News
w26960 Michael Bailey
Abhinav Gupta
Sebastian Hillenbrand
Theresa Kuchler
Robert J. Richmond
Johannes Stroebel

International Trade and Social Connectedness
w26949 Scott R. Baker
R.A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic
w26914 Paul Goldsmith-Pinkham
Kelly Shue

The Gender Gap in Housing Returns
w26911 Hongqi Liu
Cameron Peng
Wei A. Xiong
Wei Xiong

Taming the Bias Zoo
w26857 Robert J. Shiller
Popular Economic Narratives Advancing the Longest U.S. Economic Expansion 2009-2019
w26849 Jason Abaluck
Giovanni Compiani

A Method to Estimate Discrete Choice Models that is Robust to Consumer Search
w26837 Francesco D’Acunto
Ulrike Malmendier
Michael Weber

Gender Roles and the Gender Expectations Gap
w26831 Julien Pénasse
Luc Renneboog
José A. Scheinkman

When a Master Dies: Speculation and Asset Float
w26830 Yueran Ma
Tiziano Ropele
David Sraer
David Thesmar

A Quantitative Analysis of Distortions in Managerial Forecasts
w26818 Christine Laudenbach
Ulrike Malmendier
Alexandra Niessen-Ruenzi

The Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets
w26817 Francesco D’Acunto
Thomas Rauter
Christoph K. Scheuch
Michael Weber

Perceived Precautionary Savings Motives: Evidence from FinTech
w26801 Luigi Butera
Philip J. Grossman
Daniel Houser
John A. List
Marie-Claire Villeval

A New Mechanism to Alleviate the Crises of Confidence in Science-With An Application to the Public Goods Game
w26778 Olivier Coibion
Dimitris Georgarakos
Yuriy Gorodnichenko
Michael Weber

Forward Guidance and Household Expectations
w26743 Benjamin M. Hébert
Michael Woodford

Neighborhood-Based Information Costs
w26701 Marco Cipriani
Ana Fostel
Daniel Houser

Leverage and Asset Prices: An Experiment.
w26684 Olivia S. Mitchell
Stephen Utkus

Target Date Funds and Portfolio Choice in 401(k) Plans
w26668 Benjamin Loos
Steffen Meyer
Michaela Pagel

The Consumption Effects of the Disposition to Sell Winners and Hold Losers
w26664 Benjamin Enke
Frederik Schwerter
Florian Zimmermann

Associative Memory and Belief Formation
w26619 Lamar Pierce
Alex Rees-Jones
Charlotte Blank

The Negative Consequences of Loss-Framed Performance Incentives

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