Behavioral finance studies the application of psychology to finance, with a focus on
individual-level cognitive biases. I describe here the sources of judgment and decision …

We review the theory and evidence on IPO activity: why firms go public, why they reward first‐
day investors with considerable underpricing, and how IPOs perform in the long run. Our …

We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital,
nearly all since January 2017. We find evidence of significant ICO underpricing, with …

This paper examines the market for initial coin offerings (ICOs). ICOs are smart contracts
based on blockchain technology that are designed for entrepreneurs to raise external …

We propose a new and direct measure of investor attention using search frequency in
Google (Search Volume Index (SVI)). In a sample of Russell 3000 stocks from 2004 to 2008 …

Investor sentiment, defined broadly, is a belief about future cash flows and investment risks
that is not justified by the facts at hand. The question is no longer whether investor sentiment …

The purpose of this monograph is to provide an overview of the IPO literature since 2000.
The fewer numbers of companies going public in recent years has raised many questions …

The link between asset valuation and investor sentiment is the subject of considerable
debate in the profession. If excessive optimism drives prices above intrinsic values, periods …

We survey the theory and evidence of behavioral corporate finance, which generally takes
one of two approaches. The market timing and catering approach views managerial …

This paper explores a model based on agents with heterogenous beliefs facing short sales
restrictions, and its explanation for the rise, persistence, and eventual fall of Internet stock …