The risk-return tradeoff in financial markets is at the heart of asset pricing. The literature
typically explores this topic by linking risk measures of financial assets to their subsequent …

I develop a framework to quantify which features of investors' dynamic trading strategies
lead to momentum in equilibrium. I distinguish persistent demand shocks, capturing …

We show that short-term reversal behavior declines with a stock's turnover and the prior
month's price-to-52-week-high ratio (PTH), shifting to momentum for stocks with both a …

We test whether forecast bias affects household stock trading by combining measures of
bias elicited in laboratory experiments with administrative trade-level data. On average …

We examine how large language models (LLMs) interpret historical stock returns and
compare their forecasts with estimates from a crowd-sourced platform for ranking stocks …

We conduct an eye-tracking study to investigate how investors allocate their attention across
a price chart when predicting future stock prices. Eye-tracking data accurately predict the …

This paper examines extrapolative patterns of analysts' expectations in the cross-section of
firms. Using analysts' target prices, I estimate the degree of extrapolative weighting capturing …

We develop a general equilibrium model in which investors simultaneously experience
money and nominal price illusions. We show that the combined effects of these illusions …

We develop a dynamic model of index investing that can reconcile key cross-sectional
differences between index and non-index stocks. In our model, investors with extrapolative …

We use intraday time-stamped transaction data to investigate the unsettled question of
whether institutional investors can predict stock returns in retail-dominated markets. By …