Behavioral finance tries to make sense of financial data using models that are based on
psychologically accurate assumptions about people's beliefs, preferences, and cognitive …

We summarize and extend the new literature on the term structure of equity. Short-term
equity claims, or dividend strips, have higher average returns and Sharpe ratios than the …

We estimate how households trade off immediate costs and uncertain future benefits that
occur in the very long run, 100 or more years away. We exploit a unique feature of housing …

Throughout the financial literature, there is a great deal of debate about the nature of
investors' risk preferences. In an ever-changing world, the main schools of knowledge …

Political identity and partisanship are salient features of today's society. Using deeds records
and voter rolls, we show that current residents are more likely to sell their homes when …

We propose a duration‐based explanation for the premia on major equity factors, including
value, profitability, investment, low‐risk, and payout factors. These factors invest in firms that …

ABSTRACT I study the term structure of one‐period expected returns on dividend claims
with different maturity. I find that the slope of the term structure is countercyclical. The …

This paper reviews the literature on the perceived individual‐level demand‐side barriers to
and benefits from seeking and following financial advice. Our review reveals that poor …

Copy trading allows traders in social networks to receive information on the success of other
agents in financial markets and to directly copy their trades. Internet platforms like eToro …

Standard economic models view risk taking and time discounting as two independent
dimensions of decision makers' behavior. However, mounting experimental evidence …