We survey the recent literature on learning in financial markets. Our main theme is that many
financial market phenomena that appear puzzling at first sight are easier to understand once …

We measure financial literacy using questions assessing basic knowledge of four
fundamental concepts in financial decision making: knowledge of interest rates, interest …

In this survey, we review the voluminous body of literature on the measurement and the
determinants of financial literacy. Wherever possible, we supplement existing findings with …

Purpose The purpose of this paper is to review the insights provided by behavioral finance
studies conducted in the last decade (2006-2015) examining behavioral variables in …

Robinhood investors increased their holdings in the March 2020 COVID bear market,
indicating an absence of collective panic and margin calls. This steadfastness was rewarded …

We document a rapid increase in retail trading in options in the United States. Facilitated by
payment for order flow (PFOF) from wholesalers executing retail orders, retail trading …

We provide an overview of research on the stock trading behavior of individual investors.
This research documents that individual investors (1) underperform standard benchmarks …

From the field's leading authority, the most authoritative and comprehensive advanced-level
textbook on asset pricing In Financial Decisions and Markets, John Campbell, one of the …

Combining monthly survey data with matching trading records, we examine how individual
investor perceptions change and drive trading and risk-taking behavior during the 2008 …

We analyze the role of retail investors in stock pricing using a database uniquely suited for
this purpose. The data allow us to address selection bias concerns and to separately …