Inexperienced Investors and Bubbles
---- Acknowledgements -----
We thank Morningstar and Sarah Woolverton for data and Hae Mi Choi for research assistance. We received helpful comments from an anonymous referee, Fernando Broner, Harrison Hong, Chris Malloy, Nelli Oster, Jeremy Stein, David Stolin, Annette Vissing-Jorgensen, Jeff Wurgler, seminar participants at the CEPR Conference on Asset Price Bubbles, the NBER Behavioral Finance Meeting, the UC Davis Napa Conference on Financial Markets Research, the WRDS user conference, London Business School, NYU, and Toulouse Business School. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.