NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Obfuscation, Learning, and the Evolution of Investor Sophistication

Bruce Ian Carlin, Gustavo Manso

NBER Working Paper No. 14954
Issued in May 2009

---- Acknowledgements -----

We would like to thank Nittai Bergman, Tony Bernardo, Michael Brennan, Bhagwan Chowdry, Doug Diamond, Darrell Duffie, Paolo Fulghieri, Xavier Gabaix, Rick Green, Mark Grinblatt, Joel Hasbrouck, Leonid Kogan, David Laibson, Francis Longstaff, Holger Mueller, Lubos Pastor, Dick Roll, Andrei Shleifer, Eduardo Schwartz, Avanihdar Subrahmanyam, Sheridan Titman, Pietro Veronesi, Pierre-OlivierWeill, Bilge Yilmaz, and seminar participants at the University of Chicago, NYU, MIT, University ofWashington, UCLA, the Texas Finance Festival, and the annual Netspar Pension Management Conference at Tilburg University. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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