NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience

John Y. Campbell, Tarun Ramadorai, Benjamin Ranish

NBER Working Paper No. 20000
Issued in March 2014

---- Acknowledgements -----

The first version of this paper was circulated under the title "Getting Better: Learning to Invest in an Emerging Stock Market''. We gratefully acknowledge NSDL and SEBI for providing us with access to the data, the Sloan Foundation for financial support, and the use of the University of Oxford Advanced Research Computing (ARC) facility. We thank Samar Banwat, Chandrashekhar Bhave, Gavin Boyle, Stefano Della Vigna, Luigi Guiso, Michael Haliassos, Matti Keloharju, Ralph Koijen, Stefan Nagel, Nagendar Parakh, Prabhakar Patil, Gagan Rai, G V Nageswara Rao, Enrichetta Ravina, Renuka Sane, Manoj Sathe, Ajay Shah, Tyler Shumway, U.K. Sinha, Jayesh Sule, seminar participants at NSDL, SEBI, NIPFP, NSE, the Einaudi Institute, EDHEC, the Oxford-Man Institute, the IGIDR Emerging Markets Finance Conference, the NBER Household Finance and Behavioural Economics Groups, and the Sloan-Russell Sage Working Group on Behavioral Economics and Consumer Finance for many useful comments, and Vimal Balasubramaniam and Sushant Vale for excellent and dedicated research assistance.

The opinions expressed in this paper are those of the authors and do not necessarily reflect the views of the Board of Governors, other employees of the Federal Reserve System, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for John Y. Campbell -----

John Y. Campbell is a partner in Arrowstreet Capital, LP, a quantitative asset management firm that invests in global equities, including Indian equities, for institutional clients. Arrowstreet Capital did not sponsor and has had no involvement with this research.

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