Overconfident Investors, Predictable Returns, and Excessive Trading
---- Acknowledgments ----
This paper was prepared for the Journal of Economic Perspectives Symposium on Overconfidence. We thank Gordon Hanson, Ulrike Malmendier, Enrico Moretti, Timothy Taylor, and Paul Tetlock for helpful discussions and comments, and Chen Wang for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Kent Daniel ----
The author declares that he consults for financial firms, and serves on the academic advisory boards of several financial firms, but has no relevant or material financial interests that bear upon the research described in this paper.