NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets

Kelly Shue, Richard R. Townsend

NBER Working Paper No. 25751
Issued in April 2019

---- Acknowledgments ----

We thank Gen Li, Huijun Sun, Kaushik Vasudevan, and Tianhao Wu for excellent research assistance and the International Center for Finance at the Yale School of Management for their support. We thank seminar audiences and discussants at the AFA, Arrowstreet Capital, Behavioral Economics Annual Meeting, D.E. Shaw, Federal Reserve Board, Harvard Business School, London Business School, London School of Economics, Lund University, Miami Behavioral Conference, Microsoft Research, Minnesota Accounting Conference, NBER Behavioral Finance, Penn State, Queen Mary University, Russell FTSE Conference, Russell Sage Behavioral Summer Camp, SFI Lausanne, Society of Quantitative Analysts, TCU Kneeley, Temple University, University of Oregon, UT Austin, Washington University St. Louis, Wharton, and Yale. We thank Nick Barberis, Justin Birru, John Campbell, James Choi, Stefano Giglio, Sam Hartzmark, Bryan Kelly, Toby Moskowitz, Matthew Rabin, and Andrei Shleifer for helpful comments. We are especially grateful to Shimon Kogan for sharing data and analysis. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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