NBER Papers on Behavioral Finance Working Group

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w27843 Jules H. van Binsbergen
Xiao Han
Alejandro Lopez-Lira

Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases
w27820 Cosmin L. Ilut
Rosen Valchev

Economic Agents as Imperfect Problem Solvers
w27784 Josue Cox
Daniel L. Greenwald
Sydney C. Ludvigson

What Explains the COVID-19 Stock Market?
w27745 Erol Akcay
David Hirshleifer

Social Transmission Bias and Cultural Evolution in Financial Markets
w27740 Scott R. Baker
Stephanie G. Johnson
Lorenz Kueng

Financial Returns to Household Inventory Management
w27735 David Hirshleifer
Joshua Plotkin

Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits
w27712 Ricardo J. Caballero
Alp Simsek

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect
w27655 Söhnke M. Bartram
Mark Grinblatt
Yoshio Nozawa

Book-to-Market, Mispricing, and the Cross-Section of Corporate Bond Returns
w27653 Zhuang Liu
Michael Sockin
Wei Xiong

Data Privacy and Temptation
w27648 Irem Demirci
Miguel A. Ferreira
Pedro Matos
Clemens Sialm

How Global is Your Mutual Fund? International Diversification from Multinationals
w27638 Richard Sias
Laura Starks
Harry J. Turtle

Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation
w27635 Marius Guenzel
Ulrike Malmendier

Behavioral Corporate Finance: The Life Cycle of a CEO Career
w27573 Mathias Kronlund
Veronika K. Pool
Clemens Sialm
Irina Stefanescu

Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations
w27487 Antoinette Schoar
Kelvin Yeung
Luo Zuo

The Effect of Managers on Systematic Risk
w27459 John Beshears
James J. Choi
Christopher Clayton
Christopher Harris
David Laibson
Brigitte C. Madrian

Optimal Illiquidity
w27454 Itzhak Ben-David
Justin Birru
Andrea Rossi

The Performance of Hedge Fund Performance Fees
w27439 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19
w27438 David Blanchett
Michael S. Finke
Jonathan Reuter

Portfolio Delegation and 401(k) Plan Participant Responses to COVID-19
w27412 Nicolas L. Bottan
Ricardo Perez-Truglia

Betting on the House: Subjective Expectations and Market Choices
w27410 Jacob Boudoukh
Ronen Israel
Matthew P. Richardson

Biases in Long-Horizon Predictive Regressions
w27406 Francesco Bianchi
Sydney C. Ludvigson
Sai Ma

Belief Distortions and Macroeconomic Fluctuations
w27399 Francesco D’Acunto
Daniel Hoang
Michael Weber

Managing Households' Expectations with Unconventional Policies
w27396 Robin Greenwood
Samuel G. Hanson
Andrei Shleifer
Jakob Ahm Sørensen

Predictable Financial Crises
w27380 Samuel M. Hartzmark
David H. Solomon

Reconsidering Returns
w27363 Qiping Xu
Eric Zwick

Tax Policy and Abnormal Investment Behavior
w27327 David Danz
Lise Vesterlund
Alistair J. Wilson

Belief Elicitation: Limiting Truth Telling with Information on Incentives
w27318 Steffen Andersen
Julie Marx
Kasper Meisner Nielsen
Lise Vesterlund

Gender Differences in Negotiation: Evidence from Real Estate Transactions
w27313 Ricardo J. Caballero
Alp Simsek

Monetary Policy with Opinionated Markets
w27308 George-Marios Angeletos
Zhen Huo
Karthik A. Sastry

Imperfect Macroeconomic Expectations: Evidence and Theory
w27299 Theresa Kuchler
Yan Li
Lin Peng
Johannes Stroebel
Dexin Zhou

Social Proximity to Capital: Implications for Investors and Firms
w27283 Pedro Bordalo
Nicola Gennaioli
Rafael La Porta
Andrei Shleifer

Expectations of Fundamentals and Stock Market Puzzles
w27272 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Inside the Mind of a Stock Market Crash
w27265 Andrew Caplin
Daniel J. Martin

Framing, Information, and Welfare
w27261 Olivia S. Mitchell
Building Better Retirement Systems in the Wake of the Global Pandemic
w27227 Alexander M. Chinco
Samuel M. Hartzmark
Abigail B. Sussman

Necessary Evidence For A Risk Factor's Relevance
w27171 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Model of Managing the Financial System
w27168 Valentin Haddad
Alan Moreira
Tyler Muir

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response
w27160 Augustin Landier
David Thesmar

Earnings Expectations in the COVID Crisis
w27155 Nicholas C. Barberis
Lawrence J. Jin
Baolian Wang

Prospect Theory and Stock Market Anomalies
w27097 Scott R. Baker
R. A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
w27092 Sergey Chernenko
Adi Sunderam

Measuring the Perceived Liquidity of the Corporate Bond Market
w27088 Arvind Krishnamurthy
Wenhao Li

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
w27051 Christopher Hansman
Harrison Hong
Áureo de Paula
Vishal Singh

A Sticky-Price View of Hoarding
w27025 John Y. Campbell
Roman Sigalov

Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
w27010 Mark Garmaise
Yaron Levi
Hanno Lustig

Spending Less After (Seemingly) Bad News
w26960 Michael Bailey
Abhinav Gupta
Sebastian Hillenbrand
Theresa Kuchler
Robert J. Richmond
Johannes Stroebel

International Trade and Social Connectedness
w26949 Scott R. Baker
R.A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic
w26914 Paul Goldsmith-Pinkham
Kelly Shue

The Gender Gap in Housing Returns
w26911 Hongqi Liu
Cameron Peng
Wei A. Xiong
Wei Xiong

Resolving the Excessive Trading Puzzle: An Integrated Approach Based on Surveys and Transactions
w26857 Robert J. Shiller
Popular Economic Narratives Advancing the Longest U.S. Economic Expansion 2009-2019
w26849 Jason Abaluck
Giovanni Compiani

A Method to Estimate Discrete Choice Models that is Robust to Consumer Search
w26837 Francesco D’Acunto
Ulrike Malmendier
Michael Weber

Gender Roles and the Gender Expectations Gap
w26831 Julien Pénasse
Luc Renneboog
José A. Scheinkman

When a Master Dies: Speculation and Asset Float
w26830 Yueran Ma
Tiziano Ropele
David Sraer
David Thesmar

A Quantitative Analysis of Distortions in Managerial Forecasts
w26818 Christine Laudenbach
Ulrike Malmendier
Alexandra Niessen-Ruenzi

The Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets
w26817 Francesco D’Acunto
Thomas Rauter
Christoph K. Scheuch
Michael Weber

Perceived Precautionary Savings Motives: Evidence from FinTech
w26801 Luigi Butera
Philip J. Grossman
Daniel Houser
John A. List
Marie-Claire Villeval

A New Mechanism to Alleviate the Crises of Confidence in Science-With An Application to the Public Goods Game
w26778 Olivier Coibion
Dimitris Georgarakos
Yuriy Gorodnichenko
Michael Weber

Forward Guidance and Household Expectations
w26743 Benjamin M. Hébert
Michael Woodford

Neighborhood-Based Information Costs
w26701 Marco Cipriani
Ana Fostel
Daniel Houser

Leverage and Asset Prices: An Experiment.
w26684 Olivia S. Mitchell
Stephen Utkus

Target Date Funds and Portfolio Choice in 401(k) Plans
w26668 Benjamin Loos
Steffen Meyer
Michaela Pagel

The Consumption Effects of the Disposition to Sell Winners and Hold Losers
w26664 Benjamin Enke
Frederik Schwerter
Florian Zimmermann

Associative Memory and Belief Formation
w26619 Lamar Pierce
Alex Rees-Jones
Charlotte Blank

The Negative Consequences of Loss-Framed Performance Incentives
w26588 Andreas Fagereng
Martin Blomhoff Holm
Benjamin Moll
Gisle Natvik

Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains
w26586 Ian Martin
Stefan Nagel

Market Efficiency in the Age of Big Data
w26518 Benjamin Enke
Thomas Graeber

Cognitive Uncertainty
w26493 Alexander M. Chinco
Andreas Neuhierl
Michael Weber

Estimating The Anomaly Base Rate
w26469 Marco Cipriani
Ana Fostel
Daniel Houser

Endogenous Leverage and Default in the Laboratory
w26457 Zhenyu Gao
Michael Sockin
Wei Xiong

Economic Consequences of Housing Speculation
w26444 Allan Drazen
Anna Dreber Almenberg
Erkut Y. Ozbay
Erik Snowberg

A Journal-Based Replication of "Being Chosen to Lead"
w26437 Vanya Horneff
Raimond Maurer
Olivia S. Mitchell

How Would 401(k) 'Rothification' Alter Saving, Retirement Security, and Inequality?
w26423 Huaizhi Chen
Lauren Cohen
Umit Gurun

Don't Take Their Word For It: The Misclassification of Bond Mutual Funds
w26394 Bnaya Dreyfuss
Ori Heffetz
Matthew Rabin

Expectations-Based Loss Aversion May Help Explain Seemingly Dominated Choices in Strategy-Proof Mechanisms
w26382 Youssef Benzarti
Playing Hide and Seek: How Lenders Respond to Borrower Protection
w26357 Dietmar Fehr
Günther Fink
Kelsey Jack

Poverty, Seasonal Scarcity and Exchange Asymmetries
w26354 Sean Hundtofte
Arna Olafsson
Michaela Pagel

Credit Smoothing
w26352 Hitoshi Shigeoka
Long-Term Consequences of Growing up in a Recession on Risk Preferences
w26329 Torben G. Andersen
Martin Thyrsgaard
Viktor Todorov

Cross-Sectional Dispersion of Risk in Trading Time
w26290 Carolin Pflueger
Emil Siriwardane
Adi Sunderam

Financial Market Risk Perceptions and the Macroeconomy
w26258 Michael Woodford
Modeling Imprecision in Perception, Valuation and Choice
w26255 Stefan Nagel
Zhengyang Xu

Asset Pricing with Fading Memory
w26237 Francesco D’Acunto
Ulrike Malmendier
Juan Ospina
Michael Weber

Exposure to Daily Price Changes and Inflation Expectations
w26200 Jessica A. Wachter
Michael Jacob Kahana

A Retrieved-Context Theory Of Financial Decisions
w26180 William Morrison
Dmitry Taubinsky

Rules of Thumb and Attention Elasticities: Evidence from Under- and Overreaction to Taxes
w26176 Anya Samek
Arie Kapteyn
Andre Gray

Using Vignettes to Improve Understanding of Social Security and Annuities
w26110 Jeremy Burke
Julian Jamison
Dean Karlan
Kata Mihaly
Jonathan Zinman

Credit Building or Credit Crumbling? A Credit Builder Loan's Effects on Consumer Behavior, Credit Scores and Their Predictive Power
w26109 Joshua Schwartzstein
Adi Sunderam

Using Models to Persuade
w26078 Gopi Shah Goda
Matthew R. Levy
Colleen Flaherty Manchester
Aaron Sojourner
Joshua Tasoff

Who is a Passive Saver Under Opt-In and Auto-Enrollment?
w26048 Tatiana Homonoff
Rourke O'Brien
Abigail B. Sussman

Does Knowing Your FICO Score Change Financial Behavior? Evidence from a Field Experiment with Student Loan Borrowers
w25977 Ricardo J. Caballero
Alp Simsek

Prudential Monetary Policy
w25976 Kate Bundorf
Maria Polyakova
Ming Tai-Seale

How do Humans Interact with Algorithms? Experimental Evidence from Health Insurance
w25956 David Altig
Jose Maria Barrero
Nicholas Bloom
Steven J. Davis
Brent H. Meyer
Nicholas Parker

Surveying Business Uncertainty
w25929 Orazio Attanasio
Matthew Bird
Lina Cardona-Sosa
Pablo Lavado

Freeing Financial Education via Tablets: Experimental Evidence from Colombia
w25920 Guido Friebel
Matthias Heinz
Mitchell Hoffman
Nick Zubanov

What Do Employee Referral Programs Do? Measuring the Direct and Overall Effects of a Management Practice
w25905 Benjamin M. Marx
Lesley J. Turner

Student Loan Choice Overload
w25876 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian
William L. Skimmyhorn

Borrowing to Save? The Impact of Automatic Enrollment on Debt
w25843 Michael Bailey
Drew M. Johnston
Theresa Kuchler
Johannes Stroebel
Arlene Wong

Peer Effects in Product Adoption
w25838 Yosef Bonaparte
Russell Cooper
Mengli Sha

Rationalizing Trading Frequency and Returns: Maybe Trading is Good for You
w25814 Eliezer Fich
Viktoriya Lantushenko
Clemens Sialm

Institutional Trading Around M&A Announcements
w25802 Uzma Afzal
Giovanna D'Adda
Marcel Fafchamps
Simon R. Quinn
Farah Said

Implicit and Explicit Commitment in Credit and Saving Contracts: A Field Experiment
w25777 Aydoğan Alti
Sheridan Titman

A Dynamic Model of Characteristic-Based Return Predictability
w25751 Kelly Shue
Richard R. Townsend

Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets
w25750 Hugh Hoikwang Kim
Raimond Maurer
Olivia S. Mitchell

How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages
w25747 Robin Greenwood
Samuel G. Hanson
Lawrence J. Jin

Reflexivity in Credit Markets
w25746 Jason A. Aimone
Brittany Ward
James E. West

Dishonest Behavior: Sin Big or Go Home
w25744 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Five Facts about Beliefs and Portfolios
w25734 Robert F. Engle III
Stefano Giglio
Bryan T. Kelly
Heebum Lee
Johannes Stroebel

Hedging Climate Change News
w25720 Scott R. Baker
Nicholas Bloom
Steven J. Davis
Kyle J. Kost

Policy News and Stock Market Volatility
w25718 Paul D. Adams
Stefan Hunt
Christopher Palmer
Redis Zaliauskas

Testing the Effectiveness of Consumer Financial Disclosure: Experimental Evidence from Savings Accounts
w25692 Pedro Bordalo
Katherine Coffman
Nicola Gennaioli
Frederik Schwerter
Andrei Shleifer

Memory and Representativeness
w25668 Bronson Argyle
Taylor D. Nadauld
Christopher Palmer

Monthly Payment Targeting and the Demand for Maturity
w25662 Eduardo Dávila
Cecilia Parlatore

Trading Costs and Informational Efficiency
w25653 Òscar Jordà
Moritz Schularick
Alan M. Taylor

The Total Risk Premium Puzzle
w25652 Michael P. Keane
Jonathan D. Ketcham
Nicolai V. Kuminoff
Timothy Neal

Evaluating Consumers' Choices of Medicare Part D Plans: A Study in Behavioral Welfare Economics
w25650 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Memory and Reference Prices: an Application to Rental Choice
w25590 James Andreoni
Michael A. Kuhn
John A. List
Anya Samek
Kevin Sokal
Charles Sprenger

Toward an Understanding of the Development of Time Preferences: Evidence from Field Experiments
w25567 John Gathergood
David Hirshleifer
David Leake
Hiroaki Sakaguchi
Neil Stewart

Naïve *Buying* Diversification and Narrow Framing by Individual Investors
w25566 Bing Han
David Hirshleifer
Johan Walden

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving
w25561 Kanin Anantanasuwong
Roy Kouwenberg
Olivia S. Mitchell
Kim Peijnenberg

Ambiguity Attitudes about Investments: Evidence from the Field
w25551 Sina Ehsani
Juhani T. Linnainmaa

Factor Momentum and the Momentum Factor
w25542 Steffen Meyer
Michaela Pagel

Fully Closed: Individual Responses to Realized Gains and Losses
w25540 Victor Stango
Jonathan Zinman

We are all Behavioral, More or Less: Measuring and Using Consumer-level Behavioral Sufficient Statistics
w25536 Robert J. Shiller
Narratives about Technology-Induced Job Degradations Then and Now
w25496 Francesco D’Acunto
Daniel Hoang
Maritta Paloviita
Michael Weber

IQ, Expectations, and Choice
w25478 Rava Azeredo da Silveira
Michael Woodford

Noisy Memory and Over-Reaction to News
w25473 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

Active Choice, Implicit Defaults, and the Incentive to Choose
w25417 Peter Ganong
Pascal J. Noel

Consumer Spending During Unemployment: Positive and Normative Implications

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Generated on Tue Sep 22 00:00:05 2020

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