Han, Bing; Hirshleifer, David - 2016 - Current version: August 2016
increasing in sender return. A distinctive implication is that the rate of conversion of investors to active investing is convex … population unless the return penalty to active investing is too large. Thus, the model can explain overvaluation of 'active …, sociability and other features of the sending and receiving processes are determinants of the popularity of active investing and …