type="main" <title type="main">ABSTRACT</title> <p>We conduct a study in which subjects trade stocks in an experimental market while we measure their brain activity using functional magnetic resonance imaging. All of the subjects trade in a suboptimal way. We use the neural data to test a “realization utility”...</p>

The authors investigate the transition from private to public ownership of companies that had previously been subject to leveraged buyouts. They show that the information asymmetry problem firms face when they go to public markets for equity, as well as behavioral and debt overhang effects, will...

The relative performance of no-load, growth-oriented mutual funds persists in the near term, with the strongest evidence for a one-year evaluation horizon. Portfolios of recent poor performers do significantly worse than standard benchmarks; those of recent top performers do better, though not...