In this article, we stress the impact of sophistication on stocks repurchase behavior by individual investors. By analyzing a large database of 8’072’016 trades by 84’500 individual French investors from 1999 to 2006, we evidence at aggregated and individual level that investors prefer to...

Combining monthly survey data with matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2008–2009 financial crisis. We find that investor perceptions fluctuate significantly during the crisis, with risk tolerance...

We provide evidence of households’ stock market trading in response to clearly identifiable positive cash flow shocks: dividend payments and tender offer proceeds. Transaction cost motives appear important, and there is some support for rational portfolio rebalancing and life cycle...

We use unique equity holdings data for each type of investor to investigate the relationship between individual investors' shareholdings and variables such as corporate characteristics and stock returns in the Korean stock market. We find that stocks with the highest individual holdings...

We designed a commitment savings product for a Philippine bank and implemented it using a randomized control methodology. The savings product was intended for individuals who want to commit now to restrict access to their savings, and who were sophisticated enough to engage in such a mechanism....

Due to the financial crisis, an increasing number of households face financial problems. This may lead to an increasing need for monitoring spending and budgets. We demonstrate that both cash and the debit card are perceived as helpful in this respect. We show that, on average, consumers...

This paper investigates the performance of 56’723 individual investors using a large French database between 1999 and 2006. In accordance with previous studies, investors in our sample exhibit poor performances and the securities bought are less profitable than the securities sold on the whole...

<span lang=\"\\"\\\\"\\\\\\\\"\\\\\\\\\\\\\\\\"EN-GB\\\\\\\\\\\\\\\\"\\\\\\\\"\\\\"\\"\">The dynamic of financial markets is determined by the </span><span lang=\"\\"\\\\"\\\\\\\\"\\\\\\\\\\\\\\\\"EN-GB\\\\\\\\\\\\\\\\"\\\\\\\\"\\\\"\\"\">corporate earnings prospects change but the capital investments also move as investors shift their tolerance to risk. In the finance theory, one of the most important observations is that investors expect higher return for taking higher risk...</span>

Expected utility theory views the individual investment decision as a tradeoff between immediate consumption and deferred consumption. But individuals do not always prefer according to the classical theory of economics. Recent studies on individual investor behavior have shown that they do not...

This paper examines the extent to which individual investors provide liquidity to the stock market, and whether they are compensated for doing so.We show that the ability of aggregate retail order imbalances, contrarian in nature, to predict short-term future returns is significantly enhanced...