Of many psychological biases, overconfidence has been described as one of the most powerful. Few studies have focused on collective overconfidence in team decision-making by boards of directors since boards are typically "black boxes". Based on the shared cognition and trickle-down effect, we...

Individual investors that are also natural persons play an important role in the stock market as providers of liquidity, and it is their investment performance that directly influences their rate of survival in the market. As to whether the outcome of their operating performance is due to their...

Using a unique data set of complete trade records, we find that large individual investors are successful at picking stocks. Large individual investors' correlated trades not only can move synchronous stock prices but also can positively predict future returns. More importantly, large individual...