We apply a machine-learning algorithm calibrated from general human vision to predict visual salience of parts of a stock price series. We hypothesize that visual salience of adjacent prices increases decision weights on returns computed from those prices. We analyze the inferred decision impact...

Systematic mispricing primarily affects speculative stocks and predominantly results in overpricing, predicting lower average returns. Because speculative stocks overlap with stocks deemed risky by rational models, failing to control for exposure to systematic mispricing can bias tests of...