We investigate the returns to individuals who invested in residential real estate over 1999 – 2015. Using purchase and sales prices, we measure returns on properties that were both bought and sold by an investor by annualizing the property's price appreciation. We find that investors...

We investigate how information choices impact equity returns and risk. Building on an existing theoretical model of information and investment choice, we estimate a learning index that reflects the expected benefits of learning about an asset. High learning index stocks have lower future returns...