Using a novel database, we show that the stock-price impact of analyst trade ideas is at least as large as the impact of stock recommendation, target price, and earnings forecast changes, and that investors following trade ideas can earn significant abnormal returns. Trade ideas triggered by...

Climate change is a “crisis multiplier” that has profound effects on various aspects of household decisions. We study the impact of climate change concern on household’s climate-risk-based investment decisions using administrative account-level data of all retail investors from the...

Analyzing over 15 years of account-level trading records from Finland, we show that option features-expiration, moneyness, and the strike price-influence the behavior of retail investors and exacerbate their behavioral biases. Retail investors selectively exploit the expiration feature of...

This paper studies the relation between momentum trading and information. We present a variety of evidence supporting the hypothesis that momentum trading is linked to a lack of information. Firstly, using foreign portfolio flows in individual stocks we document significant momentum trading...

This paper studies the relation between momentum trading and information. I present a variety of evidence supporting the hypothesis that momentum trading is linked to a lack of information. Firstly, using foreign portfolio flows in individual stocks I document significant momentum trading...

Following a ruling of the Israeli Securities Authority, portfolio managers had to obtain their clients' consent, in writing; so that they can continue to receive a fraction of the transaction costs their clients pay the broker executing the trades. One would expect an overwhelming opposition to...