Decision and policy makers often ask experts to forecast a future state. Experts, however, can be biased. In the economics and psychology literature, one extensively studied behavioral bias is called herding. Under strong levels of herding, it is generally known that disclosure of public...

We document significant persistence in the market timing performance of active individual investors, suggesting that some investors are skilled at timing. Using data on all trades by active Finnish individual investors over almost 15 years, we also show that the net purchases of skilled versus...