Der diesjährige Nobelpreisträger Richard H. Thaler ist einer breiteren Öffentlichkeit vor allem durch sein mit Cass R. Sunstein gemeinsam verfasstes Buch zum Nudging bekannt geworden. Tatsächlich hat er in den vergangenen 40 Jahren die Entwicklung der Verhaltensökonomie entscheidend...

This paper takes a first look at investment strategies of managers of 769 pension funds, with total assets of $129 billion at the end of 1989. The data show that managers of these funds tend to oversell stocks that have performed poorly. Relative sales of losers accelerate in the fourth quarter,...

This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when...