We study the effects of an exogenous change in the displayed purchase prices of all mutual funds in individuals' portfolios using data on all security trades, holdings, spending, and income from an online retail bank. We find that individuals are more likely to sell what we call fictitious...

We use individual-level data on all security trades, holdings, spending, and income from an online retail bank. We study the effects of an exogenous change in the displayed purchase prices of the mutual funds in individuals’ portfolios. We find that individuals are more likely to sell what we...

We use individual-level data on all security trades, holdings, spending, and income from an online retail bank. We study the effects of an exogenous change in the displayed purchase prices of the mutual funds in individuals' portfolios. We find that individuals are more likely to sell what we...