We propose a simple method for estimating betas (factor loadings) when factors are measured with error: Ordinary Least-squares Instrumental Variable Estimator (OLIVE). OLIVE is intuitive and easy to implement. OLIVE performs well when the number of instruments becomes large (can be larger than...

We find that opinion divergence among professional investment managers is commonplace, using a large sample of transaction-level institutional trading data. When managers trade together, future returns are similar regardless if they are all buying or selling, inconsistent with the notion that...

Using account-level data, this study examines the impact of local public environmental awareness on investors' stock trading behavior. We match city-level investor trading behavior with local public environmental awareness, as proxied by local Internet searches. Our results show that investors...