This paper studies the influence of conscientiousness on entrepreneurship activities. Using various proxies from the PSID Well Being survey, we find that households' conscientiousness positively relates to the average number of businesses they own, beyond other Big Five traits. This positive...

Whether a bad mood enhances or hinders problem-solving and financial decision making is an open question. Using the Gallup Analytics survey, we test the depressive realism hypothesis in the earnings forecasts provided by Estimize users. The depressive realism hypothesis states that mild forms of...

This paper investigates the asset pricing implications of the strategic incentives of analysts. I find that deviations between consensus analyst optimism across forecasts and recommendations for the same firm lead to temporary price movements. For example, among firms with differences between...

We show that social changes, like the success of role models, affects household financial decisions. Specifically, minorities underinvest in equity, which contributes to the widening racial wealth gap. But the election of President Obama in 2008, who is a role model from minorities, is a...

We use long-distance running as a quasi-natural experiment and study whether endurance activities affect fund managers' trading behavior. We find that funds with a larger share of marathon runner managers are less prone to the disposition effect. A higher representation of runner managers also...