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...

This paper studies how senior women's representation in the workplace leads to positive outcomes. I find that all-star female analysts positively affect the performance of their peers. Specifically, an increase in the number of all-star females in a brokerage spurs the future performance of...

This paper shows that productivity shocks to the 100 largest U.S. firms (by revenue) contain systematic information. Specifically, shocks to the top-100 firms predict future shocks to geographically close firms. Intra-sector trade links are an important economic channel for spillover effects....

This paper shows that equity analysts exhibit in-group favoritism and have less-favorable views about firms headed by out-of-group CEOs. Using gender to identify group, we find that, compared with female analysts, male analysts have lower earnings forecasts and worse stock recommendations for...

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...

We examine whether grit affects individuals' preferences and trading decisions. Grit is the sustained effort toward a goal despite setbacks. It is malleable and distinct from the Big Five personality traits. Using experiments formalized in prospect theory, we find that grit reduces loss...

Investors' sentiment is typically proxied by aggregate measures. However, it is composed of distinguishable elements, including impermanent emotions and subjective appraisals of well-being. We show that experiencing transient happiness is associated with flows to mutual funds in the following...

This paper tests whether increased rest during holidays improves judgment tasks. We find that earnings forecasts that are issued after holidays are, on average, 55 basis points more accurate than those issued before holidays. This impact is comparable to other determinants of analyst accuracy...

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...