Working Papers and Slides

For the most recent updates, see https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=2024

(see links to download papers or presentation slides)

War Discourse and Disaster Premia: 160 Years of Evidence from Stock and Bond Markets,” David Hirshleifer, Dat Mai, and Kuntara PukthuanthongMay 2023.
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Do Sell-Side Analysts Say ‘Buy’ While Whispering ‘Sell’?David Hirshleifer, Yushui Shi, and Weili WuFebruary 2023.
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Social Contagion and the Survival of Diverse Investment Styles,” David Hirshleifer, Andrew Lo, and Ruixun ZhangFebruary 2022.
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Up or Out: Resetting Norms for Peer Reviewed Publishing in the Social Sciences,” Campbell Harvey and David Hirshleifer, December 2020.
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Naïve Buying Diversification and Narrow Framing among Individual Investors,” John Gathergood, David Hirshleifer, David Leake, Hiroaki Sakaguchi, and Neil Stewart, October 2022.
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Information Cascades and Social Learning,” Sushil Bikhchandani, David Hirshleifer, Omer Tamuz, and Ivo Welch, working paper version, for Journal of Economic Literature, May 2021.
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News Diffusion in Social Networks and Stock Market Reactions,” David Hirshleifer, Lin Peng, and Qiguang Wang, April 2023.
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Presidential Address: Social Transmission Bias in Economics and Finance,” David Hirshleifer, Journal of Finance, 75(4), August (2020): 1779-1831.
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Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits,” David Hirshleifer and Joshua Plotkin, January 2021.
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Do Trade Creditors Possess Private Information? Evidence from Stock Returns,” David Hirshleifer, Yifan Li, Ben Lourie, and Thomas Ruchti, June 2020.
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First Impressions and Analyst Forecast Bias,” David Hirshleifer, Ben Lourie, Thomas G. Ruchti, and Phong Truong, May 2020
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Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics,” Erol Akcay and David Hirshleifer, December 2020.
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The Exploratory Mindset and Corporate Innovation,” Zhaozhao He and David Hirshleifer, March 2020.
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Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion,” David Hirshleifer, Chong Huang, and Siew Hong Teoh, September 2019.
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Shared Analyst Coverage: Unifying Momentum Spillover Effects,” Usman Ali and David Hirshleifer, March 2019.
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Stock Market Overvaluation, Moon Shots, and Corporate Innovation,” Ming Dong, David Hirshleifer, and Siew Hong Teoh, July 2018. 
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The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies,” Yongqiang Chu, David Hirshleifer, and Liang Ma, July 2018.
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Short and Long Horizon Behavioral Factors,” Kent Daniel, David Hirshleifer, and Lin Sun, March 2018.
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Decision Fatigue and Heuristic Analyst Forecasts,” David Hirshleifer, Yaron Levi, Ben
Lourie, and Siew Hong Teoh, February 2018.
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One Brief Shining Moment(um): Past Momentum Performance and Momentum Reversals,” Usman Ali, Kent Daniel, and David Hirshleifer, April 2017.
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Superstition and Financial Decision Making,” David Hirshleifer, Ming Jian, and Huai Zhang, September 2014.
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Information Cascades and Observational Learning,” Sushil Bikhchandani, David Hirshleifer, and Ivo Welch, September 2005.
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  • Published as: “Information Cascades,” Sushil Bikhchandani, David Hirshleifer, and Ivo Welch, The New Palgrave Dictionary of Economics, Second Edition, Steven N. Durlauf and Lawrence E. Blume, eds., Palgrave Macmillan/U.K., May, 2008.

“Attention, Social Interaction, and Demand for Lottery Stocks,” Turan Bali, David Hirshleifer, Lin Peng, and Yi Tang.
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“Susceptibility in Networks: It’s a Matter of Degree,” (in progress) Benjamin Golub and David Hirshleifer.
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“Moral Attitudes and Financial Decision Making,” (in progress) Jonathan Haidt, David Hirshleifer and Siew Hong Teoh.
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Investor Psychology and Tests of Factor Pricing Models,” Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam, November 2005.
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Disclosure to an Audience with Limited Attention,” David Hirshleifer, Sonya S. Lim, and Siew Hong Teoh, October 2004.
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Firm and Managerial Incentives to Manipulate the Timing of Project Resolution,” David Hirshleifer, Tarun Chordia, and Sonya S. Lim, March 2001.
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Covariance Risk, Mispricing, and the Cross Section of Security Returns,” Kent D. Daniel, David Hirshleifer, and Avanidhar Subrahmanyam, July 2000.
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Institutional Memory, Inertia, and Impulsiveness,” Ivo Welch and David Hirshleifer, September 1999.
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A Theory of Costly Sequential Bidding,” Kent D. Daniel and David Hirshleifer, July 1998.
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A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over-reactions,” Kent D. Daniel, David Hirshleifer, and Avanidhar Subrahmanyam, February 1997.
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“Do Takeovers Increase Value? An Intervention Approach,” Sanjai Bhagat and David Hirshleifer, September 1996.
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Market-Based Estimates of Value Gains from Takeovers: An Intervention Approach,” Sanjai Bhagat and David Hirshleifer, September 1996.
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