(see links to download papers or presentation slides)
“Naïve Buying Diversification and Narrow Framing among Individual Investors,” John Gathergood, David Hirshleifer, David Leake, Hiroaki Sakaguchi, and Neil Stewart, Journal of Finance, 78(3), June (2023): 1705-1741.
Abstract Abstract & SSRN version Abstract & RePEc version Published Version
“Visibility Bias in the Transmission of Consumption Beliefs and Undersaving,” Bing Han, David Hirshleifer and Johan Walden, Journal of Finance, 78(3), June (2023): 1647-1704.
Abstract Abstract & SSRN version Abstract & RePEc version Published Version
“Macro News and Micro News: Complements or Substitutes?,” David Hirshleifer and Jinfei Sheng, Journal of Financial Economics, 145(3), September (2022): 1006-1024.
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“Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits,” David Hirshleifer and Joshua Plotkin, Proceedings of the National Academy of Sciences, 118(26), June (2021): e2015571118.
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“Social Finance as Cultural Evolution, Transmission Bias and Market Dynamics,” Erol Akçay and David Hirshleifer, Proceedings of the National Academy of Sciences, 118(26), June (2021): e2015568118.
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“Can Individual Investors Beat the Market?” Joshua Coval, David Hirshleifer and Tyler Shumway, Review of Asset Pricing Studies, June (2021): raab017.
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“Social Transmission Bias and Investor Behavior,” Bing Han, David Hirshleifer, and Johan Walden, Journal of Financial and Quantitative Analysis, forthcoming.
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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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“First Impressions and Analyst Forecast Bias,” David Hirshleifer, Ben Lourie, Thomas G. Ruchti, and Phong Truong, Review of Finance, forthcoming.
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“Misvaluation and Corporate Inventiveness,” Ming Dong, David Hirshleifer, and Siew Hong Teoh, Journal of Financial and Quantitative Analysis, forthcoming.
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“Evolutionary dynamics of culturally transmitted, fertility-reducing traits,” Dominik Wodarz, Shaun Stipp, David Hirshleifer, and Natalia Komarova, Proceedings of the Royal Society B: Biological Sciences, April 15, 2020, 287:20192468, Issue 1925.
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“Mood Beta and Seasonalities in Stock Returns,” David Hirshleifer, Danling Jiang, and Yuting Meng, Journal of Financial Economics, 137(1), July, (2020):272-295.
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“Shared Analyst Coverage: A Unified Explanation for Momentum Spillovers,” Usman Ali and David Hirshleifer, Journal of Financial Economics, 136(3), June, (2020):649-675.
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“Short and Long Horizon Behavioral Factors,” Kent Daniel, David Hirshleifer, and Lin Sun, Review of Financial Studies, 33(4), April, (2020):1673-1736.
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“The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies,” Yongqiang Chu, David Hirshleifer, and Liang Ma, Journal of Finance, forthcoming.
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“Decision Fatigue and Heuristic Analyst Forecasts,” David Hirshleifer, Yaron Levi, Ben
Lourie, and Siew Hong Teoh, Journal of Financial Economics, 133(1), July, (2019):83-98.
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“A Theory of Costly Sequential Bidding,” Kent D. Daniel and David Hirshleifer, Review of Finance, 22(5), August, (2018):1631-1665.
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“Innovative Originality, Profitability, and Stock Returns,” David Hirshleifer, Po-Hsuan Hsu, and Dongmei Li, Review of Financial Studies, 31(7), July, (2018):2553-2605.
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“How to Write an Effective Referee Report and Improve the Scientific Review Process,” Jonathan B. Berk, Campbell R. Harvey, and David Hirshleifer, Journal of Economic Perspectives, 31(1), Winter, (2017):231-244.
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“Opportunism as a Managerial Trait: Predicting Insider Trading Profits and Misconduct,” Usman Ali and David Hirshleifer, Journal of Financial Economics, December, 126(3), (2017): 490-515.
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“Superstition and Financial Decision Making,” David Hirshleifer, Ming Jian, and Huai Zhang, Management Science, January, 64(1), (2018):235-252.
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“How Psychological Bias Shapes Accounting and Financial Regulation,” David Hirshleifer and Siew Hong Teoh, Behavioral Public Policy, 1(1), (2017):87-105.
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“Overconfident Investors, Predictable Returns, and Excessive Trading,” Kent Daniel and David Hirshleifer, Journal of Economic Perspectives 29(4), (2015):61-87.
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“Asset Pricing with Extrapolative Expectations and Production,” David Hirshleifer, Jun Li, and Jianfeng Yu, Journal of Monetary Economics, 76, (2015):87–106.
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“Behavioral Finance,” David Hirshleifer, Annual Review of Financial Economics, Vol. 7, December, (2015).
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“Innovative Efficiency and Stock Returns,” David Hirshleifer, Po-Hsuan Hsu, and Dongmei Li, Journal of Financial Economics, 107(3), March, (2013):632-654.
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“Overvalued Equity and Financing Decisions,” Ming Dong, David Hirshleifer, and Siew Hong Teoh, Review of Financial Studies, 25(12), December, (2012):3645-3683.
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“Are Investors Really Reluctant to Realize their Losses? Trading Responses to Past Returns and the Disposition Effect,” Itzhak Ben-David and David Hirshleifer, Review of Financial Studies, 25(8), August, (2012):2485-2532.
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“Are Overconfident CEOs Better Innovators?,” David Hirshleifer, Angie Low, and Siew Hong Teoh, Journal of Finance, 67(4), August, (2012):1457–1498.
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“The Accrual Anomaly: Risk or Mispricing?,” David Hirshleifer, Kewei Hou, and Siew Hong Teoh, Management Science, 58(2), February, (2012):320–335.
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“Limited Investor Attention and Stock Market Misreactions to Accounting Information,” David Hirshleifer, Sonya Lim, and Siew Hong Teoh, Review of Asset Pricing Studies, 1(1), December, (2011): 35-73.
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“Taking the Road Less Traveled by: Does Conversation Eradicate Pernicious Cascades?,” H. Henry Cao, Bing Han, and David Hirshleifer, Journal of Economic Theory, 146(4), July, (2011): 1418-1436.
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“Short Arbitrage, Return Asymmetry and the Accrual Anomaly,” David Hirshleifer, Siew Hong Teoh, and Jeff Jiewei Yu, Review of Financial Studies, 24(7), July, (2011): 2429-2461.
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“Do Investors Learn from Experience? Evidence from Frequent IPO Investors,” Yao-Min Chiang, David Hirshleifer, Yiming Qian, and Ann E. Sherman, Review of Financial Studies, 24(5), May, (2011):1560-1589.
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“Investor Overconfidence and the Forward Premium Puzzle,” Craig Burnside, Bing Han, David Hirshleifer, and Tracy Yue Wang, Review of Economic Studies, 78 (2), (2011):523-558.
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“Fear of the Unknown: Familiarity and Economic Decisions,” Henry Cao, Bing Han, David Hirshleifer, and Harold Zhang, Review of Finance, 15(1), January, (2011):173-206.
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“A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns,” David Hirshleifer and Danling Jiang, Review of Financial Studies, 23(9), (2010):3401-3436.
Abstract Abstract & SSRN version Abstract & RePEc version Published Version
- The UMO factor uses equity and debt financing to identify common misvaluation across firms. UMO is a zero-investment portfolio that goes long on firms that issue securities and short on firms that repurchase. UMO has a high Sharpe ratio, and UMO loadings strongly predict the cross-section of returns among general firms.
Click here to download data on the UMO factor.
“A Cross-Cultural Study of Reference Point Adaptation: Evidence from China, Korea, and the US,” Hal R. Arkes, David Hirshleifer, Danling Jiang, and Sonya S. Lim, Organizational Behavior and Human Decision Processes, 112(2), July, (2010):99-111.
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“Accruals, Cash Flows, and Aggregate Stock Returns,” David Hirshleifer, Kewei Hou, and Siew Hong Teoh, Journal of Financial Economics, 91(3), March, (2009):389-406.
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“Promotion Tournaments and Capital Rationing,” Bing Han, David Hirshleifer, and John C. Persons, Review of Financial Studies, 22(1), January, (2009):219-255.
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“Systemic Risk, Coordination Failures, and Preparedness Externalities: Applications to Tax and Accounting Policy,” David Hirshleifer and Siew Hong Teoh, Journal of Financial Economic Policy, 1(2), May, (2009):128-142.
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“Driven to Distraction: Extraneous Events and Underreaction to Earnings News,” David Hirshleifer, Sonya S. Lim, and Siew Hong Teoh, Journal of Finance, 64(5), October, (2009):2289-2325.
Abstract Presentation Slides Abstract & SSRN version Abstract & RePEc version Published Version
“The Psychological Attraction Approach to Accounting and Disclosure Policy,” David Hirshleifer and Siew Hong Teoh, Contemporary Accounting Research, 26(4), Winter, (2009):1067–1090.
Abstract Abstract & SSRN version Abstract & RePEc version Published Version
“Do Individual Investors Cause Post-Earnings Announcement Drift? Direct Evidence from Personal Trades,” David Hirshleifer, James N. Myers, Linda A. Myers, and Siew Hong Teoh, Accounting Review, 83(6), December, (2008):1521.
Abstract Presentation Slides Abstract & SSRN version Abstract & RePEc version Published Version
“Psychological Bias as a Driver of Financial Regulation,” David Hirshleifer, European Financial Management, 14(5), November, (2008):856-874.
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“Reference Point Adaptation: Tests in the Domain of Security Trading,” Hal R. Arkes, David Hirshleifer, Danling Jiang, and Sonya Lim, Organizational Behavior and Human Decision Processes, 105(1), January, (2008):67-81.
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“Feedback and the Success of Irrational Investors,” David Hirshleifer, Avanidhar Subrahmanyam, and Sheridan Titman, Journal of Financial Economics, 81(2), August, (2006):311-338.
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“Does Investor Misvaluation Drive the Takeover Market?,” Ming Dong, David Hirshleifer, Scott Richardson, and Siew Hong Teoh, Journal of Finance, 61(2), April, (2006):725-762.
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“Decisions Without Blinders,” David Hirshleifer and Siew Hong Teoh, Harvard Business Review, 84(4), April, (2006):143.
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“A Generalized Earnings-Based Stock Valuation Model,” Ming Dong and David Hirshleifer, Manchester School, 73(s1), September, (2005):1-31.
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“Do Tender Offers Create Value? New Methods and Evidence,” Sanjai Bhagat, Ming Dong, David Hirshleifer, and Robert Noah, Journal of Financial Economics, 76(1), April, (2005):3-60.
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“Do Investors Overvalue Firms with Bloated Balance Sheets?,” David Hirshleifer, Kewei Hou, Siew Hong Teoh, and Yinglei Zhang, Journal of Accounting and Economics, 38(1), December, (2004):297-331.
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“Good Day Sunshine: Stock Returns and the Weather,” David Hirshleifer and Tyler Shumway, Journal of Finance, 58(3), June, (2003):1009-1032.
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“Limited Attention, Information Disclosure, and Financial Reporting,” David Hirshleifer and Siew Hong Teoh, Journal of Accounting and Economics, 36(1-3), December, (2003):337-386.
Abstract Presentation Slides Abstract & SSRN version Abstract & RePEc version Published Version
“Herd Behaviour and Cascading in Capital Markets: A Review and Synthesis,” David Hirshleifer and Siew Hong Teoh, European Financial Management, 9(1), (2003):25-66.
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“An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness,” David Hirshleifer and Ivo Welch, Journal of Economics & Management Strategy, 11(3), September, (2002):379-421.
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“Investor Psychology in Capital Markets: Evidence and Policy Implications,” Kent Daniel, David Hirshleifer, and Siew Hong Teoh, Journal of Monetary Economics, 49(1), January, (2002):139-209.
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“Sidelined Investors, Trading-Generated News, and Security Returns,” H. Henry Cao, Joshua D. Coval, and David Hirshleifer, Review of Financial Studies, 15(2), March, (2002):615-648.
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“On the Survival of Overconfident Traders in a Competitive Securities Market,” David Hirshleifer and Guo Ying Luo, Journal of Financial Markets, 4(1), January, (2001):73-84.
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“The Blurring of Boundaries between Financial Institutions and Markets,” David Hirshleifer, Journal of Financial Intermediation, 10(3-4), July-October, (2001):272-275.
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“Investor Psychology and Asset Pricing,” David Hirshleifer, Journal of Finance, 56(4), August, (2001):1533-1597.
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“Overconfidence, Arbitrage, and Equilibrium Asset Pricing,” Kent D. Daniel, David Hirshleifer, and Avanidhar Subrahmanyam, Journal of Finance, 56(3), June, (2001):921-965.
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“Investor Psychology and Security Market Under- and Overreactions,” Kent Daniel, David Hirshleifer, and Avanidhar Subrahmanyam, Journal of Finance, 53(6), December, (1998):1839-1885.
Abstract Presentation Slides Abstract & SSRN version Abstract & RePEc version Published Version
“Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades,” Sushil Bikhchandani, David Hirshleifer, and Ivo Welch, Journal of Economic Perspectives, 12(3), Summer, (1998):151-170.
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“Corporate Control Through Board Dismissals and Takeovers,” David Hirshleifer and Anjan V. Thakor, Journal of Economics & Management Strategy, 7(4), December, (1998):489-520.
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“Managerial Performance, Boards of Directors and Takeover Bidding,” David Hirshleifer and Anjan V. Thakor, Journal of Corporate Finance, 1(1), March, (1994):63-90.
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“Security Analysis and Trading Patterns When Some Investors Receive Information before Others,” David Hirshleifer, Avanidhar Subrahmanyam, and Sheridan Titman, Journal of Finance, 49(5), December, (1994):1665-1698.
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“Managerial Reputation and Corporate Investment Decisions,” David Hirshleifer, Financial Management, 22(2), Summer, (1993):145-160.
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“Futures versus Share Contracting as Means of Diversifying Output Risk,” David Hirshleifer and Avanidhar Subrahmanyam, Economic Journal, 103(418), May, (1993):620-638.
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“Managerial Conservatism, Project Choice, and Debt,” David Hirshleifer and Anjan V. Thakor, Review of Financial Studies, 5(3), July, (1992):437-470.
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“A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades,” Sushil Bikhchandani, David Hirshleifer, and Ivo Welch, Journal of Political Economy, 100(5), October, (1992):992-1026.
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“Risk, Managerial Effort, and Project Choice,” David Hirshleifer and Yoon Suh, Journal of Financial Intermediation, 2(3), September, (1992):308-345.
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- Reprinted in The Theory of Corporate Finance, Vol. 1, M.J. Brennan editor, Edward Elgar Publishers, Cheltenham, UK, 1996, pp. 419-58.
“Corporate Control and Majority Positions,” David Hirshleifer, Cuadernos Economicos de ICE, 50(1), (1992):175-201.
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“Seasonal Patterns of Futures Hedging and the Resolution of Output Uncertainty,” David Hirshleifer, Journal of Economic Theory, 53(2), April, (1991):304-327.
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“Hedging Pressure and Futures Price Movements in a General Equilibrium Model,” David Hirshleifer, Econometrica, 58(2), March, (1990):411-428.
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- Reprinted in The Theory of Futures Markets, P. Weller editor, Blackwell Publishers, Oxford, UK and Cambridge MA, ch. 4, (1992).
“Share Tendering Strategies and the Success of Hostile Takeover Bids,” David Hirshleifer and Sheridan Titman, Journal of Political Economy, 98(2), April, (1990):295-324.
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“Facilitation of Competing Bids and the Price of a Takeover Target,” David Hirshleifer and Ivan P. L. Png, Review of Financial Studies, 2(4), October, (1989):587-606.
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“Futures Trading, Storage, and the Division of Risk: A Multiperiod Analysis,” David Hirshleifer, Economic Journal, 99(397), September, (1989):700-719.
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“Determinants of Hedging and Risk Premia in Commodity Futures Markets,” David Hirshleifer, Journal of Financial and Quantitative Analysis, 24(3), September, (1989):313-331.
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“Cooperation in a Repeated Prisoners’ Dilemma with Ostracism,” David Hirshleifer and Eric B. Rasmusen, Journal of Economic Behavior and Organization, 12(1), August, (1989):87-106.
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“Residual Risk, Trading Costs, and Commodity Futures Risk Premia,” David Hirshleifer, Review of Financial Studies, 1(2), April, (1988):173-193.
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“Risk, Futures Pricing, and the Organization of Production in Commodity Markets,” David Hirshleifer, Journal of Political Economy, 96(6), December, (1988):1206-1220.
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“Price Discrimination through Offers to Match Price,” Ivan P. L. Png and David Hirshleifer, Journal of Business, 60(3), July, (1987):365-383.
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Other Publications
“Common strands in the work of Armen Alchian and Jack Hirshleifer,” David Hirshleifer, Journal of Corporate Finance, 44, June 2017, pp. 563–564.
“Preparing a Referee Report: Guidelines and Perspectives,” Jonathan Berk, Campbell Harvey, and David Hirshleifer, Available at http://ssrn.com/abstract=2547191.
“Editorial: Cosmetic Surgery in the Academic Review Process,” David Hirshleifer, Review of Financial Studies, 28(3), March 2015, pp. 637-649.
“Joint Editorial,”David Hirshleifer, G. William Schwert and Kenneth J. Singleton, Journal of Financial Economics, 110(2), November 2013, p. 279. Review of Financial Studies, 26(11), November 2013 p. 2685-6. Journal of Finance, October 2013, pp. 1719-20.
“Why Do We Regulate Speculation?,” David Hirshleifer, Center for the Study of Financial Regulation Newsletter, Mendoza School of Business, U. Notre Dame, Spring 2012, No.8, pp. 1-2..
“Psychological Influences on Financial Regulation and Policy,” David Hirshleifer and Siew Hong Teoh, Ch. 9 of Behavioral Finance: Investors, Corporations, and Markets, H. Kent Baker and John R. Nofsinger, eds., Wiley, Hoboken, NJ, (2010):151-167.
- Note: The linked PDF is to a prepublication version of the chapter.
“Thought and Behavior Contagion in Capital Markets,” David Hirshleifer and Siew Hong Teoh, Ch. 1 of Handbook of Financial Markets: Dynamics and Evolution, Thorsten Hens and Klaus Reiner Schenk-Hoppé, eds., Handbooks in Finance series (William Ziemba, ed.), Elsevier/North-Holland, (2009):1-56.
Abstract Abstract & RePEc version Abstract & SSRN version
- Note: The linked PDF is to a prepublication version of the chapter.
“Richard A. Lanham, The Economics of Attention: Style and Substance in the Age of Information (2006),” David Hirshleifer, Journal of Bioeconomics, 11(1), April, (2009):99-102.
“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.
“Deception and Self-Deception in Capital Markets,” Joshua D. Coval, David Hirshleifer, and Siew Hong Teoh, Ch. 6 of Deception in Markets, Caroline Gerschlager, ed., Palgrave Macmillan/U.K., (2005):131-169.
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“Informational Cascades and Social Conventions,” David Hirshleifer, in The New Palgrave Dictionary of Economics and the Law, May, (1998):23.
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“Mergers and Acquisitions: Strategic and Informational Issues,” David Hirshleifer, Ch. 26 of Finance, vol. 9, North Holland Handbooks in Operations Research and Management Science, Robert A. Jarrow, Vojislav Maksimovic, and William T. Ziemba, eds., (1995):839-885.
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- Reprinted as Ch. 1 of Corporate Takeovers Modern Empirical Developments, vol. 2, Takeover Activity, Valuation Estimates, and Sources Of Merger Gains, B. Espen Eckbo, ed.
“The Blind Leading the Blind: Social Influence, Fads and Informational Cascades,” David Hirshleifer, Ch. 12 of The New Economics of Human Behaviour, Kathryn Ierulli and Mariano Tommasi, eds., Cambridge University Press, (1995):188-215.
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- Superseded by “Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades,” Sushil Bikhchandani, David Hirshleifer, and Ivo Welch, Journal of Economic Perspectives, 12(3), Summer, (1998):151-170.
“Takeovers,” David Hirshleifer, in The New Palgrave Dictionary of Money and Finance, (1993):638-645.
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“Reputation, Incentives, and Managerial Decision,” David Hirshleifer, Ch. 26 of The New Palgrave Dictionary of Money and Finance, (1992):332-337.
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