Brad M. Barber, Reuven Lehavy, Brett Trueman
Waterloo, and the Federal Reserve Bank of New York/Journal of Financial Economics Conference for their many valuable comments. We also thank Thomson Financial for providing This study compares the...
Brad M. Barber, Reuven Lehavy, Brett Trueman
This paper has benefited from the comments of seminar participants at Barclays Global
Brad M. Barber, Terrance Odean
The Internet is changing how information is delivered to investors and the ways in which investors can act on that information. It has lowered both the fixed and marginal costs of producing financial...
Do Retail Trades Move Markets? (2009)
Barber, Brad M., Odean, Terrance, Zhu, Ning
We study the trading of individual investors using transaction data and identifying buyer- or seller-initiated trades. We document four results: (1) Small trade order imbalance correlates well with...
Just How Much Do Individual Investors Lose by Trading? (2009)
Barber, Brad M., Lee, Yi-Tsung, Liu, Yu-Jane, Odean, Terrance
Individual investor trading results in systematic and economically large losses. Using a complete trading history of all investors in Taiwan, we document that the aggregate portfolio of individuals...
I Too Many Cooks Spoil the Profits: Investment Club Performance (2008)
Brad M. Barber, Terrance Odean
We report our analysis, using account data from a large discount brokerage firm, of the common stock investment performance of 166 investment clubs from February 1991 through January 1997. The...
Barber, Brad M., Odean, Terrance
We test and confirm the hypothesis that individual investors are net buyers of attention-grabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with...
Online Investors: Do the Slow Die First? (2007)
Brad M. Barber, Terrance Odean
We examine changes in the stock trading behavior and investment performance of 1,607 investors who switch from phone based to online trading during the period 1991 to 1996. We compare their trading...
For their support, comments and valuable advice, I would like to thank Günter Bamberg, (2007)
Thomas Schuster, Brad M. Barber, Hans-bernd Brosius, Wolfgang Donsbach, Christian Fenner, Werner Früh, ...
The business media play an active role in influencing stock prices. Statistically significant excess returns at the time of the publication of stock recommendations have been documented many times....
faculty.haas.berkeley.edu/odean (2005)
Brad M. Barber, Terrance Odean, Ning Zhu
faculty.gsm.ucdavis.edu/~nzhu
Brad M. Barber, Reuven Lehavy, Maureen Mcnichols, Brett Trueman
We would like to thank Larry Brown, Hamang Desai, an anonymous referee, S.P. Kothari (the editor), and participants in workshops at Georgia State, Rochester, and the Interdisciplinary This paper...
Brad M. Barber, Reuven Lehavy, Brett Trueman
We would like to thank Mark Chen and Maureen McNichols for many valuable comments. We also thank Thomson Financial for providing access to the First Call database. All remaining errors are our own....
Out of sight, out of mind : the effects of expenses on mutual fund flows (2002)
http://deepblue.lib.umich.edu/bitstream/2027.42/35385/2/b2092633.0001.001.pdf
All That Glitters. The Effect of Attention and News on the Buying (2002)
Brad M. Barber, Terrance Odean, David Blake, Ken French, Simon Gervais, ...
Award at the 2005 European Finance Association Meeting, to the retail broker and discount
Online Investors: Do the Slow Die First? (2002)
Barber, Brad M., Odean, Terrance
We analyze 1,607 investors who switched from phone‐based to online trading during the 1990s. Those who switch to online trading perform well prior to going online, beating the market by more...
Boys will be boys: Gender, overconfidence, and common stock investment, Quarterly (2001)
Brad M. Barber, Terrance Odean
Theoretical models predict that overcon�dent investors trade excessively. We test this prediction by partitioning investors on gender. Psychological research demonstrates that, in areas such as...
Brad M. Barber, Terrance Odean, Bing Liang, John Nofsinger, Srinivasan Rangan, Mark Rubinstein, ...
Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those...
Brad M. Barber, Terrance Odean
Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those...
Gender, Overconfidence, and Common Stock Investment (1998)
Brad M. Barber, Terrance Odean, David Hirshleifer, Andrew Karolyi, Tim Loughran, Edward Opton, ...
Theoretical models predict that overconfident investors trade excessively. We test this prediction by partitioning investors on gender. Psychological research demonstrates that, in areas such as...
Exchangeable debt gives the purchaser the option to exchange the debt for stock of a second company, referred to as the "convert" firm. For example, in March of 1985, Petrie Stores issued $150...
Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows
Brad M. Barber, Terrance Odean, Lu Zheng
We argue that the purchase decisions of mutual fund investors are influenced by salient, attention-grabbing information. Investors are more sensitive to salient, in-your-face fees, like front-end...
Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Brad M. Barber, Terrance Odean
Individual investors who hold common stocks directly pay a tremendous performance penalty for active trading. Of 66,465 households with accounts at a large discount broker during 1991 to 1996, those...
Improved Methods for Tests of Long-Run Abnormal Stock Returns
John D. Lyon, Brad M. Barber, Chih-Ling Tsai
We analyze tests for long-run abnormal returns and document that two approaches yield well-specified test statistics in random samples. The first uses a traditional event study framework and...
Firm Size, Book-to-Market Ratio, and Security Returns: A Holdout Sample of Financial Firms.
Fama and French (1992) document a significant relation between firm size, book-to-market ratios, and security returns for nonfinancial firms. Because of their initial interest in leverage as an...
Boys Will Be Boys: Gender, Overconfidence, And Common Stock Investment
Brad M. Barber, Terrance Odean
Theoretical models predict that overconfident investors trade excessively. We test this prediction by partitioning investors on gender. Psychological research demonstrates that, in areas such as...
Online Investors: Do the Slow Die First?
Brad M. Barber, Terrance Odean
We analyze 1,607 investors who switched from phone-based to online trading during the 1990s. Those who switch to online trading perform well prior to going online, beating the market by more than 2%...
A vexing problem for the appraisal industry has been estimating an appropriate discount for the value of real estate limited partnerships (RELPs) relative to their appraised value. This research...
Do Retail Trades Move Markets?
Brad M. Barber, Terrance Odean, Ning Zhu
We study the trading of individual investors using transaction data and identifying buyer- or seller-initiated trades. We document four results: (1) Small trade order imbalance correlates well with...
Just How Much Do Individual Investors Lose by Trading?
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean
Individual investor trading results in systematic and economically large losses. Using a complete trading history of all investors in Taiwan, we document that the aggregate portfolio of individuals...
Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan
Brad M. Barber, Yi-Tsung Lee, Yu-Jane Liu, Terrance Odean
"We ask whether the typical investor and the aggregate investor exhibit a bias known as the disposition effect, the tendency to sell investments that are held for a profit at a faster rate than...
The ?Dartboard? Column: Second-Hand Information and Price Pressure
Barber, Brad M., Loeffler, Douglas
This study analyzes the effect of second-hand information on the behavior of security prices and volume using analysts' recommendations published in the monthly column of the Wall Street Journal. For...