We proxy for board members' opinions and values using directors' ancestral origins and show that diversity has costs and benefits, which lead to high performance volatility. Consistent with the idea that diverse groups experiment more, firms with ancestrally diverse boards have more numerous and...

We study how 9 different market participants trade with respect to 130 different stock return anomalies and how each participant's trades predict returns. Retail investors trade against anomalies, while firms' and short sellers' trades agree with anomalies. Institutional portfolios are weighted...