We introduce a new measure of herding that allows for tracking dynamics of individual herding. Using a database of nearly 8 million trades by 87,373 retail investors between 1999 and 2006, we show that individual herding is persistent over time and that past performance and the level of...

This article intends to provide answers concerning what drives individual investor herding behavior. Our empirical study uses transaction records of 87,373 French individual investors for the period 1999-2006. In a ?first part, we show - using both the traditional Lakonishok et al. (1992) and...

This article intends to provide answers concerning what drives individual investor herding behavior. Our empirical study uses transaction records of 87,373 French individual investors for the period 1999-2006. In a Örst part, we show - using both the traditional Lakonishok et al. (1992) and the...

This paper provides evidence of systematic errors in the way I/B/E/S reports analyst earnings forecasts. Analysis of the I/B/E/S earnings forecast database over the 1982-2014 period pinpointed a lack of consistency in the identification of financial analysts, a number of whom are consequently...

The Behavioral Portfolio Theory (BPT) developed by Shefrin and Statman (2000) is often set against Markowitz's (1952) Mean Variance Theory (MVT). In this paper, we compare the asset allocations generated by BPT and MVT without restrictions. Using U.S. stock prices from the CRSP database for the...

Do more intelligent investors take better economic decisions than less intelligent ones? Is risk attitude, in particular risk/loss aversion, linked to cognitive ability? Does an investor’s cognitive ability impact his/her patience? Is financial performance positively linked to investor’s...