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Annual Conference

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Investment Finance

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May 2023

Investor Memory and Biased Beliefs: Evidence from the Field

Hongqi LIU, Zhengyang JIANG, Cameron PENG, Hongjun YAN
We survey a large representative sample of retail investors to elicit their memories of stock market investment and return expectations. We then merge the survey data with administrative data of transactions to test a model in which investors form expectations by selectively recalling past experienc...
Keywords: investor belief, memory, survey, extrapolation
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2021

Taming the Bias Zoo

Hongqi LIU, Cameron PENG, Wei A. XIONG, Wei XIONG
The success of behavioral economics has led to a new challenge—many biases offering observationally similar predictions for a targeted financial anomaly. To tame this bias zoo, we combine subjective survey responses with observational data to propose a new approach, one that is robust to question-...
Keywords: excessive trading, survey, gambling preference, overconfidence
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Annual Conference

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Investment Finance

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May 2015

Investor Attention: Seasonal Patterns and Endogenous Allocations

Peng LIN, Hongqi LIU
Using a Google search-based measure of investor attention, this paper investigates investor attention patterns and its determinants. We document that investor attention displays strong seasonality. It is significantly lower on Fridays and in summer months. We find that investor attention increases s...
Keywords: limited attention, information processing, attention allocation, information efficiency
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