Beyond Greed and Fear

Theory of the firm: Managerial behavior, agency costs and ownership structure

1976 • 62,465 citations

Prospect Theory: An Analysis of Decision under Risk

1979 • 41,742 citations

The Pricing of Options and Corporate Liabilities

1973 • 29,036 citations

Judgment under Uncertainty: Heuristics and Biases

1974 • 24,440 citations

Advances in prospect theory: Cumulative representation of uncertainty

1992 • 14,173 citations

Efficient Capital Markets: A Review of Theory and Empirical Work

1970 • 10,493 citations

Continuous Auctions and Insider Trading

1985 • 9,651 citations

Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk

1964 • 7,201 citations

The relationship between return and market value of common stocks

1981 • 6,052 citations

The equity premium: A puzzle

1985 • 5,686 citations

Investor Psychology and Security Market Under‐ and Overreactions

1998 • 5,459 citations

The Cross-Section of Expected Stock Returns

1992 • 5,405 citations

The Adapted mind : evolutionary psychology and the generation of culture

1992 • 5,227 citations

The Econometrics of Financial Markets

1997 • 4,951 citations

Unrealistic optimism about future life events.

1980 • 4,530 citations

Mental Accounting and Consumer Choice

1985 • 4,284 citations

The market for corporate control

1983 • 4,278 citations

Portfolio Selection

1952 • 4,159 citations

Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test

1988 • 3,715 citations

Are Investors Reluctant to Realize Their Losses?

1998 • 3,653 citations

Judgment under uncertainty: Heuristics and biases

1982 • 3,614 citations

Rational Choice and the Framing of Decisions

1986 • 3,421 citations

Belief in the law of small numbers.

1971 • 3,177 citations

On Persistence in Mutual Fund Performance

1997 • 3,173 citations

Permanent and Temporary Components of Stock Prices

1988 • 3,149 citations

The Utility Analysis of Choices Involving Risk

1948 • 3,029 citations

Safety First and the Holding of Assets

1952 • 2,505 citations

Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1

1998 • 2,437 citations

A model of investor sentiment1We are grateful to the NSF for financial support, and to Oliver Blanchard, Alon Brav, John Campbell (a referee), John Cochrane, Edward Glaeser, J.B. Heaton, Danny Kahneman, David Laibson, Owen Lamont, Drazen Prelec, Jay Ritter (a referee), Ken Singleton, Dick Thaler, an anonymous referee, and the editor, Bill Schwert, for comments.1

1998 • 2,417 citations

Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study

1997 • 2,412 citations

Myopic Loss Aversion and the Equity Premium Puzzle

1995 • 2,350 citations

Evidence that stock prices do not fully reflect the implications of current earnings for future earnings

1990 • 2,121 citations

An Economic Theory of Self-Control

1981 • 2,060 citations

Proof that Properly Anticipated Prices Fluctuate Randomly

2015 • 1,924 citations

International Momentum Strategies

1998 • 1,862 citations

Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency

1993 • 1,843 citations

Volume, Volatility, Price, and Profit When All Traders Are Above Average

1998 • 1,807 citations

Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?

1989 • 1,791 citations

The Performance of Mutual Funds in the Period 1945-1964

1968 • 1,763 citations

The relationship between earnings' yield, market value and return for NYSE common stocks

1983 • 1,692 citations

The Utility of Wealth

1952 • 1,671 citations

The hot hand in basketball: On the misperception of random sequences

1985 • 1,633 citations

THE BEHAVIORAL LIFE‐CYCLE HYPOTHESIS

1988 • 1,615 citations

Fads, Martingales, and Market Efficiency

1990 • 1,579 citations

Multifactor Explanations of Asset Pricing Anomalies

1996 • 1,530 citations

Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings

1989 • 1,430 citations

Investor Sentiment and the Closed-End Fund Puzzle

1991 • 1,422 citations

The Present-Value Relation: Tests Based on Implied Variance Bounds

1981 • 1,402 citations

The effects of management buyouts on operating performance and value

1989 • 1,349 citations

Efficient Capital Markets: II

1991 • 1,302 citations

A Simple Model of Capital Market Equilibrium with Incomplete Information

1987 • 1,247 citations

Between Hope and Fear: The Psychology of Risk

1987 • 1,186 citations

Confidence in judgment: Persistence of the illusion of validity.

1978 • 1,174 citations

Are Seasonal Anomalies Real? A Ninety-Year Perspective

1988 • 1,148 citations

Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior

1994 • 1,122 citations

Does the Stock Market Overreact?

1985 • 1,093 citations

Analysts' forecasts as earnings expectations

1988 • 1,063 citations

Determinants of Portfolio Performance

1986 • 1,007 citations

The experience of regret: What, when, and why.

1995 • 981 citations

Merger bids, uncertainty, and stockholder returns

1983 • 979 citations

Inflation, Rational Valuation and the Market

1979 • 942 citations

Quasi-Rational Economics.

1992 • 930 citations

Efficiency with Costly Information: A Reinterpretation of Evidence from Managed Portfolios

1993 • 911 citations

The Volatility of Long-Term Interest Rates and Expectations Models of the Term Structure

1979 • 866 citations

The New Issues Puzzle

1995 • 839 citations

Against the gods: the remarkable story of risk

1997 • 836 citations

Advances in Behavioral Finance.

1995 • 835 citations

Stock prices and the Wall Street weather

1993 • 830 citations

Costly Arbitrage: Evidence from Closed-End Funds

1996 • 826 citations

Valuation Ratios and the Long-Run Stock Market Outlook

1998 • 816 citations

The distorting effect of the prudent-man laws on institutional equity investments

1996 • 809 citations

What is the Intrinsic Value of the Dow?

1999 • 728 citations

Aspects of Investor Psychology

1998 • 716 citations

Explaining investor preference for cash dividends

1984 • 701 citations

Merger proposals, management discretion and stockholder wealth

1980 • 677 citations

The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence

1985 • 667 citations

Efficiency With Costly Information: A Study of Mutual Fund Performance, 1965-1984

1989 • 664 citations

The rationale behind interfirm tender offers

1983 • 646 citations

Determinants of Portfolio Performance II: An Update

1991 • 637 citations

Contrarian Investment, Extrapolation, and Risk

1994 • 629 citations

Betting on trends: Intuitive forecasts of financial risk and return

1993 • 615 citations

How Many Stocks Make a Diversified Portfolio?

1987 • 609 citations

Survey evidence on diffusion of interest and information among investors

1989 • 601 citations

Do Winners Repeat?

1994 • 597 citations

The wealth effect of merger activity and the objective functions of merging firms

1983 • 594 citations

Stock Prices, Earnings, and Expected Dividends

1988 • 585 citations

Money Illusion

1997 • 578 citations

Orange Juice and Weather

1984 • 572 citations

Positive Feedback Investment Strategies and Destabilizing Rational Speculation

1990 • 561 citations

Equilibrium in an Imperfect Market: A Constraint on the Number of Securities in the Portfolio

2016 • 556 citations

Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry

1996 • 513 citations

Nonstationary expected returns

1989 • 512 citations

Capital Market Equilibrium with Personal Tax

1983 • 509 citations

Do Brokerage Analysts' Recommendations Have Investment Value?

1996 • 472 citations

A portrait of the individual investor

1998 • 469 citations

Dividend variability and variance bounds tests for the rationality of stock market prices

1983 • 456 citations

Behavioral Capital Asset Pricing Theory

1994 • 445 citations

The Limits of Arbitrage

1997 • 444 citations

Investor Reaction to Salient News in Closed‐End Country Funds

1998 • 442 citations

Another Puzzle: The Growth in Actively Managed Mutual Funds

1996 • 416 citations

Rating the Risks

1979 • 409 citations

The Asset Structure of Individual Portfolios and Some Implications for Utility Functions

1975 • 398 citations

Closed-end Country Funds and U.S. Market Sentiment

1995 • 386 citations

Asset returns and intertemporal preferences

1991 • 386 citations

The Persistence of IPO Mispricing and the Predictive Power of Flipping

1999 • 386 citations

Some Lessons from the Yield Curve

1995 • 385 citations

Further Evidence on Investor Overreaction and Stock Market Seasonality

1987 • 384 citations

How Retirement Saving Programs Increase Saving

1996 • 384 citations

The structure of mutual fund charges

1996 • 373 citations

Evidence on the Possible Underweighting of Earnings-Related Information

1991 • 368 citations

SELF‐INTEREST, ALTRUISM, INCENTIVES, AND AGENCY THEORY

1994 • 368 citations

Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies

1997 • 346 citations

Recovering Probability Distributions from Option Prices

1996 • 343 citations

Takeovers, Shareholder Returns, and the Theory of the Firm

1980 • 342 citations

Analyzing the expert judge: A descriptive study of a stockbroker's decision process.

1969 • 337 citations

The informational content of implied volatility

1993 • 334 citations

Implied Binomial Trees

1994 • 326 citations

Does the Basketball Market Believe in the 'Hot Hand,'?

1989 • 316 citations

Volume for Winners and Losers: Taxation and Other Motives for Stock Trading

1986 • 309 citations

Were Japanese stock prices too high?

1991 • 291 citations

Behavioral Finance and Its Implications for Stock-Price Volatility

1998 • 288 citations

Overreactions in the Options Market

1989 • 271 citations

Hot Hands in Mutual Funds: Short-Run Persistence of Relative Performance, 1974-1988

1993 • 262 citations

Anomalies: A Mean-Reverting Walk Down Wall Street

1989 • 262 citations

Conflict of interest and the credibility of underwriter analyst recommendations

1999 • 260 citations

Analyst Forecasting Errors and Their Implications for Security Analysis

1995 • 258 citations

Behavioral Rationality in Finance: The Case of Dividends

1986 • 255 citations

Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States Since 1856.

1938 • 254 citations

Expectations and the Cross-Section of Stock Returns

1996 • 251 citations

Overreaction and underreaction in analysts' forecasts

1998 • 250 citations

Experimental Tests of the Separation Theorem and the Capital Asset Pricing Model

2016 • 225 citations

Stock market bubbles in the laboratory

1994 • 220 citations

Making Sense of Beta, Size, and Book-to-Market

1995 • 218 citations

A direct test of the cognitive bias theory of share price reversals

1990 • 218 citations

Time-Varying Expected Small Firm Returns and Closed-End Fund Discounts

1996 • 215 citations

The Crash of '87: Was It Expected? The Evidence from Options Markets

1991 • 214 citations

Are the Reports of Beta's Death Premature?

1993 • 213 citations

The judgment of economic science on rational portfolio management

1989 • 213 citations

Closed-end fund premia and returns implications for financial market equilibrium

1995 • 204 citations

Judgmental extrapolation and the salience of change

1990 • 204 citations

How Useful is the Sentiment Index?

1988 • 203 citations

The term structure of real interest rates and the Cox, Ingersoll, and Ross model

1994 • 199 citations

Bullish or Bearish?

1998 • 192 citations

Throwing good money after bad?

1988 • 184 citations

Realized Returns on Common Stock Investments: The Experience of Individual Investors

1978 • 183 citations

Behavioral Aspects of the Design and Marketing of Financial Products

1993 • 180 citations

Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior

1992 • 173 citations

An Asset Allocation Puzzle

1994 • 164 citations

An Empirical Test of the Redistribution Effect in Pure Exchange Mergers

1983 • 144 citations

The Marketing of Closed-end Fund IPOs: Evidence from Transactions Data

1996 • 137 citations

Psychological Study of Human Judgment: Implications for Investment Decision Making

1972 • 135 citations

The January Size Effect: Anomaly or Risk Mismeasurement?

1986 • 133 citations

20 Testing option pricing models

1996 • 133 citations

A Reappraisal of the Efficiency of Financial Markets

1989 • 129 citations

Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters

1999 • 127 citations

Noise Trading in Small Markets

1996 • 125 citations

The Buying and Selling Behavior of Individual Investors at the Turn of the Year

1988 • 121 citations

Applying Behavioral Finance to Capital Budgeting: Project Terminations

1987 • 119 citations

Project Termination Announcements and the Market Value of the Firm

1989 • 109 citations

Anomalies in Financial Economics: Blueprint for Change?

1986 • 107 citations

Macroeconomics and Finance: Essays in Honor of Franco Modigliani.

1987 • 106 citations

A Note on the Suboptimality of Dollar-Cost Averaging as an Investment Policy

1979 • 105 citations

The Size and Incidence of the Losses from Noise Trading

1989 • 104 citations

A Behavioral Framework for Dollar-Cost Averaging

1995 • 100 citations

Investment Advice from Mutual Fund Companies

1997 • 98 citations

Judgmental extrapolation and market overreaction: On the use and disuse of news

1990 • 97 citations

New Hope for the Expectations Hypothesis of the Term Structure of Interest Rates

1989 • 93 citations

Optimistic Capital Budgeting Forecasts: An Experiment

1985 • 93 citations

Good companies, bad stocks

1989 • 92 citations

The Pre-Outcome Period and the Utility of Gambling

1983 • 90 citations

Institutional Markets, Financial Marketing, and Financial Innovation

1989 • 86 citations

Ethics, Fairness and Efficiency in Financial Markets

1993 • 84 citations

Inflation Forecast Errors and Time Variation in Term Premia

1992 • 83 citations

Market Segmentation: Evidence on the Individual Investor

1976 • 82 citations

Are the Discounts on Closed-End Funds a Sentiment Index?

1993 • 81 citations

Lump-Sum Investing versus Dollar-Averaging

1994 • 79 citations

Do the options markets really overreact?

1993 • 75 citations

Intellectual ability, rationality, and intuitiveness as predictors of warranted and unwarranted optimism for future life events

1996 • 72 citations

THE ORIGIN OF LYONs: A CASE STUDY IN FINANCIAL INNOVATION

1992 • 71 citations

Yes, Discounts on Closed-End Funds Are a Sentiment Index

1993 • 70 citations

Put—call ratios and market timing effectiveness

1988 • 59 citations

Technical Analysis Course

1989 • 52 citations

A Limited-Diversification Portfolio Selection Model for the Small Investor

1974 • 52 citations

Art of selling intangibles : how to make your million($) by investing other people's money

1982 • 49 citations

What Does the Market Learn from Stock Offering Revisions?

1998 • 49 citations

Option volatility and pricing strategies : advanced trading techniques for professionals

1988 • 49 citations

The Orange County Bankruptcy and its Aftermath

1997 • 44 citations

Blood Sport: The President and His Adversaries

1996 • 37 citations

A Multidimensional Analysis of Institutional Investor Perception of Risk

1977 • 37 citations

Money Market Funds and Shareholder Dilution

1984 • 32 citations

Inferior Forecasters, Cycles, and the Efficient-Markets Hypothesis: A Comment

1984 • 32 citations