Abstract
We appreciate the comments of an anonymous reviewer, Franklin Allen, Randy Beatty, Ken French, Ravi Jaganathan, Cesare Robotti, Chuck Schnitzlein, Michael Vetsuypens, and seminar participants at the Berkeley Program in Finance (November 1999), National Bureau of Economic Research Behavioral Finance Group (December 1999), the European Finance Association meetings, Princeton, the Maryland Finance Symposium, the Review of Financial Studies Behavior Finance Conference, the Securities and Exchange Commission, Southern Methodist University, UC-Berkeley, the University of Iowa, the University of Utah, the Vanderbilt Law School Conference on Corporate and Securities Law, the Western Finance Association meetings (June 2000) and Yale University. Michael Foster provided valuable research assistance. This article is an adaptation of Barber and Odean (2002), which previously appeared in the Review of Financial Studies. All errors are our own.
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