Abstract
We study Japanese individual investors by contrasting their behavior during a long bull market (1984-1989) to a long bear market (1990-1999). Our main objective is to test whether individuals' attitudes and preferences toward stock risk, book-to-market valuation, and past returns, are different between market conditions. We also assess individuals' investing performance. Overall, we identify some striking differences in investing behavior between the bull and the bear market. These behaviors are associated with poor investment performance. Some of our findings are consistent with existing behavioral theories, but some of our findings are not.
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