WebbBikhchandani, Hirshleifer and Welch, 1998, and Chamley, 2004.) Observable actions versus observable signals Consider a setting in which individuals choose an action in a chronological order. Each individual starts with some private information, obtains some information from predecessors, and then decides on a particular action. Webbmodels of Daniel, Hirshleifer, and Subrahmanyam (1998) and Gervais and Odean (2001), the arrival of new public information can temporarily increase overcon dence and mispricing. So the correction of overcon dence-driven mispricing will take place over a much longer time horizon than mispricing that derives solely from limited attention.

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Webbmispricing, captures short-horizon anomalies. Our three-factor risk-and-behavioral … WebbDAVID HIRSHLEIFER and TYLER SHUMWAY* ABSTRACT Psychological evidence and casual intuition predict that sunny weather is as-sociated with upbeat mood. This paper examines the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index returns across 26 countries from 1982 to 1997. … poetry resources for teachers

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WebbSpecifically, the evidence in Bernard and Thomas (1990) and the models of Hirshleifer and Teoh (2003), DellaVigna and Pollet (2009), and Hirshleifer, Lim, and Teoh (2011) suggest that a subset of investors fails to fully incorporate the information contained in the most recent earnings surprises. http://www.kentdaniel.net/papers/published/JF01.pdf http://revfin.org/which-factors/ poetry resources for students