Research Interests

Asset Pricing, Macro-Finance, Behavioral Finance

Working Papers

Subjective Learning of Trading Talent: Theory and Evidence from Individual Investors in the U.S.

I propose a model for subjective learning of trading talent, and match it to trading records data to explain disposition effect and investor attrition.

(Available here)

Return Volatility and Disposition Effect

I exploit trading records data to identify the volatility effect on volume, and develop a portfolio choice model that predicts disposition effect.

(The paper may be available upon request)