David Hirshleifer
University of California, Irvine
295 Papers
3.6K Citations
David Hirshleifer is an academic researcher from University of California, Irvine. The author has contributed to research in topics: Capital asset pricing model & Earnings. The author has an hindex of 80, co-authored 288 publications. Previous affiliations of David Hirshleifer include Ohio State University & University of Michigan.
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Papers
A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
TL;DR: In this paper, the authors argue that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades, where an individual, having observed the actions of those ahead of him, to follow the behavior of the preceding individual without regard to his own information.
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A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
TL;DR: It is argued that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades.
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Investor Psychology and Security Market Under- and Overreactions
TL;DR: The authors proposed a theory of securities market under- and overreactions based on two well-known psychological biases: investor overconfidence about the precision of private information; and biased self-attribution, which causes asymmetric shifts in investors' confidence as a function of their investment outcomes.
Investor Psychology and Asset Pricing
TL;DR: In this paper, the authors present a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models.
Learning from the behavior of others : conformity, fads, and informational cascades
TL;DR: The authors argue that the theory of observational learning, and particularly of informational cascades, has much to offer economics, business strategy, political science, and the study of criminal behavior, which can help explain some otherwise puzzling phenomena about human behavior.