Giglio’s paper, “Five Facts about Beliefs and Portfolios,” was selected as the best behavioral finance paper.
Read more about the winning paper:
Stefano Giglio, Yale University, NBER, CEPR; Matteo Maggiori, Harvard University, NBER, CEPR; Johannes Stroebel, New York University, NBER, CEPR; Stephen P. Utkus, Vanguard
Abstract: We administer a newly-designed survey to a large panel of retail investors who have substantial wealth invested in financial markets. The survey elicits beliefs that are crucial for macroeconomics and finance, and matches respondents with administrative data on their portfolio composition and their trading activity. We establish five facts in this data… Read more.