… and conventional funds, Hamilton, Jo, and Statman used Jensen’s alpha as the measure
of … Hamilton, Jo, and Statman used Lipper’s classification, and their list of pre-1985 socially …

… This feature has been discussed by Thaler 22, Kahneman and Tversky 16, and Shefrin
and Statman. Regret is an emotional feeling associated with the ex post knowledge that a …

We develop a positive behavioral portfolio theory (BPT) and explore its implications for
portfolio constrution and security design. The optimal portfolios of BPT investors resemble …

The well-known tendency of investors to favor cash dividends emerges quite naturally in
two new theories of choice behavior [the theory of self-control due to Thaler and Shefrin (1981), …

" Socially responsible" investors favor certain companies over others according to criteria
such as production of weapons or use of alternative energy sources. We find that socially …

The proposition that investors are overconfident about their valuation and trading skills can
explain high observed trading volume. With biased self-attribution, the level of investor …

… Clarke and Statman found that newsletter writers form their sentiments as if they expected
continuations of short-term stock returns and reversals of long-term returns. High S&P 500 …

We show that a well-diversified portfolio of randomly chosen stocks must include at least 30
stocks for a borrowing investor and 40 stocks for a lending investor. This contradicts the …

Market efficiency is at the center of the battle of standard finance versus behavioral finance
versus investment professionals. But the battle is not joined because the term “market …

… Statman et al. used the Fortune surveys of company reputation to classify companies into an
… to be small value companies with low momentum, Statman et al. argued that the negative …