User profiles for J. Linnainmaa

Juhani Linnainmaa

Professor of Finance, Tuck School of Business, Dartmouth College
Verified email at tuck.dartmouth.edu
Cited by 5206

IQ and stock market participation

…, M Keloharju, J Linnainmaa - The Journal of Finance, 2011 - Wiley Online Library
Stock market participation is monotonically related to IQ, controlling for wealth, income, age,
and other demographic and occupational information. The high correlation between IQ and …

Accruals, cash flows, and operating profitability in the cross section of stock returns

R Ball, J Gerakos, JT Linnainmaa, V Nikolaev - Journal of Financial …, 2016 - Elsevier
Accruals are the non-cash component of earnings. They represent adjustments made to
cash flows to generate a profit measure largely unaffected by the timing of receipts and …

IQ, trading behavior, and performance

M Grinblatt, M Keloharju, JT Linnainmaa - Journal of Financial Economics, 2012 - Elsevier
We analyze whether IQ influences trading behavior, performance, and transaction costs.
The analysis combines equity return, trade, and limit order book data with two decades of …

Deflating profitability

R Ball, J Gerakos, JT Linnainmaa… - Journal of Financial …, 2015 - Elsevier
Gross profit scaled by book value of total assets predicts the cross section of average returns.
Novy-Marx (2013) concludes that it outperforms other measures of profitability such as …

The history of the cross-section of stock returns

JT Linnainmaa, MR Roberts - The Review of Financial Studies, 2018 - academic.oup.com
Using data spanning the twentieth century, we show that the majority of accounting-based
return anomalies, including investment, are most likely an artifact of data snooping. When …

Retail financial advice: does one size fit all?

S Foerster, JT Linnainmaa, BT Melzer… - The Journal of …, 2017 - Wiley Online Library
… A significant part of this project was completed when Linnainmaa was with the University
of Chicago and Previtero was with Western University. We thank Shlomo Benartzi, Antonio …

Do limit orders alter inferences about investor performance and behavior?

JT Linnainmaa - The Journal of Finance, 2010 - Wiley Online Library
Individual investors lose money around earnings announcements, experience poor posttrade
returns, exhibit the disposition effect, and make contrarian trades. Using simulations and …

The misguided beliefs of financial advisors

JT Linnainmaa, BT Melzer… - The Journal of Finance, 2021 - Wiley Online Library
A common view of retail finance is that conflicts of interest contribute to the high cost of advice.
Within a large sample of Canadian financial advisors and their clients, however, we show …

Return seasonalities

M Keloharju, JT Linnainmaa… - The Journal of Finance, 2016 - Wiley Online Library
A strategy that selects stocks based on their historical same‐calendar‐month returns earns
an average return of 13% per year. We document similar return seasonalities in anomalies, …

Factor momentum and the momentum factor

S Ehsani, JT Linnainmaa - The Journal of Finance, 2022 - Wiley Online Library
Momentum in individual stock returns relates to momentum in factor returns. Most factors
are positively autocorrelated: the average factor earns a monthly return of six basis points …