n 1985, Werner De Bondt and I published an article that asked the question: “Does the stock market overreact?” The article was controversial because it gave evidence to support the hypothesis that a cognitive bias (investor overreaction to a long series of bad news) could produce predictable mispricing of stocks traded on the NYSE. Although this idea was hardly shocking to practitioners, the co...

We develop a model of informed finance that explains the key qualitative and quantitative features of informed venture capital finance in the United States. We show that the two key features of our model— potential investors are better judges than entrepreneurs of a project’s economic viability and projects require both significant external funding and entrepreneurial inputs—give rise to under-...

Financial literacy is defined as “the ability of people to make financial decisions in their own best shortand long-term interests” (Mandell, 2008). Unfortunately, this skill is in short supply, which may erode both personal and aggregate welfare (e.g., Lusardi and Mitchell, 2007). To date, three main avenues of research have been proposed to address this scarcity: (1) directly improving educat...

∗We are extremely thankful for many constructive suggestions from Gurdip Bakshi, N. Chidambaran, Darrell Duffie, Rong Fan, Gifford Fong, John Knight, N. R. Prabhala, Jun Pan, Dmitry Pugachevsky, Shuyan Qi, Ken Singleton, Rangarajan Sundaram, Suresh Sundaresan and Haluk Unal. We received useful feedback from participants at various seminars: at the AIMR talks in Tokyo, Singapore and Sydney, the ...

Links [1] https://www.uoguelph.ca/finance/bps-procurement-directive-purpose-0 [2] https://www.uoguelph.ca/finance/bps-procurement-directive-principles [3] https://www.uoguelph.ca/finance/bps-procurement-directive-requirements-overview [4] https://www.uoguelph.ca/finance/supply-chain-code-ethicsv [5] https://www.uoguelph.ca/finance/competitive-procurement-thresholds [6] https://www.uoguelph.ca/f...

Links: [1] https://www.uoguelph.ca/finance/bps-procurement-directive-purpose-0 [2] https://www.uoguelph.ca/finance/bps-procurement-directive-principles [3] https://www.uoguelph.ca/finance/bps-procurement-directive-requirements-overview [4] https://www.uoguelph.ca/finance/supply-chain-code-ethicsv [5] https://www.uoguelph.ca/finance/competitive-procurement-thresholds [6] https://www.uoguelph.ca/...

Links [1] https://www.uoguelph.ca/finance/bps-procurement-directive-purpose-0 [2] https://www.uoguelph.ca/finance/bps-procurement-directive-principles [3] https://www.uoguelph.ca/finance/bps-procurement-directive-requirements-overview [4] https://www.uoguelph.ca/finance/supply-chain-code-ethicsv [5] https://www.uoguelph.ca/finance/competitive-procurement-thresholds [6] https://www.uoguelph.ca/f...

Links: [1] https://www.uoguelph.ca/finance/bps-procurement-directive-purpose-0 [2] https://www.uoguelph.ca/finance/bps-procurement-directive-principles [3] https://www.uoguelph.ca/finance/bps-procurement-directive-requirements-overview [4] https://www.uoguelph.ca/finance/supply-chain-code-ethicsv [5] https://www.uoguelph.ca/finance/competitive-procurement-thresholds [6] https://www.uoguelph.ca/...

Links [1] https://www.uoguelph.ca/finance/bps-procurement-directive-purpose-0 [2] https://www.uoguelph.ca/finance/bps-procurement-directive-principles [3] https://www.uoguelph.ca/finance/bps-procurement-directive-requirements-overview [4] https://www.uoguelph.ca/finance/supply-chain-code-ethicsv [5] https://www.uoguelph.ca/finance/competitive-procurement-thresholds [6] https://www.uoguelph.ca/f...

Links [1] https://www.uoguelph.ca/finance/bps-procurement-directive-purpose-0 [2] https://www.uoguelph.ca/finance/bps-procurement-directive-principles [3] https://www.uoguelph.ca/finance/bps-procurement-directive-requirements-overview [4] https://www.uoguelph.ca/finance/supply-chain-code-ethicsv [5] https://www.uoguelph.ca/finance/competitive-procurement-thresholds [6] https://www.uoguelph.ca/f...