Terrance Odean 

Terrance Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business
at the University of California, Berkeley. 

Haas School of Business
545 Student Services #1900
University of California at Berkeley
Berkeley, CA 94720-1900  
t. 510.642.6767
f. 510.666.2561
odean@berkeley.edu

Curriculum Vitae (pdf)


Click on picture for streaming video of talk
at Bill Miller's Legg Mason Funds Conference (Mandalay Bay Resort, Las Vegas, November 2003). (Requires Real Player)

I am a former director of UC Berkeley's Xlab

and a former editor of

Current Research

Bubbling with Excitement: An Experiment, with Eduardo Andrade and Shengle Lin

Made Poorer by Choice: Worker Outcomes in Social Security v. Private Retirement Accounts, with Javed Ahmed and Brad Barber

Do Day Traders Rationally Learn About Their Ability? with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu.

The Cross-Section of Speculator Skill: Evidence from Taiwan with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu.

Published Works

The Behavior of Individual Investors with Brad Barber, in Handbook of Economics of Finance, Volume 2, 2013, edited by George
Constatinides, Hilton Harris, and Rene Stulz, Elsevier Publishing

Once Burned, Twice Shy: How Naïve Learning, Counterfactuals, and Regret Affect the Repurchase of Stocks Previously Sold with Brad Barber and Michal Strahilevitz, Journal of Marketing Research, 2011, Vol. 48, 102-120.

Overconfidence, Compensation Contracts, and Capital Budgeting with Simon Gervais and J. B. Heaton, Journal of Finance, 2011, Vol. 66, 5, 1725-1777.

Systematic Noise with Brad Barber and Ning Zhu, Journal of Financial Markets, 2009, Vol. 12, 547-569.

Just How Much Do Investors Lose from Trade? with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu, Review of Financial Studies, 2009, Vol. 22, 2, 609-632.

Do Retail Trades Move Markets? wiith Brad Barber and Ning Zhu, Review of Financial Studies, 2009, Vol. 22, 1, 151-186.
A Comparison of the Results in Barber, Odean, and Zhu (2006) and Hvidkjaer (2006)

All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors with Brad Barber, Review of Financial Studies, 2008, Vol. 21, 2, 785-818.

Is the Aggregate Investor Reluctant to Realize Losses? Evidence from Taiwan, with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu, European Financial Management, 2007, Vol. 13, 423-447.

“Effect of Behavioral Biases on Market Efficiency and Investors’ Welfare,” CFA Institute Conference Proceedings Quarterly, 2007, Vol. 24, 6-18.

Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows with Brad Barber and Lu Zheng, Journal of Business, 2005, Vol. 78, 2095-2119.

Good Rationales Sell: Reason-Based Choice Among Group and Individual Investors in the Stock Market with Brad Barber and Chip Heath, Management Science, 2003, Vol. 49, No. 12, 1636-1652.

Are Individual Investors Tax Savvy? Evidence from Retail and Discount Brokerage Accounts with Brad Barber, Journal of Public Economics, 2003, Vol. 88, 419-442.

Online Investors: Do the Slow Die First? with Brad Barber, Review of Financial Studies, March 2002, Vol. 15, No. 2, 455-487.

Does Online Trading Change Investor Behavior? with Brad Barber, European Business Organization Law Review, 2002, Vol. 3, 83-128.

"Boys will be Boys: Gender, Overconfidence, and Common Stock Investment" with Brad Barber,Quarterly Journal of Economics, February 2001, Vol. 116, No. 1, 261-292.

"The Internet and the Investor" with Brad Barber, The Journal of Economic Perspectives, Winter 2001, Vol. 15, No. 1, pp. 41-54.

"Learning to be Overconfident" with Simon Gervais, Review of Financial Studies, Spring 2001, Vol. 14, No. 1, pp. 1-27.

"Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors" with Brad Barber, Journal of Finance, Vol. LV, No. 2, April 2000, 773-806.

"Too Many Cooks Spoil the Profits: The Performance of Investment Clubs" with Brad Barber, Financial Analyst Journal, January/February 2000, 17-25.

"Do Investors Trade Too Much?", American Economic Review, Vol. 89, December 1999, 1279-1298.

"The Courage of Misguided Convictions: The Trading Behavior of Individual Investors" with Brad Barber, Financial Analyst Journal, November/December 1999, 41-55.

"Volume, Volatility, Price, and Profit When All Traders Are Above Average," Journal of Finance, Vol. LIII, No. 6, December 1998, 1887-1934.

"Are Investors Reluctant to Realize Their Losses?",  Journal of Finance, Vol. LIII, No. 5, October 1998, 1775-1798.

"The Internal Call Market: A Clean,Well-Lighted Place to Trade,"
with Frederick Grauer, in W. Beaver and G. Parker (eds), 1995, Risk Management: Problems & Solutions, McGraw-Hill, New York.