Terrance Odean 

Terrance Odean is a 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. 510.642.4700

Curriculum Vitae (pdf)

Research Papers


TEXT of talk at Bill Miller's Legg Mason Funds Conference (Mandalay Bay Resort, Las Vegas, November 2003).Click on picture for streaming video.
STREAMING VIDEO of lecture about my
research (L.A. Times Investment Strategies Conference,
Los Angeles Convention Center, May 2001).

I am currently director of UC Berkeley's Xlab

and an editor of

Current Research

Who Loses from Trade? Evidence from Taiwan with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu.

All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors with Brad Barber.

Systematic Noise with Brad Barber and Ning Zhu

Once Burned, Twice Shy: Naive Learning, Counterfactuals, and the Repurchsae of Stocks Previously Sold with Brad Barber and Michal Strahilevitz.

Capital Budgeting in the Presence of Managerial Overconfidence and Optimism with Simon Gervais and J. B. Heaton.

Do Individual Day Traders Make Money? Evidence from Taiwan with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu.

Published Works

Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows with Brad Barber and Lu Zheng, forthcoming in the Journal of Business.

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.
 

Links:

Hersh Shefrin has written a new book on behavioral finance. Check it out!

AND READ Barber, Lehavy, McNichols, and Truemann,
"Can Investors Profit from the Prophets? Consensus Analyst Recommendations and Stock Returns"