TAILIEUCHUNG - All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors

These brokers, banks and trust companies are typically participants in a securities depository, such as the Canadian Depository for Securities ("CDS'). CDS receives securities from its participants and holds them in fungible bulks. CDS registers these securities in the name of a CDS nominee, and maintains accounts showing the entitlements of each participant. Since most transactions occur between CDS participants, these transactions can be settled merely by book entries in the records of CDS, debiting the account of the seller and crediting the account of the purchaser, without any need for movement of . | All that Glitters The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors Brad M. Barber Terrance Odean Forthcoming in The Review of Financial Studies 2006 Barber is at the Graduate School of Management University of California Davis. Odean is at the Haas School of Business University of California Berkeley. We appreciate the comments of Jonathan Berk David Blake Ken French Simon Gervais John Griffin Andrew Karolyi Sendhil Mullainathan Mark Rubinstein and Brett Trueman. We also appreciate the comments of seminar participants at Arizona State University the Behavioral Decision Research in Management Conference the University of California Berkeley the University of California Irvine the Copenhagen Business School Cornell University Emory HEC Norwegian School of Economics and Business Administration Ohio State University Osaka University the Q Group the Stanford Institute for Theoretical Economics the Stockholm School of Economics the University of Tilburg Vanderbilt the Wharton School the CEPR JFI symposium at INSEAD Mellon Capital Management the National Bureau of Economic Research the Risk Perceptions and Capital Markets Conference at Northwestern University and the European Finance Association Meeting. We are grateful to the Plexus Group to BARRA to Barclays Global Investors for the Best Conference Paper Award at the 2005 European Finance Association Meeting to the retail broker and discount brokers who provided us with the data for this study and to the Institute for Quantitative Research and the National Science Foundation grant SES-0111470 for financial support. Shane Shepherd Michael Foster and Michael Bowers provided valuable research assistance. All errors are our own. Corresponding author Terrance Odean Haas School of Business University of California Berkeley 94720-1900 510-642-6767 odean@berkeley. edu. Abstract We test and confirm the hypothesis that individual investors are net buyers of attentiongrabbing stocks

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