ReferencesAdmati, Anat, and Paul Pfleiderer, 1988, A theory of intraday patterns: Volume and
price variability, Review of Financial Studies1, 3–40.
Ahlers, David, and Josef Lakonishok, 1983, A study of economists’ consensus fore-
casts,Management Science29, 1113–25.
Alpert, Murray, and Howard Raiffa, 1982, A progress report on the training of
probability assessors, in Daniel Kahneman, Paul Slovic, and Amos Tversky (ed.),
Judgement under Uncertainty: Heuristics and Biases, Cambridge University
Press.
Anderson, Thomas W., 1984, An Introduction to Multivariate Statistical Analysis,
Wiley.
Barberis, Nicholas, Andrei Shleifer, and Robert Vishny, 1998, A model of investor
sentiment, Journal of Financial Economics49, 307–43.
Batchelor, Roy, and Parmi Dua, 1992, Conservatism and consensus-seeking among
economic forecasters, Journal of Forecasting11, 169–81.
Baumann, Andrea O., Raisa B. Deber, and Gail G. Thompson, 1991, Overconfi-
dence among physicians and nurses: The micro-certainty, macro-uncertainty phe-
nomenon, Social Science & Medicine32, 167–74.
Bem, Daryl J., 1965, An experimental analysis of self-persuasion, Journal of Exper-
imental Social Psychology1, 199–218.
Benos, Alexandros, 1998, Aggressiveness and survival of overconfident traders,
Journal of Financial Markets1, 353–83.
Black, Fischer, 1986, Noise, Journal of Finance41, 529–43.
Brav, Alon, and Paul A. Gompers, 1997, Myth or reality? The long-run underper-
formance of initial public offerings: Evidence from venture and nonventure
capital-backed companies, Journal of Finance52, 1791–1821.
Caballé, Jordi, and József Sákovics, 1996, Overconfident speculation with imperfect
competition, Working Paper, Universitat Autonoma de Barcelona.
Campbell, John Y., and John H. Cochrane, 1999, By force of habit: A consumption
based explanation of aggregate stock market behavior, Journal of Political Econ-
omy107, 205–51.
Campbell, John Y., and Albert S. Kyle, 1993, Smart money, noise trading, and stock
price behaviour, Review of Economic Studies60, 1–34.
Christensen-Szalanski, Jay J., and James B. Bushyhead, 1981, Physicians’ use of
probabilistic information in a real clinical setting, Journal of Experimental Psy-
chology: Human Perception and Performance7, 928–35.
Cooper, Arnold C., Carolyn W. Woo, and William C. Dunkelberg, 1988, Entre-
peneurs’ perceived chances for success, Journal of Business Venturing3, 97–108.
Cornett, Marcia Millon, Hamid Mehran, and Hassann Tehranian, 1998, Are finan-
cial markets overly optimistic about the prospects of firms that issue equity? Evi-
dence from voluntary versus involuntary equity issuance by banks, Journal of Fi-
nance53, 2139–60.
Daniel, Kent D., David Hirshleifer, and Avanidhar Subrahmanyam, 1998, Investor
psychology and security market under- and over-reactions, Journal of Finance
53, 1839–86.
498 DANIEL, HIRSHLEIFER, SUBRAHMANYAM