The Behavior of Individual Investors
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Retail investors face fewer formal constraints and are more likely to derive expressive or identity-based utility from investing in environmentally responsible firms if sustainability is important to them.
“Retail investors, by contrast, face fewer formal constraints and are more likely to derive expressive or identity-based utility from investing in environmentally responsible firms if sustainability is important to them.”
From The origins of <scp>ESG</scp> demand: Evidence from retail and institutional investor responses to environmental rankings (2026) · cites this paper as Barber & Odean, 2013
Individual investors respond strongly to salient public information, moral narratives, and social norms, and are willing to trade off financial returns to express ethical or value-based preferences.
“Behavioral finance research shows that individual investors respond strongly to salient public information, moral narratives, and social norms, and are willing to trade off financial returns to express ethical or value-based preferences”
From The origins of <scp>ESG</scp> demand: Evidence from retail and institutional investor responses to environmental rankings (2026) · cites this paper as Barber & Odean, 2013
Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524 · see citing works
Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors
Barber, B. M., & Odean, T. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00226 · Cited by 3,955 · see citing works
Self-citationOdean, T. (1999) · American Economic Review · doi:10.1257/aer.89.5.1279 · Cited by 2,247 · see citing works
Equity Portfolio Diversification
Goetzmann, W. N., & Kumar, A. (2008) · Review of Finance · doi:10.1093/rof/rfn005 · Cited by 1,222 · see citing works
Patterns of behavior of professionally managed and independent investors
Shapira, Z., & Venezia, I. (2001) · Journal of Banking & Finance · doi:10.1016/s0378-4266(00)00139-4 · Cited by 699 · see citing works
Predictable behavior, profits, and attention
Seasholes, M. S., & Wu, G. (2007) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2007.03.002 · Cited by 384 · see citing works
Do Portfolio Distortions Reflect Superior Information or Psychological Biases?
Korniotis, G. M., & Kumar, A. (2013) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109012000610 · Cited by 166 · see citing works
The cross-section of speculator skill: Evidence from day trading
Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2014) · Journal of Financial Markets · doi:10.1016/j.finmar.2013.05.006 · Cited by 112 · see citing works
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The cross-section of speculator skill: Evidence from day trading
Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2014) · Journal of Financial Markets · doi:10.1016/j.finmar.2013.05.006 · Cited by 112 · see citing works
Self-citationDesigning Heterogeneous LLM Agents for Financial Sentiment Analysis
Xing, F. (2025) · ACM Transactions on Management Information Systems · doi:10.1145/3688399 · Cited by 88 · see citing works
Discretionary Information in ESG Investing: A Text Analysis of Mutual Fund Prospectuses
Andrikogiannopoulou, A., Krueger, P., Mitali, S. F., & Papakonstantinou, F. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4082263 · Cited by 18 · see citing works
You, L., & Payne, J. (2026) · Review of Financial Economics · doi:10.1002/rfe.70039
- Authors
- Barber, B. M., & Odean, T.
- Affiliations
- University of California, Davis (US)
- Corresponding author
- Barber, Brad M.
- Venue
- Handbook of the Economics of Finance
- Publisher
- Elsevier
- Published
- 2013
- Volume
- 2
- Pages
- 1533-1570
- ISSN
- 1574-0102 (ISSN-L)
- OpenAlex
- W2712733770
- Cited by
- 750
- References
- 8
- Citations by year
- 2026: 40 · 2025: 72 · 2024: 79 · 2023: 69 · 2022: 74 · 2021: 75 · 2020: 61 · 2019: 49 · 2018: 52 · 2017: 46 · 2016: 34 · 2015: 28 · 2014: 39 · 2013: 14 · 2012: 9
- FWCI
- 142.26
- Type
- book chapter
- Language
- en
- Open access
- green
- doi.org
- Locations
- Handbook of the economics of finance (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Keywords
- retail investors, stock trading behavior, disposition effect, limited attention, behavioral finance
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
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