{"id":"https://openalex.org/W2086223165","doi":"https://doi.org/10.2139/ssrn.817604","title":"Are Small Investors Naive About Incentives?*","display_name":"Are Small Investors Naive About Incentives?*","publication_year":2005,"publication_date":"2005-01-01","ids":{"openalex":"https://openalex.org/W2086223165","doi":"https://doi.org/10.2139/ssrn.817604","mag":"2086223165"},"language":"en","primary_location":{"id":"doi:10.2139/ssrn.817604","doi":"https://doi.org/10.2139/ssrn.817604","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.817604","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.817604","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5089674357","display_name":"Devin M. Shanthikumar","orcid":"https://orcid.org/0000-0003-2786-1823","observed_orcids":["https://orcid.org/0000-0003-2786-1823"]},"institutions":[{"id":"https://openalex.org/I204250578","display_name":"University of California, Irvine","ror":"https://ror.org/04gyf1771","country_code":"US","type":"education","lineage":["https://openalex.org/I204250578"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Devin M. Shanthikumar","raw_affiliation_strings":["University of California, Irvine - Paul Merage School of Business, Paul Merage School of Business, SB2 428, Irvine, CA 92697-3125, United States","University of California, Irvine - Paul Merage School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of California, Irvine - Paul Merage School of Business, Paul Merage School of Business, SB2 428, Irvine, CA 92697-3125, United States","institution_ids":["https://openalex.org/I204250578"]},{"raw_affiliation_string":"University of California, Irvine - Paul Merage School of Business","institution_ids":["https://openalex.org/I204250578"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5051751338","display_name":"Ulrike M. Malmendier","orcid":"https://orcid.org/0000-0002-2786-4365","observed_orcids":["https://orcid.org/0000-0002-2786-4365"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I197518295","display_name":"IZA - Institute of Labor Economics","ror":"https://ror.org/029s44460","country_code":"DE","type":"nonprofit","lineage":["https://openalex.org/I197518295"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["DE","GB","US"],"is_corresponding":false,"raw_author_name":"Ulrike Malmendier","raw_affiliation_strings":["Centre for Economic Policy Research (CEPR), London, United Kingdom","Institute for the Study of Labor (IZA), P.O. Box 7240, Bonn, D-53072, Germany","National Bureau of Economic Research (NBER), 1050 Massachusetts Avenue, Cambridge, MA 02138, United States","University of California, Berkeley - Department of Economics, 549 Evans Hall #3880, Berkeley, CA 94720-3880, United States","University of California, Berkeley - Haas School of Business, 545 Student Services Building, #1900, 2220 Piedmont Avenue, Berkeley, CA 94720, United States","Centre for Economic Policy Research (CEPR)","Institute for the Study of Labor (IZA)","National Bureau of Economic Research (NBER)","University of California, Berkeley - Department of Economics","University of California, Berkeley - Haas School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR), London, United Kingdom","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"Institute for the Study of Labor (IZA), P.O. Box 7240, Bonn, D-53072, Germany","institution_ids":["https://openalex.org/I197518295"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER), 1050 Massachusetts Avenue, Cambridge, MA 02138, United States","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of California, Berkeley - Department of Economics, 549 Evans Hall #3880, Berkeley, CA 94720-3880, United States","institution_ids":["https://openalex.org/I95457486"]},{"raw_affiliation_string":"University of California, Berkeley - Haas School of Business, 545 Student Services Building, #1900, 2220 Piedmont Avenue, Berkeley, CA 94720, United States","institution_ids":["https://openalex.org/I95457486"]},{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"Institute for the Study of Labor (IZA)","institution_ids":["https://openalex.org/I197518295"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of California, Berkeley - Department of Economics","institution_ids":["https://openalex.org/I95457486"]},{"raw_affiliation_string":"University of California, Berkeley - Haas School of Business","institution_ids":["https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5089674357"],"corresponding_institution_ids":["https://openalex.org/I204250578"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":57,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/analyst-bias","display_name":"analyst bias","score":0.5809999704360962},{"id":"https://openalex.org/keywords/financial-analysts","display_name":"financial analysts","score":0.6299999952316284},{"id":"https://openalex.org/keywords/analyst-recommendations","display_name":"analyst recommendations","score":0.5540000200271606},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.6159999966621399},{"id":"https://openalex.org/keywords/investor-trading-behavior","display_name":"investor trading behavior","score":0.5559999942779541},{"id":"https://openalex.org/keywords/information-constraints","display_name":"information constraints","score":0.45399999618530273}],"concepts":[{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6149381399154663},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5384466648101807},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3343512713909149},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.29585278034210205},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.1705416738986969}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2139/ssrn.817604","doi":"https://doi.org/10.2139/ssrn.817604","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.817604","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.817604","doi":"https://doi.org/10.2139/ssrn.817604","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.817604","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":47,"referenced_works":["https://openalex.org/W1504072881","https://openalex.org/W1516940296","https://openalex.org/W1538563434","https://openalex.org/W1865006127","https://openalex.org/W1968560054","https://openalex.org/W1989720764","https://openalex.org/W1990796945","https://openalex.org/W1997424810","https://openalex.org/W2015950201","https://openalex.org/W2029779514","https://openalex.org/W2029942536","https://openalex.org/W2048610700","https://openalex.org/W2049582966","https://openalex.org/W2055958150","https://openalex.org/W2057645503","https://openalex.org/W2064508349","https://openalex.org/W2083095615","https://openalex.org/W2083259738","https://openalex.org/W2100876305","https://openalex.org/W2103282000","https://openalex.org/W2104697841","https://openalex.org/W2118821716","https://openalex.org/W2122735314","https://openalex.org/W2124758339","https://openalex.org/W2132444912","https://openalex.org/W2133300021","https://openalex.org/W2142974872","https://openalex.org/W2145855112","https://openalex.org/W2150364062","https://openalex.org/W2151257144","https://openalex.org/W2157664450","https://openalex.org/W2160841369","https://openalex.org/W3122755721","https://openalex.org/W3122890729","https://openalex.org/W3123188694","https://openalex.org/W3123334197","https://openalex.org/W3123353615","https://openalex.org/W3123522732","https://openalex.org/W3123543070","https://openalex.org/W3123586507","https://openalex.org/W3124625647","https://openalex.org/W3124655772","https://openalex.org/W3125018794","https://openalex.org/W3125145096","https://openalex.org/W3125879411","https://openalex.org/W3125902221","https://openalex.org/W3126081180"],"related_works":["https://openalex.org/W3122933714","https://openalex.org/W201387033","https://openalex.org/W7097402043","https://openalex.org/W3122755721","https://openalex.org/W1577516647","https://openalex.org/W3155287579","https://openalex.org/W3123979813","https://openalex.org/W2347182194","https://openalex.org/W3094105255","https://openalex.org/W2556038983"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":6},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":10}],"updated_date":"2026-10-17T09:40:24.721904","created_date":"2016-06-24T00:00:00"}
