Mahani is with the Finance Department, Georgia State University. Bernhardt is with the Department of Economics, University of Illinois at Urbana-Champaign. A significant part of this research was conducted while the first author was a doctoral student at the University of Illinois at Urbana-Champaign. We thank an anonymous referee, George Deltas, Eric Hughson, Charlie Kahn, Neil Pearson, Allen Poteshman, Rob Stambaugh (editor), Josh White, and audiences at the 2005 American Finance Association meeting, University of Colorado, University of Illinois, Simon Fraser University, and Georgia State University for helpful comments. Dan Bernhardt gratefully acknowledges financial support from National Science Foundation grant SES-031770. All errors are ours.
Financial Speculators' Underperformance: Learning, Self-Selection, and Endogenous Liquidity
Version of Record online: 8 MAY 2007
© 2007 the American Finance Association
The Journal of Finance
Volume 62, Issue 3, pages 1313–1340, June 2007
How to Cite
MAHANI, R. and BERNHARDT, D. (2007), Financial Speculators' Underperformance: Learning, Self-Selection, and Endogenous Liquidity. The Journal of Finance, 62: 1313–1340. doi: 10.1111/j.1540-6261.2007.01237.x
- Issue online: 8 MAY 2007
- Version of Record online: 8 MAY 2007
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