The Distribution of Investor Beliefs, Stock Ownership, and Stock Returns
Published Online:26 Jun 2025https://doi.org/10.1287/mnsc.2022.02027
Supplemental Material
The replication files for this article are available HERE.
Volume 72, Issue 2
February 2026
Pages 783-1726, iv-vi
Article Information
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- Received:July 07, 2022
- Accepted:August 05, 2024
- Published Online:June 26, 2025
Copyright © 2025 The Author(s)
Cite as
Gikas Hardouvelis, Georgios Karalas, Dimitri Vayanos (2025) The Distribution of Investor Beliefs, Stock Ownership, and Stock Returns. Management Science 72(2):1595-1615.
https://doi.org/10.1287/mnsc.2022.02027
Keywords
The authors thank Harrison Hong, George Leledakis, Dong Lou, Anna Pavlova, Luca Pezzo, Christopher Polk, Spyros Skouras, David Sraer, Michela Verardo, two anonymous referees, seminar participants at Amherst, Athens, Bristol, Carlos III, Cyprus, and Piraeus, and participants at the Miami Behavioral Finance conference for helpful comments.
