The authors are thankful for comments and suggestions from the editor (David Sraer), the associate editor, an anonymous referee, Jason Abrevia, Jawad Addoum, Brad Barber, Russell Cooper, Stefanos Delikouras, Richard Dusansky, Maria Efthymiou, Nikos Floropoulos, Dan Hammermesh, David Hirshleifer, Theodosis Kallenos, Filia Kaourma, Somayyeh Lotfi, George Loizides, Adair Morse, Zacharias Petrou, Alessandro Previeto, Kelly Shue, Stephan Siegel, Hilla Skiba, Frank Stafford, Victor Stango, Harry Turtle, Ayako Yasuda, Tianyan Wang, and participants at the Second Quadrant Behavioral Finance Conference, the 2016 UC Davis Finance Symposium, and the 7th Miami Behavioral Finance Conference, as well as the seminar participants at Colorado State University, the University of Cyprus, and the University of Miami. The procedures used in the study were approved under KUIRB #00145776. The authors are responsible for all remaining errors and omissions.