@article { , title = {Naïve Buying Diversification and Narrow Framing by Individual Investors}, abstract = {We provide the first tests to distinguish whether individual investors equally balance their overall portfolios (naïve portfolio diversification, NPD) or, in contrast, equally balance the values of same-day purchases of multiple assets (naïve buying diversification, NBD). We find NBD in purchases of multiple stocks, and in mixed purchases of individual stocks and funds. In contrast, there is little evidence of NPD. Evidence suggests that NBD arises due to stock picking behavior and neglect of diversification. These findings suggest that behavioral finance theory should incorporate transaction, as well as portfolio,framing.}, doi = {10.1111/jofi.13222}, eissn = {1540-6261}, issn = {0022-1082}, issue = {3}, journal = { Journal of Finance}, note = {Acceptance date on publisher website is 8/6/2022. Email to author asking for confirmation of acceptance date (12/10/2022? or June) Author confirmed acceptance date is 8/6/2022. Applied exception 255(b). VEA 28/03/2023}, pages = {1705-1741}, publicationstatus = {Published}, url = {https://nottingham-repository.worktribe.com/output/12599336}, volume = {78}, keyword = {Economics and Econometrics, Finance, Accounting}, year = {2023}, author = {Gathergood, John and Hirshleifer, David and Leake, David and Sakaguchi, Hiroaki and Stewart, Neil} }