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JOHN GATHERGOOD's Outputs (4)

Attention Utility: Evidence from Individual Investors (2024)
Journal Article
Quispe–Torreblanca, E., Gathergood, J., Loewenstein, G., & Stewart, N. (in press). Attention Utility: Evidence from Individual Investors. Review of Economic Studies,

We study attention utility, the hedonic pleasure or pain derived purely from paying attention to information, which differs from the news utility that arises from gaining new information. The main, field, study examines brokerage account login data t... Read More about Attention Utility: Evidence from Individual Investors.

At the Top of the Mind: Peak Prices and the Disposition Effect (2024)
Journal Article
Quispe-Torreblanca, E., Hume, D., Gathergood, J., Loewenstein, G., & Stewart, N. (in press). At the Top of the Mind: Peak Prices and the Disposition Effect. Journal of Political Economy Microeconomics,

The disposition effect is the reluctance to sell assets at a loss relative to a salient point of reference, typically assumed to be the purchase price. Using data on stocks and housing sales, we show that the peak price achieved by an asset during th... Read More about At the Top of the Mind: Peak Prices and the Disposition Effect.

The Coholding Puzzle: New Evidence from Transaction-Level Data (2024)
Journal Article
Gathergood, J., & Olafsson, A. (2024). The Coholding Puzzle: New Evidence from Transaction-Level Data. Review of Financial Studies, https://doi.org/10.1093/rfs/hhae016

Why do individuals pay debt interest when they could use their savings to pay down the debt? We explore why individuals “cohold” debt and savings using detailed and highly disaggregated daily-level data on household finances. We find that coholding m... Read More about The Coholding Puzzle: New Evidence from Transaction-Level Data.

Investor Logins and the Disposition Effect (2024)
Journal Article
Quispe-Torreblanca, E., Gathergood, J., Loewenstein, G., & Stewart, N. (in press). Investor Logins and the Disposition Effect. Management Science, https://doi.org/10.1287/mnsc.2022.00359

Using data from an online brokerage, we examine the role of investor logins in trading behavior. We find that a new reference point is created when an investor logs in and views the investor’s portfolio. We observe this as a disposition effect on ret... Read More about Investor Logins and the Disposition Effect.