2025
New WP cites
Sleep Disruption and Retail Investor Trading
NBER Working Paper 33477 (Feb 2025, rev. Oct 2026)
Later sunsets and clock changes cost retail traders 29–64 bps/month — sleep, not strategy, moves returns.
2023
≈100 cites
Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors
Journal of Finance 78(2) · NBER WP 29076
Professional sells underperform RANDOM selling by 80 bps/yr while their buys beat counterfactuals by 100+ bps — attention, not skill, explains the asymmetry.
2023
≈97 cites
Financial literacy and financial well-being: Evidence from the US
Journal of Financial Literacy and Wellbeing 1, 169–198
Fewer than 30% of Americans answer three basic finance questions correctly; literacy tracks +6.3pp financial resilience and −3.8pp over-indebtedness.
2022
≈65 cites
Buy Now, Pay Later Credit: User Characteristics and Effects on Spending Patterns
NBER Working Paper 30508
BNPL access lifts spending +$130 on impact and ≈$60/week permanently — retail liquidity “sticks where it hits.”
2021
≈230 cites
The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of B40 group in Malaysia
Future Business Journal 7:52
Behaviour (β=0.333) beats literacy (β=0.165) for financial well-being; stress drags it down (β=−0.256) — doing matters more than knowing.