Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors

We thank Bronson Argyle, Ned Augenblick, Aislinn Bohren, Pedro Bordalo, John Campbell, Colin Camerer, Cary Frydman, Samuel Hartzmark, David Hirshleifer, Zwetelina Iliewa, Lawrence Jin, David Laibson, Ulrike Malmendier, Joshua Miller, Terry Odean, Alex Rees-Jones, Andrei Shleifer, Richard Thaler, Tuomo Vuolteenaho, Russ Wermers, conference and seminar participants at the NBER Behavioral Finance Meeting, Society of Judgment and Decision Making Conference, WFA Annual Conference, Booth School of Business, UC Berkeley, briq Institute, Caltech, ETH Zurich, Florida State, Harvard Business School, Higher School of Economics, New School of Economics, University of Amsterdam, and University of Frankfurt for helpful comments. We thank Kushan Tyagi, and especially Brice Green, for outstanding research assistance. The views expressed in the paper are solely those of the authors and do not necessarily represent the views of the institutions to which the authors are affiliated. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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