This dissertation studies how investor behavior shapes financial markets, drawing on evidence from both retail and institutional investors, and combining tools from experimental economics, behavioral finance, and empirical asset pricing. A common theme runs through the three chapters: investors do not always process information as standard models assume. Behavioral and social factors shape the financial decision-making process. Attention is limited, beliefs respond to features of the choice environment, and information flows through social interactions rather than in a frictionless manner. Each chapter examines one dimension of these deviations and asks how they translate into trading behavior, prices, and the dispersion of information across market participants. Together, the three chapters provide empirical, experimental, and market-level evidence on the behavioral foundations of financial decision making.
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