Empirical Facts oR Investment behaviors are more complex than what most standard theories could explain C3 Barber and odean(2002, RFS): online trading make investors trade more actively but less profitable C3 Barnea, Crongvist and Siegel(2010, JFE): genetic factor is critical for investor behavior C He and Hu (2010, RBF): horizon effect C3 Mastrobuoni and Weinberg(2009, AEj-EP: consumptions are not smoothed C3 Meier and Sprenger(2010, AEJ-AE): individuals with present-biased preference over-borrow on their credit cards  Investment behaviors are more complex than what most standard theories could explain  Barber and Odean (2002, RFS): online trading make investors trade more actively but less profitable  Barnea, Cronqvist and Siegel (2010, JFE): genetic factor is critical for investor behavior  He and Hu (2010, RBF): horizon effect  Mastrobuoni and Weinberg (2009, AEJ-EP): consumptions are not smoothed  Meier and Sprenger(2010, AEJ-AE): individuals with present-biased preference over-borrow on their credit cards Empirical Facts