Good Reasons Sell: Reason-Based Choice Among Group and Individual Investors in the Stock Market
比较股票俱乐部（群体）与个人投资者的投资决策，发现两者都偏好有“好理由”的股票，但群体更甚，尽管这些理由并不提升业绩。
In this paper, we compare the investment decisions of groups (stock clubs) and individuals. Both individuals and clubs are more likely to purchase stocks that are associated with good reasons (e.g., a company that is featured on a list of most-admired companies). However, stock clubs favor such stocks more than individuals, despite the fact that such reasons do not improve performance. We describe why social dynamics may make good reasons more important for groups than individuals.