I will trade, just not today: Individual investor trading activity around birthdays
研究发现个人投资者在生日前后3天内显著减少交易活动，且这种效应在活跃交易者、整十岁生日或生日在周五时更明显，表明个人事件会分散投资者对股市的注意力。
Abstract In this paper we provide new evidence of investor inattention by showing that personal occurrences such as birthdays are able to drive attention away from the stock market. We document that individual investors significantly reduce their trading activity in the 3 days around their birthday. The reduction in the propensity to trade is larger for more active traders, in the event of a decade birthday and when this celebrative event falls on a Friday. Results are robust to analyses focusing only on days when investor attention should be at its peak, as expressed by excess news coverage and trading volumes.