How Investors Pick Stocks: Global Evidence from 1,540 AI-Driven Field Interviews

In one sentence

We use AI-driven interviews with 1,540 investors across ten countries to reveal thirteen distinct mechanisms that people actually use to pick stocks, exposing major heterogeneity and gaps in existing asset-pricing theories.

Summary

We conduct AI-driven field interviews with 1,540 investors across ten countries. Textual analysis uncovers thirteen mechanisms that form an empirically grounded taxonomy of investor behavior. We document substantial heterogeneity across and within investors and discuss implications for theory.

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