ANDREA FRAZZINI, Yale University OWEN LAMONT, Yale University and NBER Dumb Money: Mutual Fund Flows and the Cross Section of Stock Returns

ALOK KUMAR, University of Notre Dame Who Gambles in the Stock Market?

LAUREN COHEN, University of Chicago KARL B. DIETHER, Ohio State University CHRISTOPHER J. MALLOY, London Business School Supply and Demand Shifts in the Shorting Market

HARRISON HONG, Princeton University JIALIN YU, Columbia University Gone Fishin: Seasonality in Speculative Trading and Asset Prices

PEDRO SANTA-CLARA, UC, Los Angeles and NBER ALESSIO SARETTO, UC, Los Angeles Option Strategies: Good Deals and Margin Calls