Abstract We study nine equity markets between 1900 and 1925 to provide an out-of-sample test of some major asset pricing anomalies during a period in which anomalies had not been documented. We find strong evidence of momentum in almost every market. We find no evidence of long-term reversals, which, coupled with the limited presence of institutional investors, suggests that underreaction should be considered as a key aspect of behavioral theories of momentum. We also find evidence for the size effect, betting-against-beta, and the outperformance of low volatility stocks, whereas we find mixed evidence of short-term reversal. (JEL G12, G15, N20)

Abstract While there is a vast (and mixed) literature on gender differences in social preferences, little is known about believed gender differences in social preferences. Using data from 15 studies and 8,979 individuals, we find that women are believed to be more generous and more equality-oriented than men. This believed gender gap is robust across a wide range of contexts that vary in terms of strategic considerations, selfish motives, fairness concepts, and payoffs. Yet this believed gender gap is largely inaccurate. Consistent with models of associative memory, specifically the role of similarity and interference, the believed gender gap is correlated with recalled prior life experiences from similar contexts and significantly affected by an experience that may interfere with the recall process of prior memories, even though this interfering experience should not affect the beliefs of perfect-memory Bayesians. Application studies further reveal that believed gender differences extend to the household (i.e., beliefs about contributions to the home, family, and upbringing of children), the workplace (i.e., beliefs about equal pay), and policy views (i.e., beliefs about redistribution, equal access to education, healthcare, and affordable housing).