Keith Jacks Gamble

Keith Jacks Gamble
Director of the Data Science Institute
Professor of Finance
Middle Tennessee State University

MTSU Box 27, Business and Aerospace N327
Murfreesboro, TN 37132

Research Interests: Financial Decision Making, Behavioral Finance, Aging

Curriculum Vitae View Keith Jacks Gamble's profile on LinkedIn
Too Much or Too Little Information: How Unknown Uncertainty Fuels Time Inconsistency (with Inhwa Kim)
SN Business & Economics, 2022, 2(2), 1-33.
This study aims to understand the role of subjective probabilistic inference in updating information for decision-making procedures under uncertainty.

Implications of Short Selling for Corporate Finance (with Sanjay Deshmukh and Keith Howe)
Journal of Applied Corporate Finance, 2021, 33(1), 85-97.
This article summarizes evidence of informed short selling by linking it to changes in corporate fundamentals.

Perspectives on "Cognitive Decline and Household Financial Decisions at Odler Ages" by Marco Angrisani and Jinkook Lee
The Journal of the Economics of Ageing, 2019, 13, 102.
A perspective piece on new research on cognitive decline and household financial decisions at older ages.

Challenges for Financial Decision Making at Older Ages
in Financial Decision Making and Retirement Security in an Aging World Olivia S. Hammond, P. Brett Hammond, and Stephen P. Utkas, Eds.
Oxford University Press, 2017.
I describe recent research findings on financial decision making at older ages enabled by the Rush Memory and Aging Project, a large cohort study of aging.

Informed Short Selling Around SEO Announcements (with Sanjay Deshmukh and Keith Howe)
Journal of Corporate Finance, 2017, 46, 121-138.
Large increases in short selling around SEOs are predictive of worse announcement returns, long run operating performance, and long run returns.

Informed Retail Investors: Evidence from Retail Short Sales (with Wei Xu)
Journal of Empirical Finance, 2017, 40, 59-72.
Our study suggests that the recent evidence of informed retail order flow is driven by few informed retail trades.

Aging and Financial Decision Making (with Patricia Boyle, Lei Yu, and David Bennett)
Management Science, 2015, 61(11), 2603-2610.
This study examines how cognitive changes associated with aging impact the financial decision making capability of older Americans.
Online Appendix

Short Selling and Firm Operating Performance (with Sanjay Deshmukh and Keith Howe)
Financial Management, 2015, 44(1), 217-236.
Large increases in short interest are associated with a 21% decline in operating performance in subsequent years.

How Prior Outcomes Affect Individual Investors' Subsequent Risk Taking (with Bjorn Johnson)
Journal of Personal Finance, 2014, 13(1), 8-37. (lead article)
We present empirical evidence of how prior outcomes affect individual investors' subsequent risk taking.

The Information Content of Investors' Expectations for Risk and Return (with Thomas Berry)
Quarterly Journal of Finance, 2013, 3(3 & 4).
This study reveals the information content of individual investors' risk-adjusted return expectations.

Does Presenting Investment Results Asset by Asset Lower Risk Taking? (with Santosh Anagol)
Journal of Behavioral Finance, 2013, 14(4), 276-300.
Segregating investment results by asset decreases subsequent risk taking.

Informed Local Trading Prior to Earnings Announcements (with Thomas Berry)
Journal of Financial Markets, 2013, 16(3), 505-525.
Large trading imbalances by investors living close to a firm’s headquarters predict the stock’s earnings announcement return.

Temporal Discounting is Associated with an Increased Risk of Mortality (with Patricia A. Boyle, Lei Yu, and David Bennett)
PLOS ONE, 2013, 8(6).
A person with the greatest preference for smaller immediate rewards over larger but delayed ones was about twice more likely to die over the study period.

Poor Decision Making is a Consequence of Cognitive Decline (with Patricia A. Boyle, Lei Yu, Robert S. Wilson, Aron S. Buchman, and David Bennett)
PLOS ONE, 2012, 7(8).
Shows that even very subtle age-related changes in cognition have detrimental effects on decision making.

Updated August 2023