Predicting the Next Step of a Random Walk: Experimental Evidence of Regime-Shifting Beliefs

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Limited Attention, Information Disclosure, and Financial Reporting (2003, methodology): “Experimental evidence (Bloomfield and Hales, 2002) supports such regime-shifting beliefs, but recent capital market evidence is mixed (Lee and Swaminathan, 2000; Chan et al.”
Warmth and conformity: The effects of ambient temperature on product preferences and financial decisions☆ (2014, result): “The procedure that we employed was similar to that in other studies in behavioral finance (Asparouhova, Hertzel, & Lemmon, 2009; Bloomfield & Hales, 2002).”
Post Loss/Profit Announcement Drift (2010, unknown): “One strand of the literature shows that it is difficult to correctly characterize and value even simple timeseries processes underlying earnings (see, e.g., Maines and Hand, 1996; Brown and Han, 2000; Bloomfield and Hales, 2002).”
The rule of three: How the third event signals the emergence of a streak. (2007, result): “This is consistent with prior research on individuals looking for streaks even in investments they know follow a random walk (Bloomfield & Hales, 2004).”