André Silva will participate, with two researchers from Cambridge (Judge Business School) and Brazil (Fundação Getúlio Vargas), in a internationally research project funded by the Keynes Fund, from the University of Cambridge. The project is about The Individual Behavior of Investors and their Effects on Aggregate Returns and Risk. This is a proposal to study the effects of individual portfolio trading decisions on aggregate stock market variables. it aimes to answer questions on how investors trade and how their conduct affects aggregate returns? How do investors react to news? How do portfolio decisions affect fluctuations in the market price of risk? Understanding the consequences of investor behavior is important for optimizing investment decisions and for the design of financial markets regulations.