This project deals with individual and institutional investors' portfolio choices of portfolios and behavior, in particular with regards to information asymmetries and incentive constraints. The project consists of four distinct, but related sub-projects. The first sub-project studies how domestic and foreign analysts process and value information differently. The second sub-project investigates whether there is empirical support for a dividend tax clientele effect by considering detailed and comprehensive ownership data for Sweden. These two sub-projects illustrate mainly the effects of asymmetric information and incentives on institutional investors. The third sub-project quantifies the value for investors to dynamically manage a portfolio given the information available to the investor and her investment horizon. The fourth sub-project studies the behavior of investors who invest on-line. With unique transactions data from an Internet broker combined with background variables (such as income, wealth, and education), purchases and sales of securities can be studied in great detail. The last two sub-projects consider individual investors' portfolio choices and trades, partly from the perspective of information asymmetries, partly from the behavior observed in experiments.