Education

B.Sc. (Hons.), University of Manitoba, 1970
M. Mathematics, University of Waterloo, 1971
Ph.D., London School of Economics, 1974

Academic Positions

Assistant Professor, Department of Economics, University of Rochester, 1974-1979
Associate Professor, Department of Economics, Santa Clara University, 1979-1986
Professor, Department of Economics, Santa Clara University, 1986-1990
Chair, Department of Economics, Santa Clara University, 1983-88
Professor, Department of Finance, Santa Clara University, 1990-present

Publications

"The Contributions of Daniel Kahneman and Amos Tversky," with Meir Statman. Journal of Psychology and Financial Markets, forthcoming.

"Trading Volume, Information, and Trading Costs: Empirical Analysis," with K. Chung and H. Jo, Journal of Korean Securities Association, Vol 31, 2002

"The Style of Investor Expectations," with Meir Statman. In Thomas Coggin and Frank Fabozzi (editors), The Handbook of Equity Style Management, (forthcoming).

"Behavioral Decision Making, Forecasting, Game Theory, and Role Play," International Journal of Forecasting, Vol. 18, issue 3, 375-382, July-September, 2002.

"Do Investors Expect Higher Returns from Safer Stocks than from Riskier Stocks?" Journal of Psychology and Financial Markets, 2001. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=297496

"Behavioral Corporate Finance," Journal of Applied Corporate Finance, Fall issue, 2001. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=288257

Behavioral Finance: A Three Volume Edited Collection, London: Edward Elgar, 2001. http://www.e-elgar.com/

"Determinants of the Magnitude of Willingness to Accept Relative to Willingness to Pay," with David Caldwell, Journal of Behavioral Decision Making, 2001.

"Benchmarks and Indexing: A Behavioral Perspective," Journal of Asset Management, June 2000.

"Behavioral Portfolio Theory," with Meir Statman, Journal of Financial and Quantitative Analysis, June 2000.

"Recent Developments in Behavioral Finance," Journal of Private Portfolio Management, Summer 2000.

"Irrational Exuberance and Option Smiles." Financial Analysts Journal, November/December 1999.

Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Boston, MA: Harvard Business School Press, 1999. Revised version published 2002, New York: Oxford University Press
http://www.oup-usa.org/isbn/0195161211.html
http://highered.mcgraw-hill.com/sites/0072339160/

"Changing Utility Functions," in Handbook of Utility Theory, edited by P. Hammond, C. Seidl, and S. Barbera. Kluwer Academic Press, 1998.

Five Essays on Modern Asset Management Practice: New Techniques for a New Era, with L. Rubin, Electric Power Research Institute, 1997.

"Making Sense of Beta, Size, and Book-to-Market," with M. Statman, Journal of Portfolio Management, Vol. 21, No. 2, 1995.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=5870

"Behavioral Capital Asset Pricing Theory," with M. Statman, Journal of Financial and Quantitative Analysis, September, 1994.

Contribution to "On Financial Ethics," Forum published in Financial Management, Autumn, 1993.

"Ethics, Fairness and Efficiency in Financial Markets," with M. Statman, Financial Analysts Journal, November/December, 1993.

"Behavioral Aspects of the Design and Marketing of Financial Products," with M. Statman, Financial Management, Summer, 1993.

"Mental Accounting, Saving, and Self-Control," with R. Thaler, in Choice Over Time, edited by G. Loewenstein and J. Elster, Sage Foundation, New York, 1992.

Fairness, Efficiency, and the Regulation of Financial Markets, with M. Statman, Research Foundation of the Institute of Financial Analysts, 1992.

"Aggregation and Identification in Consumer Demand Systems," with J. Heineke, Journal of Econometrics, 44, 1990, pp. 377-90.

"The Multinomial Option Pricing Model and its Brownian and Poisson Limits," with D. Madan and F. Milne, Review of Financial Studies, Vol. 2, No. 2, 1989, pp. 251-65.

"The Behavioral Life-Cycle Hypothesis," with R. Thaler, Economic Inquiry, Vol. XXVI, October, 1988.

"Exact Aggregation and the Finite Basis Property," with J. Heineke, International Economic Review, Vol. 29, No. 3, 1988.

"Ex-Post Efficiency and Ex-Post Welfare: Some Fundamental Considerations," with F. Milne, Economica, 55, 1988.

"On Some Global Properties of Gorman Class Demand Systems," with J. Heineke, Economics Letters, 25, 1987.

"Information and Securities: A Note on Pareto Dominance and the Second Best," with F. Milne, Journal of Economic Theory, Vol. 43, No. 2, December 1987.

"On an Implication of a Theorem Due to Gorman," with J. Heineke, Economics Letters, 21, 1986.

"How Not to Make Money in the Stock Market," with M. Statman, Psychology Today, February, 1986, pp. 53-57.

"The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence," with M. Statman, Journal of Finance, Vol. XL, No. 3, l985.

"Clarifying Some Misconceptions About Stock-Market Economies," with F. Milne, Quarterly Journal of Economics, Vol. XCIX, No. 3, 1984.

"Inferior Forecasters, Cycles, and the Efficient-Markets Hypothesis: A Comment," Journal of Political Economy, 92, 1984.

"Explaining Investor Preference for Cash Dividends," with M. Statman, Journal of Financial Economics, 13, 1984.

"Welfare Losses Arising From Increased Public Information and/or the Opening of New Security Markets," with F. Milne, Foundations of Utility and Risk Theory With Applications, edited by B. Stigum and F. Wenstøp, 1983.

"Markov Chains, Imperfect State Information, and Bayesian Learning," Mathematical Modeling, 4, 1983.

"The Finite Basis Property and Exact Aggregation," with J. Heineke, Economics Letters, 9, 1982.
"On the Combinatorial Structure of Bayesian Learning with Imperfect Information," Discrete Mathematics, 1981.

"Games with Self-Generating Distributions," Review of Economic Studies, 1981.

"Transaction Costs, Uncertainty, and Generally Inactive Futures Markets," Review of Economic Studies, 1981.

"An Economic Theory of Self-Control," with R. Thaler, Journal of Political Economy, 1981.

"Interpreting ß-Rationality in Hierarchical Games," with R. Thaler, Economics Letters, 1980.

"On Duality Theory in Intertemporal Choice with Uncertainty," with J. Heineke, Economics Letters, 1979.

"Bayesian Convergence in Market Games with Incomplete Information," Control Theory and Mathematical Economics, edited by P. T. Liu and J. Sutinen, 1979.

"Optimal Investment in Schooling When Incomes are Risky," with L. Olson and H. White, Journal of Political Economy, June 1979.

"Spot Trading, Differential Information, and Pareto-Efficiency," Journal of Economic Theory, June, 1979.

"Differential Information and Informational Equilibrium," Economics Letters, 1, 1978.

Books in Progress

Behavioral Corporate Finance, McGraw-Hill Irwin.

A Behavioral Approach to Asset Pricing Theory, Academic Press. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=288258

Grants and Awards

National Science Foundation
Association for Investment Management Research
Dean Witter Foundation
Graham and Dodd Scroll, for "Ethics, Fairness and Efficiency in Financial Markets," with Meir Statman, Financial Analysts Journal, 1993.
William F. Sharpe Prize for best paper appearing in the Journal of Financial and Quantitative Analysis during 2000, with Meir Statman
Santa Clara University Faculty Senate Professor Award, Santa Clara University 2002
Best paper award 2002, Journal of Korean Securities Association

Media

Quoted by the Wall Street Journal, the New York Times, the Financial Times, the Los Angeles Times, the San Jose Mercury News, the San Francisco Chronicle, the Boston Globe, the San Diego Union-Tribune, the Atlanta-Journal Constitution, the New York Post, the Sydney Morning Herald, Barron's, Forbes, Forbes.com, Forbes Global, Money Magazine, Fortune, Individual Investor, US News & World Report, Newsweek, Newsweek Japan, Business Week, Technical Analysis of Stocks and Commodities, Family Money, Green, Working Woman, Red Herring, Global Investment,CFO Magazine, and the San Jose Business Journal. Listed among the academic stars of finance in January 2001 issue of CFO magazine. Also interviewed on radio and television.

Consulting
(investment companies, manufacturing firms, consulting firms, government: see selected examples below)

American Skandia, J.R. Nuveen, Marketocracy, Financial Engines
Syntex Corporation, Maciel Trucking
EPRI, LECG
U.S. Department of Energy, Department of Supply and Services (Government of Canada)

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