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Education
BA, Statistics, University of California, Berkeley
MS, Finance, University of California, Berkeley
Ph.D., Finance, University of California, Berkeley
Positions Held
At Haas since 2001
2006 - present Willis H. Booth Chair in Banking and Finance I
2005 - 2006 Professor, Haas School of Business
2003 - 2005 Associate Professor, Haas School of Business
2001 - 2003 Assistant Professor, Haas School of Business
1997 - 2001 Assistant Professor, Graduate School of Management, UC Davis
External Service and Assignments
- Executive Director, Experimental Social Science Laboratory, UC Berkeley
- Editor, Review of Financial Studies
- Nominating Committee, American Finance Association (2004)
- Session Chair: Western Finance Association Meetings and American Finance Association Meetings (2004)
- Ad Hoc Referee for: The American Economic Review, The Quarterly Journal of Economics, The Journal of Finance, The Review of Financial Studies, The Journal of Financial Economics, The Journal of Financial and Quantitative Analysis, Journal of Financial Markets, The Financial Analyst's Journal, The Journal of Business, The Accounting Review, Scandinavian Journal of Economics, The Journal of Psychology and Financial Markets, Journal of Economics and Business, Financial Services Review, Economic Letters, Naitonal Science Review, European Finance Review, Economica, North American Journal of Economics and Finance, Journal of Banking and Finance
- Program Committee, American Finance Association Meetings (2004)
- Program Committee, European Finance Associating Meeting,
(2000-2004)
- Orals Committee Examiner, London Business School, October 2003
- Chair, Berkeley Program in Finance, Fall 2002, Co-chair, Fall 1999
Current Research and Interests
- All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors with Brad Barber
- “Systematic Noise” with Brad Barber and Ning Zhu
- “Once Burned, Twice Shy: Naïve Learning, Counterfactuals, and the Repurchase of Stocks Previously sold” with Brad Barber and Michael Strahilevitz
- “Capital Budgeting in the Presence of Managerial Overconfidence and Optimism” with Simon Gervais and J.B. Heton
- “Who Gains from Trade? Evidence from Taiwan” with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu
- “Do Individual Day Traders Make Money? Evidence from Taiwan” with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu
- “Is the Aggregate Investor Reluctant to Realize Losses: Evidence from Taiwan” with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu
Selected Papers and Publications
- “Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows” (with Brad Barber and Lu Zheng) forthcoming, Journal of Business
- “Good Rationales Sell: Reason-Based Choice Among Group and Individual Investors in the Stock Markete” (with Brad Barber and Chip Heath), Management Science (2003), Vol. 49, No. 12, 1636-1652
- Are Individual Investors Tax Savvy? Evidence from Retail and Discount Brokerage Accounts” (with Brad Barber), Journal of Public Economics (2003), Vol. 88, 419-442
- "Online Investors: Do the Slow Die First?" with Brad Barber, Review of Financial Studies, March 2002, Vol. 15, No. 2, 455-487
- "The Internet and the Investor" with Brad Barber, The Journal of Economic Perspectives, Winter 2001, Vol. 15, No. 1, pp. 41-54
- "Learning to be Overconfident" with Simon Gervais, Review of Financial Studies, Spring 2001, Vol. 14, No. 1, pp. 1-27
- "Boys will be Boys: Gender, Overconfidence, and Common Stock Investment," with Brad Barber, Quarterly Journal of Ecomomics, February 2001, Vol. 116, No. 1, 261-292
- "Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors" with Brad Barber, Journal of Finance, Vol. LV, No. 2, April 2000, 773-806
- "Too Many Cooks Spoil the Profits: The Performance of Investment Clubs," with Brad Barber, Financial Analyst Journal, January/February 2000, 17-25
Honors and Awards
- Barclays Global Investment/Michael Brennan Prize for the Best Paper of the Year (2001) in the Review of Financial Studies
- Roger F. Murray Prize (from the Institute for Quantitative Research in Finance)
- American Association of Individual Investors 1997 Completed Dissertation Award
- Nasdaq Foundation Dissertation Fellowship
- Graham and Dodd Award of Excellence, 2000
- National Science Foundation Career Grant
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