At Haas since 2001
2008 – present, The Rudd Family Foundation Chair
2006 – 2008, 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
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
Current Research and Interests
Influence of individual investors on asset prices.
Selected Papers and Publications
“Bubbling with Excitement: An Experiment” with Eduardo Andrade and Shengle Lin, Review of Finance, 2016, Vol. 20, 2, 447-466.
“Overconfidence, Compensation Contracts, and Capital Budgeting” with Simon Gervais and J. B. Heaton, 2011, Journal of Finance, Vol, 66, 5, 1735-1777.
“Just How Much Do Investors Lose from Trade?” with Brad Barber, Yi-Tsung Lee and Yu-Jane Liu, Review of Financial Studies, 2009, Vol. 22, 2, 609-632.
“All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors” with Brad Barber, Review of Financial Studies, 2008, Vol. 21, 2, 785-818.
“Out of Sight, Out of Mind: The Effects of Expenses on Mutual Fund Flows” with Brad Barber and Lu Zheng, Journal of Business, 2005, Vol. 78, 2095-2119.
“Boys will be Boys: Gender, Overconfidence, and Common Stock Investment” with Brad Barber, Quarterly Journal of Economics, February 2001, Vol. 116, No. 1, 261-292.
“Learning to be Overconfident” with Simon Gervais, Review of Financial Studies, Spring 2001, Vol. 14, No. 1, pp. 1-27.
“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.
“Volume, Volatility, Price, and Profit When All Traders Are Above Average,” Journal of Finance, Vol. LIII, No. 6, December 1998, 1887-1934.
“Are Investors Reluctant to Realize Their Losses?”, Journal of Finance, Vol. LIII, No. 5, October 1998, 1775-1798.
Honors and Awards
James R. Vertin Award from CFA Institute
Carleton College Alumni Distinguished Achievement Award, 2012
Barclays Global Investors Award for Best Conference Paper at European Finance Association Meetings, Moscow 2005
Barclays Global Investment / Michael Brennan Prize for the Best Paper of the year (2001) in the Review of Financial Studies Graham and Dodd Award of Excellence, 2000
National Science Foundation Career Grant National Science Foundation Research Grant (SES-0111470)
Roger F. Murray Prize (from the Institute for Quantitative Research in Page 2 9/16/16 Finance)
American Association of Individual Investors 1997
Completed Dissertation Award
Nasdaq Foundation Dissertation Fellowship
University of California Regents Fellowship
Departmental Citation for outstanding undergraduate accomplishment in statistics