NICHOLAS C. BARBERIS

Stephen and Camille Schramm Professor of Finance

Yale School of Management


Thank you for visiting my website at Yale SOM. Below, you can find:



Contact information

    Telephone
    203-436-0777

    E-mail
    nick.barberis AT yale.edu

    Regular mail
    Yale School of Management
    PO Box 208200
    New Haven CT 06520-8200

    Courier mail
    Yale School of Management
    165 Whitney Avenue
    New Haven CT 06511


Curriculum vitae

  • Click here for a recent curriculum vitae.


Overview of my research

  • Click here for a description of my research agenda.


Research papers

The goal of much of my work is to build analytical foundations for behavioral finance, a large and active subfield of financial economics which studies the implications of less than fully rational behavior on the part of some market participants.

  • "Extrapolation and Bubbles", (with Robin Greenwood, Lawrence Jin, and Andrei Shleifer), in progress.
  • "Realization Utility" (with Wei Xiong), Journal of Financial Economics 104, 251-271, May 2012.
    • Non-technical summary here
    • Two of my colleagues significantly advance this agenda here.
  • "A Model of Casino Gambling", Management Science 58, 35-51, January 2012 (Special Issue on Behavioral Economics).
    • Another version here with some additional material (Sections 4.3, 4.4, 7.2, and 7.3)
    • Some slides here
    • Non-technical summary here.
  • "Comovement" (with Andrei Shleifer and Jeffrey Wurgler), Journal of Financial Economics 75, 283-317, February 2005.
    • Non-technical summary here.
  • "Style Investing" (with Andrei Shleifer), Journal of Financial Economics 68, 161-199, May 2003.
    • Non-technical summary here.
  • "A Survey of Behavioral Finance" (with Richard Thaler), Handbook of the Economics of Finance, G. Constantinides, R. Stulz, M. Harris eds., North Holland, Amsterdam, 2003.
  • "Prospect Theory and Asset Prices" (with Ming Huang and Tano Santos), Quarterly Journal of Economics 116, 1-53, February 2001. Awarded the 2000 FAME Research Prize.
    • Non-technical summary here.


Videos

  • An Overview of Behavioral Finance, presented at the 2014 CFA Institute Annual Conference as part of their "masterclass" series. (The video is free but you have to take a minute to set up a user account with the CFA.)
    • The talk lasts about 90 minutes and is followed by 30 minutes of Q&A. It covers three well-developed ideas (over-extrapolation, overconfidence, and prospect theory) as well as three emerging topics (experience effects, social psychology, and neuroeconomics). Big theme: behavioral finance is about the important stuff, not just "the icing on the rational cake."
    • A reading list to accompany the talk is here.


Former and current students

I learn a lot by working with PhD students and helping them with their dissertation work. Here are links to some of the students I have advised in past years. I very much recommend taking a look at their work if you are not already familiar with it!
I am currently advising three job market students: Wenxi Jiang, Lawrence Jin, and Peter Kelly. Please take a look at their websites! (And also at the website of Sriya Anbil, the other Yale student on the finance job market this year; her co-Chairs are Heather Tookes and Gary Gorton.)


Summer program in behavioral finance

The Yale Summer Program in Behavioral Finance is a one-week intensive course in behavioral finance for PhD students. The goal is to introduce students to the latest developments in the field and to give them a chance to interact with each other and with established researchers.

The first program took place in the week of June 22nd, 2009. Six faculty from Yale and other universities taught the program and 40 students participated.

The second program took place in the week of June 27th, 2011. Eight faculty taught the program and 44 students participated.

The third program took place in the week of June 24th, 2013. Eight faculty taught the program and 46 students participated (see photo!). The original application form is here.

We expect to keep running the program at regular intervals.


black line