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.

  • "First Impressions: System 1 Thinking and Stock Returns" (with Abhiroop Mukherjee and Baolian Wang). 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.



Some recent talks





Former and current students


  • I learn a lot by advising PhD students and helping them with their dissertation work. Here are links to some former students. I very much recommend taking a look at their work if you are not already familiar with it!


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