Hersh Shefrin

Santa Clara University - Leavey School of Business

Mario L. Belotti Professor of Finance

Dept. of Finance

Santa Clara, CA 95053

United States

  • Santa Clara University - Leavey School of Business

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    • Tel: 408-554-6893
    • Fax: 408-554-4029
SCHOLARLY PAPERS

41

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38,236

SSRN CITATIONS
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71

CROSSREF CITATIONS

398

Scholarly Papers (41)

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1.

Behavioral Corporate Finance

Journal of Applied Corporate Finance, Vol. 14, No. 3, Fall 2001
Number of pages: 17 Posted: 23 Oct 2001
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 13,016 (270)
Citation 18

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2.

Behavioralizing Finance

Downloads 3,660 ( 2,729)
Citation 6

Behavioralizing Finance

Foundations and Trends in Finance, Vol. 4, Nos. 1-2, pp. 1-184, 2010, SCU Leavey School of Business Research Paper No. 10-01
Number of pages: 187 Posted: 02 May 2010
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 3,623 (2,728)

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behavioral finance, portfolio allocation, investor psychology, empirical finance, neoclassical finance, financial markets

Behavioralizing Finance

Foundations and Trends in Finance, Vol. 4, No. 1-2, pp. 1-84, 2009
Number of pages: 186 Posted: 15 Jun 2010
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 37 (463,135)
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behavioral finance, asset pricing, portfolio selection, corporate finance, financial market regulation

3.

Technical Analysis and Individual Investors

Journal of Economic Behavior and Organization, 107 (November), pp. 487-511
Number of pages: 67 Posted: 27 Feb 2014 Last Revised: 13 Jan 2015
Arvid O. I. Hoffmann and Hersh Shefrin
University of Adelaide - Business School and Santa Clara University - Leavey School of Business
Downloads 3,495 (2,946)
Citation 4

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Behavioral Finance, Household Finance, Individual Investors, Investor Behavior, Investor Performance, Technical Analysis, Speculation

4.

How Psychological Pitfalls Generated the Global Financial Crisis

VOICES OF WISDOM: UNDERSTANDING THE GLOBAL FINANCIAL CRISIS, Laurence B. Siegel, ed., Research Foundation of CFA Institute, 2010, SCU Leavey School of Business Research Paper No. 10-04
Number of pages: 44 Posted: 18 Dec 2009
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 3,103 (3,621)
Citation 19

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Financial Crisis, Behavioral Finance, Government Regulation

5.

Behavioral Portfolio Analysis of Individual Investors

Number of pages: 45 Posted: 24 Jun 2010 Last Revised: 05 Oct 2010
Arvid O. I. Hoffmann, Hersh Shefrin and Joost M. E. Pennings
University of Adelaide - Business School, Santa Clara University - Leavey School of Business and Maastricht University
Downloads 2,200 (6,456)
Citation 17

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Behavioral Portfolio Theory, Investment Decisions, Investor Performance, Behavioral Finance

6.

Behavioral Finance: Quo Vadis?

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 18, No. 2, 2008
Number of pages: 15 Posted: 09 Dec 2015
Werner F. M. De Bondt, Yaz Gulnur Muradoglu, Hersh Shefrin and Sotiris K. Staikouras
DePaul University, Queen Mary University of London, Santa Clara University - Leavey School of Business and City University - Cass Business School
Downloads 1,806 (9,024)
Citation 2

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7.

Do Investors Expect Higher Returns from Safer Stocks than from Riskier Stocks?

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Do Investors Expect Higher Returns from Safer Stocks than from Riskier Stocks?

Number of pages: 15 Posted: 07 Jan 2002
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 1,697 (9,811)
Citation 6

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Do Investors Expect Higher Returns from Safer Stocks than from Riskier Stocks?

Journal of Psychology & Financial Markets, Vol. 2, No. 4
Posted: 28 Jun 2002
Hersh Shefrin
Santa Clara University - Leavey School of Business

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8.

Estimating Sentiment, Risk Aversion, and Time Preference from Behavioral Pricing Kernel Theory

Swiss Finance Institute Research Paper No. 12-21
Number of pages: 47 Posted: 18 May 2012 Last Revised: 20 Mar 2017
Giovanni Barone-Adesi, Loriano Mancini and Hersh Shefrin
University of Lugano, USI Lugano - Institute of Finance and Santa Clara University - Leavey School of Business
Downloads 1,391 (13,724)
Citation 6

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Sentiment, Pricing Kernel, Optimism, Overconfidence, Option Data

9.

On Kernels and Sentiment

Number of pages: 71 Posted: 23 Oct 2001
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 1,248 (16,222)
Citation 10

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10.

BP's Failure to Debias: Underscoring the Importance of Behavioral Corporate Finance

SCU Leavey School of Business Research Paper No. 11-05
Number of pages: 55 Posted: 27 Feb 2011 Last Revised: 26 Aug 2011
Hersh Shefrin and Enrico Maria Cervellati
Santa Clara University - Leavey School of Business and Department of Management - Ca' Foscari University of Venice
Downloads 1,184 (17,573)
Citation 1

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behavioral finance, debiasing, decision-making

11.

Trading Volume, Information, and Trading Costs: Empirical Evidence

Number of pages: 30 Posted: 09 Apr 2003
Kee H. Chung, Hoje Jo and Hersh Shefrin
State University of New York at Buffalo - School of Management, Santa Clara University and Santa Clara University - Leavey School of Business
Downloads 898 (26,403)

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Trading volume, Information precision, Differential belief, Bid-ask spreads, Structural model

12.

Sentiment, Asset Prices, and Systemic Risk

Swiss Finance Institute Research Paper No. 11-50
Number of pages: 31 Posted: 03 Nov 2011 Last Revised: 21 Mar 2012
Giovanni Barone-Adesi, Loriano Mancini and Hersh Shefrin
University of Lugano, USI Lugano - Institute of Finance and Santa Clara University - Leavey School of Business
Downloads 707 (36,729)
Citation 4

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systemic risk, marginal expected shortfall, pricing kernel, overconfidence, optimism

13.

Credit Card Behavior, Financial Styles, and Heuristics

Number of pages: 27 Posted: 28 Jan 2011
Hersh Shefrin and Christina M. Nicols
Santa Clara University - Leavey School of Business and affiliation not provided to SSRN
Downloads 526 (54,247)
Citation 2

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behavioral finance, credit-card, borrowing behavior, heuristics, consumer confidence

14.

An Economic Theory of Self-Control

NBER Working Paper No. w0208
Number of pages: 48 Posted: 15 Feb 2001 Last Revised: 29 Jul 2010
Hersh Shefrin and Richard H. Thaler
Santa Clara University - Leavey School of Business and University of Chicago - Booth School of Business
Downloads 487 (59,745)
Citation 33

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15.

Online Investors: What They Want, What They Do, and How Their Portfolios Perform

Number of pages: 32 Posted: 05 Dec 2010 Last Revised: 19 Jun 2014
Arvid O. I. Hoffmann and Hersh Shefrin
University of Adelaide - Business School and Santa Clara University - Leavey School of Business
Downloads 467 (62,937)
Citation 1

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Individual Investors, Behavioral Biases, Investment Decisions, Investor Performance

16.

A Tale of Two Investors: Estimating Optimism and Overconfidence

26th Australasian Finance and Banking Conference 2013
Number of pages: 50 Posted: 02 Sep 2013
Giovanni Barone-Adesi, Loriano Mancini and Hersh Shefrin
University of Lugano, USI Lugano - Institute of Finance and Santa Clara University - Leavey School of Business
Downloads 404 (74,965)
Citation 5

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Sentiment, Pricing Kernel, Optimism, Overconfidence

17.

Investors’ Judgments, Asset Pricing Factors, and Sentiment

Number of pages: 34 Posted: 28 Apr 2014 Last Revised: 24 Oct 2014
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 339 (91,708)
Citation 1

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risk, sentiment, size, book-to-market, beta, representativeness, affect

18.

Prediction Tools: Financial Market Regulation, Politics & Psychology

Number of pages: 17 Posted: 03 Aug 2010
Shabnam Mousavi and Hersh Shefrin
Max Planck Institute for Human Development and Santa Clara University - Leavey School of Business
Downloads 295 (106,887)

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Regulation, game theory, behavioral finance, politics

19.

Assessing the Contribution of Hyman Minsky's Perspective to Our Understanding of Economic Instability

Number of pages: 43 Posted: 16 Aug 2013 Last Revised: 10 May 2014
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 203 (155,571)
Citation 3

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Minsky, psychology, leverage, shadow banking, Ponzi finance, financial innovation, asset bubbles, new era thinking, regulatory failure, runs, too big to fail

20.

Bitcoin and Sentiment

Number of pages: 33 Posted: 16 Aug 2018
Hoje Jo, Haehean Park and Hersh Shefrin
Santa Clara University, Southwestern University of Finance and Economics (SWUFE) and Santa Clara University - Leavey School of Business
Downloads 196 (160,817)

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cryptocurrency, bitcoin, sentiment beta, bubble

21.

How the Disposition Effect and Momentum Impact Investment Professionals

Journal of Investment Consulting, Vol. 8, No. 2, pp. 68-79, Summer 2007
Number of pages: 12 Posted: 02 Dec 2007 Last Revised: 16 Nov 2015
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 189 (166,205)

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Disposition Effect, Behavioral Finance, Momentum, Investment Consultants, Investment Professionals

22.

'Estimating Sentiment, Risk Aversion, and Time Preference from Behavioral Pricing Kernel Theory': Online Appendix

Number of pages: 60 Posted: 22 Jul 2013 Last Revised: 20 Mar 2017
Giovanni Barone-Adesi, Loriano Mancini and Hersh Shefrin
University of Lugano, USI Lugano - Institute of Finance and Santa Clara University - Leavey School of Business
Downloads 187 (167,767)
Citation 3

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Sentiment, Pricing Kernel, Optimism, Overconfidence, Option Data

23.

Striking Regulatory Irons While Hot

Downloads 186 (168,582)
Citation 3

Striking Regulatory Irons While Hot

SCU Leavey School of Business Research Paper No. 10-07
Number of pages: 30 Posted: 14 Dec 2009
Hersh Shefrin and Meir Statman
Santa Clara University - Leavey School of Business and Santa Clara University - Department of Finance
Downloads 186 (168,506)
Citation 3

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financial crisis, financial regulation, behavioral finance

Striking Regulatory Irons While Hot

Journal Of Investment Management (JOIM), Fourth Quarter 2009
Posted: 19 Jan 2010 Last Revised: 02 Jun 2010
Hersh Shefrin and Meir Statman
Santa Clara University - Leavey School of Business and Santa Clara University - Department of Finance

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Financial regulations, capture theory, fairness, credit cards, insider trading, fair disclosure, interstate banking, trading halts, global settlement, Sarbanes-Oxley

24.

Bad Corporate Marriages: Waking Up in Bed the Morning After

Number of pages: 51 Posted: 28 Dec 2013 Last Revised: 10 May 2014
Ye Cai and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 95 (284,549)

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25.

Acquisition Risk and Psychology

Number of pages: 46 Posted: 08 Oct 2016 Last Revised: 11 Oct 2016
Ye Cai and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 59 (373,152)

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Acquisition risk, Aspiration-based risk taking, Confirmation bias, Overconfidence

26.

On Duality Theory in Intertemporal Choice with Uncertainty

Economics Letters, Vol. 3, 1979
Number of pages: 5 Posted: 21 Jun 2011
Hersh Shefrin and John M Heineke
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 46 (417,013)

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27.

Broadening the Scope of Financial Literacy to Incorporate Self-Control, Budgeting, and Heuristics

Number of pages: 31 Posted: 21 Aug 2019
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 31 (480,051)
Citation 1

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financial literacy, spending, borrowing, saving, self-control, heuristics

28.

Exact Aggregation and the Finite Basis Property

International Economic Review, Vol. 29, No. 3, p. 525, 1988
Number of pages: 15 Posted: 10 Aug 2011
John M Heineke and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 24 (517,586)

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29.

On an Implication of a Theorem Due to Gorman

Economics Letters, Vol. 21, pp. 321-323, 1986
Number of pages: 3 Posted: 07 Jun 2011
John M Heineke and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 23 (523,405)

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Gorman class of demand, demand systems, exact aggregation

30.

Aggregation and Identification in Consumer Demand Systems

Journal of Econometrics, Vol. 44, pp. 377-390, 1990
Number of pages: 14 Posted: 06 Jun 2011
John M Heineke and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 22 (529,375)

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31.

The Finite Basis Property and Exact Aggregation

Economics Letters, Vol. 9, p. 209, 1982
Number of pages: 5 Posted: 21 Jun 2011 Last Revised: 11 Aug 2011
John M Heineke and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 19 (547,553)

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32.

Unfinished Business: A Multicommodity Intertemporal Planner-Doer Framework

Review of Behavioral Finance, Forthcoming
Number of pages: 59 Posted: 08 Nov 2019
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 17 (559,785)

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self-control, planner, doer, temptation, rules, mental accounting, hedonic editing

33.

On Some Global Properties of Gorman Class Demand Systems

Economics Letters, Vol. 25, pp. 155-160, 1987
Number of pages: 6 Posted: 07 Jun 2011
John M Heineke and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 16 (565,834)

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Gorman class demand systems

34.

Focal Points and Firm Risk

European Financial Management, Vol. 24, Issue 4, pp. 521-544, 2018
Number of pages: 24 Posted: 17 Sep 2018
Ye Cai and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 0 (691,978)
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aspiration, ‘better than average’ effect, corporate risk‐taking, focal points

35.

Valuation Bias and Limits to Nudges

Journalof Portfolio Management, Forthcoming
Posted: 16 Aug 2018 Last Revised: 27 Aug 2018
Hersh Shefrin
Santa Clara University - Leavey School of Business

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sell-side analysts, growth opportunities bias, nudge, buy-side catering

36.

Investors' Judgments, Asset Pricing Factors and Sentiment

European Financial Management, Vol. 21, Issue 2, pp. 205-227, 2015
Number of pages: 23 Posted: 13 Mar 2015
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 0 (691,978)
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risk, sentiment, size, book‐to‐market, beta, representativeness, affect

37.

Free Cash Flows, Valuation and Growth Opportunities Bias

Journal of Investment Management (JOIM), Fourth Quarter, 2014
Posted: 15 Nov 2014
Hersh Shefrin
Santa Clara University - Leavey School of Business

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Terminal value, growth opportunities bias, growth rate, debiasing, confirmation bias, groupthink, cognitive dissonance

38.

Insights into the Psychological Profiles of Entrepreneurs

Posted: 13 Jul 2010 Last Revised: 14 Jul 2010
Hersh Shefrin
Santa Clara University - Leavey School of Business

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entrepreneurship, entrepreneurs, optimism, desirability of control

39.

Behavioural Finance: Quo Vadis?

Journal of Applied Finance, Vol.19, pp.7-21, 2008
Posted: 26 Nov 2008 Last Revised: 01 Nov 2009
Werner F.M. DeBondt, Hersh Shefrin, Yaz Gulnur Muradoglu and Sotiris K. Staikouras
DePaul University - Driehaus Center for Behavioral Finance, Santa Clara University - Leavey School of Business, Queen Mary University of London and City University - Cass Business School

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Behavioral finance, Neoclassical finance, Asset valuation, Behavioral SDF-based pricing

40.

Behavioral Portfolio Theory

Posted: 10 Aug 1999
Hersh Shefrin and Meir Statman
Santa Clara University - Leavey School of Business and Santa Clara University - Department of Finance

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41.

Making Sense of Beta, Size and Book-to-Market

Posted: 20 Dec 1998
Hersh Shefrin and Meir Statman
Santa Clara University - Leavey School of Business and Santa Clara University - Department of Finance

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