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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SCHOLARLY PAPERS

40

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37,381

CITATIONS
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Top 1,668

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439

Scholarly Papers (40)

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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 12,860 (263)
Citation 4

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2.

Behavioralizing Finance

Downloads 3,590 ( 2,648)
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 3,553 (2,633)

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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 (444,235)
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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 3,444 (2,834)

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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 2,937 (3,740)
Citation 17

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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 2,142 (6,355)
Citation 16

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

6.

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 1,693 (9,290)

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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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7.

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 1,689 (9,506)
Citation 1

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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 1,351 (13,614)
Citation 2

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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 1,242 (15,516)
Citation 9

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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 1,175 (16,887)

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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 897 (25,218)

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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 701 (35,414)
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 516 (52,910)

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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 467 (59,988)
Citation 18

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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 460 (61,167)
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 393 (73,865)
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 336 (88,514)

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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 293 (102,862)

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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 188 (159,912)
Citation 1

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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.

Striking Regulatory Irons While Hot

Downloads 185 (162,236)
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 185 (162,208)
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

21.

'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 177 (168,828)
Citation 1

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Sentiment, Pricing Kernel, Optimism, Overconfidence, Option Data

22.

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 177 (168,828)

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

23.

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 167 (177,620)

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cryptocurrency, bitcoin, sentiment beta, bubble

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 (272,729)

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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 55 (370,211)

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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 (400,177)

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27.

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 23 (501,923)

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28.

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 (501,923)

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Gorman class of demand, demand systems, exact aggregation

29.

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 (507,725)

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30.

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 (525,235)

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31.

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 (542,640)

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Gorman class demand systems

32.

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 2 (636,577)

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

33.

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 (667,153)
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aspiration, ‘better than average’ effect, corporate risk‐taking, focal points

34.

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

35.

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

36.

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

37.

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

38.

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

39.

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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40.

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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