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

45

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183

CROSSREF CITATIONS

400

Scholarly Papers (45)

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1.

Behavioral Corporate Finance

Journal of Applied Corporate Finance, Vol. 14, No. 3, Fall 2001
Number of pages: 17 Posted: 01 Mar 2023
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 14,072 (621)
Citation 21

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2.

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 4,385 (4,523)
Citation 23

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Financial Crisis, Behavioral Finance, Government Regulation

3.

Behavioralizing Finance

Downloads 4,383 ( 4,524)
Citation 8

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 4,346 (4,497)
Citation 2

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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 (853,419)
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behavioral finance, asset pricing, portfolio selection, corporate finance, financial market regulation

4.

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 4,155 (4,944)
Citation 9

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

5.

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, Yaz Gulnur Muradoglu, Hersh Shefrin and Sotiris K. Staikouras
DePaul University, City University London - The Business SchoolQueen Mary University of London, Santa Clara University - Leavey School of Business and City University - Cass Business School
Downloads 4,117 (5,024)
Citation 10

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6.

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 2,958 (8,590)
Citation 24

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

7.

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

Downloads 1,800 (18,847)

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 1,800 (18,517)
Citation 10

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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, Università della Svizzera italiana (USI Lugano) and Santa Clara University - Leavey School of Business
Downloads 1,748 (19,723)
Citation 10

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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 1,328 (29,850)
Citation 12

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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 1,309 (30,520)
Citation 4

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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 940 (48,873)

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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, Università della Svizzera italiana (USI Lugano) and Santa Clara University - Leavey School of Business
Downloads 892 (52,502)
Citation 6

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

13.

An Economic Theory of Self-Control

NBER Working Paper No. w0208
Number of pages: 48 Posted: 15 Feb 2001 Last Revised: 29 Jul 2022
Hersh Shefrin and Richard H. Thaler
Santa Clara University - Leavey School of Business and University of Chicago - Booth School of Business
Downloads 709 (71,388)
Citation 60

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14.

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 606 (86,999)
Citation 4

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

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 553 (97,715)
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, Università della Svizzera italiana (USI Lugano) and Santa Clara University - Leavey School of Business
Downloads 546 (99,340)
Citation 5

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Sentiment, Pricing Kernel, Optimism, Overconfidence

17.

ESG and Behavioral Finance: Why ESG-Investing is Primarily a Psychological Phenomenon

Number of pages: 45 Posted: 22 Apr 2024
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 470 (127,346)

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ESG, portfolio selection, asset pricing, marketing intangibles

18.

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 427 (133,249)

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

19.

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 371 (156,375)
Citation 1

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

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 335 (174,715)
Citation 1

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cryptocurrency, bitcoin, sentiment beta, bubble

21.

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 330 (177,555)

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Regulation, game theory, behavioral finance, politics

22.

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 298 (197,737)
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

23.

'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, Università della Svizzera italiana (USI Lugano) and Santa Clara University - Leavey School of Business
Downloads 241 (245,016)
Citation 5

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Sentiment, Pricing Kernel, Optimism, Overconfidence, Option Data

24.

Striking Regulatory Irons While Hot

Downloads 214 (274,183)

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 214 (273,165)
Citation 4

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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

25.

Financial Service Providers, AI, Satisficing, and the Human Touch In the Market for Financial Nudges and Boosts

Behavioural Financial Regulation and Policy (BEFAIRLY) series, Volume III
Number of pages: 25 Posted: 18 Mar 2021
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 170 (337,695)

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robo-adviser, human touch, user design, user interface, artificial intelligence, satisficing, nudges, boosts

26.

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 160 (355,579)
Citation 3

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

27.

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 118 (451,901)

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28.

The Psychology Underlying Biased Forecasts of COVID-19 Cases and Deaths in the United States

Number of pages: 33 Posted: 10 Aug 2020 Last Revised: 02 Oct 2020
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 112 (470,031)
Citation 1

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pandemic, forecast, bias, policy

29.

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 92 (538,004)

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

30.

Risk and The Market’s Reaction to M&A Announcements

Number of pages: 40 Posted: 14 May 2021
Ye Cai and Hersh Shefrin
Santa Clara University - Leavey School of Business and Santa Clara University - Leavey School of Business
Downloads 79 (589,738)
Citation 1

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acquisition risk; focal point-based risk taking; overconfidence; longholders

31.

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 73 (616,364)

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32.

The Behavioral Economics and Politics of Global Warming: Unsettling Behaviors

Cambridge Elements in Quantitative Finance 2023
Number of pages: 112 Posted: 12 Dec 2023
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 71 (625,761)

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climate change, integrated assessment models, behavioral economics, politics

33.

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 55 (709,158)
Citation 1

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

34.

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 51 (733,336)

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35.

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 42 (793,482)

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36.

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 42 (793,482)

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37.

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 39 (815,430)

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Gorman class of demand, demand systems, exact aggregation

38.

Appendices to The Behavioral Economics and Politics of Global Warming: Unsettling Behaviors

Cambridge Elements in Quantitative Finance 2023
Number of pages: 83 Posted: 12 Dec 2023
Hersh Shefrin
Santa Clara University - Leavey School of Business
Downloads 37 (830,871)

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climate change, integrated assessment models, behavioral economics, politics

39.

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 33 (863,877)

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Gorman class demand systems

40.

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

41.

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

42.

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

43.

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, Yaz Gulnur Muradoglu and Sotiris K. Staikouras
DePaul University - Driehaus Center for Behavioral Finance, Santa Clara University - Leavey School of Business, City University London - The Business SchoolQueen Mary University of London and City University - Cass Business School

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

44.

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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45.

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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