George M. Korniotis

University of Miami - Department of Finance

Assistant Professor of Finance

P.O. Box 248094

Coral Gables, FL 33124-6552

United States

  • University of Miami - Department of Finance

    • Email
    • Tel: 305-284-5728
SCHOLARLY PAPERS

33

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Scholarly Papers (33)

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1.

Do Older Investors Make Better Investment Decisions?

Review of Economics and Statistics, Forthcoming
Number of pages: 65 Posted: 20 Mar 2006 Last Revised: 11 Jul 2009
George M. Korniotis and Alok Kumar
University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 3,520 (6,515)
Citation 20

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Older individual investors, cognitive aging, investment experience, learning, rules of thumb, investment skill

2.

Blockchain Characteristics and Cryptocurrency Returns

Journal of International Financial Markets, Institutions and Money, Forthcoming
Number of pages: 54 Posted: 06 Mar 2019 Last Revised: 10 Jun 2023
Siddharth Bhambhwani, Stefanos Delikouras and George M. Korniotis
Arkansas Tech University, University of Miami - Department of Finance and University of Miami - Department of Finance
Downloads 1,854 (18,009)
Citation 28

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Hashrate, Network, Factor Analysis, GMM, Rolling Estimation

3.

State-Level Business Cycles and Local Return Predictability

Journal of Finance, Forthcoming
Number of pages: 89 Posted: 19 Feb 2008 Last Revised: 20 Apr 2012
George M. Korniotis and Alok Kumar
University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 1,348 (29,142)
Citation 16

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4.

Do Portfolio Distortions Reflect Superior Information or Psychological Biases?

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 80 Posted: 20 Jul 2009 Last Revised: 20 Apr 2012
George M. Korniotis and Alok Kumar
University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 1,266 (31,994)
Citation 34

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Individual investors, cognitive abilities, behavioral biases, diversification, active trading, local bias

5.

Stature, Obesity, and Portfolio Choice

Number of pages: 61 Posted: 21 Nov 2009 Last Revised: 17 Jul 2015
Jawad M. Addoum, George M. Korniotis and Alok Kumar
Cornell SC Johnson College of Business, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 1,141 (37,083)
Citation 17

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6.

Geography of Firms and Propagation of Local Economic Conditions

Number of pages: 66 Posted: 22 May 2012 Last Revised: 26 Jul 2021
Gennaro (帅纳) Bernile, Stefanos Delikouras, George M. Korniotis and Alok Kumar
University of Miami - Department of Finance, University of Miami - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 794 (61,578)

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Economic networks, 10-K filings, Gross State Product, predictability, return comovement, liquidity, sales

7.

Mood, Firm Behavior, and Aggregate Economic Outcomes

Number of pages: 66 Posted: 25 Mar 2015 Last Revised: 21 Jun 2019
Vidhi Chhaochharia, Dasol Kim, George M. Korniotis and Alok Kumar
University of Miami - Department of Finance, Office of Financial Research, US Department of the Treasury, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 675 (75,972)
Citation 16

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Cloud cover, mood, small business managers, firm investment behavior, managerial optimism, state-level business cycles

8.

Investor Sophistication and Asset Prices

Number of pages: 55 Posted: 10 Dec 2012 Last Revised: 19 Jul 2017
George M. Korniotis, Alok Kumar and Jeremy K. Page
University of Miami - Department of Finance, University of Miami - Miami Herbert Business School and Brigham Young University
Downloads 659 (78,358)
Citation 1

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Local return predictability, return comovement, trading correlation, investor sophistication, risk sharing, local bias, state portfolios

9.

Do Behavioral Biases Adversely Affect the Macro-Economy?

Review of Financial Studies, Forthcoming
Number of pages: 72 Posted: 11 Aug 2008 Last Revised: 17 Sep 2010
George M. Korniotis and Alok Kumar
University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 503 (109,884)
Citation 8

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Risk sharing, income risk, financial markets, cognitive abilities, behavioral biases, investor sophistication

10.

Industry Clusters and the Geography of Portfolio Choice

9th Miami Behavioral Finance Conference 2018, University of Miami Business School Research Paper No. 2909168
Number of pages: 53 Posted: 06 Nov 2019 Last Revised: 10 Aug 2022
Jawad M. Addoum, Stefanos Delikouras, Da Ke and George M. Korniotis
Cornell SC Johnson College of Business, University of Miami - Department of Finance, University of South Carolina - Department of Finance and University of Miami - Department of Finance
Downloads 483 (115,221)

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local agglomeration, household portfolio choice, human capital

11.

Income Hedging and Portfolio Decisions

Number of pages: 70 Posted: 09 Nov 2012 Last Revised: 31 Jul 2013
Yosef Bonaparte, George M. Korniotis and Alok Kumar
University of Colorado at Denver - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 462 (121,555)
Citation 31

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income hedging, market participation, asset allocation, household finance

12.

Prozac for Depressed States? Effect of Mood on Local Economic Recessions

Number of pages: 56 Posted: 19 Apr 2011 Last Revised: 15 Jul 2017
Vidhi Chhaochharia, George M. Korniotis and Alok Kumar
University of Miami - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 460 (122,160)
Citation 7

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13.

Local Business Cycles and Local Liquidity

Number of pages: 53 Posted: 07 May 2012 Last Revised: 05 Dec 2013
Gennaro (帅纳) Bernile, George M. Korniotis, Alok Kumar and Qin Emma Wang
University of Miami - Department of Finance, University of Miami - Department of Finance, University of Miami - Miami Herbert Business School and Oklahoma State University - Tulsa
Downloads 452 (124,679)
Citation 3

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Geographical market segmentation, local business cycles, local liquidity, local bias, state portfolios, return predictability

14.

The Human Capital That Matters: Expected Returns and High-Income Households

Review of Financial Studies, 2016, 29(9): 2523-2563
Number of pages: 56 Posted: 15 Sep 2007 Last Revised: 15 Oct 2016
Sean D. Campbell, Stefanos Delikouras, Danling Jiang and George M. Korniotis
Board of Governors of the Federal Reserve System, University of Miami - Department of Finance, College of Business, Stony Brook University and University of Miami - Department of Finance
Downloads 403 (142,525)
Citation 3

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human capital, income risk, affluent investors, stock returns

15.

Income Hedging, Dynamic Style Preferences, and Return Predictability

Journal of Finance, Forthcoming, University of Miami Business School Research Paper No. 18-8
Number of pages: 91 Posted: 04 May 2014 Last Revised: 10 Oct 2018
Jawad M. Addoum, Stefanos Delikouras, George M. Korniotis and Alok Kumar
Cornell SC Johnson College of Business, University of Miami - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 381 (151,768)
Citation 2

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Income hedging, hedging demand, value factor, state-level income risk, style investing, return predictability

16.

Social Risk and Portfolio Choice

7th Miami Behavioral Finance Conference 2016
Number of pages: 82 Posted: 03 Nov 2016 Last Revised: 28 Nov 2022
William Bazley, Yosef Bonaparte, George M. Korniotis and Alok Kumar
University of Kansas, University of Colorado at Denver - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 376 (154,090)
Citation 5

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Stock market participation, asset allocation, income risk, subjective probabilities, household finance

17.

Stock Market Ownership Transitions

Downloads 345 (169,262)
Citation 6

Stock Market Ownership Transitions

Number of pages: 60 Posted: 24 May 2017 Last Revised: 26 Jan 2024
Yosef Bonaparte, George M. Korniotis, Alok Kumar, Alexander Michaelides and Yuxin Zhang
University of Colorado at Denver - Department of Finance, University of Miami - Department of Finance, University of Miami - Miami Herbert Business School, Imperial College Business School and Renmin University of China
Downloads 344 (168,487)
Citation 5

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Stock market transitions, trading costs, life-cycle portfolio decisions, rare disaster, income and wealth shocks

Income Risk and Stock Market Entry/Exit Decisions

CEPR Discussion Paper No. DP15370
Number of pages: 69 Posted: 03 Nov 2020 Last Revised: 14 May 2021
Yosef Bonaparte, George M. Korniotis and Alok Kumar
University of Colorado at Denver - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 1 (1,248,433)
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18.

Grit, Preferences, and Investor Behavior

Number of pages: 60 Posted: 16 Jun 2021 Last Revised: 21 Sep 2024
William Bazley, Sima Jannati and George M. Korniotis
University of Kansas, University of Texas at Arlington and University of Miami - Department of Finance
Downloads 328 (179,315)
Citation 2

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Prospect theory, loss aversion, disposition effect, personality traits

19.

Can the Past Hinder Investor Learning?

Downloads 268 (220,592)
Citation 1

Can the Past Hinder Investor Learning?

Number of pages: 39 Posted: 03 Oct 2016 Last Revised: 01 Dec 2021
William Bazley, George M. Korniotis and Gregory R. Samanez-Larkin
University of Kansas, University of Miami - Department of Finance and Duke University - Department of Psychology and Neuroscience
Downloads 211 (276,849)
Citation 1

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Diversification, Trading frequency, Portfolio Performance, Serial Position Effect

Can the Past Hinder Investor Learning?

Number of pages: 46 Posted: 15 Jun 2022
William Bazley, George M. Korniotis and Gregory R. Samanez-Larkin
University of Kansas, University of Miami - Department of Finance and Duke University - Department of Psychology and Neuroscience
Downloads 57 (711,920)

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Diversification, Trading frequency, Portfolio Performance

20.

Inflation, Monetary Policy, and Portfolio Decisions of U.S. Households

University of Miami Business School Research Paper No. 4395916
Number of pages: 46 Posted: 31 Mar 2023 Last Revised: 19 Jan 2024
Yosef Bonaparte, George M. Korniotis, Alok Kumar and Melina Murren Vosse
University of Colorado at Denver - Department of Finance, University of Miami - Department of Finance, University of Miami - Miami Herbert Business School and University of San Diego - Department of Finance
Downloads 251 (235,305)

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Interest rates, market participation, asset allocation, inflation hedging, experienced inflation, household portfolios

21.

Estimating Panel Models with Internal and External Habit Formation

Number of pages: 57 Posted: 17 May 2007 Last Revised: 15 Apr 2009
George M. Korniotis
University of Miami - Department of Finance
Downloads 242 (243,985)
Citation 13

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Dynamic Panel Models, Bias Correction, Spatial Effects, Habit Formation, U.S. State Consumption

22.

Asset Pricing with and without Garbage: Evaluating the Cross-sectional Performance of Alternative Consumption Measures

University of Miami Business School Research Paper No. 3417217
Number of pages: 76 Posted: 10 Jul 2019 Last Revised: 12 Jan 2024
Stefanos Delikouras and George M. Korniotis
University of Miami - Department of Finance and University of Miami - Department of Finance
Downloads 227 (259,568)

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Cross-section of expected returns, Epstein-Zin preferences, risk-free rate, GMM, consumption growth, disappointment aversion

23.

Habit Formation, Incomplete Markets, and the Significance of Regional Risk for Expected Returns

Downloads 219 (268,364)
Citation 8

Habit Formation, Incomplete Markets, and the Significance of Regional Risk for Expected Returns

Review of Financial Studies, Forthcoming
Number of pages: 58 Posted: 28 Sep 2005 Last Revised: 08 Aug 2008
George M. Korniotis
University of Miami - Department of Finance
Downloads 219 (267,322)
Citation 8

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Incomplete Markets, External Habit, Expected Returns, State-Level Consumption

Habit Formation, Incomplete Markets, and the Significance of Regional Risk for Expected Returns

The Review of Financial Studies, Vol. 21, Issue 5, pp. 2139-2172, 2008
Posted: 19 Sep 2008
George M. Korniotis
University of Miami - Department of Finance

Abstract:

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E21, G12

24.

Big Fish in a Small Pond: Locally-Dominant Firms and the Business Cycle

Journal of Economic Behavior & Organization, Volume 180, December 2020
Number of pages: 82 Posted: 14 Dec 2016 Last Revised: 29 Oct 2020
Sima Jannati, George M. Korniotis and Alok Kumar
University of Texas at Arlington, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 204 (286,652)
Citation 1

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Idiosyncratic shocks; state-level business cycle; U.S. business cycle; economic contagion

25.

Consumption-Income Sensitivity and Portfolio Choice

Number of pages: 72 Posted: 16 Mar 2014 Last Revised: 18 Jun 2018
Jawad M. Addoum, Stefanos Delikouras and George M. Korniotis
Cornell SC Johnson College of Business, University of Miami - Department of Finance and University of Miami - Department of Finance
Downloads 197 (295,908)
Citation 2

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life-cycle consumption, income hedging, portfolio theory, consumption-income sensitivity

26.

Financial Decisions of Minorities Post-2008

Downloads 187 (310,149)

Financial Decisions of Minorities Post-2008

Number of pages: 38 Posted: 05 Aug 2017 Last Revised: 26 Jan 2023
Yosef Bonaparte, Sarah Khalaf and George M. Korniotis
University of Colorado at Denver - Department of Finance, College of Business Administration Kuwait University and University of Miami - Department of Finance
Downloads 187 (309,578)

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Risk tolerance, optimism, stock ownership, asset allocation, wealth gap, SCF, presidential elections.

The Obama Effect: Heightened Risk Tolerance, Optimism, and Wealth Accumulation by Minorities after 2008

CEPR Discussion Paper No. DP14264
Number of pages: 43 Posted: 14 Jan 2020 Last Revised: 27 May 2022
Yosef Bonaparte, Sarah Khalaf and George M. Korniotis
University of Colorado at Denver - Department of Finance, College of Business Administration Kuwait University and University of Miami - Department of Finance
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asset allocation, Optimism, presidential elections, Risk tolerance, SCF, Stock ownership, wealth gap

27.

Consuming, Saving, and Spending Most of Income

Number of pages: 43 Posted: 25 Oct 2004 Last Revised: 07 Feb 2022
Stefanos Delikouras and George M. Korniotis
University of Miami - Department of Finance and University of Miami - Department of Finance
Downloads 165 (346,440)

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Savings, mental accounting, quadratic utility, consumer choice

28.

Financial Self-Awareness: Who Knows What They Don't Know?

University of Miami Business School Research Paper No. 3419779
Number of pages: 10 Posted: 15 Jul 2019 Last Revised: 25 Jan 2020
William Bazley, Yosef Bonaparte and George M. Korniotis
University of Kansas, University of Colorado at Denver - Department of Finance and University of Miami - Department of Finance
Downloads 139 (398,533)

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stock market participation, financial literacy, self-awareness

29.

Discrimination and Economic Expectations

Number of pages: 47 Posted: 29 Jul 2022 Last Revised: 12 May 2023
William Bazley, Yosef Bonaparte, George M. Korniotis and Alok Kumar
University of Kansas, University of Colorado at Denver - Department of Finance, University of Miami - Department of Finance and University of Miami - Miami Herbert Business School
Downloads 130 (419,936)

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Economic expectations, discrimination, racial/ethnic minorities, inflation, income growth uncertainty.

30.

Discrimination and Preference Primitives

Number of pages: 59 Posted: 13 Feb 2024 Last Revised: 21 Sep 2024
William Bazley, Carina Cuculiza and George M. Korniotis
University of Kansas, Oklahoma State University - Stillwater - Spears School of Business and University of Miami - Department of Finance
Downloads 52 (727,048)

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Cumulative Prospect Theory, Risk Aversion, Loss Aversion, Decision Weights

31.

Blockchain Characteristics and the Cross-Section of Cryptocurrency Returns

University of Miami Business School Research Paper No. 4359884
Number of pages: 54 Posted: 15 Feb 2023
Siddharth Bhambhwani, George M. Korniotis and Stefanos Delikouras
Arkansas Tech University, University of Miami - Department of Finance and University of Miami - Department of Finance
Downloads 25 (936,178)
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Hashrate, Network, Factor Analysis, GMM, Rolling Estimation

32.

Blockchain Characteristics and the Cross-Section of Cryptocurrency Returns

CEPR Discussion Paper No. DP13724
Number of pages: 55 Posted: 13 May 2019 Last Revised: 04 Feb 2022
Siddharth Bhambhwani, Stefanos Delikouras and George M. Korniotis
University of Miami Herbert Business School, University of Miami - Department of Finance and University of Miami - Department of Finance
Downloads 2 (1,185,214)
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Factor Analysis, GMM, Hashrate, network, Rolling Estimation

33.

Asset Pricing with and Without Garbage: The Overlooked Triple-Hypothesis Problem

CEPR Discussion Paper No. DP16958
Number of pages: 57 Posted: 04 Feb 2022 Last Revised: 27 May 2022
Stefanos Delikouras and George M. Korniotis
University of Miami and University of Miami - Department of Finance
Downloads 0 (1,211,180)
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Consumption Growth, Cross-section of expected returns, Epstein-Zin Preferences, GMM, Risk-free rate