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
• Curriculum vitae
• Overview of my research
• Research papers (with non-technical summaries)
• Videos and other media
• Behavioral finance online lectures
• Former students
• Summer school in behavioral finance (**NEW**)

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. (It's from a long time ago, but may still be of interest; I plan to post a new version soon.)

• You can find more information about my research on my Google Scholar page here.

Research papers

• "Model-free and Model-based Learning as Joint Drivers of Investor Behavior", (with Lawrence Jin), July 2023.
  

• "Prospect Theory and Stock Market Anomalies", (with Lawrence Jin and Baolian Wang), Journal of Finance 76, 2639-2687, October 2021.
  

• "Psychology-based Models of Asset Prices and Trading Volume", in Bernheim, D., DellaVigna, S., Laibson, D. (Eds.), Handbook of Behavioral Economics, North Holland, Amsterdam, October 2018.
  

• "Extrapolation and Bubbles", (with Robin Greenwood, Lawrence Jin, and Andrei Shleifer), Journal of Financial Economics 129, 203-227, August 2018.
  

• "Richard Thaler and the Rise of Behavioral Economics", Scandinavian Journal of Economics 120, 661-684, July 2018.
  

• "Prospect Theory and Stock Returns: An Empirical Test", (with Abhiroop Mukherjee and Baolian Wang), Review of Financial Studies 29, 3068-3107, November 2016.
  

• "X-CAPM: An Extrapolative Capital Asset Pricing Model", (with Robin Greenwood, Lawrence Jin, and Andrei Shleifer), Journal of Financial Economics 115, 1-24, January 2015.Awarded the 2014 Jack Treynor Prize for research.
  

• "Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility", (with Cary Frydman, Colin Camerer, Peter Bossaerts, and Antonio Rangel), Journal of Finance 69, 907-946, April 2014.

• "The Psychology of Tail Events: Progress and Challenges", American Economic Review Papers and Proceedings 103, 611-616, May 2013.
  

• "Thirty Years of Prospect Theory in Economics: A Review and Assessment", Journal of Economic Perspectives 27, 173-196, Winter 2013.
  

• "Psychology and the Financial Crisis of 2007-2008", in Financial Innovation: Too Much or Too Little?, Michael Haliassos ed., MIT Press, 2013.
  

• "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.
    

• "Preferences with Frames: A New Utility Specification that Allows for the Framing of Risks" (with Ming Huang), Journal of Economic Dynamics and Control 33, 1555-1576, August 2009.
  • Non-technical summary here.
    

• "What Drives the Disposition Effect? An Analysis of a Long-standing Preference-based Explanation" (with Wei Xiong), Journal of Finance 64, 751-784, April 2009.
  • Non-technical summary here.
    

• "Stocks as Lotteries: The Implications of Probability Weighting for Security Prices" (with Ming Huang), American Economic Review 98, 2066-2100, December 2008.
  • Non-technical summary here.
    

• "The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle" (with Ming Huang), in Mehra, R. (Ed.), Handbook of the Equity Risk Premium, North Holland, Amsterdam, 2008.
  

• "Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing" (with Ming Huang and Richard Thaler), American Economic Review 96, 1069-1090, September 2006.
  • 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), in Constantinides, G., Harris, M., Stulz, R. (Eds.), Handbook of the Economics of Finance, North Holland, Amsterdam, 2003.
  

• "Mental Accounting, Loss Aversion, and Individual Stock Returns" (with Ming Huang), Journal of Finance 56, 1247-1292, August 2001.
  • Non-technical summary here.
    

• "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.
    

• "Investing for the Long Run when Returns are Predictable", Journal of Finance 55, 225-264, February 2000. Awarded the 2000 Paul A. Samuelson Prize.
  

• "A Model of Investor Sentiment" (with Andrei Shleifer and Robert Vishny), Journal of Financial Economics 49, 307-343, September 1998.
  • Non-technical summary here.
    

• "How Does Privatization Work? Evidence from the Russian shops" (with Maxim Boycko, Andrei Shleifer, and Natalia Tsukanova), Journal of Political Economy 104, 764-790, August 1996.
  
  

Videos and other media

• Taking a Disciplined Look at Irrational Investors, an interview from 2023 about my work and background.
  

• Behavioral Finance, Presentation at "The Chicago School of Finance at 125" Conference at the Booth School of Business, University of Chicago, October 2023.
  
  • A short overview of the history of behavioral finance research and of some current research directions. My talk is the first 20 minutes of the video. There follow a presentation by another speaker and some open discussion.
    
  • The slides are available here.
    

• Behavioral Finance, Lecture at the Institute for Advanced Study, Hong Kong University of Science and Technology, November 2016.
  
  • If you are interested in a quick (40-minute) introduction to key ideas in behavioral finance, try this video.
    

• Psychological Drivers of Asset Prices and Investor Behavior, Lecture at the London Business School Insight Summit, November 2018.
  
  • This is similar in content to the previous video -- an introduction to behavioral finance ideas -- in a more formal setting. It's a 35-minute talk followed by 10 minutes of questions.
    

• Silly Things Investors Do, Discussion with Tobias Moskowitz and Richard Thaler as part of the AQR Curious Investor podcast, 2018.
  

• Behavioral Finance: Core Principles and Practical Applications, presented at the 2014 CFA Institute Annual Conference as part of their "masterclass" series.
  
  • The talk lasts about 90 minutes and is followed by 30 minutes of Q&A. It covers three well-developed ideas (over-extrapolation, overconfidence, and prospect theory) as well as three emerging topics (experience effects, social psychology, and neuroeconomics). Big theme: behavioral finance is about the important stuff, not just "the icing on the rational cake."
    
  • A reading list to accompany the talk is here.
    

• The Psychology of Individual Investor Trading, taken from the 2011 edition of "Investor," the first-year MBA class I teach at SOM.
  

• The Psychology of the 2007-2008 Financial Crisis, presented at the 2009 Yale College Alumni Reunion.
  

Behavioral finance online lectures

Former and current students

• Taha Choukhmane (MIT)
• Lauren Cohen (HBS)
• Henrik Cronqvist (Miami)
• Yaxin Duan (Goldman Sachs)
• Andrea Frazzini (AQR Capital)
• Cary Frydman (USC)
• Simon Huang (U. Mass, Amherst)
• Wenxi Jiang (Chinese University of Hong Kong)
• Lawrence Jin (Cornell)
• Bige Kahraman (Oxford)
• Peter Kelly (Notre Dame)
• Dong Lou (LSE)
• Steven Malliaris (Georgia)
• Ben Matthies (Notre Dame)
• Abhiroop Mukherjee (HKUST)
• Michaela Pagel (Columbia GSB)
• Cameron Peng (LSE)
• Allen Poteshman (Citadel LLC)
• Denis Sosyura (Arizona State)
• Kaushik Vasudevan (Purdue)
• Lei Xie (Cubist Systematic Strategies)
• Baolian Wang (University of Florida)
• Chen Wang (University of Notre Dame)
• Deniz Yavuz (Purdue)
• Natalie Zhu (Edelman Financial Engines)

Summer school in behavioral finance