Averse Preferences, Performance, and Career Success of Institutional Investors"
(joint with Andriy Bodnaruk), Review of Financial Studies, accepted
“PMs Scared of Risk Are More Likely to Get Fired” “PMs’ Financial Expertise
Doesn’t Trump Individual Investors: Study” by Christopher Smith,9:29 Magazine,
January 13, 2015.
“Beware of Nervous Fund Managers. A Study Shows That Gun-Shy Investment Pros Do
Worse, and Risk Losing Job”, by William Power, Wall Street Journal, January 5,
“As in Football, Fund Managers Need to Take Risks” by William Power, Wall Street
Journal, January 6, 2015.
Finance and Firm’s Competitiveness” (joint with Andriy Bodnaruk and
William O’Brien), Journal of Corporate Finance, vol. 37 (2016), pp.
“Do Financial Experts Make Better Investment Decisions?”
(joint with Andriy Bodnaruk), Journal of Financial Intermediation, vol. 24
(2015), pp. 514-536. DOI information: 10.1016/j.jfi.2014.09.001.
Fund Managers Don’t Outperform Individual Investors” American Association of
Individual Investors Journal, March 2015.
“Mutual Fund Managers and Their Investment Decisions.”, Personal Finance
Guide, March 23, 2015.
Mutual Fund Managers Make Better Personal Investment Decisions?” by Larry
Swedroe, Mutualfunds.com, March 9,2015.
Managers Are Human Too”, Center for Retirement Research at Boston College,
Squared Away Blog, February 5, 2015.
“PMs’ Financial Expertise Doesn’t Trump Individual Investors: Study” by
Christopher Smith,9:29 Magazine, Nov 13, 2014.
“Loss Averse Managers Six Times More Likely To Get Fired” by Michael Ide, Value
Walk, Dec. 1st, 2014.
“Why Cautious Managers Have Short Careers” by Sage Um, Chief Investment Officer,
Nov. 24, 2014.
“Manic markets switch from fear to greed” by Proinsias O'Mahony, The Irish
Times, November 18th, 2014.
gets the best return on stock-market investments? Not finance professionals” by
Siri Srinivas, The Guardian, November 17th, 2014.
“Do Financial Experts Make Better Investment Decisions?” by Wesley R. Gray,
Alpha Architect, Nov. 12, 2014.
Finds “Financial Experts” Do Not Perform Better Than Non-Experts” by Mark Melin,
Value Walk, November 13, 2014.
“Is your trust in mutual fund managers misplaced?” by Mark Huffman, Nov 11,
2014, Consumer Affairs.
Svenssons lika bra som svenska fondförvaltare” by Ola Söderlind, Affärsvärlden,
November 4th, 2014.
• Mike Cohen Show, 1320
WILS in Lansing (Nov.3rd, 2014).
• Stateside with Cynthia
Canty, Michigan Public Radio.
• “Swedish Fund Managers
Fail in Personal Portfolios,”
Bloomberg TV, October 29, 2014.
“Do financial experts invest better than non-experts? Research suggests no,” by
Preet Banerjee, The Globe and Mail, Nov 03, 2014
“Unavoidable ignorance shouldn’t stop us investing” – three rules of thumb for
complex money choices – by Chris Dillow at eZonomics.
“So How Are
the Financial Experts Doing?” by David Shadovitz, HR Executives.
“Financial 'Experts' No Better At Finance Than Normal Humans” by Ben Walsh,
Huffington Post, October 30, 2014.
“Why untrained investors don't need portfolio managers: Financial expertise
makes no difference to investment returns” by Sarah Spickernell, October 29,
2014. City A.M.
“Studie: Profis verlieren Rendite-Duell gegen Amateure”
Fonds Professionell Online
"Do Financial Experts Make Better Decisions Than the Rest of Us?” by Bourree
Lam, The Atlantic Monthly, Oct. 27th, 2014. (the article was
reprinted at MSN Money, Yahoo Finance, Banking Industry News, Business Standard,
Fonds Nieuws (Dutch Funds News), Manager Magazine (Germany), Hulemaend i
habitter (Denmark), Das Investment.com, Science Daily, Phys.Org, Engineering
Evil, RMF24 (Poland), The UK News, Indian Journal, Sector News (India),
WealthManagement.com, EuroAsia Review)
• “No such thing as
an expert fund manager” by Martin Bamford (Informed Choice Blog, October 21st,
“The myth of Expertise” by Chris Dillow (Investors Chronicle, 20 October 2014).
“Percent for illiteracy: How to make right financial decisions?” by Boris
Grozovskii (Forber Russia, August 2014).
• “Finance and the Good Society” by Robert
Shiller (Princeton University Press, 2012)
“Alliances and Corporate Governance” (joint
with A. Bodnaruk, M. Massa), Journal of Financial
“On the Real Effects of Bank Bailouts: Micro-Evidence from Japan”
(joint with M. Giannetti), American Economic
Journal: Macroeconomics, (2013)
“The real effect of bank bailouts” by M. Giannetti and A. Simonov,
VoxEU.org, Sept. 23, 2009.
“Japan Must Let Zombie Companies Die”, by Noah Smith, Bloomberg, January
20, 2016 (reprinted in Chicago Tribune, Korean Herald, Sydney Morning
Herald, Japan Times).
“Do Small Shareholders Count?” (joint with E.
Kandel, M. Massa), Journal of Financial Economics,
“Is College a Focal Point of Investor Life?” (with M. Massa), Review of
Finance vol.15 (2011), pp. 757-797 doi:10.1093/rof/rfr009.
“Investment Banks as Insiders and the Market for
Corporate Control” (with Andriy Bodnaruk and Massimo Massa), Review
of Financial Studies, (2009).
• “Prohibition Against Conflicts of
Interest in Certain Securitizations, Dodd-Frank Section 621 File Number
S7-38-11”, Public Citizen, 2012
Speech by Gertrude Tumpel-Gugerell, Member of the Executive Board of the ECB
CAREFIN Conference on “Business Models in Banking: Is There a Best Practice” at
Bocconi University, Milan, 21
• “Should you get an
MBA?”, Trud (Russia),
September 22, 2009.
Academic Research Monitor, May 2009.
• “Trau keiner Investmentbank!” by
Norbert Häring, Handelsblatt, June 10,
• “Academics accuse banks of insider trading” by William Hutchings,
Financial News, September 17th,
• “What is Wrong with Investment
Banks?”, Loft Magazine, Summer 2008.
• Academos, May 2008.
• “A paper tackles 'The Dark Role of Investment Banks”,
February 29th, 2008.
• “Do Investment Banks Advising on M&A Deals Misuse Confidential
Information?” by Andrew Tuch,
Harvard Law School Corporate Governance
Blog, February 28th, 2008.
• Het Financieele Dagblad, Column
by Mirjam van Praag, February 18, 2008
•”Trading in Deal Stocks Triggers Look at Banks”
by Mark Maremont and Susanne Craig,
Wall Street Journal, Jan. 14th, 2008 (front page story, EU
edition Jan 15th, 2008).
• “Merrill Lynch targeted in share investigation,” by Tom Bawden,
The Times, Jan 14th, 2008
• “There's no Force to battle in this 'dark side, ” by David Weidner,
MarketWatch, Jan. 14, 2008
•”US investment banks are involved in insider trade” by Johan Schück,
Dagens Nyheter, Jan. 19, 2008.
• El Periodico de Mexico, Jan 15,
•”Wall Street on the Crosshair” by Jeffrey Cane,
Jan. 14th, 2008.
• “Study Sparks Regulator Scrutiny of Merger Arbitrage” by Ross Sorkin,
NY Times DealBook,
Jan. 14th, 2008.
• ”Study Finds Wall Street Awash In Conflicts and Insider Deals”,
• “Trading in Deal Stocks
Triggers Look at Banks” Finance Professor
• “Strange coincidence,” VEDOMOSTI
(RUSSIA), Jan 15th, 2008
• “Did the
Right Hand Know What the Left Hand Was Doing?” allfinancematter.com, Jan 14, 2008.
“Social Interactions and Entrepreneurial Activity”
(old title "Does Prestige Matter More Than Profits? Evidences from
Entrepreneurial Choice", joint with M. Giannetti),
Journal of Economics and Management
Strategy (2009) .
“The Culture of Entrepreneurship” by R. Shiller for Project Syndicate,
article appeared in the following newspapers:
El Espectador (Argentina),
Ziua (Romania), Korea Herald
(Korea), Daily Times (Pakistan),
Addis Fortune (Ethiopia),
Manila Times (Philippines),
Financial Express (India),
Taipei Times (Taiwan),
(Moldova), Bangkok Post
(Thailand), Diario Expreso
(Ecuador), Diario de Las Americas,
Het Financiële Dagblad
(Netherlands), Real Clear Politics
(US), El Cronista Commercial
(Spain), Reforma (Spain),
The Edge Malaysia, The Edge
Financial Daily (Malaysia), Prensa
(Panama), Aripaev (Estonia),
Agefi Suisse (Switzerland),
Hong Kong Economic Journal, Il Sole 24
Ore (Italy) Coffee House Blog,
Experimentation in Financial Markets" (joint with M. Massa),
Management Science (2009)
“Shareholder Diversification and
the Decision to Go Public” (joint with A. Bodnaruk, E. Kandel, M. Massa), Review
of Financial Studies, (2008)
Which Investors Fear Expropriation? Evidence from
Investors' Portfolio Choices (with
of Finance (2006)
Hedging, Familiarity and Portfolio Choice. (with
Financial Studies (2006)
Behavioral Biases and Investment. (with
Is learning a dimension of risk?
Journal of Banking and Finance (2005)
. Winner of 2006 Iddo Sarnat Award.
On the Determinants of Entrepreneurial Activity: Individual Characteristics,
Economic Environment, and Social Norms (joint with M. Giannetti),
Economic Policy Review, vol.11 (2004), pp. 269-313.
Reputation and dealers' trading. (with
Journal of Financial Markets,
vol. 6 (2003), pp. 99-141.
Full Text ftom
“Stock Market Participation and
Pension Reform” (joint with A. Karlsson and M. Massa), "Transitioning to
Retirement: How Will Boomers Fare?" edited by Olivia S. Mitchell, Beth J. Soldo
and Brigitte Madrian, Oxford University Press, 2007 (refereed volume).