My page at SSRN
My page at Google Scholar

  My page at ORCID

My page at   Scopus (and another one here, do not ask me why)
My page at Web of Science


Research interests:

Individual Investors' behavior.

Role of social interaction in portfolio choice.

Financial Intermediation 

Economics of Asymmetric Information.
Asset pricing.
Market Microstructure, links between Market Microstructure and Asset Pricing.
Information asymmetries in rational expectations, equilibrium models
Decision theory 






"Loss Averse Preferences, Performance, and Career Success of Institutional Investors" (joint with Andriy Bodnaruk), Review of Financial Studies, accepted (2016).

“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, 2015.

“As in Football, Fund Managers Need to Take Risks” by William Power, Wall Street Journal, January 6, 2015.

“Captive Finance and Firm’s Competitiveness” (joint with Andriy Bodnaruk and William O’Brien), Journal of Corporate Finance, vol. 37 (2016), pp. 210-228.  

“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. 

• “Mutual 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.

• “Do Mutual Fund Managers Make Better Personal Investment Decisions?” by Larry Swedroe,, March 9,2015.

• “Investment 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.

• “Who 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. 

“Study 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.

“Vanliga 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, Science Daily, Phys.Org, Engineering Evil, RMF24 (Poland), The UK News, Indian Journal, Sector News (India),, EuroAsia Review)

• “No such thing as an expert fund manager” by Martin Bamford (Informed Choice Blog, October 21st, 2014).

“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)

“Style representation and portfolio choice” (joint with Massimo Massa and Anders Stekhona), Journal of Financial Markets, vol 23 (2015), pp. 1-25.

“Alliances and Corporate Governance”  (joint with A. Bodnaruk, M. Massa),  Journal of Financial Economics,  (2013)

“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,, 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,  (2010)

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 September 2009

• “Should you get an MBA?”, Trud (Russia),  September 22, 2009.

Academic Research Monitor, May 2009.

• “Trau keiner Investmentbank!” by Norbert Häring, Handelsblatt, June 10, 2009.

• “Academics accuse banks of insider trading” by William Hutchings, Financial News, September 17th, 2008.

  “What is Wrong with Investment Banks?”, Loft Magazine, Summer 2008.

Academos, May 2008.

• “A paper tackles 'The Dark Role of Investment Banks”, Dealscape blog,  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.

•”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, 2008.

•”Wall Street on the Crosshair” by Jeffrey Cane, Conde-Nast Portfolio,  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 (US Blog),

• “Strange coincidence,” VEDOMOSTI (RUSSIA), Jan 15th, 2008

Did the Right Hand Know What the Left Hand Was Doing?”, 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) .

  •  Commentary “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), Ekonomicheskoe Obozrenie (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, July-September, 2005.

  • Het Financieele Dagblad, Column by Mirjam van Praag, February 18, 2008

"Strategic 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 Mariassunta Giannetti), Journal of Finance (2006)

Hedging, Familiarity and Portfolio Choice. (with  Massimo Massa), Review of Financial Studies (2006)

Behavioral Biases and Investment. (with  Massimo Massa), Review of Finance (2005)

Is learning a dimension of risk? (with  Massimo Massa),  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), Swedish Economic Policy Review, vol.11 (2004), pp. 269-313.  

Reputation and dealers' trading. (with  Massimo Massa) Journal of Financial Markets,  vol. 6 (2003), pp. 99-141.     Additional tables   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).








Physics-related publications:

For list of physics-related publication click here
My papers at SSRN
My page at SSRN
  My page at ORCID
My page at   Scopus (and another one here, do not ask me why)
My page at Web of Science


Discussion of "Psychological Factors, Stock Price Paths, and Trading Volume" by STEVEN J. HUDDART, MARK H. LANG,  MICHELLE YETMAN, RFS Behavioral Finance Conference, Mannheim, Dec. 2002.