Hersh Shefrin holds the Mario Belotti Chair in the Department of Finance at Santa Clara University's Leavey School of Business. Professor Shefrin is a pioneer of behavioral finance. He has published widely in the area and writes for both academics and practitioners. Professor Shefrin regularly teaches behavioral finance to both undergraduates and graduates. He often speaks on the subject to portfolio managers, security analysts, and financial planners both in the U.S. and abroad. In addition, he is frequently interviewed by the media on financial matters.
In 2006, Professor Shefrin was awarded an honorary doctorate from the University of Oulu in Finland. In 2007, he became an honorary guest Professor at Central-South University in Changsha, China. He received the IMCA 2008 Journalism Award from the Investment Management Consultants’ Association. A 2003 article appearing in The American Economic Review, by Pierre-Andre Chiappori and Steven Levitt, included Professor Shefrin among the top 15 theorists to have influenced empirical work in microeonomics. His article “Behavioral Corporate Finance” is among the top ten papers to be downloaded from SSRN in the last ten years. In 2001 CFO Magazine listed Professor Shefrin among the “Academic Stars of Finance.” Along with colleague Meir Statman, he received a Graham and Dodd award in 1994 and the 2000 William Sharpe Award for the best paper published in the Journal of Finance and Quantitative Analysis.
In 1999, Professor Shefrin’s book, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, was published by Harvard Business School Press. BG&F is the first comprehensive treatment of behavioral finance written specifically for practitioners. In 2002, Oxford University Press, who assumed publication of the book, released an edition with a revised preface to reflect recent events and developments. BG&F was the top recommendation on the J.P. Morgan Private Banking 2003 Summer Reading List. The book is also used around the world as a textbook in courses in behavioral finance. The book is available for purchase through this website. Supplementary instructional materials for using the book can be downloaded here.
In 2001, Professor Shefrin edited a three-volume collection, entitled Behavioral Finance, published by Edward Elgar. In addition to seminal papers in this rapidly developing field, these volumes contain some of the pioneering works in psychology, upon which behavioral finance is based.
In 2006, McGraw-Hill/Irwin published Professor Shefrin’s textbook Behavioral Corporate Finance. BCF is the first book to analyze the impact of behavioral phenomena on corporate finance. BCF is written to be used as a supplement in regular MBA level corporate finance classes. Additional materials available on the book website, enable BCF to be used as a text in a course dedicated either to behavioral finance or to behavioral corporate finance
In 2008, Elsevier published the second edition of Professor Shefrin’s book A Behavioral Approach to Asset Pricing. BAAP is the first systematic analysis of how behavioral assumptions impact the pricing kernel that lies at the heart of modern asset pricing theory. The book provides a unified behavioral treatment of the pricing of equities, options, fixed income securities, and mean-variance portfolios. The book is available for purchase through http://www.elsevierdirect.com. Additional instructional files for using the book to teach, along with updated additions, errors, and corrections are also available at www.elsevierdirect.com/companions.
In 2008, McGraw-Hill published Professor Shefrin’s new book Ending the Management Illusion: How to Drive Business Results Using the Principles of Behavioral Finance. This book explains the behavioral traps and biases which typically ensnare managers, and describes how companies can develop a culture of debiasing. A simulation game described in the book can be downloaded by clicking here. (XLS file; will open in new window)
Professor Shefrin's scholarly articles have appeared in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, Financial Management, the Financial Analysts Journal, the Journal of Investment Management, the Journal of Investment Consulting, the Journal of Portfolio Management, Journal of Political Economy, Review of Economic Studies, Journal of Economic Theory, Economic Inquiry, Economica, Journal of Econometrics, Discrete Mathematics, Quarterly Journal of Economics, and the International Economic Review.
In the 1970s and 1980s Professor Shefrin’s co-authored papers in behavioral economics with Richard Thaler were the first to propose a psychological and neurological based theory of self-control. In 1984, an article on dividends by Professor Shefrin and Meir Statman was the first treatment of behavioral finance by financial economists. In 1985, they introduced the concept of “the disposition effect” into the behavioral finance literature, and coined the term. The disposition effect is the tendency to sell winning stocks too early and ride losing stocks too long. This phenomenon is the most studied in the literature on individual investor behavior.
Professor Shefrin completed his PhD at the London School of Economics in the economics of uncertainty; he earned a Master of Mathematics from the University of Waterloo and a BS (Honors) in economics and mathematics from the University of Manitoba.
برچسبها: مالی رفتاری, مالی نوین, Hersh Shefrin, شفرین, دانلود مقالات مالی رفتاری