Rotman School of Management

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Lisa A. Kramer

Lisa A. Kramer

Professor of Finance, Department of Management, University of Toronto Mississauga
Research Fellow, Behavioural Economics in Action at Rotman (BEAR), University of Toronto

Degrees:

PhD, University of British Columbia
BBA (Hons.), Simon Fraser University

Personal Website:

Bio

Lisa Kramer is a Professor in the Department of Management at the University of Toronto Mississauga, with a cross-appointment in the Finance area at the Rotman School of Management and in the University of Toronto Department of Economics. She conducts interdisciplinary work in the field of behavioural finance, blending psychology and economics to study markets and financial decision making. She also has interests in neuroeconomics, investments, market seasonality, human decisions, mood, and emotions. Her research has appeared in economics, finance, business ethics, and psychology journals, including the American Economic Review. Her studies have been extensively profiled by the popular press, including The Wall Street Journal, US News and World Reports, The Washington Post, Bloomberg Business, Business Week, and Time.

Academic Positions

  • 2016-2017

    Visiting Scholar, Rady School of Management, University of California San Diego

  • 2016-present

    Research Fellow, Behavioural Economics in Action at Rotman (BEAR), University of Toronto

  • 2015-present

    Professor of Finance, University of Toronto

  • 2009-2010

    Visiting Scholar, Stanford University, Psychology Department

  • 2008-2011

    Canadian Securities Institute Research Foundation Term Professor,

  • 2007-2015

    Associate Professor, University of Toronto

  • 2001-2007

    Assistant Professor, University of Toronto

Selected Publications - Papers

  • Human Stakeholders and the Use of Animals in Drug Development

    with Ray Greek

    Business and Society Review

    Issue:123(1)

    2018

    Pages: 3-58

  • Seasonal Asset Allocation: Evidence from Mutual Fund Flows

    with M. Kamstra, M. Levi, and R. Wermers

    Journal of Financial and Quantitative Analysis

    Issue:52(1)

    2017

    Pages: 71-109

  • The Spillover Effects of Management Overconfidence on analyst forecasts

    with C. Liao

    Journal of Behavioral and Experimental Finance

    Issue:12

    2016

    Pages: 79-92

  • Seasonal Variation in Treasury Returns

    with M. Kamstra and M. Levi

    Critical Finance Review

    Issue:4(1)

    2015

    Pages: 45-115

  • Seasonally Varying Preferences: Theoretical Foundations for an Empirical Regularity

    with M. Kamstra, M. Levi, and T. Wang

    Review of Asset Pricing Studies

    Issue:4(1)

    2014

    Pages: 39-77

  • A Careful Re-Examination of Seasonality in International Stock Markets: Comment on Sentiment and Stock Returns

    with M. Kamstra and M. Levi

    Journal of Banking and Finance

    Issue:36

    2012

    Pages: 934-956

  • This is Your Portfolio on Winter: Seasonal Affective Disorder and Risk Aversion in Financial Decision Making

    with J.M. Weber

    Social Psychological and Personality Science

    Issue:3(2)

    2012

    Pages: 193-199

  • Effects of Daylight-Saving Time Changes on Stock Market Volatility: a Comment

    with M. Kamstra and M. Levi

    Psychological Reports

    Issue:107(3)

    2010

    Pages: 877-887

  • Estimating the Equity Premium

    with M. Kamstra and R.G. Donaldson

    Journal of Financial and Quantitative Analysis

    Issue:45(4)

    2010

    Pages: 813-846

  • Is It the Weather? Comment

    with M. Kamstra and M. Levi

    Journal of Banking and Finance

    Issue:33(3)

    2009

    Pages: 578-582

  • Winter Blues and Time Variation in the Price of Risk

    with I. Garrett and M. Kamstra

    Journal of Empirical Finance

    Issue:12(2)

    2005

    Pages: 291-316

  • Winter Blues: A SAD Stock Market Cycle

    with M. Kamstra and M. Levi

    American Economic Review

    Issue:93(1)

    2003

    Pages: 324-343

  • Losing Sleep at the Market: The Daylight Saving Anomaly: Reply

    with M. Kamstra and M. Levi

    American Economic Review

    Issue:92(4)

    2002

    Pages: 1257-1263

  • Losing Sleep at the Market: The Daylight Saving Anomaly

    with M. Kamstra and M. Levi

    American Economic Review

    Issue:90(4)

    2000

    Pages: 1005-1011

Research and Teaching Interests

Teaches undergraduate courses in investments and graduate courses in behavioral finance. Research interests include behavioural finance, investments, neuroeconomics, household finance, experiments.

Honors and Awards

  • 2017-present

    SSHRC Insight Development Grant (Co-Investigator),

  • 2014-present

    SSHRC Insight Grant (Co-Investigator),

  • 2013-present

    SSHRC Insight Grant,

  • 2011-2014

    SSHRC Insight Development Grant,

  • 2010-2014

    SSHRC Standard Research Grant,

  • 2010-2014

    SSHRC Standard Research Grant (Co-Investigator),

  • 2008-2011

    Canadian Securities Institute Research Foundation Limited Term Professor,

  • 2007-2010

    SSHRC Standard Research Grant (Co-Investigator),

  • 2006-2009

    Connaught Matching Grant,

  • 2006-2009

    SSHRC Standard Research Grant,

  • 2003-2007

    SSHRC Standard Research Grant,

  • 2001-2002

    Connaught Start-Up Grant,

Professional Affiliations/Memberships

  • American Finance Association

  • Western Finance Association

  • European Finance Association

  • Northern Finance Association

  • Society for Neuroeconomics

Academic / Professional Service

  • 2015-present

    Advisory Board Member, Justwealth Financial

  • 2018-present

    External Advisory Board Member, "The Economy, Plain and Simple", Bank of Canada

  • 2012-2016

    Board of Directors, Northern Finance Association (President 2014-2015, Past President 2015-2016)

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