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

Email:

Send an email to Lisa A. Kramer

Personal Website:

http://www.lisakramer.com/

Bio

Lisa Kramer is a Professor of Finance at the University of Toronto. 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, 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

Featured Work

Lisa Kramer is a frequent op-ed contributor to the Globe and Mail. Some of her contributions include the following:

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)

Lisa A. Kramer

Lisa A. Kramer

Bio

Academic Positions

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

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

Professor, University of Toronto

Visiting Scholar, Stanford University, Psychology Department

Canadian Securities Institute Research Foundation Term Professor,

Associate Professor, University of Toronto

Assistant Professor, University of Toronto

Selected Publications - Papers

Human Stakeholders and the Use of Animals in Drug Development

Seasonal Asset Allocation: Evidence from Mutual Fund Flows

The Spillover Effects of Management Overconfidence on analyst forecasts

Seasonal Variation in Treasury Returns

Seasonally Varying Preferences: Theoretical Foundations for an Empirical Regularity

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

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

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

Estimating the Equity Premium

Is It the Weather? Comment

Winter Blues and Time Variation in the Price of Risk

Winter Blues: A SAD Stock Market Cycle

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

Losing Sleep at the Market: The Daylight Saving Anomaly

Featured Work

Lisa Kramer is a frequent op-ed contributor to the Globe and Mail. Some of her contributions include the following:

Morals over money: Low-cost options for socially responsible investors

Mutual fund fees are a case of dollars and per cents

Investing lessons from the cryptocurrency roller coaster

'Clean meat' could be a major revolution for the agricultural sector

Time's up: The economic case against daylight-saving time

Burger King's new cryptocurrency is a whopper of a shenanigan

Research and Teaching Interests

Honors and Awards

SSHRC Insight Development Grant (Co-Investigator),

SSHRC Insight Grant (Co-Investigator),

SSHRC Insight Grant,

SSHRC Insight Development Grant,

SSHRC Standard Research Grant,

SSHRC Standard Research Grant (Co-Investigator),

Canadian Securities Institute Research Foundation Limited Term Professor,

SSHRC Standard Research Grant (Co-Investigator),

Connaught Matching Grant,

SSHRC Standard Research Grant,

SSHRC Standard Research Grant,

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

Advisory Board Member, Justwealth Financial

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

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