Lisa A. Kramer
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
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2016-2017
Visiting Scholar, Rady School of Management, University of California San Diego
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2016-present
Research Fellow, Behavioural Economics in Action at Rotman (BEAR), University of Toronto
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2015-present
Professor of Finance, University of Toronto
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2009-2010
Visiting Scholar, Stanford University, Psychology Department
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2008-2011
Canadian Securities Institute Research Foundation Term Professor,
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2007-2015
Associate Professor, University of Toronto
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2001-2007
Assistant Professor, University of Toronto
Selected Publications - Papers
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with Ray Greek
Business and Society Review
Issue:123(1)
2018
Pages: 3-58
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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
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The Spillover Effects of Management Overconfidence on analyst forecasts
with C. Liao
Journal of Behavioral and Experimental Finance
Issue:12
2016
Pages: 79-92
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Seasonal Variation in Treasury Returns
with M. Kamstra and M. Levi
Critical Finance Review
Issue:4(1)
2015
Pages: 45-115
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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
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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
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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
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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
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Estimating the Equity Premium
with M. Kamstra and R.G. Donaldson
Journal of Financial and Quantitative Analysis
Issue:45(4)
2010
Pages: 813-846
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Is It the Weather? Comment
with M. Kamstra and M. Levi
Journal of Banking and Finance
Issue:33(3)
2009
Pages: 578-582
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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
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Winter Blues: A SAD Stock Market Cycle
with M. Kamstra and M. Levi
American Economic Review
Issue:93(1)
2003
Pages: 324-343
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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
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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
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2017-present
SSHRC Insight Development Grant (Co-Investigator),
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2014-present
SSHRC Insight Grant (Co-Investigator),
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2013-present
SSHRC Insight Grant,
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2011-2014
SSHRC Insight Development Grant,
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2010-2014
SSHRC Standard Research Grant,
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2010-2014
SSHRC Standard Research Grant (Co-Investigator),
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2008-2011
Canadian Securities Institute Research Foundation Limited Term Professor,
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2007-2010
SSHRC Standard Research Grant (Co-Investigator),
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2006-2009
Connaught Matching Grant,
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2006-2009
SSHRC Standard Research Grant,
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2003-2007
SSHRC Standard Research Grant,
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2001-2002
Connaught Start-Up Grant,
Professional Affiliations/Memberships
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American Finance Association
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Western Finance Association
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European Finance Association
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Northern Finance Association
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Society for Neuroeconomics
Academic / Professional Service
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2015-present
Advisory Board Member, Justwealth Financial
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2018-present
External Advisory Board Member, "The Economy, Plain and Simple", Bank of Canada
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2012-2016
Board of Directors, Northern Finance Association (President 2014-2015, Past President 2015-2016)