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, 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-present | 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
- 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
- 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
- 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
- Estimating the Equity Premium; with M. Kamstra and R.G. Donaldson; Journal of Financial and Quantitative Analysis; Issue: 45(4); 2010; Pages: 813-846
- 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
- 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
Academic / Professional Service
| 2015-present | Advisor; Justwealth Financial |
| 2012-2016 | Board of Directors; Northern Finance Association (President 2014-2015, Past President 2015-2016) |
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 |
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.
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