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Lisa Kramer

Lisa 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 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, emotions, and the role of animals in society. 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. She currently serves on the Board of Directors of University Toronto Asset Management, and she is a member of the Joint Sponsors of University Pension Plan (Ontario) which jointly governs the pension plan for faculty and staff at Queen's University, Trent University, the University of Guelph, the University of Toronto, and several other institutions.

X (formerly Twitter)

Professor Kramer posts on X as @LisaKramer.

Google Scholar

A list of citations to Professor Kramer's published research is available on her Google Scholar profile.

Academic Positions

  • 2015-present

    Professor, University of Toronto

  • 2016-present

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

  • 2016-2017

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

  • 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

Professor Kramer is a frequent op-ed contributor to the op-ed pages of the popular press. Some of her contributions include the following:

Research and Teaching Interests

Professor Kramer teaches undergraduate courses in investments and graduate courses in behavioral finance. Her primary research interests include behavioural finance, behavioural economics, investments, neuroeconomics, household finance, and experiments.

Honors and Awards

  • 2021-2026

    SSHRC Insight Grant, Co-Investigator

  • 2021-2026

    SSHRC Insight Grant, Principal Investigator

  • 2017-2021

    SSHRC Insight Development Grant, Co-Investigator

  • 2014-2021

    SSHRC Insight Grant, Co-Investigator

  • 2013-2020

    SSHRC Insight Grant, Principal Investigator

  • 2011-2014

    SSHRC Insight Development Grant, Principal Investigator

  • 2010-2014

    SSHRC Standard Research Grant, Principal Investigator

  • 2010-2014

    SSHRC Standard Research Grant, Co-Investigator

  • 2008-2011

    Canadian Securities Institute Research Foundation, Limited Term Professorship

  • 2007-2010

    SSHRC Standard Research Grant, Co-Investigator

  • 2006-2009

    SSHRC Standard Research Grant, Principal Investigator

  • 2006-2008

    Connaught Fund, Matching Grant

  • 2003-2007

    SSHRC Standard Research Grant, Principal Investigator

  • 2001-2002

    Connaught Fund, Start-Up Grant

Professional Affiliations/Memberships

  • American Finance Association

  • Western Finance Association

  • European Finance Association

  • Northern Finance Association

Academic / Professional Service

  • 2023-present

    Editorial Board Member, Journal of Behavioral and Experimental Finance

  • 2005-present

    Advisory Board Member, SSRN Behavioral and Experimental Finance Abstracts

  • 2013-2022

    Advisory Board Member, Journal of Behavioral and Experimental Finance

  • 2015-2022

    Advisory Board Member, Justwealth Financial

  • 2015-present

    Editorial Board Member, Critical Finance Review

  • 2020-present

    Advisory Editor, Journal of Multinational Financial Management

  • 2015-2020

    Associate Editor, Journal of Multinational Financial Management

  • 2018-2019

    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)