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

Email:

Send an email to Lisa 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, 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.

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:

Can Robo Advisers Replace Human Financial Advisers?, The Wall Street Journal
How not to invest during a pandemic, The Globe and Mail
Testing drugs for humans on dogs makes no sense, Financial Times
Silencing whistle-blowers on farms conceals animal and employee abuse, The Conversation
How irrelevant numbers can influence investors' decisions, The Globe and Mail
Financial professionals just as susceptible to behavioural biases as investors, The Globe and Mail
The University of Toronto's attempt to address the gender pay gap isn't enough, The Globe and Mail
Economics needs to acknowledge its diversity problem, The Globe and Mail
Robo-advisers are shaking up the Canadian investing landscape -- in a good way, The Globe and Mail
Financial markets can suffer from the blues, too, The Globe and Mail
Is the push toward zero-fee funds a race to the bottom?, The Globe and Mail
Morals over money: Low-cost options for socially responsible investors, The Globe and Mail
Mutual fund fees are a case of dollars and per cents, The Globe and Mail
Investing lessons from the cryptocurrency roller coaster, The Globe and Mail
'Clean meat' could be a major revolution for the agricultural sector, The Globe and Mail
Time's up: The economic case against daylight-saving time, The Globe and Mail
Burger King's new cryptocurrency is a whopper of a shenanigan, The Globe and Mail

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)

Lisa Kramer

Lisa Kramer

Bio

X (formerly Twitter)

Google Scholar

Academic Positions

Professor, University of Toronto

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

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

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

Can Robo Advisers Replace Human Financial Advisers?, The Wall Street Journal

How not to invest during a pandemic, The Globe and Mail

Testing drugs for humans on dogs makes no sense, Financial Times

Silencing whistle-blowers on farms conceals animal and employee abuse, The Conversation

How irrelevant numbers can influence investors' decisions, The Globe and Mail

Financial professionals just as susceptible to behavioural biases as investors, The Globe and Mail

The University of Toronto's attempt to address the gender pay gap isn't enough, The Globe and Mail

Economics needs to acknowledge its diversity problem, The Globe and Mail

Robo-advisers are shaking up the Canadian investing landscape -- in a good way, The Globe and Mail

Financial markets can suffer from the blues, too, The Globe and Mail

Is the push toward zero-fee funds a race to the bottom?, The Globe and Mail

Morals over money: Low-cost options for socially responsible investors, The Globe and Mail

Mutual fund fees are a case of dollars and per cents, The Globe and Mail

Investing lessons from the cryptocurrency roller coaster, The Globe and Mail

'Clean meat' could be a major revolution for the agricultural sector, The Globe and Mail

Time's up: The economic case against daylight-saving time, The Globe and Mail

Burger King's new cryptocurrency is a whopper of a shenanigan, The Globe and Mail

Research and Teaching Interests

Honors and Awards

SSHRC Insight Grant, Co-Investigator

SSHRC Insight Grant, Principal Investigator

SSHRC Insight Development Grant, Co-Investigator

SSHRC Insight Grant, Co-Investigator

SSHRC Insight Grant, Principal Investigator

SSHRC Insight Development Grant, Principal Investigator

SSHRC Standard Research Grant, Principal Investigator

SSHRC Standard Research Grant, Co-Investigator

Canadian Securities Institute Research Foundation, Limited Term Professorship

SSHRC Standard Research Grant, Co-Investigator

SSHRC Standard Research Grant, Principal Investigator

Connaught Fund, Matching Grant

SSHRC Standard Research Grant, Principal Investigator

Connaught Fund, Start-Up Grant

Professional Affiliations/Memberships

American Finance Association

Western Finance Association

European Finance Association

Northern Finance Association

Academic / Professional Service

Editorial Board Member, Journal of Behavioral and Experimental Finance

Advisory Board Member, SSRN Behavioral and Experimental Finance Abstracts

Advisory Board Member, Journal of Behavioral and Experimental Finance

Advisory Board Member, Justwealth Financial

Editorial Board Member, Critical Finance Review

Advisory Editor, Journal of Multinational Financial Management

Associate Editor, Journal of Multinational Financial Management

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)