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Mission

The primary aim of the IBHF is to become a leading center in the areas of household and behavioral finance and a key player in the consumer finance policy debates. IBHF affiliates strive to study investment decision making behavior with the goal of shedding light on how to better model observed financial behavior and to inform consumer finance related policies and regulation.

The IBHF cooperates with its network of academics, finance industry professionals, government agencies, and other financial research centers to faciliate the development of research and information. The IBHF works to achieve its mission by focusing on six major program areas: bi-annual household and behavioral finance symposium, visiting fellows program, post-doctoral research associates program, research scholars program, financial education and outreach, and a white paper series.


People

Vicki Bogan

Founder and Director
Dr. Vicki L. Bogan
Associate Professor of Finance, Cornell University

 

Dr. Bogan is an associate professor in the Charles H. Dyson School of Applied Economics and Management in the SC Johnson College of Business at Cornell University.  She conducts research in the areas of financial economics and behavioral finance with an emphasis on household financial decision making behavior. She has published numerous journal articles and book chapters including a book chapter on "Household Investment Decisions," in Investor Behavior: The Psychology of Financial Planning and Investing. Dr. Bogan's research has received considerable media attention including radio interviews and coverage in Forbes.com, the Wall Street Journal website, PsychologyToday.com, and the Harvard Business Review Blog. She also has been featured on the PBS News Hour – Paul Solman's Making Sense and the Lou Hutt Show on Sirius XM radio. Dr. Bogan teaches undergraduate finance courses at Cornell University and has received two outstanding educator awards and the SUNY Chancellor's Award for Excellence in Teaching.

Dr. Bogan holds a Sc.B. degree in Applied Mathematics and Economics from Brown University, an M.B.A. in Finance and Strategic Management from the Wharton School of the University of Pennsylvania, an M.A. in Economics from Brown University, and a Ph.D. in Economics from Brown University. She also has held a visiting fellow appointment at Princeton University.

bogan.dyson.cornell.edu


Research Affiliates

IBHF Research Affiliates are Cornell University professors and scholars that do research related to behavioral finance or household finance. Research Affiliates work to support the programs areas and mission of the IBHF.

Jawad Addoum - Dr. Addoum is an Assistant Professor of Finance and Robert R. Dyson Sesquicentennial Fellow in the Charles H. Dyson School of Applied Economics and Management at Cornell University. Professor Addoum’s research focuses on portfolio choice, empirical asset pricing, and behavioral finance. His current work examines the determinants of investment decision-making among individual and institutional investors, as well as the effects of investor behavior on stock returns.

Dr. Addoum earned a Ph.D. in finance at Duke University’s Fuqua School of Business. He received his undergraduate degree in mathematics and statistics at the University of Waterloo.

Warren Bailey - Dr. Bailey is a Professor of Finance in the Johnson Graduate School of Management at Cornell University. Dr. Bailey's interests include international finance, international securities markets, and investments. He has a special interest in emerging capital markets, particularly in Asia. He is an associate editor of The Journal of Financial and Quantitative Analysis and The Pacific Basin Finance Journal and co-editor of The Journal of Financial Services Research. He received the Class of 1992 Award for Teaching Excellence and the Stephen Russell Distinguished Teaching Award in 1999.

Dr. Bailey received his Ph.D. from the University of California, Los Angeles and his A.B. from Cornell University.

Robert J. Bloomfield - Dr. Bloomfield is a Professor of Accounting in the Johnson Graduate School of Management at Cornell University. Dr. Bloomfield's uses laboratory experiments to study financial markets and investor behavior, but has also published in all major business disciplines, including finance, accounting, marketing, organization behavior and operations research. Prof. Bloomfield served as Director of the Financial Accounting Standards Research Initiative (FASRI), an activity of the Financial Accounting Standards Board, and is currently an editor of Accounting, Organizations and Society, and Journal of Accounting Research.

Dr. Bailey received his Ph.D. from the University of Michigan, his M.A. from the University of Toledo, and his B.S. from the University of Michigan.

Richard Geddes - Dr. Geddes is an Associate Professor in the Department of Policy Analysis and Management, and Director of the Cornell Program in Infrastructure Policy at Cornell University. He is a core faculty member of the Cornell Institute for Public Affairs (CIPA). His research topics include public policies toward physical infrastructure, with a focus on innovative funding and financing in the transportation and water sectors. He has also conducted research on postal and delivery policy, and policies toward corporate governance.

Dr. Geddes received his Ph.D. from the University of Chicago and his B.S. from Towson State University.

R. Richard Geddes

Byoung-Hyoun Hwang - Dr. Hwang is an Assistant Professor in the Charles H. Dyson School of Applied Economics and Management at Cornell University. His research primarily examines how investors and corporate managers behave and how market frictions sometimes allow stock market prices to deviate from their corresponding fundamental values.

Dr. Hwang received his Ph.D. from Emory University and his B.Sc. from the European School of Business in Germany.

http://www.bhwang.com/

Hwang

David Just - Dr. Just is a Professor in the Charles H. Dyson School of Applied Economics and Management at Cornell University. His expertise is in behavioral economics.  He conducts research and studies that explore subtle environmental cues that can lead individuals to make healthy choices. His recent research is focused on school lunch program and how low cost solutions can lead school children to make healthier choices without restricting choice. Dr. Just is also co-director of the Cornell Center for Behavioral Economics in Child Nutrition Programs. ben.cornell.edu

David Just received his Ph.D. and M.S. from the University of California, Berkeley and his B.A. from Brigham Young University.

Ravi Kanbur - Ravi Kanbur is T. H. Lee Professor of World Affairs, International Professor of Applied Economics and Management, and Professor of Economics at Cornell University. Dr. Kanbur's main areas of interest are public economics and development economics. His work spans conceptual, empirical, and policy analysis. He is particularly interested in bridging the worlds of rigorous analysis and practical policy making.

Dr. Kanbur holds a bachelor's degree in economics from the University of Cambridge and a doctorate in economics from the University of Oxford. He has taught at the Universities of Oxford, Cambridge, Essex, Warwick, Princeton and Columbia.

kanbur.dyson.cornell.edu

ravi kanbur

Andrew Karolyi - Dr. Karolyi is a finance professor in the Johnson Graduate School of Management at Cornell University. He is an internationally-known scholar in the area of investment management, with a specialization in the study of international financial markets. Dr. Karolyi has published extensively in journals in finance and economics, including the Journal of Finance, Journal of Financial Economics and Review of Financial Studies, and has published several books and monographs. His research has been covered extensively in print and electronic media, including The Wall Street Journal, Financial Times, The Economist, Time, New York Times, Washington Post, Forbes, BusinessWeek, and CNBC.

Dr. Karolyi received his B.A. in economics from McGill University in 1983 and worked at the Bank of Canada for several years in its research department. He subsequently earned his MBA and Ph.D. degrees in finance at the Graduate School of Business of the University of Chicago.

Andrew Karolyi

Crocker Liu - Crocker Liu is the Robert A. Beck Professor of Hospitality Financial Management in the School of Hotel Administration at Cornell University. He previously taught at New York University’s Stern School of Business where he was the associate director of real estate and at Arizona State University’s W.P. Carey School of Business where he held the McCord Chair in addition to being the Director of The Center for Real Estate Theory and Practice. Dr. Liu's research interests are focused on issues in real estate finance, particularly topics related to agency, corporate governance, organizational forms, market efficiency and valuation.

Dr. Liu holds a Ph.D. from the University of Texas at Austin, an M.S. from the University of Wisconsin, and a B.B.A. from the University of Hawaii.

Crocker Liu

Pamela Moulton- Pamela Moulton is an associate professor of finance at Cornell’s School of Hotel Administration. Her teaching and research interests include financial markets and market microstructure, with a special interest in behavioral finance and the role of investors. Her current research focuses on institutional trading behavior, the impact of institutional investment and high-frequency trading on stock price efficiency, and how investors trade on sell-side analyst recommendations. Dr. Moulton’s research has been published in several of the leading finance and accounting journals, including the Journal of Finance, the Journal of Financial Economics, the Journal of Accounting and Economics, and the Journal of Financial and Quantitative Analysis. She also is a chartered financial analyst (CFA).

Dr. Moulton earned her B.S. in economics at the Wharton School of the University of Pennsylvania and her Ph.D. in finance and M.Phil. from the Columbia University Graduate School of Business.

ravi kanbur

David Ng - David Ng is a Professor of Finance at Cornell. He was previously a Visiting Associate Professor of Finance at the Wharton School of the University of Pennsylvania from 2008 to 2010 and a Research Fellow at the Financial Institutions Center at the Wharton School. His research focus is on understanding expected stock returns. In particular, he studies how individual and institutional investors make investment decisions and drive stock price movements, how expected returns are associated with future realized stock returns, how expected returns are formed in a dynamic international setting and how different country characteristics may be associated with expected returns.

Dr. Ng received both his B.A. and Ph.D. from Columbia University.

ng.dyson.cornell.edu

David Ng

Ted O'Donoghue - Ted O’Donoghue is a Professor of Economics in the Department of Economics at Cornell University. His research covers a broad swath of behavioral economics, and has been published in many top economics journal including the American Economic Review, the Quarterly Review of Economics, and the Journal of Economic Literature. He is perhaps best known for his research with Matthew Rabin on immediate gratification (aka hyperbolic discounting). O’Donoghue and Rabin’s work was instrumental in convincing economists that people often underestimate their own future propensity for immediate gratification, initiating a long line of research on this theme. He also has been active in debating the public-policy implications of behavioral decision research and behavioral economics.

Dr. O'Donoghue received his Ph.D. from the University of California, Berkeley and his B.A. from Dartmouth College.

odonoghue.economics.cornell.edu

Daniel Quan- Dr. Quan is the Robert C. Baker Professor in Real Estate in the School of Hotel Administration at Cornell University. Dr. Quan's research interests are in real estate and real estate finance, with a special emphasis on securitization and structured finance. Prior to his Cornell appointment, Quan was the chief mortgage economist at the Board of Governors of the Federal Reserve in Washington, D.C. He was responsible for monitoring and reporting on all matters relating to both the primary and the secondary mortgage markets for both the residential and the commercial sector. Dr. Quan also held academic appointments at the University of Texas, Austin’s McComb School of Business, UCLA’s Anderson School of Business, University of British Columbia and Uppsala University.

Dr. Quan received a Ph.D. from the University of California at Berkeley, an M.Phil. from the London School of Economics, an M.S. from University of British Columbia, and a B.S. from University of British Columbia.

Daniel Quan

Gideon Saar - Dr. Saar is a finance professor in the Johnson Graduate School of Management at Cornell University. Dr. Saar's research interests are in market microstructure, behavioral finance, and stock market return predictability. His current research focuses on high-frequency trading, using individual investor trading to predict returns, how transparency of markets affects traders, and information incorporation into prices around corporate events. He has been published in the leading finance journals, including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, and the Journal of Financial Markets. Saar was previously on the faculty of the Stern School of Business at New York University.

Dr. Saar received his Ph.D. in finance from Cornell University and his B.A. in finance from Baruch College, CUNY.

Gideon Saar

William Schulze - William Schulze is the Kenneth L. Robinson Professor of Agricultural Economics and Public Policy in the Charles H. Dyson School of Applied Economics and Management at Cornell University. His areas of research include experimental and behavioral economics. Dr. Schulze's work explores environmental values and the development of demand-revealing mechanisms using both the experimental laboratory and survey research. Current experimental economics research includes efforts to develop private mechanisms for funding public goods and markets for electric power.

Dr. Schulze received his Ph.D. from the University of California, Riverside and his B.A. from San Diego State College.

William Schulze

Sharon Tennyson - Dr. Tennyson is a professor in the Department of Policy Analysis and Management and director of the Cornell Institute of Public Affairs (CIPA) at Cornell University. Her research focuses on the impact of laws and of government regulation on insurance firms and consumer markets; the organization of insurance markets; consumer behavior in insurance transactions; and consumer protection regulation in insurance and other financial services industries.

Dr. Tennyson holds a B.A. in economics from UCLA and a Ph.D. in economics from Northwestern University.

Sharon Tennyson

Brian Wansink - Dr. Wansink is the John Dyson Professor of Consumer Behavior at Cornell University, where he directs the Cornell Food and Brand Lab. He is author of over 150 academic articles and books, including the best-selling Mindless Eating: Why We Eat More Than We Think (2006). Dr. Wansink’s award-winning academic research on eating behavior, behavioral economics, and behavior change has been published in the world’s top marketing, medical, and nutrition journals.

Dr. Wansink holds a Ph.D. from Stanford University and a B.S. from Wayne State College.

mindlesseating.org

Brian Wansink

Sumudu Watugala- Sumudu Watugala is an Assisstant Professor of Finance in the Charles H. Dyson School of Applied Economics and Management at Cornell University. Dr. Watugala’s primary research interests are in the areas of asset pricing, international finance, financial markets, market frictions, financial intermediaries, emerging markets, commodities, and volatility. Additionally, Dr. Watugala is a chartered financial analyst (CFA).

Dr. Watugala holds a Doctorate from the University of Oxford, an MEng. from MIT, and a B.S. from MIT.

Scott Yonker - Scott Yonker is an Assisstant Professor of Finance in the Charles H. Dyson School of Applied Economics and Management at Cornell University. Dr. Yonker’s primary research interests are in the areas of corporate finance, behavioral finance, and investments. Utilizing tools from psychology, sociology, and economics, he investigates how identifiable differences in “key” market players impact the important decisions that they make. Additionally, Dr. Yonker has been a CFA charterholder since 2005.

Dr. Yonker holds a Ph.D. from Ohio State University, an M.A. from Duke University, and a B.S. from Bowling Green State University.

Scott E. Yonker

 

Research Fellows

IBHF Research Fellows are scholars from leading universities that work with IBHF Research Affiliates on projects related to behavioral finance or household finance.

Angela Fertig - Dr. Fertig is a research investigator at Medica Research Institute, a nonprofit health research organization committed to public domain research.   Her research focuses on the economics of maternal and child health, mental health, and health-related behaviors. 


Dr. Fertig holds a Ph.D. from Brown University in Economics and a B.A. from Stanford University. Dr. Fertig has held faculty positions at the University of Georgia and Indiana University, and was a postdoctoral fellow at Princeton University.

Angela Fertig, PhD

Tatiana Homonoff - Dr. Homonoff is an Assistant Professor of Public Service at NYU's Robert F. Wagner School of Public Service. Perviousely she was an Assistant Professor in the Department of Policy Analysis and Management at Cornell University. Her research focuses on identifying areas in which behavioral economics can improve social policy, primarily in the areas of public finance, health, consumer finance, and environmental economics.

Dr. Homonoff received her Ph.D. from Princeton University and her B.S. from Brown University.

Tatiana Homonoff