Founder and Director
Dr. Vicki L. Bogan
Professor of Applied Economics and Policy, Cornell University

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 associate 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.

Dragana Cvijanovic - Dragana Cvijanovic is an associate professor of Applied Economics and Policy (Real Estate) at the Cornell SC Johnson College of Business, Hotel School. Professor Cvijanovic's research interests include real estate and housing finance, household finance and corporate governance. Her research has been published in the Journal of Finance, Review of Financial Studies, Management Science and Review of Corporate Finance Studies, among others. Her work has been recognized through a number of international honors and awards (e.g., from the Society for Financial Studies), and has attracted sponsorship from academic and industry-related sources, such as the Real Estate Research Institute (RERI). 

Dr. Cvijanovic received her Ph.D. from the London School of Economics and Political Science, her M.S. from University of Belgrade, and her B.S. from the University of London.

Richard Geddes - Dr. Geddes is a 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.

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 the 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

Andrew Karolyi - Dr. Karolyi is Dean of the Cornell SC Johnson College of Business and College Dean for Academic Affairs. He is a professor of finance and holder of the Harold Bierman Jr. Distinguished Professorship in the College’s Johnson Graduate School of Management. 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.

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.

Peng Liu - Peng Liu is the Singapore Tourism Board distinguished chair professor in Asian hospitality management at Cornell University’s School of Hotel Administration and associate professor of real estate and finance at SC Johnson College of Business, Cornell University. Dr. Liu is an active researcher, and an editor of the Journal of Real Estate Portfolio Management, the official journal of the American Real Estate Society.
Liu’s research focuses on the interaction between financial market and real economy, with a broad interest in real estate, hospitality management, securitization and REITs, commodity pricing, and market analysis in retail, airline, hotel, and recreational industries. Liu has published extensively in top-tier journals, including Review of Financial Studies, Management Science, Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Banking and Finance, Journal of Empirical Finance, among others.

Dr. Liu earned a PhD co-majoring in Finance and Real Estate from Haas School of Business, U. C. Berkley and MA in Financial Economics from Peking University and a BS in Engineering from Tsinghua University, China.

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.

Justin Murfin - Justin Murfin is an associate professor of finance at Cornell.

Dr. Murfin received his B.A. in Public Policy from Princeton University and his Ph.D. in finance from Duke University.

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

Ted O'Donoghue - Ted O’Donoghue is the Zubrow 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.

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.

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.

Alexei Tchistyi - Dr. Tchistyi is an associate professor in the School of Hotel Administration at Cornell University.

His research focuses on various topics related to real estate finance and corporate finance: mortgage design, asset-backed securities, banking regulations, dynamic contracting and executive compensation.  His papers have been published in the Review of Financial Studies, the Journal of Financial Economics, the Journal of Finance and the Journal of Financial and Quantitative Analysis.

Dr. Tschistyi received his Ph.D. from Stanford University, his M.A. from New Economics School, his M.S. from the Moscow Institute of Physics and Technology, and his B.S. from the Moscow Institute of Physics and Technology.

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.

Scott Yonker - Scott Yonker is an associate 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.

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 social scientist in the Humphrey School of Public Affairs at the University of Minnesota. 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.

Tatiana Homonoff - Dr. Homonoff is an associate 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.