7/1/2021 David A. Hirshleifer Affiliation: Marshall School of Business University of Southern California 3670 Trousdale Pkwy Los Angeles, CA 90089 and National Bureau of Economic Research (Corporate Finance and Asset Pricing Programs) Previous Positions: Merage Chair in Business Growth and Distinguished Professor of Finance and Economics The Paul Merage School of Business University of California, Irvine, 2006-21 Ralph Kurtz Chair in Finance Fisher College of Business The Ohio State University, 1999-2006 Merwin H. Waterman Professor of Finance Professor of Finance University of Michigan Business School, 1994-99 Associate Professor of Finance Assistant Professor of Finance Acting Assistant Professor of Finance Anderson Graduate School of Management, UCLA, 1984-94 Contact Information: (949) 724-2896; Assistant: Ginger Smith, [email protected] (949) 824-5122; FAX: (949) 824-8469 [email protected] Webpage and links to papers: Click here for an RSS feed that will notify you of my new papers and revisions. http://sites.uci.edu/dhirshle/ papers.ssrn.com/author=2024 ideas.repec.org/e/phi20.html http://scholar.google.com/citations?user=pblejMoAAAAJ&hl=en http://www.researcherid.com/rid/E-4342-2012 http://www.amazon.com/David-Hirshleifer/e/B002I5VMKC http://www.pricetheoryapplications.com/ https://twitter.com/4misceldah Degrees: BA 1980‚ Mathematics, UCLA MA 1983‚ Economics, University of Chicago PhD 1985‚ Economics, University of Chicago Articles: Moonshots, Investment Booms, and Selection Bias in the Transmission of Cultural Traits, David Hirshleifer and Joshua Plotkin, Proceedings of the National Academy of Sciences, June 29, 2021, 118 (26) e2015571118. Social Finance as Cultural Evolution, Transmission Bias and Market Dynamics, Erol Akçay and David Hirshleifer, Proceedings of the National Academy of Sciences June 29, 2021, 118 (26) e2015568118. Can Individual Investors Beat the Market? Joshua Coval, David Hirshleifer and Tyler Shumway, accepted, Review of Asset Pricing Studies. Social Transmission Bias and Investor Behavior. Bing Han, David Hirshleifer and Johan Walden, forthcoming, Journal of Financial and Quantitative Analysis. The Exploratory Mindset and Corporate Innovation, Zhaozhao He and David Hirshleifer, forthcoming, Journal of Financial and Quantitative Analysis. Presidential Address: Social Transmission Bias in Economics and Finance, David Hirshleifer, Journal of Finance, 75(4), August (2020):1779-1831. [lead article] American Finance Association 2020 Presidential Address: Transcript with integrated slides Slides First Impression Bias: Evidence from Analyst Forecasts, David Hirshleifer, Ben Lourie, Thomas G. Ruchti and Phong Truong, Review of Finance, 25(2), March (2021):325–364. Misvaluation and Corporate Inventiveness, Ming Dong, David Hirshleifer and Siew Hong Teoh, forthcoming, Journal of Financial and Quantitative Analysis. Evolutionary Dynamics of Culturally Transmitted, Fertility-Reducing Traits, Dominik Wodarz, Shaun Stipp, David Hirshleifer, and Natalia Komarova, Proceedings of the Royal Society B: Biological Sciences, April 15, 2020, 287:20192468, Issue 1925. Mood Beta and Seasonalities in Stock Returns. David Hirshleifer, Danling Jiang, and Yuting Meng, Journal of Financial Economics, 137(1), July (2020):272-295. 2 Nominated, Best Paper Award, 2016 China International Conference in Finance, July 7- 10, 2016 Xiamen, China. Semifinalist, Best Paper Award, 2016 FMA Annual Meeting, Las Vegas, Nevada Shared Analyst Coverage: A Unified Explanation for Momentum Spillovers. Usman Ali and David Hirshleifer, Journal of Financial Economics, Volume 136, Issue 3, June (2020):649- 675. Second Prize, AQR Insight Award 2019 Short and Long Horizon Behavioral Factors, Kent Daniel, David Hirshleifer, and Lin Sun, Review of Financial Studies, 33(4), April (2020):1673–1736. 2017 Hillcrest Behavioral Finance Award The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies. Yongqiang Chu, David Hirshleifer, and Liang Ma, October 2020, Journal of Finance, 75(5), 2631-2672. Decision Fatigue and Heuristic Analyst Forecasts, David Hirshleifer, Yaron Levi, Ben Lourie, and Siew Hong Teoh, Journal of Financial Economics, Volume 133, Issue 1, July (2019):83-98. A Theory of Costly Sequential Bidding. Kent Daniel and David Hirshleifer, Review of Finance, 22(5), August (2018):1631–65. [lead article and “Editor’s Choice” paper] Innovative Originality, Profitability, and Stock Returns. David Hirshleifer, Po-Hsuan Hsu, and Dongmei Li, Review of Financial Studies, 31(7), July (2018):2553–2605. Superstition and Financial Decision Making. David Hirshleifer, Jian Ming, and Huai Zhang, Management Science, 64(1), (2018):235-252. How to Write an Effective Referee Report and Improve the Scientific Review Process. Jonathan B. Berk, Campbell R. Harvey, and David Hirshleifer, Journal of Economic Perspectives, 31(1), Winter (2017):231-44. How Psychological Bias Shapes Accounting and Financial Regulation, David Hirshleifer and Siew Hong Teoh, Behavioural Public Policy, 1(1), (2017):87-105. Opportunism as a Firm and Managerial Trait: Predicting Insider Trading Profits and Misconduct. Usman Ali and David Hirshleifer, 126(3), December (2017):490-515, Journal of Financial Economics. Finalist, AQR Insight Award 2018 3 Overconfident Investors, Predictable Returns, and Excessive Trading. Kent Daniel and David Hirshleifer, Journal of Economic Perspectives, (2015), 29(4):61-88. Asset Pricing with Extrapolative Expectations and Production. David Hirshleifer, Jun Li, and Jianfeng Yu, Journal of Monetary Economics, 76, (2015):87–106. Behavioral Finance. David Hirshleifer, Annual Review of Financial Economics, Vol. 7, December (2015):133-159. Innovative Efficiency and Stock Returns. David Hirshleifer, Po-Hsuan Hsu, and Dongmei Li, Journal of Financial Economics, 107(3), March (2013):632-54. Overvalued Equity and Financing Decisions. Ming Dong, David Hirshleifer, and Siew Hong Teoh, Review of Financial Studies, 25(12), December (2012):3645-83. Are Investors Really Reluctant to Realize Their Losses? Trading Responses to Past Returns and the Disposition Effect. Itzhak Ben-David and David Hirshleifer, Review of Financial Studies, 25(8), August (2012):2485-532. Are Overconfident CEOs Better Innovators? David Hirshleifer, Angie Low, and Siew Hong Teoh, Journal of Finance, 67(4), August (2012):1457–98. The Accrual Anomaly: Risk or Mispricing? David Hirshleifer, Kewei Hou, and Siew Hong Teoh, Management Science, 58(2), February (2012):320-35. Limited Investor Attention and Stock Market Misreactions to Accounting Information. David Hirshleifer, Sonya Lim and Siew Hong Teoh, Review of Asset Pricing Studies, 1(1): December (2011):35-73. Taking the Road Less Traveled by: Does Conversation Eradicate Pernicious Cascades? H. Henry Cao, Bing Han, and David Hirshleifer, Journal of Economic Theory, 146(4), July (2011):1418-36. Short Arbitrage, Return Asymmetry and the Accrual Anomaly. David Hirshleifer, Siew Hong Teoh, and Jiewei Yu, Review of Financial Studies, 24(7), July (2011):2429-61. Do Investors Learn from Experience? Evidence from Frequent IPO Investors. Yao-Min Chiang, David Hirshleifer, Yiming Qian, Ann E. Sherman, Review of Financial Studies, May (2011), 24(5):1560-1589. Investor Overconfidence and the Forward Premium Puzzle. Craig Burnside, Bing Han, David Hirshleifer and Tracy Yue Wang, Review of Economic Studies, (2011) 78(2):523-558. Fear of the Unknown: Familiarity and Economic Decisions. H. Henry Cao, Bing Han, David Hirshleifer, and Harold H. Zhang, Review of Finance, 15(1), January (2011):173-206. 4 2011 Spängler IQAM Best Paper Prize, Runner-up award A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns. David Hirshleifer and Danling Jiang, Review of Financial Studies, 23(9), September (2010):3401- 36. A Cross-Cultural Study of Reference Point Adaptation: Evidence from China, Korea, and the US. Hal Arkes, David Hirshleifer, Danling Jiang, and Sonya Lim, Organizational Behavior and Human Decision Processes, 112(2), July (2010):99-111. Systemic Risk, Coordination Failures, and Preparedness Externalities: Applications to Tax and Accounting Policy. David Hirshleifer and Siew Hong Teoh, Journal of Financial Economic Policy. 1(2), (2009):128-42. [lead article] Promotion Tournaments and Capital Rationing. Bing Han, David Hirshleifer and John Persons, Review of Financial Studies, 2009, 22(1):219-255. The Psychological Attraction Approach to Accounting and Disclosure Policy. David Hirshleifer and Siew Hong Teoh, Contemporary Accounting Research, 26(4), Winter 2009, 1067-90. Driven to Distraction: Extraneous Events and Underreaction to Earnings News. David Hirshleifer, Sonya Lim, and Siew Hong Teoh, Journal of Finance, 63(5), October (2009):2287-2323. 3rd Prize, 2007 Chicago Quantitative Alliance Annual Academic Competition Abstracted in The CFA Digest, February 2010, Vol. 40, No. 1: 92-94 Accruals, Cash Flows, and Aggregate Stock Returns. David Hirshleifer, Kewei Hou, and Siew Hong Teoh, Journal of Financial Economics, March (2009), 91(3):389-406. Reference Point Adaptation: Tests in the Domain of Security Trading. Hal Arkes, David Hirshleifer, Danling Jiang, and Sonya Lim, Organizational Behavior and Human Decision Processes, January 2008, 105(1), 67-81. Psychological Bias as a Driver of Financial Regulation. European Financial Management, November 2008, 14(5) pp. 856-874. [lead article] Do Individual Investors Drive Post-Earnings Announcement Drift? Direct Evidence from Personal Trades. David Hirshleifer, James N. Myers, Linda A.