behavioral-finance-the-second-generation

CFA INSTITUTE RESEARCH FOUNDATION / MONOGRAPH
The Second Generation
MEIR STATMAN
BEHAVIORAL FINANCE
STATMANMONOGRAPH / BEHAVIORAL FINANCE

BEHAVIORAL FINANCE
The Second Generation
Meir Statman

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ISBN 978-1-944960-85-8

© 2019 CFA Institute Research Foundation. All rights reserved. iii
Biography
Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara
University. His research focuses on behavioral nance. He attempts to under-
stand how investors and managers make nancial decisions and how these
decisions are reected in nancial markets. His most recent book is Finance
for Normal People: How Investors and Markets Behave, which was published
by Oxford University Press and rated as an Outstanding Business Reference
Source by the American Library Association.
e questions he addresses in his research include the following: What
are investors’ wants, and how can we help investors balance them? What are
investors’ cognitive and emotional shortcuts and how can we help them over-
come cognitive and emotional errors? How are wants, shortcuts, and errors
reected in choices of saving, spending, and portfolio construction? How are
they reected in asset pricing and market eciency?
Professor Statman’s research has been published in the Journal of Finance,
the Journal of Financial Economics, the Review of Financial Studies, the Journal
of Financial and Quantitative Analysis, the Financial Analysts Journal, and the
Journal of Portfolio Management, among many other journals. e research has
been supported by the National Science Foundation, CFA Institute Research
Foundation, and the Investment Management Consultants Association.
Professor Statman is a member of the advisory board of the Journal
of Portfolio Management, the Journal of Wealth Management, the Journal
of Retirement, the Journal of Investment Consulting, and the Journal of
Behavioral and Experimental Finance; an associate editor for the Journal of
Behavioral Finance and the Journal of Investment Management; and a recipi-
ent of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award,
two Bernstein Fabozzi/Jacobs Levy Awards, a Davis Ethics Award, a
Moskowitz Prize for best paper on socially responsible investing, a Matthew
R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards,
and three Graham and Dodd Awards. Professor Statman was named one of
the 25 most inuential people by Investment Advisor. He consults with many
investment companies and presents his work to academics and professionals
in many forums in the United States and abroad.
Professor Statman received his PhD from Columbia University and his
BA and MBA from the Hebrew University of Jerusalem.