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Faculty and Staff

Alok Kumar

Alok Kumar

Gabelli Asset Management Professor, Finance

(305) 284-1882
Jenkins 514G
akumar@miami.edu


Research Interests

  • Behavioral Finance
  • Empirical Asset Pricing
  • Corporate Finance
  • Computational Economics

Selected Publications

Psychology-Based Trading Strategies, Oxford University Press, Forthcoming, 2013.

Political Activism, Information Costs, and Stock Market Participation (with Yosef Bonaparte) Journal of Financial Economics, Forthcoming.

State-Level Business Cycles and Local Return Predictability (with George Korniotis). Journal of Finance, Forthcoming.

Speculative Retail Trading and Asset Prices (with Bing Han). Journal of Financial and Quantitative Analysis, Forthcoming.

Investor Sentiment and Return Comovements: Evidence from Stock Splits and Headquarters Changes (with Jeremy Page and Oliver Spalt). Review of Finance, Forthcoming.

Do Portfolio Distortions Reflect Superior Information or Psychological Biases? (with George Korniotis). Journal of Financial and Quantitative Analysis, Forthcoming.

Religious Beliefs, Gambling Attitudes, and Financial Market Outcomes (with Jeremy Page and Oliver Spalt). Journal of Financial Economics, Forthcoming.

Behavioral Biases of Mutual Fund Investors (withWarren Bailey and David Ng). Journal of Financial Economics, 102 (1), 1-27, 2011. Lead Article.

Do Behavioral Biases Adversely Affect the Macro-Economy? (with George Korniotis), Review of Financial Studies, 24 (5), 1513-1559, 2011.

Do Older Investors Make Better Investment Decisions? (with George Korniotis), Review of Economics and Statistics, 93 (1), 244-265, 2011.

Self-Selection and the Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, 48 (2), 393-435, 2010.

Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes? (with Alon Brav, Michael Brandt, and John Graham), Review of Financial Studies, 23 (2), 863-899, 2010.

Hard-To-Value Stocks, Behavioral Biases, and Informed Trading, Journal of Financial and Quantitative Analysis, 44 (6), 1375-1401, 2009.

Dynamic Style Preferences of Individual Investors and Stock Returns, Journal of Financial and Quantitative Analysis, 44 (3), 607-640, 2009.

Who Gambles in the Stock Market? Journal of Finance, 64 (4), 1889-1933, 2009.

Equity Portfolio Diversification (with William Goetzmann), Review of Finance, 12 (3), 433-463, 2008. Lead Article.

How do Decision Frames Influence the Stock Investment Choices of Individual Investors? (with Sonya Lim), Management Science, 54 (6), 1052-1064, 2008.

Foreign Investments of U.S. Individual Investors: Causes and Consequences (with Warren Bailey and David T. Ng), Management Science, 54 (3), 443-459, 2008.

Do the Diversification Choices of Individual Investors Influence Stock Returns? Journal of Financial Markets, 10 (4), 362-390, 2007.

Retail Investor Sentiment and Return Comovements (with Charles Lee), Journal of Finance, 61 (5), 2451-2486, 2006.

Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors (with John Graham), Journal of Finance, 61 (3), 1305-1336, 2006.

Variations on the Theme of Scarf’s Counter-Example (with Martin Shubik), Computational Economics 24 (1), 1-19, 2004. Lead Article.

A Computational Analysis of Core Convergence in a Multiple Equilibria Economy (with Martin Shubik), Games and Economic Behavior 42, 253-266, 2003.

The Dow Theory: William Peter Hamilton’s Track Record Re-Considered (with Stephen Brown and William Goetzmann), Journal of Finance 53 (4), 1311-1333, 1998.

Cognitive Abilities and Financial Decisions (with George Korniotis), Behavioral Finance (edited by H. Kent Baker and John Nofsinger), Chapter 30, John Wiley and Sons, Forthcoming, 2010.


Honors and Awards

  • Outstanding Teacher Award, Full-Time MBA Program, University of Miami., 2011
  • Guest Associate Editor, Management Science, Special Issue on Behavioral Economics and Finance, 2010
  • Faculty Honor Roll for Teaching Excellence, Undergraduate Business Council, University of Texas at Austin, Spring 2009
  • CBA Foundation Research Excellence Award for Assistant Professors, McCombs School of Business, University of Texas at Austin, 2009
  • BSI Gamma Foundation Research Grant, 2006
  • Sage Fellowship, Cornell University, 2001-03
  • Yale University Fellowship, 1998-2000

Teaching and Professional Experience

  • Gabelli Asset Management Professor of Finance, School of Business Administration, University of Miami, Coral Gables, FL, January 2011 - Present
  • Cesarano Scholar and Professor of Finance, School of Business Administration, University of Miami, Coral Gables, FL, June 2010 - December 2010
  • Associate Professor of Finance (tenured), McCombs School of Business, University of Texas at Austin, Austin, TX, September 2010 - May 2011
  • Assistant Professor of Finance, McCombs School of Business, University of Texas at Austin, Austin, TX, June 2006 - August 2010
  • Assistant Professor of Finance, Mendoza College of Business, University of Notre Dame, Notre Dame, IN, June 2003 - May 2006

Degrees

  • Ph.D., Economics, Cornell University, 2003
  • M.A., Economics, Cornell University, 2003
  • M.A., Management (Finance), Yale University, 2001
  • M.E., Engineering Management, Dartmouth College, 1993
  • M.S., Engineering Sciences (Robotics), Dartmouth College, 1992
  • B.Tech., (Hons), Mechanical Engineering , Indian Institute of Technology at Kharagpur, 1991

Specialties

  • Behavioral Finance
  • Investments
  • Corporate Finance
    School of Business Administration
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FAX: 305-284-6526
 
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