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Research Cluster

Purpose and Activities

The Behavioral Decision-Making Research Cluster is an interdisciplinary initiative designed to encourage and promote discussion and research on human judgment and decision-making behavior, broadly construed.  Activities of the cluster include organizing seminars, hosting scholars in residence, and fostering an environment that encourages discussions and collaborations across different disciplines. Overall, the cluster aims to facilitate research on questions related to managerial and individual decisions that might also affect the overall business environment and the macroeconomy at large. If you are a member of the University of Miami community and interested in joining, please contact Claudia Townsend.




korniotis.pngGeorge Korniotis (Co-Chair)
George Korniotis is a professor of finance at the Miami Herbert Business School at the University of Miami. He is also a research fellow at the Centre for Economic Policy Research. Before joining the University of Miami, he taught at the University of Notre Dame and served as a financial economist at the Federal Reserve Board of Governors in Washington DC. He attended the University of Cyprus for his undergraduate studies where he graduated in 1998. He was the valedictorian of his class and received the presidential award of the Republic of Cyprus for exemplary academic achievements. He attended Yale University for his graduate work. He graduated from Yale in 2003 receiving his doctorate degree (PhD). At Yale he studied under Peter Phillips and the Nobel Laureate Robert Shiller. His research centers on topics of investment choice, behavioral finance, household finance, and asset pricing. His work has been published in various academic journals including the Journal of Finance, Journal of Financial Economics and the Review of Financial Studies. Moreover, his work has been featured in the Wall Street Journal and the New York Times.

townsendsqClaudia Townsend (Co-Chair)
Claudia Townsend is an associate professor of marketing at the University of Miami ,Herbert School of Business. She performs research on consumer behavior and decision making. Specifically, she examines how people make choices with a focus on how aesthetics and the visual presentation of information influences judgment and choice. Her research has been published in the top academic marketing journals and covered by the popular press including The Wall Street Journal, Harvard Business Review, and NPR’s Marketplace. She is an Associate Editor for the Journal of Marketing and on the Editorial Review Board for Journal of Consumer Research, and Journal of Marketing Research. Dr. Townsend has industry experience in market research and economic consulting and has consulted for Fortune 500 companies as well as start-up businesses. Dr. Townsend received her PhD at UCLA’s Anderson School of Management and B.A. from Brown University graduating magna cum laude with honors.



kellysq.jpgZahra Azadi
Zahra Azadi teaches operations management in the undergraduate program and joined the faculty in 2018 after completing her PhD in Industrial Engineering at Clemson University. Her research interests include vaccine supply chain, integrated inventory and pricing decisions, and healthcare operations management.

male-no-photo.jpgIkchan An
Ikchan An is a Ph.D. student at the University of Miami with interests in corporate finance, corporate governance, and behavioral finance. He earned a Bachelor of Arts in Economics with High Honor and Mathematics from Oberlin College in 2015. After then, he earned a Master of Arts in Economics from Cornell University in 2017. He worked as an RA at the SC Johnson College of Business before he joined the Miami Herbert Business School in 2018.Outside of the field of finance, Ikchan loves to study history and politics. He is a big fan of soccer and baseball. He also teaches Korean at DILS of the University of Miami.ogram.

kellysq.jpgGennaro Bernile
Prof. Bernile obtained a PhD in Finance from the University of Rochester in the Summer of 2006. Prior to re-joining University of Miami in January 2017, he worked at Lee Kong Chian School of Business at Singapore Management University since 2013. Prior to that, Professor Bernile served on the faculty of the University of Miami and worked at the U.S. Securities and Exchange Commission as a Visiting Scholar between 2008 and 2010, where he was engaged both in rule-making and enforcement activities. Aside for this period, he has worked on ad hoc consulting assignments for Forensic Economics Inc. since 2005.

bochkay.jpgKhrystyna Bochkay
Khrystyna Bochkay teaches advanced managerial accounting in the undergraduate program and joined the faculty in 2014 after completing her PhD in Accounting at Rutgers University. Khrystyna holds a Bachelor of Science in Mathematics and a Masters of Science in Statistics from Ivan Franko National University in L’viv, Ukraine.

burchsq.jpgTimothy R. Burch
Timothy Burch joined the faculty of Miami Herbert Business School in 1997 after earning his PhD in Finance at the University of Michigan. He teaches corporate finance and investments at the undergraduate and graduate levels, and has served on the board of a mutual fund family. Prior to graduate studies, Professor Burch worked as an actuarial analyst at a global pension consulting firm. His research interests include mergers and acquisitions, asset price bubbles, and mutual funds.

male-no-photo.jpgBiao Cai
Biao Cai is a PhD candidate in Department of Management Science, University of Miami and earns his undergraduate degree in Statistics from the University of Science and Technology of China. His primary research interest is high dimensional data analysis, point processes and tensor learning. Among his numerous research projects, both theoretical models and business applications are concerned. To date, he has one paper under review by "Journal of the American Statistical Association" (JASA). In recognition of his teaching ability, he got a high evaluation from students in Miami Herbert Business School. Also, he has been working as teaching assistant of many graduate and undergraduate courses.


vidhisq.jpg Vidhi Chhaochharia
Vidhi Chhaochharia is an associate professor of finance and Co-chair of the Sustainable Business Research Cluster at the University of Miami. Professor Chhaochharia’s research focuses on corporate governance. Research by Professor Chhaochharia has appeared in leading finance journals such as the Review of Financial Studies, the Journal of Financial Economics, and Journal of Finance.

hcroqvistHenrik Cronqvist
Henrik Cronqvist is Professor of Finance at Miami Herbert Business School, where he conducts interdisciplinary research and teaches finance and management. He is also Vice Dean for Faculty and Research. Previously, he served as Chair of the Department of Finance and Director of PhD Programs.

stefanos2.jpgStefanos Delikouras

Stefanos Delikouras is an Associate Professor of Finance at the Miami Herbert Business School. His research focuses on asset pricing, household portfolio choice, and behavioral finance. His dissertation examines the effect of non-standard preferences on the ability of consumption-based asset pricing models to explain the cross-section of expected returns. Stefanos holds degrees from the University of Piraeus, Greece (BA in Banking and Finance), and the University of Michigan (PhD in Finance).

falsettaDiana Falsetta
Diana Falsetta is an associate professor in the Department of Accounting at the Miami Herbert Business School. Her primary research interest focuses on taxpayer judgment and decision making and tax policy. Diana’s research has been published in academic journals including The Accounting ReviewContemporary Accounting Research, and The Journal of the American Taxation Association. She served as an associate editor at The Journal of the American Taxation Association and Behavioral Research in Accounting, and currently serves on the editorial boards of The Journal of the American Taxation AssociationBehavioral Research in Accounting, and Advances in Accounting Behavioral Research. She is active in the American Accounting Association (AAA), currently serving on the AAA/Deloitte Foundation/J. Michael Cook Doctoral Consortium Committee, and as President of the American Taxation Association. Diana teaches financial accounting, taxation, and financial reporting of income taxes across undergraduate and graduate programs. Diana received her BS in accounting and finance from Florida State University, MPA in taxation from The University of Texas at Austin, and PhD from the University of South Carolina. She is a Certified Public Accountant. Prior to joining academia, she served as a senior tax specialist for KPMG LLP.

french.jpgMichael T. French
Dr. French is a health economist and Professor in the Department of Health Management and Policy at the Miami Herbert Business School, University of Miami, with secondary appointments in the Department of Economics and Department of Public Health Sciences. His research interests and experience includes health economics, health policy, program evaluation, transportation policy, substance abuse research, alternative health care delivery systems, pharmaco-economics, human resource economics, and the economics of crime. He has been principal investigator or project leader on numerous research grants with the National Institutes of Health, the Robert Wood Johnson Foundation, and several state agencies. He is currently editor of the Journal of Mental Health Policy and Economics; on the editorial boards for Health Services Research, Evaluation and Program Planning, Implementation Research and Practice, and Journal of Substance Abuse Treatment; and serves on several research advisory boards for universities, national and international companies, government agencies, and health care organizations. Dr. French has published over 190 peer-reviewed scholarly articles in a variety of multidisciplinary professional journals.

horensteinsq.jpgAlex Horenstein
Alex is an Assistant Professor of Economics at the University of Miami. Raised in Mendoza, Argentina, Alex graduated from Universidad Nacional de Cuyo with a Licentiate degree in Economics. Alex continued his education in the United States where he attended Arizona State University and obtained a Ph.D. in Economics.  Prior to moving to Miami, Alex worked as an Assistant Professor of Finance at Instituto Tecnológico Autónomo de México.  In Mexico, Alex was hired by several firms for his specialized knowledge in financial consulting.  His current research interests include financial economics, econometrics, and experimental and behavioral economics.  Alex and his coauthor Konrad Grabiszewski have developed a new method for experimental economics, mobile experiments. Their first experiment, Blues and Reds, is an example of how to apply mobile experiments in the area of experimental game theory. Alex is a frequent media contributor regarding his research in economics. Among other outlets, Alex has published in Econometrica, Journal of Financial and Quantitative Analysis, Journal of the European Economic Association, and Management Science.

irmaksq.jpgCaglar Irmak
Caglar Irmak is an Associate Professor of Marketing at Miami Herbert Business School. He received his PhD in Marketing from Baruch College, City University of New York and had academic positions at the University of South Carolina and University of Georgia prior to joining the University of Miami. His research interests include consumer reactions to corporate social responsibility initiatives. More broadly, he investigates consumer decision-making and perception of products, especially those that are relevant to consumer health and well-being.

aloksq.jpgAlok Kumar
Alok Kumar is the Gabelli Asset Management Professor of Finance at University of Miami Herbert Business School. He is also WBS Distinguished Research Environment Professor (part-time) at the Warwick Business School in the U.K. and Professorial Research Fellow (part-time) at Deakin University in Australia. Previously, he was an Associate Professor of Finance at the McCombs School of Business, University of Texas at Austin, an Assistant Professor of Finance at the Mendoza College of Business, University of Notre Dame, and one of the founding principals and chief investment officer of Coral Gables Asset Management. Professor Kumar received his undergraduate degree in Mechanical Engineering from the Indian Institute of Technology at Kharagpur and a PhD in Economics from Cornell University. He also has advanced degrees in Robotics and Management from Dartmouth College and Yale University, respectively.
Professor Kumar's research interests lie at the intersection of finance and psychology. He is an expert in the area of Behavioral Finance, and his work has appeared in top Finance, Accounting, Economics, and Management journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Accounting Research, Management Science, Games and Economic Behavior, and The Review of Economics and Statistics. His research has also been covered in the Wall Street Journal, the New York Times, the Washington Post, the Montreal Gazette, Forbes, and SmartMoney. Professor Kumar has served as a consultant for several firms, including the Commonfund, Postnieks Capital Management, Validea, and Bluecrest Capital.

makris.jpgMarianna Makri
Marianna Makri is an Associate Professor of Management and teaches courses in Strategic Management, Entrepreneurship and  Family Business. She received her Ph.D. in Business Administration from Arizona State University and M.A. degree in Mathematics from the University of South Florida. She has published in the areas of corporate governance, corporate strategy and innovation management. Her more recent work focuses on family firms as a unique form of ownership. Her research examines how family firms differ from non family firms in terms of governance, compensation, innovation, diversification, corporate social responsibility and risk propensity. Currently she serves as the Editor in Chief of the Journal of High Technology Management Research.

olazabal.jpgAnn Morales Olazabal
Ann Olazabal is Professor and Chair of the Business Law Department.  Among other things, she teaches corporate governance and responsible business. Her research has been published in leading law reviews and journals, and she was Editor-in-Chief of the American Business Law Journal.  Since 2011 she has served as Vice Dean for Undergraduate Business Education.  

quelchJohn A. Quelch
John Quelch became dean of Miami Herbert Business School on July 1, 2017. He is the Leonard M. Miller University Professor and also serves as the University’s vice provost for executive education. Quelch has a wealth of senior leadership experience, having previously served as the dean and senior associate dean at three internationally-recognized business schools. Prior to joining Miami Herbert Business School, Quelch was the Charles Edward Wilson Professor of Business Administration at Harvard Business School. He also held a joint appointment as professor of health policy and management at the Harvard T.H. Chan School of Public Health – the first to hold dual primary appointments in those two schools, and one of only a few faculty members across Harvard University with this distinction.

rantalasq.jpgVille Rantala
Ville Rantala joined the Miami Herbert Business School after earning his PhD from Aalto University. Much of his research focuses on social interaction effects among individual financial decision makers. In his work, Rantala has studied how social networks influence the behavior of individual investors and corporate decision makers and how investment information spreads through social connections. His research interests are in the areas of behavioral finance, corporate finance, and household finance.

tsiros.jpgMichael Tsiros
Michael Tsiros is Patrick J. Cesarano Professor of Marketing at the University of Miami Herbert Business School. He also serves as Chair of the Marketing Department and Director of the Marketing Behavioral lab.His research focuses on the role of customer satisfaction and regret in decision-making, behavioral pricing, symbolic brand associations, and cause-related marketing. His articles have appeared in several leading journals: Journal of Marketing Research, Journal of Consumer Research, Journal of Marketing, Organizational Behavior and Human Decision Processes, Journal of Retailing, Journal of the Academy of Marketing Science, and Journal of Service Research. His research has been widely cited and has won awards for its impact in the field. In addition, he has been selected as a thought leader in retailing and his research has been featured in Harvard Business Review and The Economist. He serves on the Editorial Review Board at Journal of Marketing Research, Journal of Retailing, and Journal of Services Research. He has industry experience in market research, has consulted for several companies, and served as expert witness in legal cases involving trademark infringement.

vosse.jpgMelina Vosse
Melina Murren Vosse is a third year Ph.D. student at the University of Miami with interests in empirical asset pricing, household finance and behavioral finance. Prior to entering the PhD program, she earned a Bachelor of Science in Finance with minors in Chemistry and Health Sector Policy from the University of Miami in 2016. From 2015 to 2016, Vosse conducted research as part of the NeuroFinance lab at the University of Miami School of Business Administration. As a result of this work, she went on to win first place at the annual Research in Creativity forum at the University of Miami in 2016.

kellysq.jpgNan Yang
Nan Yang received her PhD in decision, risk and operations from Columbia University in 2007. She joined University of Miami in 2016. She taught previously at Cornell University and Washington University in St. Louis. Her research interests include supply risks in supply chain management, integrated supply and demand management, competition in supply chain management, and healthcare operations.

nophoto.jpgShiyi Zhang
Shiyi Zhang is a second-year finance Ph.D. student at the Miami Herbert Business School. She earned an MS in information science and a BBA in finance.
Her primary research interest lies in the interests of corporate stakeholders, such as customers, suppliers, employees, governments, and communities. Shiyi is curious about how the behavior of other stakeholders, besides shareholders, will shape the economy, vice versa. It extends the boundary of the firm and helps with the policy implications on the whole society.
Outside of academia, Shiyi enjoys computer games, strategy games, reading, traveling, and cooking. She used to actively play different MMORPG games before starting the Ph.D. program.

nophoto.jpgBenjamin Borenstein
Benjamin Borenstein is a fifth year Ph.D. candidate in Marketing at the University of Miami, Herbert Business School. Prior to entering the Ph.D. program, he earned a Bachelor of Arts in Psychology from Temple University and worked in industry as a market research analyst at Ipsos. He performs research on consumer-technology interaction, mobile digital marketing, and consumer wellbeing. His dissertation research examines the impact of mobile technologies on donation decisions. As a result of this work, he went on to win first place at both the Herbert Business School and University of Miami school-wide Three Minute Thesis (3MT) competitions.

nophoto.jpgVincentia Yuen
Vincentia Yuen is a Ph.D. student in Marketing at Miami Herbert Business School. Before joining Miami Herbert, she earned her M.S. in Marketing with distinction from the City University of Hong Kong. She had also worked on some research projects in Canada and Hong Kong and presented her work at several marketing conferences such as the American Marketing Association Conference. Specializing in Consumer Behavior research, Vincentia is passionate about examining Word of Mouth, Digital and Social Media, Identity-based Consumption, Online Decision-Making, and Social Influence. 

nophoto.jpgJudith Bohnenkamp
Judith Bohnenkamp is a first-year Ph.D. student at the University of Miami. Her research interests are empirical asset pricing, behavioral finance, asset price bubbles and investor behavior. Judith earned a Bachelor of Science in Finance at Barry University where she was a member of the women's Tennis Team, together with her Team they won the NCAA DII national championships both in '17 & '18. Prior to entering the PhD program she worked as a Data Analyst and Investment Management Apprentice at Morningstar. Outside of academia, Judith enjoys tennis, triathlon and cooking.

nophoto.jpgSwathi Murali
Swathi Murali is an incoming Ph.D. student at the Miami Herbert Business School with interests in behavioral finance and household finance. Prior to entering the Ph.D. program, she earned a Master of Science in Finance from the University of Miami in 2020, a Master of Professional Studies in Forensic Science from Pennsylvania State University in 2018, and a Bachelor of Engineering (Honors) degree from Birla Institute of Technology and Science, Pilani.

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