Lisa Kramer

Lisa Kramer

Professor (Finance)
Management

Dr. Kramer is a Professor of Finance at the University of Toronto. She first joined the university in 2001 and holds appointments and cross-appointments with the UTM Department of Management, the UTM Institute for Management and Innovation, the Rotman School of Management on the St. George campus, and the Department of Economics. Her research has been extensively covered in the media by such outlets as the National Post, the Globe & Mail, CBC Television, CBC Radio, Bloomberg Business, the Wall Street Journal, the Washington Post, and Business Week. Dr. Kramer has been a financial consultant for various small and large financial companies and routinely speaks to audiences of financial practitioners regarding behavioural finance and other investments topics. She currently serves on the board of directors of University of Toronto Asset Management, and she serves as a member of the Joint Sponsors of University Pension Plan (Ontario). She previously served as President of the Northern Finance Association, a Canadian scholarly not-for-profit organization. She has also served on the board of directors of various other organizations.

Lisa Kramer posts on Bluesky as @LisaKramer.com on topics related to behavioural finance, behavioural economics, emotion, markets, risk, pensions, humans, and animals.

Education
Ph.D., University of British Columbia
B.B.A. (Hons.), Simon Fraser University

Publications

Selected publications:

  • Race, Police Violence, and Financial Decision-Making; with Vicki Bogan, Chi Liao, and Alexandra Niessen-Ruenzi; AEA Papers and Proceedings; 114; 2024; pages 163-168.
  • Human Stakeholders and the Use of Animals in Drug Development; with Ray Greek; Business and Society Review; 123(1); 2018; pages 3-58.
  • Seasonal Asset Allocation: Evidence from Mutual Fund Flows; with Mark Kamstra and Maurice Levi; Journal of Financial and Quantitative Analylsis; 52(1); 2017; pages 71-109.
  • Seasonal Variation in Treasury Returns; with Mark Kamstra and Maurice Levi; Critical Finance Review; Issue: 4(1); 2015; Pages 45-115.
  • Seasonally Varying Preferences: Theoretical Foundations for an Empirical Regularity; with Mark Kamstra, Maurice Levi, and Tan Wang; Review of Asset Pricing Studies; Issue 4(1); 2014; Pages 39-77.
  • This is Your Portfolio on Winter: Seasonal Affective Disorder and Risk Aversion in Financial Decision Making; with J.M. Weber; Social Psychological and Personality Science; Issue: 3(2); 2012; Pages: 193-199
  • Estimating the Equity Premium; with M. Kamstra and R.G. Donaldson; Journal of Financial and Quantitative Analysis; Issue: 45(4); 2010; Pages: 813-846
  • Winter Blues and Time Variation in the Price of Risk; with I. Garrett and M. Kamstra; Journal of Empirical Finance; Issue: 12(2); 2005; Pages: 291-316
  • Winter Blues: A SAD Stock Market Cycle; with M. Kamstra and M. Levi; American Economic Review; Issue: 93(1); 2003; Pages: 324-343
  • Losing Sleep at the Market: The Daylight Saving Anomaly: Reply; with M. Kamstra and M. Levi; American Economic Review; Issue: 92(4); 2002; Pages: 1257-1263
  • Losing Sleep at the Market: The Daylight Saving Anomaly; with M. Kamstra and M. Levi; American Economic Review; Issue: 90(4); 2000; Pages: 1005-1011

Research

Behavioural Finance, Investments, Market Seasonality, Human Decisions, Moods and Emotions