David Hirshleifer

David Hirshleifer

Distinguished Professor, Paul Merage Chair in Business Growth

SB2 436    Personal website  


PhD, University of Chicago
MA, University of Chicago
BA, UC Los Angeles

Research Interest

Psychology, Social interactions, and Markets


Corporate finance

Risk management

David Hirshleifer joined the finance faculty at The Paul Merage School of Business in 2006 after serving as the Kurtz Chair in Finance at Ohio State University's Fisher College of Business, the Waterman Professor of Finance at the University of Michigan Business School, and as a tenured faculty member at the UCLA Anderson School of Management.

Hirshleifer is President of the American Finance Association, and is a research associate of the National Bureau of Economic Research (Corporate Finance and Asset Pricing Programs). He has served as Executive Editor of the Review of Financial Studies, and as associate editor of several other finance, economics, and strategy journals.

His expertise includes corporate finance, investments, and behavioral finance. Some of his recent research has been on psychology in firms and markets, social transmission of investment ideas and behavior, and the effect of emotions on stock prices. He has also conducted research on risk management, determinants of futures prices, social interactions and markets, fads and fashions in economic decisions, and how psychological bias affects political and regulatory decisions.

He has published more than 60 papers, several of which have won research awards, including the Smith Breeden Award for outstanding paper in the Journal of Finance. He is co-author of Price Theory and Applications: Decisions, Markets, and Information, now in its seventh edition.  

Hirshleifer has presented papers and participated in discussions at many seminars and national and international conferences. His research has been profiled in U.S. and international newspapers, magazines, and broadcast media.

News & Honors

  • Finalist, AQR Insight Award 2018
  • Merage Chair in Business Growth
  • President Elect, American Finance Association
  • Vice President, American Finance Association, 2017
  • Executive Editor, Review of Financial Studies, 2011-14
  • Research Associate, National Bureau of Economic Research
  • Senior Fellow, Asian Bureau of Finance and Economic Research
  • Editor, Review of Financial Studies, 1994-7
  • Associate Editor, Journal of Finance, 2003-11
  • Associate Editor, Review of Financial Studies, 1990-4, 1997-9
  • Associate Editor, Journal of Financial Intermediation, volumes III -
  • Associate Editor, Journal of Corporate Finance, 1994–
  • Coeditor, Journal of Economics and Management Strategy, 1993–2003
  • Director, American Finance Association, 2000-2002.
  • Director, Western Finance Association, 2005-
  • Associate, Behavioral and Brain Sciences, 2004-

Selected Publications



  • Price Theory and Applications: Decisions, Markets, and Information, 7th Edition, Jack Hirshleifer, Amihai Glazer, and David Hirshleifer, Cambridge University Press, 2005.
  • Price Theory and Applications, 6th Edition, Prentice Hall, 1998, Jack Hirshleifer and David Hirshleifer.

Selected Papers

Please view Selected Publications list in drop-down above.

Other Selected Publications

  • “Thought and Behavior Contagion in Capital Markets,” David Hirshleifer and Siew Hong Teoh, Ch. 1 of Handbook of Financial Markets: Dynamics and Evolution, Klaus Reiner Schenk-Hoppé and Thorsten Hens, Ed., Handbooks in Finance series (William Ziemba, ed.), Elsevier/North-Holland (2009):1-56.
  • “Informational Cascades and Rational Herding:  An Annotated Bibliography and Resource Reference.” Available at, Sushil Bikhchandani, David Hirshleifer and Ivo Welch