About the Researcher(s)/Author(s)


In his Presidential Address to the American Finance Association, he argues for an emerging paradigm, social economics and finance, which studies how biases in the social transmission of ideas, information, and behavior affect markets and prices. His research interests also include behavioral economics and finance.

He is Merage Chair and Distinguished Professor of Finance at the Paul Merage School of Business, University of California, Irvine, and soon begins service as coeditor of the Journal of Financial Economics. He is a fellow and former president of the American Finance Association, and has served as executive editor of the Review of Financial Studies, director of the American and Western Finance Associations, and coeditor and associate editor of several leading finance, economics, and business journals.

Hirshleifer’s research encompasses how investor and manager psychological bias affects financial markets, the roles of information and feelings in securities markets, social transmission of ideas and behaviors, and the determinants of risk premiums. His work appears in finance, economics, management, psychology, and biology journals. His research awards include the Smith Breeden Award for outstanding paper in the Journal of Finance. He has been keynote or plenary speaker at conferences internationally. He was previously on the faculties of the Ohio State University, the University of Michigan, and UCLA. His PhD is from the University of Chicago.

In his spare time, he composes classical music and sight-reads on the piano.


1. “Decision Fatigue and Heuristic Analyst Forecasts,” Hirshleifer D, Levi Y, Lourie B, Teoh SH. NBER Working Paper 24293, February 2018, and Journal of Financial Economics 133(1), July 2019, pp. 83–98.   Go to ⤴︎
2. “First Impression Bias: Evidence from Analyst Forecasts,” Hirshleifer D, Lourie B, Ruchti T, Truong P. Forthcoming in Review of Finance.   Go to ⤴︎
3. “Limited Investor Attention and Stock Market Misreactions to Accounting Information,” Hirshleifer D, Lim SS, Teoh SH. The Review of Asset Pricing Studies 1(1), December 2011, pp. 35–73; “Limited Attention, Information Disclosure, and Financial Reporting,” Hirshleifer D, Teoh SH. Journal of Accounting and Economics 36(1-3), December 2003, pp. 337–386.   Go to ⤴︎
4. “Driven to Distraction: Extraneous Events and Underreaction to Earnings News,” Hirshleifer D, Lim SS, Teoh SH. Journal of Finance 64(5), October 2009, pp. 2289–2325.   Go to ⤴︎
5. “Presidential Address: Social Transmission Bias in Economics and Finance,” Hirshleifer D. Forthcoming in Journal of Finance, August 2020.   Go to ⤴︎
6. “Innovative Efficiency and Stock Returns,” Hirshleifer D, Hsu PH, Li D. Journal of Financial Economics 107(3), March 2013, pp. 632–654.   Go to ⤴︎
7. “Innovative Originality, Profitability, and Stock Returns,” Hirshleifer D, Hsu PH, Li D. NBER Working Paper 23432, May 2017, and Review of Financial Studies 31(7), July 2018, pp. 2553–2605.   Go to ⤴︎
8. “Shared Analyst Coverage: Unifying Momentum Spillover Effects,” Ali U, Hirshleifer D. NBER Working Paper 25201, October 2018, revised February 2019, and Journal of Financial Economics 136(3), June 2020, pp. 649–675.   Go to ⤴︎
9. “Short- and Long-Horizon Behavioral Factors,” Daniel K, Hirshleifer D, Sun L. NBER Working Paper 24163, December 2017, revised February 2019, and Review of Financial Studies 33(4), April 2020, pp. 1673–1736.   Go to ⤴︎

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