degrees from the University of Chicago in 1999. He has taught corporate
restructuring at Duke University’s Fuqua School of Business and received
Duke’s Excellence in Teaching Award in 2003. He has published articles in
many areas of law and finance and in 2003 received (with Alon Brav) the
Barclay’s Global Investors/Michael Brennan Award for the best paper pub-
lished in the Review of Financial Studiesfor work analyzing the difficulty
of distinguishing rational and behavioral asset pricing theories.
David Hirshleiferis the Ralph W. Kurtz Chair in Finance at the Fisher
College of Business, Ohio State University. He previously taught at the An-
derson School at UCLA and held the Waterman Chair at the University of
Michigan Business School. His research in finance and economics has won
several awards, and has been profiled in media outlets. He is considered a
leading researcher in the field of behavioral economics and finance, has
served as editor of the Review of Financial Studies, and as associate editor
and coeditor of several journals in finance, economics, and corporate strat-
egy. His recent research emphasizes psychology in firms and markets, in-
cluding analysis of mood and stock prices, limited investor attention and
the misuse of accounting information, the design of trading strategies to ex-
ploit stock market mispricing, imitation and fads, and takeovers and mana-
gerial investment decisions.
Harrison Hongis a Professor of Economics at Princeton University,
where he teaches courses in finance in the undergraduate, masters and
Ph.D. programs. Before coming to Princeton in 2002, he was on the finance
faculty of Stanford University’s Graduate School of Business, most recently
as an Associate Professor of Finance. He received his B.A. in economics and
statistics with highest distinction from the University of California, Berke-
ley in 1992 and his Ph.D. in economics from M.I.T. in 1997. Hong’s re-
search has covered a range of topics including: behavioral finance and
stock-market efficiency; asset pricing and trading with market imperfec-
tions; social interaction and investor behavior; career concerns and herd be-
havior; mutual funds; and security analysts and investor relations. He is on
the editorial board of the Journal of Financial Intermediationand has re-
ceived various research grants and awards.
Ming Huangis professor of finance at Cheung Kong Graduate School of
Business, Beijing, China, and is currently on leave from the Stanford Grad-
uate School of Business, where he is associate professor of finance. He has
conducted research in areas of behavioral finance, credit risk, liquidity,
and auctions, and he has published in the Journal of Political Economy,
the Quarterly Journal of Economics, the American Economic Reviews, the
Journal of Economic Theory, and the Journal of Finance. He has won the
Year 2000 FAME Award, and M.B.A. teaching awards at both Stanford
and University of Chicago.
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