Yale School of Management

International Center for Finance

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Photo Recap: Yale Summer School in Behavioral Finance 2019

July 3, 2019

During the last week of June, the Yale School of Management International Center for Finance hosted 44 PhD students from around the world to participate in the Yale Summer School in Behavioral Finance 2019.  The students participated in a number of behavioral finance lectures mostly led by faculty organizer, Nicholas Barberis, which served as the backbone of the course.  Additional guest speakers presented during the week on their research in different areas of behavioral finance.

Three SOM faculty taught sessions on behavioral finance including Professors James Choi, Stefano Giglio, and Kelly Shue.  Interestingly, two speakers this year were actually Summer School alum!  Professor Cary Frydman (University of Southern California) participated in the very first session of Summer School in 2009 and Professor Yueran Ma (University of Chicago) participated in the 2015 session.  Other speakers included Professors Camelia Kuhnen (University of North Carolina – who has taught previous sessions in past years), Stefan Nagel (University of Chicago), and David Thesmar (MIT).

Click here to read more about the Yale Summer School in Behavioral Finance 2019 program.

Scroll through the pictures below for a photo recap of the week:

Yale Summer School in Behavioral Finance 2019 Group Photo
#ICFsummerschool 2019 Group Photo

First day of class!  Professor Barberis about to beging his lecture on "Behavioral Finance"
First day of class!

Stefano Giglio was a guest lecture on the first day and later joined students for lunch to further discuss his presentation on, "Five Facts about Beliefs and Portfolios"
Participants of the Yale Summer School in Behavioral Finance program had the opportunity to sign up and have lunch with the various presenting faculty members during the week. Professor Stefano Giglio (Yale SOM) taught a session on “Beliefs and Portfolios” and spoke with several students about his research over lunch.

Stefan Nagel
Professor Stefan Nagel (University of Chicago), taught a session on “Subjective Beliefs in Asset Pricing” and later answered student questions.


A packed breakout room discussion with Professor Yueran Ma (University of Chicago).  Professor Ma later presented a session on “Overreaction and Diagnostic Expectations.”


Professor David Thesmar (MIT), taught a session on “Corporate Expectations,” and later joined students for a lunch discussion.


Marina Niessner is a Vice Principal at AQR Capital Management and a former Yale SOM Professor.  She gave a talk to summer school students about, “Fake News in Financial Markets.”


Professor James Choi (Yale SOM) joined students for a breakout luncheon and later presented his work on, “Behavioral Household Finance.”


Professor Kelly Shue (Yale SOM) gave a talk about, “Non-proportional Thinking in Markets,” and answered several student questions afterward.


Professor Cary Frydman (University of Southern California), presented his research on, “Efficient Coding and Risky Choice,” and answered several student questions after his talk.


The last guest speaker of the week was Professor Camelia Kuhnen (University of North Carolina) and she presented a session on, “Understanding Economic Expectations.”

About the author

Electra Ferriello

Assistant Director ICF

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