Kramer, Lisa

Professor (Finance)Management

Contact Information

KN 234
Mailing Address: 
Kaneff Centre, 3359 Mississauga Rd.
Postal Code: 
Lisa Kramer


Dr. Kramer is a Professor of Finance. 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, Report on Business TV, the Wall Street Journal, the Washington Post, The Daily Telegraph, 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 about behavioural finance. 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 charitable organizations, and she has been a member of the National Task Force on Adolescent and Young Adult Cancer.

Follow Lisa Kramer on Twitter at @LisaKramer, where she tweets on topics related to behavioural economics, behavioral finance, emotion, psychology, neuroeconomics, markets, risk aversion, human decisions.


Dr. Kramer is an expert on behavioural finance, an area that blends insights from psychology and financial economics to help explain investor behaviour. She has authored papers for outlets including the American Economic Review, the Journal of Financial and Quantitative Analysis, the Journal of Empirical Finance, and other leading journals in economics, finance, and psychology. She has given seminars on her research at universities around the world, and she is a regular presenter at conferences including the American Finance Association, the Western Finance Association, and the European Finance Association. In addition to teaching undergraduate students at UTM, she teaches MBA and PhD students at the Rotman School of Management on the St. George Campus. In the past, she spent a year as a Visiting Scholar at Stanford University's Department of Psychology and at the University of California San Diego’s Rady School of Management.


Selected publications:

  • 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


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


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