Lisa Kramer

Lisa Kramer

Professor (Finance)


Dr. Kramer is a Professor of Finance at the University of Toronto. She first joined the university in 2001 and holds appointments and cross-appointments with the UTM Department of Management, the UTM Institute for Management and Innovation, the Rotman School of Management on the St. George campus, and the Department of Economics. 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, the Wall Street Journal, the Washington Post, 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 regarding behavioural finance and other investments topics. She is currently an advisory board member for Justwealth, a Canadian robo-advisory firm. 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 organizations.

Lisa Kramer posts on Twitter as @LisaKramer on topics related to behavioural economics, behavioral finance, emotion, psychology, markets, risk aversion, and human decisions. 


Dr. Kramer is best known as 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 held numerous grants funded by the Social Sciences and Research Council of Canada and a limited term chair funded by the Canadian Securities Institute. 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 has taught 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.

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


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, Investments, Market Seasonality, Human Decisions, Moods and Emotions