
Justin Birru
Associate Professor of FinanceFinance
Background
Justin Birru joined Fisher in 2012 as an Assistant Professor after earning a PhD in finance from NYU Stern School of Business. His research interests include behavioral finance and empirical asset pricing. Justin teaches Behavioral Finance in both the undergraduate and MBA programs at Fisher.
Justin received the Fisher College of Business Outstanding Undergraduate Instructor Award in 2023.
Areas of Expertise
Consumer Finance- Behavioral Finance
- Asset Pricing
Education
- Ph.D. in Finance, New York University, Stern School of Business
- B.S., Finance, University of Pittsburgh
Publications
- "Trading Skill: Evidence from Trades of Corporate Insiders in Their Personal Portfolios" (with Itzhak Ben-David and Andrea Rossi)
Journal of Financial Economics, 132 (1), 49-75, 2019. - "Day of the Week and the Cross-Section of Returns"
Journal of Financial Economics, 130 (1), 182-214, 2018. - "Uninformative Feedback and Risk Taking" (with Itzhak Ben-David and Viktor Prokopenya)
Review of Finance, 22 (6), 2009-2036, 2018. - "Nominal Price Illusion" (with Baolian Wang)
Journal of Financial Economics, 119 (3), 578-598, 2016. - "Confusion of Confusions: A Test of the Disposition Effect and Momentum"
Review of Financial Studies, 28 (7), 1849-1873, 2015. (Lead Article, Editor's Choice Article) - "Anatomy of a Meltdown: The Risk Neutral Density for the S&P 500 in the Fall of 2008," (with Stephen Figlewski)
Journal of Financial Markets, 15 (2), 151-180, 2012.
Working Papers
- The Nominal Price Premium (with Baolian Wang)
- Psychological Barriers, Expectational Errors, and Underreaction to News
- Inefficient Markets, Efficient Investment?
- The Impact of the Federal Reserve's Interest Rate Target Announcement on Stock Prices: A Closer Look at how the Market Impounds New Information (with Stephen Figlewski)
Courses
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BUSFIN 4224 - Behavioral Finance
Theories and implications of behavioral finance, CAPM Anomalies, and advanced Investment strategies. Prereq: 4211 (721), 4221 (722) and BusMHR 2292 (BusAdm 499.01). Not open to students with credit for 722.
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BUSFIN 7226 - Behavioral Finance
Theories of behavioral finance, such as Prospect Theory, and their implications for investor behavior and markets. Prereq: MBA 6223; or prereq or concur: BusFin 7210, 7220, or 7230; or enrollment in SMB-Finance program.
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BUSFIN 4998 - Undergraduate Research in Finance
Undergraduate research in finance for non-honors students. Prereq: BusAdm 2291 (499), and Jr standing, and permission of instructor. Repeatable to a maximum of 12 cr hrs or 4 completions. This course is progress graded.