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Faculty & Research

Faculty Profile

Ron Kaniel
Jay S. and Jeanne P. Benet Professor of Finance
Professor
Research Fellow
Phone: 585.275.1836
Office: CS-3-312 Carol Simon Hall
WebsiteWebsite
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Bio

Prior to joining the Simon School in 2011, Kaniel was a faculty member at Duke University and the University of Texas at Austin, and was a visiting scholar at Stanford University.

Teaching Interests

Asset Pricing

Research Interests

Professor Kaniel has research interests in the areas of asset pricing, financial intermediation and investments. His research is focused on understanding mutual funds investment decisions and how they impact security prices, the impact of endogenous community effects on investors’ investment decisions and equilibrium prices, and the predictive role of changes in trading volume and investors’ order flow on security returns.

Professional History

Jay S. and Jeanne P. Benet Professor of Finance
Simon Business School, University of Rochester
2014 -
Professor
Simon School of Business, University of Rochester
July 2013 -
Research Fellow
Center for Economic Policy Research (CEPR)
February 2009 -
Associate Professor
Simon School of Business, University of Rochester
July 2011 - June 2013
Associate Professor
Fuqua School of Business, Duke University
July 2006 - September 2011
Visiting Professor
Graduate School of Business, Stanford University
September 2010 - July 2011
IGM Visiting Fellow
Booth School of Business, University of Chicago
- December 2010
ICF Schoen Visiting Fellow
Yale School of Management, Yale University
- March 2008
Assistant Professor
Fuqua School of Business, Duke University
July 2003 - June 2006
Assistant Professor
Finance Department, University of Texas at Austin
July 1999 - June 2003
Major, Naval Officer
I.D.F. Navy, Israel
1983 - 1988

Education

The Wharton School, University of Pennsylvania - 1999
Ph D
Finance
The Hebrew University of Jerusalem - 1994
MS
Computer Science
The Hebrew University of Jerusalem - 1992
BS
Mathematics and Computer Science

Publications

2018
Are Mutual Fund Managers Paid for Investment Skill?
Journal/Publisher/Proceedings Publisher: Review of Financial Studies
Volume: 31
Issue: 2
Visit the website: https://academic.oup.com/rfs/article/31/2/715/4110801
2017
Report on Are Mutual Fund Managers Paid for Investment Skill?
Journal/Publisher/Proceedings Publisher: Harvard Law School Forum of Corporate Governance and Financial Regulation
2017
What mutual fund manager compensation data tell us about the relationship between firms and their key employees
Journal/Publisher/Proceedings Publisher: VOX CEPR's Policy Portal
2017
WSJ Category Kings - the impact of media attention on consumer and mutual fund investment decisions
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Financial Economics
Volume: 123
Issue: 2
2016
Media attention and investment decisions
Journal/Publisher/Proceedings Publisher: VOX CEPR's Policy Portal
2016
Are retail traders compensated for providing liquidity?
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Financial Economics
Volume: 120
2015
Asset Return Predictability in a Heterogeneous Agent Equilibrium Model
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Quarterly Journal of Finance
Volume: 5
Issue: 2
2013
A Delegated Lucas-tree
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Review of Financial Studies
Volume: 26
Issue: 4
2012
Investor Trading and Return Patterns around Earnings Announcements
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Finance
2011
Equilibrium Prices in the presence of Delegated Portfolio Management
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Financial Economics
Volume: 101
Issue: 2011
2010
Mutual Fund Portfolio Choice in the Presence of Dynamic Flows
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Mathematical Finance
Volume: 20(2)
Issue: 2010
2009
Price Drift as an Outcome of Differences in Higher Order Beliefs
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Review of Financial Studies
Volume: 22
Issue: 2009
2008
Efficient Computation of Hedging Parameters for Discretely Exercisable Options
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Operations Research
Volume: 56(4)
Issue: 2008
2008
Individual Investor Trading and Stock Returns
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Finance
Volume: 63(1)
Issue: 2008
2008
Relative Wealth Concerns and Financial Bubbles
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Review of Financial Studies
Volume: 21(1)
Issue: 2008
2007
Technological Innovation and Real Investment Booms and Busts
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Financial Economics
Volume: 85(3)
Issue: 2007
2006
So What Orders do Informed Traders Use?
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Business
Volume: 79(4)
Issue: 2006
2006
Tax Management Strategies with Multiple Risky Assets
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Financial Economics
Volume: 80(2)
Issue: 2006
2004
Diversification as a Public Good: Community Effects in Portfolio Choice
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Finance
Volume: 59(4)
Issue: 2004
2002
Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Finance
Volume: 57(2)
Issue: 2002
2001
The High Volume Return Premium
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Finance
Volume: 56(3)
Issue: 2001

Current Research Programs

Optimal Contracting and Dynamic Flows (provisional title)
Program Trading and Momentum (provisional title)
Relative Pay for Non-Relative Performance: Keeping up with the Joneses with Optimal Contracts
The Real Side of the High-Volume Return Premium
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