Ron Kaniel is the Jay S. and Jeanne P. Benet Professor of Finance at the Simon Business School, University of Rochester. Kaniel is an Advisory and former Co-Editor of the Journal of Financial Economics, and is one of the founding editors of Finance Theory Insights. He has served as the President of the Finance Theory Group. He is a Research Fellow of the Center for Economic Policy Research, an honorary visiting professor at Gothenburg University, and a special term visiting professor at Fanhai International School of Finance, Fudan University. Before joining Simon, Kaniel was a faculty member at Duke University and the University of Texas at Austin, and was a visiting scholar at Stanford University. He received a Ph.D. in finance in 1999 from the Wharton School of the University of Pennsylvania, an M.Sc. (Summa Cum Laude) in computer science in 1994 and B.Sc. (Summa Cum Laude) in mathematics and computer science in 1992 from the Hebrew University of Jerusalem. He received a European Research Council Starting Grant. He has been named to the Simon School Dean’s Teaching Honor Roll numerous times.
Capital Budgeting & Corporate ObjectivesCorporate FinancePhD Workshop in Applied Economics
- 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.
- Teaching Interests
Equity mutual funds use derivatives mostly to amplify exposure, not hedge returns2023VoxEUThe Real Side of the High-Volume Return Premium2022Management Science, 2022, 68(2), 1426--1449Issue2Volume68Using Machine Learning to Predict Mutual Fund Performance2022NBER DigestImpact of Managerial Commitment on Risk Taking with Dynamic Fund Flows2019Management ScienceIssue7Volume65Are Mutual Fund Managers Paid for Investment Skill?2018Review of Financial StudiesIssue2Volume31Report on Are Mutual Fund Managers Paid for Investment Skill?2017Harvard Law School Forum of Corporate Governance and Financial RegulationWhat mutual fund manager compensation data tell us about the relationship between firms and their key employees2017VOX CEPR's Policy PortalWSJ Category Kings - the impact of media attention on consumer and mutual fund investment decisions2017Journal of Financial EconomicsIssue2Volume123Media attention and investment decisions2016VOX CEPR's Policy PortalAre retail traders compensated for providing liquidity?2016Journal of Financial EconomicsVolume120Asset Return Predictability in a Heterogeneous Agent Equilibrium Model2015Quarterly Journal of FinanceIssue2Volume5A Delegated Lucas-tree2013Review of Financial StudiesIssue4Volume26Investor Trading and Return Patterns around Earnings Announcements2012Journal of FinanceEquilibrium Prices in the presence of Delegated Portfolio Management2011Journal of Financial EconomicsIssue2011Volume101Mutual Fund Portfolio Choice in the Presence of Dynamic Flows2010Mathematical FinanceIssue2010Volume20(2)Price Drift as an Outcome of Differences in Higher Order Beliefs2009Review of Financial StudiesIssue2009Volume22Efficient Computation of Hedging Parameters for Discretely Exercisable Options2008Operations ResearchIssue2008Volume56(4)Individual Investor Trading and Stock Returns2008Journal of FinanceIssue2008Volume63(1)Relative Wealth Concerns and Financial Bubbles2008Review of Financial StudiesIssue2008Volume21(1)Technological Innovation and Real Investment Booms and Busts2007Journal of Financial EconomicsIssue2007Volume85(3)So What Orders do Informed Traders Use?2006Journal of BusinessIssue2006Volume79(4)Tax Management Strategies with Multiple Risky Assets2006Journal of Financial EconomicsIssue2006Volume80(2)Diversification as a Public Good: Community Effects in Portfolio Choice2004Journal of FinanceIssue2004Volume59(4)Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds2002Journal of FinanceIssue2002Volume57(2)The High Volume Return Premium2001Journal of FinanceIssue2001Volume56(3)