Carl H. Lindner College of BusinessCarl H. Lindner College of BusinessUniversity of Cincinnati

Carl H. Lindner College of Business

Brian Kluger

Professor
Professional Summary
Brian Kluger
Brian is a Professor in the Finance Department of the Carl H. Lindner College of Business.
Contact Information
E-mail:
Office:
N18C Clifton Court Pavillion
Phone:
513-556-1688
Fax:
513-556-0979
Teaching Interest
  • Financial Markets, Investments, Corporate Finance
Research Interest
  • Experimental Finance, Financial Markets, Behavioral Finance, Investments
History

Institution:
University of Cincinnati
Title:
Professor


Institution:
University of California, Santa Cruz
Title:
Visiting Scholar
End Date:
2005-12-31


Institution:
University of Cincinnati
Title:
Associate Professor
End Date:
2004-12-31


Institution:
Groupe ESC Toulouse
Title:
Visiting Scholar
End Date:
2000-12-31


Institution:
University of Arizona
Title:
Visiting Scholar
End Date:
1996-12-31


Institution:
University of Cincinnati
Title:
Assistant Professor
End Date:
1992-12-31


Institution:
Rice University
Title:
Visiting Assistant Professor
End Date:
1986-12-31


Institution:
Rice University
Title:
Charles E. Culpeper Postdoctoral Fellow
End Date:
1985-12-31


Institution:
Tulane University
Title:
End Date:
1983-12-31


Institution:
Tulane University
Title:
Visiting Assistant Professor
End Date:
1983-12-31


Education

Institution:
Tulane University
Location:
New Orleans, Louisiana
Major:
Economics
Dissertation:
Quality Standards in Multi-Quality Markets
Completed:
1983
Degree:
Ph D


Institution:
Northwestern University
Location:
Evanston, Illinois
Major:
Biochemistry
Completed:
1976
Degree:
BA


Published Contributions

Patricia Chelley-Steeley, Brian Kluger, Jim Steeley, Paul Adams,  (2015). Trading Patterns and Market Integration in Overlapping Experimental Asset Markets. Journal of Financial and Quantitative Analysis, 1473-1499.


Patricia Chelley-Steeley, Brian Kluger, James Steeley,  (2015). Earnings and hindsight bias: An experimental study. Economics Letters, 130-132.


Lucy Ackert, Brian Kluger, Li Qi,  (2012). Irrationality and beliefs in a laboratory asset market: is it me or is it you? . Journal of Economic Behavior and Organization, 278-291.


Brian Kluger, Mark McBride,  (2011). Intraday trading patterns in an intelligent autonomous agent-based stock market.. Journal of Economic Behavior & Organization, 226-245..


Laurent Germain, Brian Kluger, Crina Pungulescu, David Stolin, Daniel Weaver,  (2010). Intra-Dealer Integration. European Financial Management, 507-527.


Brian Kluger, Dan Friedman,  (2010). Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem. Journal of Behavioral Finance, 31-49.


Brian Kluger, Dan Friedman,  (2010). Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem. Journal of Behavioral Finance, 31-49.


Lucy Ackert, Narat Charaput, Richard Deaves, Brian Kluger,  (2009). Probability Judgment Error and Speculation in Laboratory Asset Market Bubbles. Journal of Financial and Quantitative Analysis, 719-744.


Paul Adams, Brian Kluger, Mark McBride,  (2006). Illustrating the Capital Asset Pricing Model: A Classroom Asset Market. Perspectives in Economic Education Research, 34-51.


Brian Kluger, Steve Wyatt,  (2004). Are Judgment Errors Reflected in Market Prices and Allocations: Experimental Evidence Based on the Monty Hall Problem. The Journal of Finance, 969-997.


Brian Kluger, Steve Wyatt,  (2002). Preferencing, Internalization of Order Flow and Tacit Collusion: Evidence from Experiments. Journal of Financial and Quantitative Analysis, 449-469.


Brian Kluger,  (2001). Constrained Optimal Trade Credit Terms in a Competitive Pricing Model. Advances in Working Capital Management, 111-123.


Paul Adams, Brian Kluger,  (1998). Illustrating Concepts of Arbitrage, Risk and Market Efficience: A Classroom Asset Market. Financial Practice and Education, 102-110.


Brian Kluger, David Geltner,  (1998). REIT-Based Pure Play Portfolios: The Case of Property Types. Real Estate Economics, 581-612.


Richard Barkham, David Geltner, Brian Kluger,  (1998). Using Pure Play Portfolios for Real Estate Investment and Cost of Capital Estimation: A British Example. Real Estate Finance, 25-36.


Brian Kluger, Jens Stephan,  (1997). Alternative Liquidity Measures and Stock Returns. Review of Quantitative Finance and Accounting, 19-36.


Brian Kluger, Steve Wyatt,  (1995). Options and Efficiency: Some Experimental Evidence. Review of Quantitative Finance and Accounting, 179-201.


Paul Adams, Brian Kluger, Steve Wyatt,  (1994). Optimal Seller Institution and Seller Distress Costs. Journal of Housing Economics, 207-219.


Moshe Hagigi, Brian Kluger, David Shields,  (1993). Auditor Change Announcements and Consensus of Investor Expectations. Journal of Business, Finance and Accounting, 787-202.


David Geltner, Brian Kluger, Norman Miller,  (1992). Incentive Commissions in Residential Real Estate Brokerage. Journal of Housing Economics, 139-158.


Paul Adams, Brian Kluger, Steve Wyatt,  (1992). Integrating Auction and Search Markets: The Slow Dutch Auction. Journal of Real Estate Finance and Economics, 239-253.


David Geltner, Brian Kluger, Norman Miller,  (1991). An Analysis of Optimal Broker Effort over the Life of a Real Estate Listing Contract. The AREUEA Journal, 1-24.


Brian Kluger, David Shields,  (1991). Managerial Moral Hazard and Auditor Change. Critical Perspectives in Accounting, 255-272.


Moshe Hagigi, Brian Kluger, David Shields,  (1990). Cost Uncertainty, Participative Budgeting and Overspending: An Agency Perspective. Journal of Accounting and Public Policy, 257-270.


Brian Kluger, Norman Miller,  (1990). Measuring Residential Real Estate Liquidity. The AREUEA Journal, 145-149.


Brian Kluger, David Shields,  (1989). Auditor Change, Information Quality and Bankruptcy Prediction. Managerial and Decision Economics, 275-282.


Brian Kluger,  (1989). Implication of Quality Standard Regulation for Multiproduct Monopoly Pricing. Managerial and Decision Economics, 61-67.


Brian Kluger,  (1988). Welfare Effects from Nonlinear Taxation of Multiproduct Monopoly. Managerial and Decision Economics, 283-285.


Brian Kluger, Moshe Hagigi,  (1987). Assessing Risk and Return of Pension Fund Portfolios by the Telser Safety-First Approach. Journal of Business, Finance and Accounting, 241-253.


Brian Kluger, Moshe Hagigi,  (). Safety First: An Alternative Method of Measuring Performance. Journal of Portfolio Management, 34-40.



Accepted Contributions



Research in progress

Title:
Experimental Evidence on Signal-Jamming Models of Fraudulent Misreporting





Title:
Redundant Assets in a Laboratory Financial Market


Status:
On-Going

Research Type:
Scholarly


Title:
Trading Patterns In Ovrlapping Financial Markets


Status:
Writing Results



Presentations

Title:
Does Implied Volatility Measure Investor Beliefs: An Experimental Investigation
Organization:
Queen Mary University
Location:
London, England
Year:
2017


Title:
Fraudulent Misreporting and the Business Cycle: An Experimental Investigation
Organization:
University of Cincinnati
Location:
Cincinnati, Ohio
Year:
2017


Title:
Implied Volatility and Investor Beliefs in Experimental Asset Markets
Organization:
Society for Experimental Finance
Location:
Mannheim, Germany
Year:
2016


Title:
Implied Volatility and Investor Beliefs in Experimental Asset Markets
Organization:
Southern Economics Association
Location:
New Orleans, Louisiana
Year:
2015


Title:
Fraudulent Misreporting and the Business Cycle: An Experimental Investigation.
Organization:
George Mason University
Location:
Arlington, VA
Year:
2015


Title:
Victory Disease, Earnings and Hindsight Bias: An Experimental Study
Organization:
University of Pisa
Location:
Pisa, Italy
Year:
2014


Title:
Victory Disease, Earnings and Hindsight Bias: An Experimental Study
Organization:
Royal Economic Society
Location:
Manchester, UK
Year:
2014


Title:
Victory Disease, Earnings and Hindsight Bias: An Experimental Study
Organization:
University of South Australia
Location:
Adelaide, Australia
Year:
2013


Title:
Lying About Bad News: An Experimental Investigation of Fraudulent Misreporting
Organization:
International Economic Science Association
Location:
NYU
Year:
2012


Title:
Experimental Evidence on the Robustness of Signal Jamming Equilibria
Organization:
Economic Science Association
Location:
New York, NY
Year:
2012


Title:
Overlapping Financial Markets
Organization:
Trinity College
Location:
Dublin, Ireland
Year:
2012


Organization:
Richard H Driehaus Center for Behavioral Finance
Location:
Chicago, Illinois, USA
Year:
2012


Title:
Irrationality in Laboratory Asset Markets: Is it me or is it you?
Organization:
Southern Economics Association
Location:
Atlanta, Georgia, USA
Year:
2010


Title:
Overconfidence, Hindsight Bias and Trading Activity in an Experimental Asset Market
Organization:
Southern Economics Association
Location:
Atlanta, Georgia
Year:
2010


Title:
Overconfidence, Hindsight Bias and Trading Activity in an Experimental Asset Market
Organization:
Southern Finance Assocuation
Location:
Asheville, North Carolina
Year:
2010


Title:
Overconfidence, Hindsight Bias and Trading Activity in an Experimental Asset Market
Organization:
McMaster Univversity
Location:
Hamilton, Ontario, Canada
Year:
2010


Title:
Overconfidence, Hindsight Bias and Trading Activity in an Experimental Asset Market
Organization:
Cass University
Location:
London
Year:
2009


Title:
Irrationality and Bubbles: Is it Me or is it You?
Organization:
ESRC and Aston University
Location:
Birmingham, England
Year:
2008


Organization:
Financial Management Association
Location:
Orlando, Florida, USA
Year:
2007


Organization:
Northern Finance Association
Location:
Toronto, Canada
Year:
2007


Title:
The Origin of Bubbles in Laboratory Asset Markets
Organization:
Institute for Behavioral Finance at DePaul University
Location:
Chicago, Illinois, USA
Year:
2007


Title:
Overlapping Financial Markets
Organization:
Federal Reserve Bank of Atlanta
Location:
Atlanta, Georgia, USA
Year:
2007


Title:
Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem
Organization:
University of Siena
Location:
Siena, Italy
Year:
2006


Title:
Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem
Organization:
Temple University
Location:
Philadelphia, Pennsylvania, USA
Year:
2006


Title:
Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem
Organization:
Federal Reserve Bank of Atlanta
Location:
Atlanta, Georgia, USA
Year:
2005


Title:
Financial Engineering and Rationality: Experimental Evidence Based on the Monty Hall Problem
Organization:
Economic Science Association
Location:
Montreal, Canada
Year:
2005


Title:
Teaching Asset Pricing Theory with Experimental Markets
Organization:
Financial Management Association
Location:
New Orleans, Louisiana
Year:
2004


Title:
Judgment Error and Speculation in Laboratory Asset Markets
Organization:
Cass Business School
Location:
London, England
Year:
2004


Title:
Judgment Error and Speculation in Laboratory Asset Markets
Organization:
Toulouse Business School
Location:
Toulouse, France
Year:
2004


Title:
Redundant Assets in Laboratory Financial Markets
Location:
Pasadena, California
Year:
2004


Title:
Are Judgment Errors Reflected in Market Prices and Allocations: Experimental Evidence Based on the Monty Hall Problem
Organization:
McMaster University
Location:
Hamilton, Canada
Year:
2003


Title:
Redundant Assets in a Laboratory Financial Market
Organization:
Economic Science Association
Location:
Tucson, Arizona, USA
Year:
2003


Title:
Are Judgment Errors Reflected in Market Prices and Allocations: Experimental Evidence Based on the Monty Hall Problem
Organization:
Financial Management Association
Location:
Dublin, Ireland
Year:
2003


Title:
Are Judgment Errors Reflected in Market Prices and Allocations: Experimental Evidence Based on the Monty Hall Problem
Organization:
Stockholm Institute for Financial Research
Location:
Stockholm, Sweden
Year:
2003


Title:
Quotation and Trading in Fragmented Markets
Organization:
Financial Management Association
Location:
Toronto, Canada
Year:
2001


Title:
Individual Judgment Error and Market Behavior: Three Doors and a Market
Organization:
Groupe ESC Toulouse
Year:
2000


Title:
Illustrating the Capital Asset Pricing Model: A Classroom Asset Market
Organization:
Eastern Finance Association
Location:
Williamsburg, Virginia
Year:
1998


Title:
Illustrating the Capital Asset Pricing Model: A Classroom Asset Market
Organization:
Economic Science Association
Location:
Tucson, Arizona, USA
Year:
1998


Title:
Estimating the Cost of Capital Using Pure-Play Portfolios
Organization:
Ibbotson Associates
Location:
Chicago, Illinois, USA
Year:
1997


Title:
REIT-Based Pure Play Portfolios: The Case of Property Types
Organization:
American Real Estate and Urban Economics Association
Location:
New Orleans, Louisiana, USA
Year:
1997


Title:
The Short-Term Financial Simulator
Location:
New Orleans, Louisiana, USA
Year:
1996


Title:
A Regression-based Approach to Developing Historical Indices of Commercial Property Returns
Organization:
American Real Estate and Urban Economics Association
Location:
San Francisco, California, USA
Year:
1996


Title:
The Effects of Preferencing on Price Discovery: Evidence from Experiments
Organization:
Economic Science Association
Location:
Tucson, Arizona, USA
Year:
1996


Title:
A Default Based Model of Trade Credit Terms
Organization:
Western Economic Association
Location:
San Diego, California, USA
Year:
1995


Title:
A Default Based Model of Trade Credit Terms
Location:
St. Louis, Missouri, USA
Year:
1994


Title:
Alternative Liquidity Measures and Stock Returns
Organization:
Western Economic Association
Location:
Vancouver, Canada
Year:
1994


Title:
Optimal Selling Institution and Seller Distress Costs
Organization:
Western Economic Association
Location:
Vancouver, Canada
Year:
1994


Title:
Options and Efficiency: Some Experimental Evidence
Organization:
New York University
Location:
New York, New York, USA
Year:
1993


Title:
Integrating Auction and Search Markets: The Slow Dutch Auction
Organization:
American Real Estate and Urban Economics Association
Location:
New Orleans, Louisiana, USA
Year:
1992


Title:
Optimal Institutions: A Synthesis of One Sided Institutions
Organization:
Economic Science Association
Location:
Tucson, Arizona, USA
Year:
1991


Title:
Integrating Auction and Search Markets: The Slow Dutch Auction
Organization:
Financial Management Association
Location:
Chicago, Illinois, USA
Year:
1991


Title:
Noise and the Information Aggregation Process
Organization:
Western Economic Association
Location:
Seattle, Washington, USA
Year:
1991


Title:
Implications for Brokerage Under Alternative Brokerage Commissions
Organization:
American Real Estate and Urban Economics Association
Location:
Washington, D.C., USA
Year:
1990


Title:
Noise and the Information Aggregation Process
Organization:
Economic Science Association
Location:
Tucson, Arizona, USA
Year:
1990


Title:
Options and Efficiency: Some Experimental Evidence
Organization:
Economic Science Association
Location:
Tucson, Arizona, USA
Year:
1989


Title:
On Improving the Measurement of Residential Real Estate Liquidity
Organization:
Financial Management Association
Location:
Boston, Massachusetts, USA
Year:
1989


Title:
Options and Efficiency: Some Experimental Evidence
Organization:
Southwest Finance Association
Location:
New Orleans, Louisiana, USA
Year:
1989


Title:
Options and Efficiency: Some Experimental Evidence
Organization:
Financial Management Association
Location:
New Orleans, Louisiana, USA
Year:
1988


Title:
Auditor Changes, Information Suppression and Bankruptcy Prediction
Location:
Amsterdam, Netherlands
Year:
1988


Title:
Auditor Changes, Information Suppression and Bankruptcy Prediction
Organization:
Claremont McKenna College
Location:
Los Angeles, California, USA
Year:
1987


Title:
Assessing Risk and Return of Pension Fund Portfolios by the Telser Safety-First Approach
Organization:
Southwest Finance Association
Location:
New Orleans, Louisiana, USA
Year:
1986