Brian Kluger

Headshot of Brian Kluger

Brian Kluger

Professor, Department of Finance, Real Estate, and Insurance and Risk Management

N18C Clifton Court Pavillion

513-556-1688

Brian is a Professor in the Finance Department of the Carl H. Lindner College of Business.

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: 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

Brian Kluger, (2019). Implied Volatility and Investor Beliefs in Experimental Asset Markets. Journal of Financial Markets, 121-135. 

Brian Kluger, Steve Slezak,  (2018). Signal jamming models of fraudulent misreporting and economic prospects: An experimental investigation. Journal of Economic Behavior and Organization, 254-283.

Richard Deaves, Brian Kluger, Jennifer Miele,  (2018). An Exploratory Experimental Analysis of Path-Dependent Investment Behaviors. Journal of Economic Psychology, 47-65.

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

Steve Slezak, Brian Kluger, (Accepted). Signal Jamming Models of Fraudulent Misreporting and Economic Prospects:  An Experimental Investigation of Fraudulent Misreporting. Journal of Economic Behavior and Organization.

Research in progress

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: Signal jamming models of fraudulent misreporting and economic prospects: An experimental investigation

Organization: McMaster University

Location: Hamilton, Ontario, Canada

Year: 2018

Title: The Relationship Among Path-Dependent Financial Behaviors: An Experimental Analysis

Organization: Society for Experimental Finance

Location: Richmond, Virginia

Year: 2017

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