Brian Kluger

Headshot of Brian Kluger

Brian Kluger

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

2336 Carl H. Lindner Hall

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
Ackert F. Lucy, Brian Kluger, Li Qi. (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: Portfolio Choice and Path Dependence
Organization: Southern Economic Association
Location: Washington, DC
Year: 2018

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