Devin M. Shanthikumar Assistant Professor Hellman Faculty Fellow Harvard Business School Accounting and Management Curriculum Vitae

Research Interests

• Behavioral Finance
• Investor Behavior
• Financial Accounting
• Financial Intermediaries

Published and Forthcoming Articles

• Are Small Investors Naive About Incentives? (with Ulrike Malmendier.)
  Journal of Financial Economics, August 2007, 85:2, 457-489.

Working Papers

• After a Restatement: Long Run Market and Investor Response (with Laura Frieder. Updated October 2008.)
• Do Security Analysts Speak in Two Tongues? (with Ulrike Malmendier. Updated October 2008.)
• Who Makes Better Stock Picks: The Sell-Side or the Buy-Side? (with Boris Groysberg, Paul Healy, George Serafeim, and Yang Gui. Updated October 2008.)
• Round Numbers and Security Returns (with Edward Johnson and Nicole Bastian Johnson. Updated October 2008.)
• Small Trader Reactions to Consecutive Earnings Surprises (Updated May 2008)
• Small and Large Trades Around Earnings Announcements: Does Trading Behavior Explain Post-Earnings-Announcement Drift? (Updated August 2004)

Dissertation

• Small and Large Trader Behavior: Reactions to Information in Financial Markets (Posted August 2004)
  This dissertation contains research related to the papers:
  - Are Investors Naive About Incentives (Chapter 4),
  - Small Trader Reactions to Consecutive Earnings Surprises (Chapter 3.2),
  - Small and Large Trades Around Earnings Announcements: Does Trading Behavior Explain Post-Earnings-Announcement Drift? (Chapter 3.3)
  as well as additional research.
  For more information about the trader reaction method used in all three papers, as well as in Do Security Analysts Speak in Two Tongues?, see Chapter 2.
• Dissertation Reading Committee:
  Prof. Ming Huang - Advisor
  Prof. Ulrike Malmendier - Co-Advisor
  Prof. Darrell Duffie