RESEARCH BOOKS PROFESSIONAL EXPERIENCE
Richard Deaves is Professor of
Finance at the DeGroote School of Business, McMaster University. He has also addressed groups of students and
executives at other universities in Canada, the U.S., South America, Europe and
the Far East. His research has been
published extensively, appearing in such prestigious journals as the Journal of Financial and Quantitative
Analysis, the Journal of Monetary
Economics and the Journal of Banking
and Finance. The focus of his latest
research is the field of behavioral finance.
He has also published on such issues as the performance of investment
funds; asset market experiments; market efficiency; modeling interest rates;
and pricing, efficiency and hedging in futures markets. He has published three books, the latest
being Behavioral Finance: Psychology,
Decision-making and Markets, published
by South-Western, Cengage Learning in 2010.
He
is also President of Deaves Financial
Solutions. His far-reaching
consulting experience has spanned such topics as investor behavior; pension
design; hedging in the energy industry; the predictability of interest rates;
real options and capital budgeting; and security valuation. He has served as an expert in a variety of
regulatory and legal proceedings. His
articles have appeared in such professional outlets as the Canadian Investment Review, HR
Reporter, Benefits Canada, Benefits and Pensions Monitor and ZEW Stock Option Watch, and he has often
been quoted in and written for the mainstream press. He has spoken widely to industry groups, and
has appeared as a keynote speaker at a number of conferences. His work has been profiled in such
international media outlets as Newsweek,
Der Spiegel and CNN. He is also affiliated
with the Center for European Economic
Research (ZEW) located in
RESEARCH BACK to TOP
- Deaves,
R., E. Lüders and M. Schröder,
2010, “The dynamics of overconfidence: Evidence from stock market
forecasters,” Forthcoming in Journal
of Economic Behavior and Organization.
- Ackert,
L.,
- Deaves,
R., E. Lüders, and G. Y. Luo, 2009, “An experimental
test of the impact of overconfidence and gender on trading activity,” Review of Finance 13: 555-75.
- Deaves,
R., P. Miu and B. White, 2008, “Canadian stock market multiples and their
predictive content,” International
Review of Economics and Finance 17: 457-66.
- Bhandari,
G., and R. Deaves, 2008, “Misinformed and informed asset allocation
decisions of self-directed retirement plan members,” Journal of Economic Psychology 29: 473-90.
- Bhandari,
G., R. Deaves and K. Hassenein, 2008, “Using
decision support systems to debias investors,” Decision Support Systems 46:
399-410.
- Deaves, R., T. Veit, G. Bhandari and J. Cheney, 2007, “The savings and
investment decisions of planners: An exploratory study of college
employees,” Financial Services
Review 16: 117-33.
- Deaves,
R., and P. Miu, 2007, “Refining momentum strategies by conditioning on
prior long-term returns: Canadian evidence,” Canadian Journal of Administrative
Sciences
24: 135-45.
- Deaves,
R., and P. Miu, 2007, “Momentum, reversal and market state,” Canadian Investment Review 20 (no.
4), 8-14.
- Ackert,
L.,
- Ackert,
L.,
- Bhandari,
G., and R. Deaves, 2006, “The demographics of overconfidence,” Journal of Behavioral Finance 7
(No. 1): 5-11.
- Deaves,
R., 2005, “Flawed self-directed retirement account decision-making and its
implications,” Canadian Investment
Review (Spring): 6-15.
- Charupat,
N., R. Deaves,
- Deaves,
R., 2004, “Data-conditioning biases, performance, persistence and flows:
The case of Canadian equity funds,” Journal
of Banking and Finance 28: 673-94.
- Deaves,
R., and P. Miu, 2004, “A duration-constrained return enhancement strategy
for Canadian default-free fixed-income portfolios,” Canadian Investment Review (Summer):
10-15.
- Charupat,
N., and R. Deaves, 2004, “How behavioral finance can assist financial
professionals,” Journal of Personal
Finance 3 (No. 3): 41-52.
- Deaves,
R., 2004, “The comparative performance of load and no-load funds in
- Ackert,
L., B. Church and R. Deaves, 2003, “Emotion and financial markets,” Federal Reserve Bank of Atlanta
Economic Review 88 (No. 2): 33-41.
- Charupat,
N., and R. Deaves, 2003, “Backwardation in energy futures markets: Metallgesellschaft revisited,” Energy Studies Review 12 (No. 1): 1-26.
- Deaves,
R., and M. Parlar, 2000, “A generalized bootstrap method to determine the
yield curve,” Applied Mathematical
Finance 7: 257-70.
- Deaves,
R., 1999, “A simple timing strategy for Canadian fixed income portfolios,”
Canadian Journal of Administrative
Sciences 16 (No. 1): 28-37.
- Deaves,
R., and
- Deaves,
R., 1998, “Term premium determinants, return enhancement and interest rate
predictability,” Journal of Business
Finance and Accounting 25: 485-99.
- Deaves,
R., 1997, “Predictable excess fixed income returns: The Canadian case,” Journal of Fixed Income 7 (No. 2):
67-76.
- Deaves,
R., 1996, “Forecasting Canadian short-term interest rates. Canadian Journal of Economics 29:
615-34.
- Deaves,
R., and
- Deaves,
R., 1994, “Speculative versus arbitrage opportunities from index futures
mispricing,” International Review of
Economics and Finance 3 (No. 3): 319-25.
- Deaves,
R., and
- Deaves,
R., 1994, “Naive versus time-variant hedging strategies: The case of Canadian stock index
futures,” Canadian Journal of
Administrative Sciences 11 (No. 3): 264-70.
- Deaves,
R., 1994, “How good are Canadian macroeconomic forecasters?” Canadian Business Economics 2 (No.
3): 60-66.
- Deaves,
R., and
- Deaves,
R., and I. Krinsky, 1992, “Risk premiums and efficiency in the market for
crude oil futures,” The Energy
Journal 13 (No. 2): 93-117.
- Deaves,
R., and
- Chan,
M. W. L., W. Cheng and R. Deaves, 1992, “An analysis of money and output
in the industrial sector in China,” Journal
of Asian Economics 2: 271-80.
- Deaves,
R., 1991, “Canadian weekly money supply announcements and financial market
reactions in the first years of targeting:
A view of market perceptions of Bank of Canada policy,” Canadian Journal of Economics 24:
282-299.
- Chan,
M. W. L., W. Cheng and R. Deaves, 1991, “Money demand in
- Deaves,
R., 1991, “The impact of unanticipated U.S. weekly money on the path of
the dollar,” Quarterly Review of
Economics and Business 31: 94-106.
- Deaves,
R., and
- Deaves,
R., 1990, “Hedging Canadian corporate debt: A comment and extension,” Journal of Futures Markets 10:
197-200.
- Deaves,
R., 1990, “Money supply announcements and market reactions in an open
economy,” Journal of Money, Credit
and Banking 22: 154-164.
- Deaves,
R., 1989, “North American money surprises and financial market
reactions: An empirical note,” Economics Letters 31: 155-158.
- Deaves,
R., 1987, “Market reactions to U.S. weekly money supply announcements
after the introduction of contemporaneous reserve requirements: An empirical note,” Economics Letters 24: 69-72.
- Deaves,
R., A. Melino and J. E. Pesando,
1987, “The response of interest rates to the Federal Reserve's weekly
money announcements: The ‘puzzle’
of anticipated money,” Journal of
Monetary Economics 19: 393-404.
BOOKS BACK to TOP
- What
Kind of an Investor Are You?
Toronto: Insomniac Press, 2006.
- Canadian
Finance: A Concise Introduction.
Burlington: DFS
Publishing, 2009.
- Behavioral
Finance: Psychology, Decision-making and Markets (with Lucy
Ackert)
Mason, Ohio: South-Western Cengage Learning, 2010.
PROFESSIONAL EXPERIENCE BACK to TOP
Richard Deaves has extensive consulting
experience in a wide variety of areas pertaining to financial markets and
investment decision-making. He has acted
on behalf of a variety of financial institutions, law firms, private companies
and government agencies. His areas of
expertise include:
- Behavioral
finance
- Knowledge
and biases of pension plan members
- Performance
of money managers
- Market
efficiency
- Asset
allocation
- Experimental
finance
- Fixed-income
return enhancement
- Futures
markets
- Modeling
and predictability of interest rates
Among other things, he has been retained to
act as an expert witness in legal proceedings; to conduct tailored financial
research; to advise on investment strategies; and to address professional
groups on relevant topics.