Cary Frydman

Cary Frydman is an economist who specializes in behavioral finance and experimental economics. His research is interdisciplinary, drawing on principles from psychology and neuroscience to answer questions in finance and economics. He is the recipient of an NSF CAREER award and currently serves as an Associate Editor for the Review of Financial Studies, Journal of Financial Economics, and Review of Finance. His work has been published in the leading finance and economics journals and he has won awards for both his research and teaching in the core curriculum at Marshall.

Education

• Doctor of Philosophy (Ph.D.) California Institute of Technology (2007 — 2012)
• BA Northwestern University (2002 — 2006)

Companies

• Associate Professor of Finance and Business Economics USC Marshall School of Business (2019)
• Assistant Professor of Finance and Business Economics USC Marshall School of Business (2012 — 2019)
• Analyst CRA International (2006 — 2007)
• Investment Banking Summer Analyst Piper Jaffray (2005 — 2005)

PUBLICATIONS

• Frydman, C. and L. Jin (2021), “Efficient Coding and Risky Choice,” Quarterly Journal of Economics, forthcoming.
• Frydman, C. and I. Krajbich (2021), “Using Response Times to Infer Others’ Private Information: An Application to Information Cascades,” Management Science, forthcoming.
• Frydman, C. and B. Wang (2020), “The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment,” Journal of Finance, 75: 229-276. Awarded 2018 TD Ameritrade Best Paper Award in Behavioral Finance
• Frydman, C., Hartzmark, S., and D. Solomon (2018), “Rolling Mental Accounts,” Review of Financial Studies, 31, 362-397.
• Frydman, C. and G. Nave (2017), “Extrapolative Beliefs in Perceptual and Economic Decisions: Evidence of a Common Mechanism,” Management Science 63, 2340-2352. Runner up, 2016 Einhorn Best Young Investigator Award from Society for Judgment and Decision Making
• Frydman, C. and C. Camerer (2016), “Neural Evidence of Regret and its Implications for Investor Behavior,” Review of Financial Studies 29, 3108-3139. Finalist, 2017 Exeter Prize
• Frydman, C. and C. Camerer (2016), “The Psychology and Neuroscience of Financial Decision Making,” Trends in Cognitive Science 20, 661-675.
• Frydman, C., Barberis, N., Camerer, C., Bossaerts, P., and A. Rangel (2014), “Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility,” Journal of Finance 69, 907-946.
• Bossaerts, P., Frydman, C., and J. Ledyard (2014), “The Speed of Information Revelation and Eventual Price Quality in Markets with Insiders: Comparing Two Theories,” Review of Finance 18, 1-22. Lead Article. Awarded 2014 Pagano and Zechner Prize for best non-investments paper in Review of Finance
• Frydman, C. and A. Rangel (2014), “Debiasing the Disposition Effect by Reducing the Saliency of Information about a Stock’s Purchase Price,” Journal of Economic Behavior and Organization 107B, 541-552. (Special Issue on Empirical Behavioral Finance)
• Frydman, C., Camerer, C., Bossaerts, P., and A. Rangel (2011), “MAOA-L carriers are better at making optimal financial decisions under risk,” Proceedings of the Royal Society B 1714, 2053-2059.