Tyler Shumway


Ross School of Business University of Michigan
701 Tappan Street
Ann Arbor, MI 48109
Phone: (734) 763-4129
Fax: (734) 936-0274


Ph.D., University of Chicago Graduate School of Business, 1996
B.A., Brigham Young University (Economics), 1991

Academic Appointments

Ross School of Business, University of Michigan, Professor of Finance, 2010-present

Ross School of Business, University of Michigan, Associate Professor of Finance, 2002-2010
Stanford Graduate School of Business, Visiting Associate Professor of Finance, 2004-2005
University of Michigan Business School, Assistant Professor of Finance (and Lecturer), 1995-2002


The Delisting Bias in CRSP Data, Journal of Finance, March 1997, 327-340.

The Delisting Bias in CRSP's Nasdaq Data and its Implications for the Size Effect (with Vince Warther), Journal of Finance, December 1999, 2361-2379.

Forecasting Bankruptcy More Accurately: A Simple Hazard Model, Journal of Business, January 2001, 101-124.

Expected Option Returns (with Joshua Coval), Journal of Finance, June 2001, 983-1009.

Is Sound Just Noise? (with Joshua Coval), Journal of Finance, October 2001, 1887-1910.

Good Day Sunshine: Stock Returns and the Weather (with David Hirshleifer), Journal of Finance, June 2003, 1009-1032.

Do Behavioral Biases Affect Prices? (with Joshua Coval), Journal of Finance, February 2005, 1-34.

Forecasting Default with the Merton Distance to Default Model (with Sreedhar Bharath), Review of Financial Studies, May 2008, 1339-1369.

Learning by Trading (with Amit Seru and Noah Stoffman), forthcoming, Review of Financial Studies.

Working Papers

Can Individual Investors Beat the Market? (with Joshua Coval and David Hirshleifer)

Does Disposition Drive Momentum? (with Guojun Wu)


American Association of Individual Investors Award for best paper on investments presented at the 2001 Western Finance Association meetings, for "Do Behavioral Biases Affect Prices?"

Smith Breeden Prize, 2005, (best paper on investments in the Journal of Finance) for "Do Behavioral Biases Affect Prices?"

National Institute of Aging Grant, "Behavior on Surveys and in the Economy Using HRS," (Robert Willis, PD, Tyler Shumway and others, co-PIs), 2005-2008.

Doctoral Dissertation Committees Chaired

Marcin Kacperczyk (co-chair) at NYU
Brian Boyer at BYU
Sophie Shive at Notre Dame
Noah Stoffman at Indiana

Full Vita