Dr. Marina Niessner

I am a Visiting Associate Professor of Finance at the The Wharton School of the University of Pennsylvania. Prior to that I was a Vice President on the Global Stock Selection Team at AQR Capital Management from 2018-2020. Before joining AQR I was an Assistant Professor of Finance at the Yale School of Management. I hold a BA in Economics and Statistics and a Ph.D. in Economics from the University of Chicago. 

My main academic research interests are behavioral finance, financial social networks, and online media. In my recent academic work, I apply methods from linguistic psychology to identify fake news on knowledge sharing platforms, and to examine their impact on financial markets. In my other work, I use opinions from a social network of investors, to develop a new measure of investor disagreement and examine the extent to which different investment philosophies lead to more volatility in the stock market. My research has been featured in the Financial Times and the Wall Street Journal.

News & Updates

  • My new working paper "Does Disagreement Facilitate Informed Trading? Evidence from Activist Investors" with J. Anthony Cookson and Slava Fos is now available (link)

  • My  paper "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales," was accepted at the Review of Finanancial Studies.

  • I will be presenting my paper "Fake News: Evidence from Financial Markets" at the NBER Summer Institute on Asset Pricing on July 12, 2019

  • I was quoted in a Bloomberg blog on ESG data and investor demand for ESG strategies (link). 

  • My  paper "Why Don't We Agree? Evidence from a Social Network of Investors," was accepted at the Journal of Finance.

  • I will be presenting my paper "Fake News: Evidence from Financial Markets" at the Jackson Hole Finance Conference on January 19, 2019

  • My paper "Is Investor Attention for Sale? The Role of Advertising in Financial Markets," was accepted at the Journal of Accounting Research.

  • I will be presenting my paper "Fake News: Evidence from Financial Markets," at the Behavioral NBER in Boston on November 2, 2018

  • My paper "Fake News: Evidence from Financial Markets" has been featured on the Harvard Law School Forum on Corporate Governance and Financial Regulation (link).