Juhani Linnainmaa studies investor behavior, asset pricing models and portfolio choice, and mutual fund performance. His published research includes “Do limit orders alter inferences about investor performance and behavior?” and “Reverse survivorship bias,” which appeared in the Journal of Finance and “Do investors buy what they know? Product market choices and investment decisions,” which appeared in the Review of Financial Studies.
Linnainmaa earned his master’s degree and bachelor’s degree in finance from Helsinki School of Economics in 2001. He received a PhD in management from the Anderson School at the University of California Los Angeles in 2006. Linnainmaa joined the Chicago Booth faculty in 2006. "I became interested in behavioral finance when I was an undergraduate," Linnainmaa says. "I took a closer look at this literature. Based on the evidence we have, should we really be that quick to reject all notions of rationality and market efficiency? An interest in these questions in turn led me to study performance evaluation and asset pricing models."
2013 - 2014 Course Schedule
Learning; investor behavior; asset pricing models and portfolio choice; and mutual fund performance.
"Do Limit Orders Alter Inferences about Investor Performance and Behavior?," Journal of Finance (2010).
With Mark Grinblatt, "Jensen's Inequality, Parameter Uncertainty, and Multi-period Investments," Review of Asset Pricing Studies (2011).
"Why Do (Some) Households Trade So Much?" Review of Financial Studies (2011).
With Mark Grinblatt and Matti Keloharju, "IQ and Stock Market Participation," Journal of Finance (2011).
With Mark Grinblatt and Matti Keloharju, "IQ, Trading Behavior, and Performance," Journal of Financial Economics (2012).
With Gideon Saar, “Lack of Anonymity and the Inference from Order Flow,” Review of Financial Studies (2012).
With Matti Keloharju and Samuli Knüpfer, "Do Investors Buy What They Know? Product Market Choices and Investment Decisions," Review of Financial Studies (2012).
“Reverse Survivorship Bias,” Journal of Finance (2013).
For a listing of research publications please visit
’s university library listing