Skip to main content
Official Logo of Columbia Business School
Academics
  • Visit Academics
  • Degree Programs
  • Admissions
  • Tuition & Financial Aid
  • Campus Life
  • Career Management
Faculty & Research
  • Visit Faculty & Research
  • Academic Divisions
  • Search the Directory
  • Research
  • Faculty Resources
  • Teaching Excellence
Executive Education
  • Visit Executive Education
  • For Organizations
  • For Individuals
  • Program Finder
  • Online Programs
  • Certificates
About Us
  • Visit About Us
  • CBS Directory
  • Events Calendar
  • Leadership
  • Our History
  • The CBS Experience
  • Newsroom
Alumni
  • Visit Alumni
  • Update Your Information
  • Lifetime Network
  • Alumni Benefits
  • Alumni Career Management
  • Women's Circle
  • Alumni Clubs
Insights
  • Visit Insights
  • Digital Future
  • Climate
  • Business & Society
  • Entrepreneurship
  • 21st Century Finance
  • Magazine

Breadcrumb

  1. Directory
  2. Faculty
  3. Gur Huberman

Gur Huberman

Robert G. Kirby Professor of Behavioral Finance
Finance Division
Gur Huberman
Areas of Expertise
Financial Engineering
Contact
Office: 1183 Kravis
E-mail: [email protected]
Links
Personal Website
Curriculum Vitae

Gur Huberman is the Robert G. Kirby Professor of Behavioral Finance at Columbia Business School where he has taught since 1989. Prior to that, he taught at Tel Aviv University and at the University of Chicago. Between 1993 and 1995 he was Vice President at JP Morgan Investment Management responsible for research on quantitative equity trading. In that capacity, he also helped develop tax aware strategies for the private bank. He earned his Ph.D. (with distinction) in operations research from Yale in 1980 and his B.Sc. (cum laude) in mathematics from Tel Aviv University in 1975.

Professor Huberman’s published work is widely read and cited, and covers a broad range in finance and economics. He contributed to the theory of equilibrium return-risk tradeoff, to the theory of contracts, to the study of individual’s portfolio selection, especially in the context of retirement savings to the theory of liquidity and trading, and to Behavior Finance. More recently he has turned his attention to FinTech and cryptocurrencies.

Professor Huberman was a founding managing editor of the International Journal of Theoretical and Applied Finance. His co-authored paper won the 2006 Journal of Finance Distinguished Paper award of the Smith-Breeden Prize. He was a member of the Academic Advisory Board of Morgan Stanley Equity Market Microstructure Research.

Education
BS, Tel Aviv University, 1975; MS, University of British Columbia, 1977; PhD, Yale, 1980
Joined CBS
1989

All Activities

  • Research
  • Teaching
  • Awards and Honors
  • Press
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Huberman, Gur, Jacob D. Leshno, and Ciamac Moallemi
. “Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System.”
Review of Economic Studies
vol.
88
, no.
6
(November 01, 2021):
3011
-
3040
.
Explore Further about Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System
Journal Article
Huberman, Gur, Jacob Leshno, and Ciamac Moallemi
. “An Economist’s Perspective on the Bitcoin Payment System.”
AEA Papers and Proceedings
vol.
109
, (May 01, 2019):
93
-
96
.
Explore Further about An Economist’s Perspective on the Bitcoin Payment System
Journal Article
Huberman, Gur, Tobias Konitzer, Masha Krupenkin, David Rothschild, and Shawndra Hill
. “Economic Expectations, Voting, and Decisions around Elections.”
AEA Papers and Proceedings
vol.
108
, (May 01, 2018):
597
-
602
.
Explore Further about Economic Expectations, Voting, and Decisions around Elections
Download PDF on Economic Expectations, Voting, and Decisions around Elections
Journal Article
Guasoni, Paolo, Gur Huberman , and Zhenyu Wang
. “Performance Maximization of Actively Managed Funds.”
Journal of Finanical Economics
vol.
101
, (September 01, 2011):
574
-
595
.
Explore Further about Performance Maximization of Actively Managed Funds
Download PDF on Performance Maximization of Actively Managed Funds
Journal Article
Huberman, Gur
. “What is the NPV of Expected Future Profits of Money Managers?”
Rivista Bancaria – Minerva Bancaria
vol.
1
, (January 01, 2010):
7
-
37
.
Explore Further about What is the NPV of Expected Future Profits of Money Managers?
Journal Article
Dorn, Daniel and Gur Huberman
. “Preferred Risk Habitat of Individual Investors.”
Journal of Financial Economics
vol.
97
, (January 01, 2010):
155
-
173
.
Explore Further about Preferred Risk Habitat of Individual Investors
Download PDF on Preferred Risk Habitat of Individual Investors
Journal Article
Huberman, Gur
. “Is the Price of Money Managers Too Low?”
Rivista Bancaria
vol.
1
, (January 01, 2010):
7
-
38
.
Explore Further about Is the Price of Money Managers Too Low?
Download PDF on Is the Price of Money Managers Too Low?
Journal Article
Huberman, Gur, Daniel Dorn, and Paul Sengmueller
. “Correlated Trading and Returns.”
Journal of Finance
vol.
63
, (January 01, 2008):
885
-
920
.
Explore Further about Correlated Trading and Returns
Download PDF on Correlated Trading and Returns
Journal Article
Huberman, Gur, Sheena Iyengar , and Wei Jiang
. “Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates.”
Journal of Financial Services Research
vol.
31
, (January 01, 2007):
1
-
32
.
Explore Further about Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates
Download PDF on Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates
Journal Article
Jiang, Wei and Gur Huberman
. “Offering Versus Choice by 401(k) Plan Participants: Equity Exposure and Number of Funds.”
Journal of Finance
vol.
61
, (April 01, 2006):
763
-
801
.
Explore Further about Offering Versus Choice by 401(k) Plan Participants: Equity Exposure and Number of Funds
Download PDF on Offering Versus Choice by 401(k) Plan Participants: Equity Exposure and Number of Funds
Journal Article
Huberman, Gur and Wei Jiang
. “Offering vs. Choice in 401(k) Plans: Equity Exposure and Number of Funds.”
Journal of Finance
vol.
61
, no.
2
(April 01, 2006):
763
-
801
.
Explore Further about Offering vs. Choice in 401(k) Plans: Equity Exposure and Number of Funds
Journal Article
Huberman, Gur, Simon Gilchrist, and Charles Himmelberg
. “Do Stock Price Bubbles Influence Corporate Investment?”
Journal of Monetary Economics
vol.
52
, (May 01, 2005):
805
-
827
.
Explore Further about Do Stock Price Bubbles Influence Corporate Investment?
Download PDF on Do Stock Price Bubbles Influence Corporate Investment?
Journal Article
Huberman, Gur and Daniel Dorn
. “Talk and Action: What Individuals Say and What They Do.”
Review of Finance
vol.
9
, (January 01, 2005):
437
-
81
.
Explore Further about Talk and Action: What Individuals Say and What They Do
Download PDF on Talk and Action: What Individuals Say and What They Do
Journal Article
Huberman, Gur and Werner Stanzl
. “Optimal Liquidity Trading.”
Review of Finance
vol.
9
, (January 01, 2005):
165
-
200
.
Explore Further about Optimal Liquidity Trading
Download PDF on Optimal Liquidity Trading
Journal Article
Huberman, Gur and Paul Sengmuller
. “Performance and Employer Stock in 401(k) Plans.”
Review of Finance
vol.
8
, (September 01, 2004):
403
-
443
.
Explore Further about Performance and Employer Stock in 401(k) Plans
Download PDF on Performance and Employer Stock in 401(k) Plans
Journal Article
Huberman, Gur and Werner Stanzl
. “Price Manipulation and Quasi-Arbitrage.”
Econometrica
vol.
74
, (July 01, 2004):
1247
-
1276
.
Explore Further about Price Manipulation and Quasi-Arbitrage
Download PDF on Price Manipulation and Quasi-Arbitrage
Journal Article
Huberman, Gur and Tomer Regev
. “Contagious Speculation and a Cure for Cancer: A Non-Event that Made Stock Prices Soar.”
Journal of Finance
vol.
56
, (February 01, 2001):
387
-
396
.
Explore Further about Contagious Speculation and a Cure for Cancer: A Non-Event that Made Stock Prices Soar
Download PDF on Contagious Speculation and a Cure for Cancer: A Non-Event that Made Stock Prices Soar
Journal Article
Huberman, Gur
. “Familiarity Breeds Investment.”
Review of Financial Studies
vol.
14
, (January 01, 2001):
659
-
680
.
Explore Further about Familiarity Breeds Investment
Download PDF on Familiarity Breeds Investment
Journal Article
Huberman, Gur and Dominika Halka
. “Systematic Liquidity.”
Journal of Financial Research
vol.
24
, (January 01, 2001):
161
-
78
.
Explore Further about Systematic Liquidity
Download PDF on Systematic Liquidity
Journal Article
Yemini, Y., A. Dalianas, D. Florissi, and Gur Huberman
. “MarketNet: Protecting Access to Information Systems Through Financial Markets Controls.”
Decision Support Systems special issue on Information and Computation Economies
vol.
28
, no.
1-2
(January 01, 2000):
205
-
216
.
Explore Further about MarketNet: Protecting Access to Information Systems Through Financial Markets Controls
Journal Article
Yemini, Y., A. Dailianas, D. Florissi, and Gur Huberman
. “MarketNet: Market-Based Protection of Information Systems.”
Proceedings of the First International Conference on Information and Computation Economies
(October 01, 1998):
181
-
190
.
Explore Further about MarketNet: Market-Based Protection of Information Systems
Journal Article
Huberman, Gur
. “Corporate Risk Management to Reduce Borrowing Costs.”
Economics Letters
vol.
54
, (July 01, 1997):
265
-
269
.
Explore Further about Corporate Risk Management to Reduce Borrowing Costs
Journal Article
Huberman, Gur
. “The Desirability of Investment in Commodities Via Commodity Futures.”
Derivatives Quarterly
(October 01, 1995):
65
-
67
.
Explore Further about The Desirability of Investment in Commodities Via Commodity Futures
Journal Article
Huberman, Gur and Shmuel Kandel
. “On the Incentives for Money Managers: A Signalling Approach.”
European Economic Review
vol.
37
, no.
5
(June 01, 1993):
1065
-
1082
.
Explore Further about On the Incentives for Money Managers: A Signalling Approach
Journal Article
Huberman, Gur
. “Dividend Neutrality with Transaction Costs.”
Journal of Business
vol.
63
, no.
1
(January 01, 1990):
S93
-
S106
.
Explore Further about Dividend Neutrality with Transaction Costs
Journal Article
Huberman, Gur and Shmuel Kandel
. “Market Efficiency and Value Line's Record.”
Journal of Business
vol.
63
, (January 01, 1990):
187
-
216
.
Explore Further about Market Efficiency and Value Line's Record
Journal Article
Kahn, Charles M. and Gur Huberman
. “Default, Foreclosure, and Strategic Renegotiation.”
Law and Contemporary Problems
vol.
52
, no.
1
(December 01, 1989):
49
-
62
.
Explore Further about Default, Foreclosure, and Strategic Renegotiation
Journal Article
Huberman, Gur and Shmuel Kandel
. “Firms' Fiscal Years, Size and Industry.”
Economics Letters
vol.
29
, no.
1
(January 01, 1989):
69
-
76
.
Explore Further about Firms' Fiscal Years, Size and Industry
Journal Article
Kahn, Charles and Gur Huberman
. “Two Sided Uncertainty and "Up-or-Out" Contracts.”
Journal of Labor Economics
vol.
6
, no.
4
(October 01, 1988):
423
-
444
.
Explore Further about Two Sided Uncertainty and "Up-or-Out" Contracts
Journal Article
Huberman, Gur and Charles M. Kahn
. “Strategic renegotiation.”
Economics Letters
vol.
28
, no.
2
(September 01, 1988):
117
-
122
.
Explore Further about Strategic renegotiation
Journal Article
Huberman, Gur and Charles Kahn
. “Limited Contract Enforcement and Strategic Renegotiation.”
American Economic Review
vol.
78
, no.
3
(June 01, 1988):
471
-
484
.
Explore Further about Limited Contract Enforcement and Strategic Renegotiation
Journal Article
Huberman, Gur
. “Optimality of Periodicity.”
Review of Economic Studies
vol.
55
, no.
1
(January 01, 1988):
127
-
138
.
Explore Further about Optimality of Periodicity
Journal Article
Huberman, Gur and Shmuel Kandel
. “Value Line Rank and Firm Size.”
Journal of Business
vol.
60
, no.
4
(October 01, 1987):
577
-
589
.
Explore Further about Value Line Rank and Firm Size
Journal Article
Huberman, Gur and Shmuel Kandel
. “Mean Variance Spanning.”
Journal of Finance
vol.
42
, no.
4
(September 01, 1987):
873
-
888
.
Explore Further about Mean Variance Spanning
Journal Article
Huberman, Gur, Shmuel Kandel, and Robert F. Stambaugh
. “Mimicking Portfolios and Exact Arbitrage Pricing.”
Journal of Finance
vol.
42
, no.
1
(January 01, 1987):
1
-
9
.
Explore Further about Mimicking Portfolios and Exact Arbitrage Pricing
Journal Article
Huberman, Gur and G. William Schwert
. “Information Aggregation, Inflation and the Pricing of Indexed Bonds.”
Journal of Political Economy
vol.
93
, (July 01, 1985):
92
-
114
.
Explore Further about Information Aggregation, Inflation and the Pricing of Indexed Bonds
Journal Article
Granot, Daniel and Gur Huberman
. “On the Core and Nucleolus of Minimum Cost Spanning Tree Games.”
Mathematical Programming
vol.
29
, (September 01, 1984):
323
-
347
.
Explore Further about On the Core and Nucleolus of Minimum Cost Spanning Tree Games
Journal Article
Huberman, Gur
. “Capital Asset Pricing in an Overlapping Generations Model.”
Journal of Economic Theory
vol.
33
, no.
2
(August 01, 1984):
232
-
248
.
Explore Further about Capital Asset Pricing in an Overlapping Generations Model
Journal Article
Huberman, Gur
. “External Financing and Liquidity.”
Journal of Finance
vol.
39
, no.
3
(July 01, 1984):
895
-
908
.
Explore Further about External Financing and Liquidity
Journal Article
Huberman, Gur, David Mayers, and Clifford W. Smith, Jr.
. “Optimal Insurance Policy Indemnity Schedules.”
Bell Journal of Economics
vol.
14
, no.
2
(October 01, 1983):
415
-
426
.
Explore Further about Optimal Insurance Policy Indemnity Schedules
Journal Article
Huberman, Gur
. “Error bounds for the aggregated convex programming problem.”
Mathematical Programming
vol.
26
, (May 01, 1983):
100
-
108
.
Explore Further about Error bounds for the aggregated convex programming problem
Journal Article
Granot, Daniel and Gur Huberman
. “The Relationship Between Convex and Minimum Cost Spanning Tree Games: A Case for Permutationally Convex Games.”
SIAM Journal on Algebraic and Discrete Methods
vol.
3
, no.
3
(September 01, 1982):
288
-
292
.
Explore Further about The Relationship Between Convex and Minimum Cost Spanning Tree Games: A Case for Permutationally Convex Games
Journal Article
Denardo, Eric. V., Gur Huberman , and Uriel G. Rothblum
. “Optimal Locations on a Line Are Interleaved.”
Operations Research
vol.
30
, no.
4
(August 01, 1982):
601
-
796
.
Explore Further about Optimal Locations on a Line Are Interleaved
Journal Article
Huberman, Gur
. “A Simple Approach to Arbitrage Pricing Theory.”
Journal of Economic Theory
vol.
28
, (January 01, 1982):
183
-
91
.
Explore Further about A Simple Approach to Arbitrage Pricing Theory
Download PDF on A Simple Approach to Arbitrage Pricing Theory
Journal Article
Huberman, Gur and D. Granot
. “Minimum Cost Spanning Tree Games.”
Mathematical Programming
vol.
21
, (January 01, 1981):
1
-
18
.
Explore Further about Minimum Cost Spanning Tree Games
Journal Article
Huberman, Gur
. “Qualitative behavior of a fishery system.”
Mathematical Biosciences
vol.
42
, no.
1-2
(November 01, 1978):
1
-
14
.
Explore Further about Qualitative behavior of a fishery system
Journal Article
Huberman, Gur
. “The Nucleolus and the Essential Coalitions.”
Proceedings of the Fourth International Conference on Analysis and Optimization of Systems
(January 01, 1978).
Explore Further about The Nucleolus and the Essential Coalitions
Journal Article
Huberman, Gur and Stephen Ross
. “Portfolio Turnpike Theorems, Risk Aversion and Regularly Varying Utility Functions.”
Econometrica
vol.
51
, no.
5
(May 22, 2025):
1345
-
1361
.
Explore Further about Portfolio Turnpike Theorems, Risk Aversion and Regularly Varying Utility Functions
Working Paper
Guasoni, Paolo, Gur Huberman , and Clara Shikhelman
. Lightning Network Economics: Channels. May 05, 2021.
Explore Further about Lightning Network Economics: Channels
Working Paper
Huberman, Gur and Paolo Guasoni
. Asset Pricing for the Shortfall Averse. January 01, 2017.
Explore Further about Asset Pricing for the Shortfall Averse
Working Paper
Guasoni, Paolo, Gur Huberman , and Dan Ren
. Shortfall Aversion. February 01, 2015.
Explore Further about Shortfall Aversion
Download PDF on Shortfall Aversion
Working Paper
Huberman, Gur
. Moral Hazard and Debt Maturity. December 01, 2013.
Explore Further about Moral Hazard and Debt Maturity
Download PDF on Moral Hazard and Debt Maturity
Chapter
Huberman, Gur and Zhenyu Wang
. “Arbitrage Pricing Theory.” In
New Palgrave Dictionary of Economics
, edited by
Larry Blume and Steven Durlauf
,
England
:
Palgrave Macmillan
, Forthcoming.
Explore Further about Arbitrage Pricing Theory
Download PDF on Arbitrage Pricing Theory
Chapter
Ang, Andrew, Ann Bartel , Patrick Bolton , Wouter Dessein , Franklin Edwards , Lawrence Glosten , Geoffrey Heal , Gur Huberman , Charles Jones , Christopher Mayer , Frederic Mishkin , Eli Noam , Andrea Prat , Jonah Rockoff , Lynne Sagalyn , Stephen Zeldes , and Brian Thomas
. “1. Finance and Economics.” In
Columbia Business School
,
1
-
28
.
Columbia University Press
, 2016.
Explore Further about 1. Finance and Economics
Chapter
Iyengar, Sheena, Wei Jiang , and Gur Huberman
. “How much choice is too much: Determinants of individual contributions in 401K retirement plans.” In
Pension Design and Structure: Lessons from Behavioral Finance
,
83
-
95
.
Oxford, UK
:
Oxford University Press
, 2004.
Explore Further about How much choice is too much: Determinants of individual contributions in 401K retirement plans
Chapter
Huberman, Gur
. “Behavioral Finance and Markets.” In
Cognitive Processes and Economic Behavior
, edited by
Dimitri, Nicola, Marcello Basili, and Itzhak Gilboa
,
1
-
14
.
London
:
Routledge
, 2003.
Explore Further about Behavioral Finance and Markets
Download PDF on Behavioral Finance and Markets
Chapter
Huberman, Gur and Zhenyu Wang
. “Arbitrage Pricing Theory.” In
The New Palgrave Dictionary of Money and Finance
,
Palgrave Macmillan
, 1991.
Explore Further about Arbitrage Pricing Theory
Download PDF on Arbitrage Pricing Theory
Chapter
Huberman, Gur
. “Arbitrage Pricing Theory.” In
The New Palgrave: A Dictionary of Economic Theory and Doctrine
,
106
-
110
.
Palgrave Macmillan
, 1987.
Explore Further about Arbitrage Pricing Theory
Chapter
Huberman, Gur
. “Home Bias in Equity Markets: International and Intranational Evidence.” In
Intranational Macroeconomics
, edited by
Gregory D. Hess and Eric van Wincoop
,
76
-
91
.
Cambridge, UK
:
Cambridge University Press
,
Explore Further about Home Bias in Equity Markets: International and Intranational Evidence
  • Courses
  • Case Studies
Course
B7462: An Introduction to Blockchain and Cryptocurrencies
View Course on An Introduction to Blockchain and Cryptocurrencies
Course
B8462: An Introduction to Blockchain and Cryptocurrencies
View Course on An Introduction to Blockchain and Cryptocurrencies
Course
B7770: International Seminar: Tel Aviv
View Course on International Seminar: Tel Aviv
Course
B8316: Blockchain Markets Infrastructure and Uses
View Course on Blockchain Markets Infrastructure and Uses
  • Awards & Honors
  • In the Media
  • Articles
Article

How Responsibly Do Participants in 401(k) Plans Behave?

Read More about How Responsibly Do Participants in 401(k) Plans Behave?
  • CaseWorks
Case ID
180309

WeWork: Tech Comes to Commercial Real Estate

Can coworking company WeWork transition from startup to established industry player?

View Case on WeWork: Tech Comes to Commercial Real Estate
Case ID
170305

Kaltura: The Tech Company for "Everything Video"

Should Kaltura continue to be "all things video"?

View Case on Kaltura: The Tech Company for "Everything Video"

External CSS

Official Logo of Columbia Business School

Columbia University in the City of New York
665 West 130th Street, New York, NY 10027
Tel. 212-854-1100

Maps and Directions
    • Centers & Programs
    • Current Students
    • Corporate
    • Directory
    • Support Us
    • Recruiters & Partners
    • Faculty & Staff
    • Newsroom
    • Careers
    • Contact Us
    • Accessibility
    • Privacy & Policy Statements
Back to Top Upward arrow
TOP

© Columbia University

  • X
  • Instagram
  • Facebook
  • YouTube
  • LinkedIn