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Anna Scherbina

Associate Professor at University of California, Davis

Associate Professor of Finance at Brandeis University

Schools

  • University of California, Davis

Expertise

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Biography

University of California, Davis

Research Expertise: Investment management, capital markets, behavioral finance, empirical asset pricing Associate Professor Anna Scherbina has studied why sophisticated mutual fund managers may irrationally hold onto stocks that have decreased in value. Her most recent research looks at price determination for luxury real estate, how news events impact stock prices and how the difference of opinion in financial markets effect asset returns. Scherbina’s work has been published in the Journal of Finance and the Quarterly Review, and she has been a reviewer for numerous national and international academic journals. She is the author of Differences of Opinion in Financial Markets: The Implications for Asset Returns (VDM Verlag Dr. Müller, 2009). She has presented her research at some of the world’s top business schools, including Carnegie Mellon University, the London Business School, the University of Chicago Graduate School of Business, Erasmus University, Harvard Business School and the Fuqua School of Business at Duke University. She has also presented her research to the Board of Governors of the Federal Reserve Bank and to investment professionals at CalPERS and CalSTRS, the nation’s two largest public pension funds. Scherbina is an adjunct scholar at the American Enterprise Institute. She joined the UC Davis Graduate School of Management in 2007 from Harvard Business School, where she taught MBA courses in finance. Scherbina received her Ph.D. in finance from the Kellogg Graduate School of Management at Northwestern University, where she also taught a course on corporate finance. She has a B.S. in management information from Polytechnic University in New York.

Awards

Best Paper Award Runner-up , European Finance Association, 2005.

State Farm Scholarship , 2001-02.

Graduate Fellowship , Kellogg School of Management, 1997-01.

Anna Scherbina is an associate professor of finance at Brandeis University. Prior to joining Brandeis University, she was an associate professor at UC Davis and an assistant professor at the Harvard Business School. From 2017 to 2019 she worked as a senior economist at the White House’s Council of Economic Advisers. She also worked at the Federal Reserve Board and the International Monetary Fund.

Scherbina specializes in behavioral finance and asset pricing. Her research answers questions such as why seemingly sophisticated mutual fund managers may hold on to stocks with poor prospects; how investor disagreement about a firm affects its future stock returns; what is the effect of malicious cyber activity on the U.S. economy; how information disseminates in the stock market; and what happened to the real estate sector during the Great Depression.

Professor Scherbina's research is concerned with investment management, behavioral finance, empirical asset pricing, and real estate.

Professor Scherbina teaches Investments, Corporate Finance, and Real Estate and Behavioral Valuation.

Expertise

Asset Pricing, Behavioral Finance, Real Estate, Cybersecurity

Awards and Honors

  • Best Teacher Award (2019)
  • Jack Treynor Prize (2018)
  • Research Grant from the Institute for Quantitative Research in Finance (The Q Group) (2013)

Scholarship

  • Scherbina, Anna. "Assessing the Optimality of a COVID Lockdown in the United States." Economics of Disasters and Climate Change (2021). (forthcoming)

  • Scherbina, Anna. "Could the United States Benefit from a Lockdown? A Cost-Benefit Analysis." Covid Economics 65. (2021): 78-107.

  • Scherbina, Anna. "Would the United States Benefit from a COVID Lockdown: Reassessing the Situation." 2021.

  • Scherbina, Anna. "Determining the Optimal Duration of the COVID-19 Suppression Policy: A Cost-Benefit Analysis." 2020.

  • Scherbina, Anna. "Follow the Leader: Using the Stock Market to Uncover Information Flows Between Firms." Review of Finance 24. 1 (2020): 189-225.

  • Scherbina, Anna, Bernd Schlusche. "Economic Linkages Inferred from News Stories and the Predictability of Stock Returns." 2020.

  • Scherbina, Anna, Brad Barber, Bernd Schlusche. "Performance Isn't Everything: Personal Characteristics and Career Outcomes of Mutual Fund Managers." 2021.

  • Scherbina, Anna. "Unusual News Flow and the Cross-Section of Stock Returns." Management Science (2018).

  • Scherbina, Anna, Bernd Schlusche. "Asset Price Bubbles: A Survey." Quantitative Finance (2014).

  • Scherbina, Anna, Andreas Neuhierl and Bernd Schlusche. "Market Reaction to Corporate Press Releases." Journal of Financial and Quantitative Analysis (2013).

  • Scherbina, Anna, Tom Nicholas. "Real Estate Prices During the Roaring Twenties and the Great Depression." Real Estate Economics (2013).

  • Scherbina, Anna. "Asset Price Bubbles: A Selective Survey." IMF Staff Papers (2013).

  • Scherbina, Anna, Bernd Schlusche. "Asset Price Bubbles: An Application to Residential Real Estate." European Financial Management (2012).

  • Scherbina, Anna. "Inheriting Losers." Review of Financial Studies (2011).

  • Scherbina, Anna, Ronnie Sadka. "Mispricing and Costly Arbitrage." Journal of Investment Management (2009).

  • Scherbina, Anna. "Suppressed Negative Information and Future Underperformance." Review of Finance (2008).

  • Scherbina, Anna, Ronnie Sadka. "Analyst Disagreement, Mispricing and Liquidity." Journal of Finance (2007).

  • Scherbina, Anna, Karl Diether, Chris Malloy. "Differences of Opinion and the Cross-Section of Stock Returns." Journal of Finance (2002).

  • Scherbina, Anna, Ravi Jagannathan, Ellen McGrattan. "The Declining U.S. Equity Premium." Quarterly Review (2000).

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