Yosef Bonaparte
Associate Professor • Center Director
Finance • JP Morgan Center for Commodities

BUSB 6106

Yosef Bonaparte, PhD, graduated from the University of Texas at Austin in 2008 with his dissertation "Essays in Dynamic Household Finance with Heterogeneous Agents." His main research interest is in portfolio choice and asset pricing. In particular, he examines how political climate and political affiliation influence portfolio choice and the stock market in general. One of his asset pricing papers is forthcoming at top Economics and Finance Journal, Journal of Monetary Economics, and one behavioral finance article is forthcoming at Journal of Financial Economics. His work also was cited in the top media outlets in the world like the Wall Street Journal, The New York Times, ABC, CNBC, MarketWatch, and at a top Israeli cable program.

Currently, Bonaparte examines how sexual orientation influences portfolio choice, and finds that gay men exhibit a different portfolio choice decision. Furthermore, one of his working papers show that female, African American, and other disadvantage groups perceive greater financial risk than the actual risk. In addition, his work utilizes dynamic programing models to estimate key macroeconomics parameters, such as the risk aversion and the discount factor.

Education

PhD Economics, University of Texas at Austin

MA Economics and Mathematics, University of Texas at Austin

MA Economics, Haifa University and the Technion, Israel Institute of Technology

BA Economics, Haifa University and the Technion, Israel Institute of Technology

Areas of expertise

Behavioral Finance

Asset Pricing

Financial Economics

Econometrics

Oil and Energy Commodity

Publications and presentations

A flexible approach to estimate the equity premium (with Frank Fabozzi), Applied Economics, Volume 49, Issue 59, December 2017, Pages 5940-5950.

Estimating the elasticity of intertemporal substitution accounting for stockholder-specific portfolios (with Frank Fabozzi), Journal of Applied Economic Letters, Volume 24, Issue 13, July 2017, Pages 923-927.

Political Climate, Optimism, and Investment Decisions (with Alok Kumar and Jeremy Page), Journal of Financial Markets, Volume 34, June 2017, Pages 69-94.

Discrimination, Social Risk, and Portfolio Choice (with William Bazley, George Korniotis, and Alok Kumar), 7th Miami Behavioral Finance Conference 2016, November 2016.

Income Hedging and Portfolio Decisions(with Alok Kumar and George Korniotis), Journal of Financial Economics, Volume 113, Issue 2 , August 2014, Pages 300-324.

Political Activism, Information Costs, and Stock Market Participation (with Alok Kumar), Journal of Financial Economics, Volume 107, Issue 3, March 2013, Pages 760-786.

Consumption Smoothing and Portfolio Rebalancing: The Effects of Adjustment Costs (with Russell Cooper and Guozhong Zhu), Journal of Monetary Economics, Volume 59, Issue 8, December 2012, Pages 751-768.

Is Food Consumption a Good Proxy for Nondurable Consumption? (with Frank Fabozzi). Economics Letters, Volume 111, Issue 2, May 2011, Pages 110-112.

Household Search Choice: Theory and Evidence (with Frank Fabozzi). Applied Economics, Volume 43, Issue 26, October 2011, Pages 3835-3847.

Explaining Production Inefficiency in China's Agriculture using Data Envelopment Analysis and Semi-Parametric Bootstrapping (with Zhuo Chen and Daniel Monchuk). China Economic Review, Volume 21, November 2010, Pages 346-354.

Savings Selectivity Bias, Subjective Expectations, and Stock Market Participation (with Frank Fabozzi). Applied Financial Economics, Volume 21, Issue 3, February 2011, Pages 119-130.

Working Papers
Discrimination, Social Risk, and Portfolio Choice (with Alok Kumar and George Korniotis)

Portfolio Choice and Asset Pricing with Investor Entry and Exit (with Alok Kumar and George Korniotis)

“Yes We Can” Invest: The Effect of President Obama on Portfolio Choice (with George Korniotis)

President Life Cycle and Stock Market Outcomes

CEO Turnover and Political Repositioning

When Bad is Good and Good is Bad

Government Certainty Index and Stock Market Outcomes

Costly Portfolio Adjustment (with Russell Cooper). NBER WP 15227

Rationalizing Trading Frequency and Returns (with Russell Cooper). NBER WP 16022

Work in Progress

Political News and Volatility of Stock Prices (with Sheridan Titman)

U.S. Presidents and the Stock Market: The Good, the Bad, and the Useless.

Media

MarketWatch, The hidden way Trump and Clinton may sabotage your investments (September, 28th, 2016)

Wall Street Journal, The hidden way our politics skews our investing choices (August, 7th, 2016)

MarketWatch, ‘Trump rally’ in stocks shows how political bias leads investors astray (July, 18th, 2016)

ABC 7NEWS, Chinese stocks drop again after record plunge (August, 24th, 2015)

Channel 2: Israel, Top 1% and economic growth- forthcoming (November, 2014)

New York Times, When a Portfolio Is Red or Blue (January 31, 2010)

CNBC Financial News, How to Invest Like a Rich Man? (March 15, 2007)

Awards

Winner of a 2015 Petri Grant, July 2015

Affiliations

Keynote speaker at the 2016 Investment Officer's Roundtable (November 10th, 2016)

Raised $250,000 for the Portfolio Management Group

Keynote speaker at the 2016 RIMS educational forum (September 22nd, 2016)

Member of the 2016 FMA Program Committee

Founder of the NYC career trek, April 4th – 7th , 2016

Founder of student Investment Group at University of Colorado at Denver, 2014 – present