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Professor Tano Santos is the head of research for the Heilbrunn Center. The Heilbrunn Center for Graham & Dodd Investing engages in rigorous analysis to identify anomalies in asset pricing.

Research is focused at the intersection of microeconomics and behavioral finance. Select research papers are available for review online. Other works may be viewed with permission of the center.

Valuing Research

The "Valuing Research" series includes summaries of recent academic papers with both theoretical and practical implications for the greater value investing community.


Piotroski, Joseph D., and Eric C. So., 2012, Identifying expectation errors in value/glamour strategies: A fundamental analysis approach, Review of Financial Studies 25, 2841-2875.

 Download the Summary (PDF, 324 KB)

Asness, Clifford S., Tobias J. Moskowitz, and Lasse Heje Pedersen, 2013, Value and momentum everywhere, Journal of Finance 68, 929-985.

 Download the Summary (PDF, 189 KB)

Cohen, Lauren, and Dong Lou, 2012, Complicated firms, Journal of Financial Economics 104, 383-400.

 Download the Summary (PDF, 145 KB)

Cohen, Lauren, Karl Diether, and Christopher Malloy, 2013, Misvaluing innovation,     Review of Financial Studies 25, 2841-2875.

 Download the Summary (PDF, 231 KB)

Novy-Marx, Robert, 2013, The other side of value: The gross profitability premium, Journal of Financial Economics 108, 1-285.

 Download the Summary (PDF, 264 KB)

Cohen, Lauren, and Andrea Frazzini, 2008, Economic links and predictable returns, Journal of Finance 63, 1977-2011.

 Download the Summary (PDF, 262 KB)

DellaVigna, Stefano, and Joshua M. Pollet, 2007, Demographics and Industry Returns, American Economic Review 97(5), 1667-1702.

 Download the Summary (PDF, 225 KB)

Franzzini, Andrea, David Kabiller, and Lasse Heje Pedersen, 2013, Buffett's Alpha, New York University  working paper.

 Download the Summary (PDF, 64 KB)



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Heilbrunn Director Bruce Greenwald presents at Bayern LB in Munich, Germany, in 2008.

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