ALEX R. HORENSTEIN
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associate Professor of Economics
​Director of undergraduate studies

Miami herbert BUSINESS school

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Color pencil portrait by Federico Uribe

CV

Publications:

​Asset Pricing/Financial Econometrics
  • "Common Factors in Equity Option Returns," Accepted at Review of Financial Studies (with Aurelio Vasquez and Xiao Xiao)  - Working Paper Version
  • "Non-Standard Errors," Journal of Finance, 2024 ​(crowd-sourced project with 342 co-authors from 34 countries and 207 institutions) - Working Paper Version
  • "The Unintended Impact of Academic Research on Asset Returns: The CAPM Alpha​," Management Science, 2021 - Published Version - Working Paper Version
  • "Understanding Growth Patterns in US Health Care Expenditures," Journal of the European Economic Association, 2019 (with Manuel Santos) - Published Version - Working Paper Version
  • "Beta Matrix and Common Factors in Stock Returns," Journal of Financial and Quantitative Analysis, 2018 (with Seung C. Ahn and Na Wang) - Published Version - Working Paper Version
  • "Eigenvalue Ratio Test for the Number of Factors," Econometrica, 2013 (with Seung C. Ahn) - Published Version - Working Paper Version
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Experimental and Behavioral Economics
  • "Understanding Dynamic Interactions," Games and Economic Behavior ,2025 (with Konrad Grabiszewski)​​ - Published Version - Working Paper Version
  • "Unraveling the Peltzman Effect: The Significance of Agent’s Type," The Review of Law and Economics, 2024 (with Konrad Grabiszewski) - Published Version - Working Paper Version
  • "Profiling Dynamic Decision-Makers," PLOS ONE, 2022 (with Konrad Grabiszewski) - Published Version - Working Paper Version
  • "Measuring Tree Complexity with Response Times," Journal of Behavioral and Experimental Economics, 2022 (with Konrad Grabiszewski)​ - Published Version - Working Paper Version
  • "Effort is not a Monotonic Function of Skills: Results from a Global Mobile Experiment," Journal of Economic Behavior & Organization, 2020 (with Konrad Grabiszewski) - Published Version - Working Paper Version

Other Publications:
  • "Portfolio Choice in Mexico," ​Journal of Behavioral and Experimental Finance, 2017 (with Avichai Snir)​ - Published Version - Working Paper Version - Summary Version (Spanish)​
  • "Out-of-town Buyers, Mispricing and the Availability Heuristic in a Housing Market," Real Estate Finance, 2017 (with Daniel Osgood and Avichai Snir) - Published Version
  • ​"Parcel Size and Land Value: A Comparison of Approaches," Journal of Real Estate Research, 2015 (with Karl Guntermann, Federico Nardari and Garreth Thomas) - Published Version - Working Paper Version​
Working Papers:​​
  • Market Betas in Multi-factor Models  (with Seung C. Ahn) - Supplemental Material​​ - revision requested at Journal of Financial and Quantitative Analysis
  • Leverage and Performance Metrics in Asset Pricing - old version - [new version coming soon]​​​ ​

Confererences about latin american economics

Ciclo de Seminarios Sobre Desafíos Económicos con Foco en Argentina
(co-organized with the 
School of International and Public Affairs (SIPA)  at Columbia University)
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Video from April 11th 2025
Moderator: Alejandro Werner
Presenters: Carola Pessino and Gustavo Cañonero
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Video from January 25th 2025
Moderator: Sebastián Galiani
Presenters: Juan Pablo Nicolini and Luciano 
Laspina
Video from November 22nd 2024
Moderator: Guillermo Calvo
Presenters: Ernesto Talvi and Pablo Guidotti

BRAZIL: Macroeconomic Stability, Climate Change, and Social Progress (March 2025)
​Sponsored by XP Private Bank

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Videos:
Session 1: Conference Introduction by Dean Pavlou (Miami Herbert Business School) and Keynote address by Tatiana Schor (Inter-American Development Bank) and Keynote address by José Scheinkman (Columbia University)
Session 2: Keynote address by Aloisio Araujo (FGV) and Economic Growth Panel with Paulo Leme (XP Securities and MHBS), Marcos Chiliatto Leite (World Bank), Caio Megale (XP Securities), Alberto Ramos (Goldman Sachs), and Carlos Viana de Carvalho (PUC-Rio)
Session 3: Keynote address by Roberto Campos Neto (former President, Central Bank of Brazil) and Keynote address by Leonardo Bursztyn (University of Chicago)
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Session 4:  Social Policies and Institutions Panel with Bruno Ferman (FGV), Claudio Ferraz (Vancouver School of Economics), Sérgio Firpo (Ministry of Planning and Budget - Brazil), William Maloney (World Bank), Naércio Menezes Filho (USP)

MEXICO: Addressing Economic Challenges (October 2024)
​(co-organized with the Georgetown Americas Insitute)
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Videos:
Session 1: Conference Introduction by Dean Paul Pavlou (Miami Herbert Business School) and Keynote address by Esteban Rossi-Hansberg (University of Chicago), Mexico and the Global Response to Climate Change.
Session 2: Panel on Social Policies and Institutions by Felicia Knaul (University of Miami), Nora Lustig (Georgetown Americas Institute), Miguel Szekely (Szekely Consultants ), and Enrique Seira (Michigan State University)
Session 3: Keynote address by Laura Alfaro (Harvard University), Nearshoring in the Americas.
Session 4: Panel on Energy by Luis Mañas (Arbitrage Capital, Madrid) and Montse Ramiro (Former Commissioner-CRE)
Session 5: Panel on Macroeconomics by Ana Aguilar (BIS), Alejandro Werner (Georgetown Americas Institute), Gerardo Esquivel (El Colegio de Mexico), and Miguel Messmacher (ITAM)


Argentina in Transition (February 2024)
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Videos:
Speaker 1: Alejandro Werner (Georgetown Americas Institute)
Speaker 2: Fernando Alvarez (University of Chicago)
Speaker 3: Martin Uribe (Columbia University)
Speaker 4: Ivan Warning (MIT)
Speaker 5: Sebatian Galiani (University of Maryland)
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Speaker 6: Federico Sturzenegger (Ministry of Deregulation and State Transformation of Argentina, Professor at UdeSA)

Mobile Experiments (with Konrad Grabiszewski)​
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(with Konrad Grabiszewski and Diogo Aguiar Gomes)​

Alex R. Horenstein
Associate Professor
Department of Economics
University of Miami
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