Peter Norman Sørensen Professor of Finance Department of Economics University of Copenhagen Øster Farimagsgade 5, Building 26 DK-1353 Copenhagen K Denmark Tel. +45 3532 3056 Email peter.sorensen@econ.ku.dk

• CV and Research Papers
• Teaching

CV and Research Papers

Brief CV

• Professor of Finance, Department of Economics, University of Copenhagen, 2006-present.
• Associate Professor, Department of Economics, University of Copenhagen, 1999-2006.
• Assistant Professor, Department of Economics, University of Copenhagen, 1998-1999.
• Prize Research Fellow at Nuffield College, Oxford, 1995-1997.
• PhD in Economics, Massachusetts Institute of Technology, 1996. Dissertation on Rational Social Learning.
• MSc (cand. scient. oecon.) in Mathematics and Economics, University of Copenhagen, 1992.

Publications

• Pathological Outcomes of Observational Learning, with Lones Smith: pdf (437 kB), postscript (468 kB). Published in Econometrica volume 68(2), March 2000, 371-398.
• Herd Behavior and Investment: Comment, with Marco Ottaviani: pdf (155 kB), postscript (174 kB). Published in the American Economic Review volume 90(3), June 2000, 695-704.
• Information Aggregation in Debate, with Marco Ottaviani: pdf (239 kB), postscript (315 kB). Published in the Journal of Public Economics volume 81(3), September 2001, 393-421.
• Professional Advice, with Marco Ottaviani: pdf (308 kB). Published in the Journal of Economic Theory, volume 126(1), January 2006, 120-142.
• Reputational Cheap Talk, with Marco Ottaviani: pdf (354 kB). Published in the Rand Journal of Economics, volume 37(1), Spring 2006, 155-175. [Click here for supplementary material on deviation incentives, interim evaluation, and mixed incentives contained in earlier drafts.]
• The Strategy of Professional Forecasting, with Marco Ottaviani: pdf (396 kB). Published in the Journal of Financial Economics, volume 81(2), August 2006, 441-466.
• Simple Utility Functions with Giffen Demand: pdf (123 kB). Published as Exposita Note in Economic Theory, volume 31(2), May 2007, 367-370. The original publication is available at www.springerlink.com.
• Outcome Manipulation in Corporate Prediction Markets, with Marco Ottaviani: pdf (147 kB). Published in the Journal of the European Economic Association, volume 5(2-3), April-May 2007, 554-563.
• The Favorite-Longshot Bias: An Overview of the Main Explanations, with Marco Ottaviani: pdf (232 kB). Published in Handbook of Sports and Lottery Markets, edited by Donald B. Hausch and William T. Ziemba, North-Holland, Amsterdam, 2008, pages 83-101.
• Surprised by the Parimutuel Odds?, with Marco Ottaviani: pdf (112 kB). Published in the American Economic Review, volume 99(5), December 2009, 2129-2134.
• Noise, Information and the Favorite-Longshot Bias in Parimutuel Predictions, with Marco Ottaviani: pdf (277 kB). Published in the American Economic Journal: Microeconomics, volume 2(1), February 2010, 58-85. Also reviewed in NAJ Economics, 11:3.
• Idea Markets as an Evaluation Tool: Between Beauty Contests and Prediction Markets, with Ivan Marinovic and Marco Ottaviani: pdf (159 kB). Published in Prediction Markets: Theory and Applications, edited by Leighton Vaughan Williams, Routledge, 2011, pages 4-17.
• Giffen Demand for Several Goods, pdf (121 kB). Published in New Insights into the Theory of Giffen Goods, edited by Wim Heijman and Pierre von Mouche, Springer, 2011, pages 97-104.
• Observational Learning, with Lones Smith: pdf (97 kB). Published in the New Palgrave Dictionary of Economics Online, edited by Steven N. Durlauf and Lawrence E. Blume, Palgrave Macmillan.
• The Intraday Effects of Central Bank Intervention on Exchange Rate Spreads, with Rasmus Fatum and Jesper Pedersen: pdf (300 kB). Published in the Journal of International Money and Finance, volume 33, March 2013, 103-117.
• Forecasters' Objectives and Strategies, with Ivan Marinovic and Marco Ottaviani: pdf (435 kB). Published in Handbook of Economic Forecasting, Vol 2B, 1st Edition, edited by Graham Elliott and Allan Timmerman, North-Holland, 2013, pages 689-720.
• Accept or Reject? An Organizational Perspective, with Umberto Garfagnini and Marco Ottaviani: pdf (318 kB). Published in the International Journal of Industrial Organization, volume 34, May 2014, 66-74.
• Price Reaction to Information with Heterogeneous Beliefs and Wealth Effects: Underreaction, Momentum, and Reversal, with Marco Ottaviani: pdf (312 kB). Published in the American Economic Review, volume 105(1), January 2015, 1-34.
• Persuasion Bias in Science: Can Economics Help?, with Alfredo Di Tillio and Marco Ottaviani: pdf (1410 kB). Published in the Economic Journal, volume 127(605), October 2017, F266-F304.
• Strategic Sample Selection, with Alfredo Di Tillio and Marco Ottaviani: pdf (424 kB). Published in Econometrica, volume 89(2), March 2021, 911-953.
• Informational Herding, Optimal Experimentation, and Contrarianism, with Lones Smith and Jianrong Tian: pdf (640 kB). Published in the Review of Economic Studies, volume 88(5), October 2021, 2527–2554.
• Testing For Salience Effects in Choices under Risk, with Carsten Nielsen and Alexander Sebald: pdf (854 kB). Forthcoming in the Review of Economics and Statistics, early access March 15 2023.

Publication in Danish

• Nobelprisen i økonomi 2016: Oliver Hart og Bengt Holmström: pdf (73 kB). Published in Finans/Invest, volume 2016(6), December 2016, 25-27.

Working Papers

• Herding with an Observation Lag, joint with Julia Salmi, April 2023.
• Private Equity Acquisitions and Strategic Buyers: Information Discounts versus Synergies, joint with Christian Riis Flor, updated August 2021.
• The Timing of Parimutuel Bets, joint with Marco Ottaviani, updated May 2006.
• Parimutuel versus Fixed-Odds Markets, joint with Marco Ottaviani, draft April 2005.

If you are looking for other working papers, please email me.

Professional

• I am director of the Finance Research Unit (FRU).
• I am a member of the Microeconomic Research Unit (MRU).
• I am a research member of the project "On the Economics of Salience," led by Antonella Ianni.
• I was a member of the Center for Financial Frictions (FRIC).
• I am a member of the Center for Information and Bubble Studies (CIBS).
• I am a member of the Center for Blockchains and Electronic Markets.
• I am a board member and research fellow in the Danish Finance Institute.
• I am a fellow in the European Economic Association. I was on the local organizing committee for its 2021 congress joint with the Econometric Society. Previously, I served on its council 2016-2020, on its standing committee on teaching 2011-2017, and on its investment committee 2016-2023.
• I am a member of council in the Independent Research Fund Denmark | Social Sciences.
• I am in the steering committee of the Danish Research Data for the Social Sciences (DRDS).
• I am an associate editor of The Journal of Mathematical Economics.
• I was a co-editor of The Scandinavian Journal of Economics, 2014-2016. I am now an associate editor and board member.
• I was a co-editor of Economica, 2008-2013.
• I was an associate editor of Macroeconomic Dynamics, 1996-2013.
• I headed a Danish committee on equal terms of competition between banks and mortgage-credit institutions, 2014-2018.
• I was an expert member of the Danish business appeals board, Erhvervsankenævnet, 2013-2017.
• In 2018, I was knighted (Dannebrogsordenen).
• I received a 2012 EliteForsk researcher prize from the Danish Ministry of Science, Innovation and Higher Education.
• I received the 2011 Finance researcher prize from the Nykredit Foundation.
• I received a 2021 referee prize from the Economic Journal.
• I received a 2009 Excellence in Refereeing Award from the American Economic Review.
• I was the host for Niels Bohr professor Morten Bennedsen and grant holder for the project "The Impact of Family Assets on Corporate Structures and Outcomes," 2017-2022.
• I held a Sapere Aude grant from the Danish Social Science Research Council to study "The Taxation of Transactions in Imperfect Financial Markets" during the period 2015-2022.
• I was a research member of the project "Identifying the Role of Private Equity Firms in Creating Value," led by Christian Riis Flor.
• I was a research member of the project "Biased attention and economic decision-making," led by Alexander Sebald.
• I was a senior researcher on the ERC funded project "EVALIDEA-Designing Institutions to Evaluate Ideas," led by principal investigator Marco Ottaviani, 2012-2017.
• I held a grant from the Danish Social Science Research Council to study Asset Market Design during the period 2010-2012.
• I held a grant from the Danish Social Science Research Council to study Prices and Probabilities in Prediction Markets during the period 2007-2010.
• I co-organized a symposium on Financial Stability and Future Financial Regulation, on December 13, 2010.
• I organized a research workshop on financial transaction taxes on November 17-18, 2021. Download the program.
• I organized a research workshop on prediction markets on December 17-18, 2008. Download the program.
• I organized a Workshop on Informational Herding Behavior on September 16-18, 2005.
• I was deputy head of department in the Department of Economics from 2015 to 2019.
• I directed our PhD Program in Economics from 2008 to 2010.
• Towards the end of its funded period, I was heading the Dynamic Economic Theory network.
• I was a member of the Danish Center for Accounting and Finance (D-CAF).

Teaching

Fall 2023

I lecture in the Financial Decision Making course for the Econ students.

Other teaching

• I have frequently lectured in the Corporate Finance and Incentives course for the Econ students. This has mutated into the course Financial Decision Making.
• Since 2022, I am lecturing in the fourth-year Micro 3: Corporate Finance for the math-econ students.
• I have also frequently lectured in the fourth-year Corporate Finance Theory course for the Econ students. In the Spring 2008, this was offered in a version for Math-Econ students.
• I have also frequently lectured in the fourth-year Financial Markets course for the Econ students. In the Spring 2001, this was offered in a version for Math-Econ students, Strategic Trading in Financial Markets.
• Fall 2017: I supervised a seminar in Advanced Finance.
• Fall 2014: I supervised a seminar on Financial Market Microstructure.
• Spring 2011: I supervised a seminar on Advanced Corporate Finance Theory.
• Fall 2010: I lectured on Corporate Governance for our master's students in International Law, Economics and Management. In the Spring 2012, I also provided supervision in the Corporate Governance course for the Econ students.
• Since 2007, I have contributed lectures and supervision to the fourth-year course on Private Equity for both econ and law students.
• Spring 2003: For the Math-Econ programme I offered an advanced course on Games and Information.
• Earlier, I have taught several rounds of a third-year course in Microeconomics for the Econ students.
• I have also taught several rounds of a second-year course in Microeconomics for the Math-Econ students.
• I have also run further seminars on Information and Incentives, on Financial Markets, on Advanced Corporate Finance Theory, and on Finance in general.
• Fall 2004: The third-year course on Dynamical Economics for the Math-Econ students.
• Spring 2000: The micro half of the first-year Economics 1 course for our Math-Econ students.
• 1995-1997: In Oxford, I taught a topics course in Game Theory. Here is the 1997 game theory reading list in postscript format (101kB).