We are Tilburg University

We are Tilburg University


Dr. Cassella's research is in empirical asset pricing. His primary focus is on the impact of behavioral biases in financial markets. He is also interested in the implications of financial intermediation, asset management delegation, and regulation for asset prices and corporate policies.


Dr. Cassella joined Tilburg University as an Assistant Professor in 2017. His expertise is in the field of behavioral finance, where he studies how investors form expectations about future uncertain outcomes. He is interested in assessing empirically whether investor expectations are driven by cognitive biases or motivated cognition, and he aims at quantifying the extent to which such biases impact investors’ attainment of key savings objectives, and the efficiency of financial markets. His work on return extrapolation has been published in the Review of Financial Studies, it has been awarded the Q-Group's Jack Treynor prize for superior academic work, and has been accepted at major conferences such as the European Finance Association (2016, 2018), and the Western Finance Association (2019) . Dr. Cassella also studies how regulation affects corporations. His work on shareholder litigation received the Best Conference paper award by the 27th Finance Forum.


Recent publications

  1. Extrapolation bias and the predictability of stock returns by price-s…

    Cassella, S., & Gulen, H. (2018). Extrapolation bias and the predictability of stock returns by price-scaled variables. The Review of Financial Studies, 31(11), 4345-4397.

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