Research on Markets, Behavior & Financial Systems
Academic work on investor behavior, valuation and the way complex financial systems process information, preserve knowledge and adapt.
Dr. Tiran Rothman’s research spans behavioral finance, investor reactions to information, valuation and complex financial systems. A recurring theme is the interaction between individual decision making and the institutional structures through which markets aggregate, retain and sometimes lose information.
Research agenda
The central research interest is not only whether individual investors display biases, but how those behaviors interact with market institutions, trading strategies and information environments. Markets are systems: the behavior of the whole cannot always be inferred from a list of individual biases.
This leads to questions about adaptation, memory and knowledge in financial systems. When market participants learn, what exactly is preserved? When strategies disappear, does the system lose knowledge? How do institutional rules and technological change alter the selection environment for trading and investment behavior?
Behavioral finance and investor reactions
Published work has examined investor behavior around pharmaceutical events, including FDA announcements and pharmaceutical IPOs. These settings are useful because they combine high uncertainty, salient information and potentially asymmetric outcomes — conditions in which behavioral responses can become especially visible.
Valuation and early-stage companies
Valuation is another research and professional theme. Early-stage and disruptive companies require analysts to work with limited history, uncertain commercialization paths and financing constraints. The 2020 Palgrave Macmillan book Valuations of Early-Stage Companies and Disruptive Technologies addresses these challenges and connects conventional valuation tools with the realities of young companies and technological uncertainty.
Current intellectual direction
A broader line of inquiry concerns the evolution of economic systems: how rules, institutions and strategies co-evolve, and when system-level change is better understood through an evolutionary lens. This work connects finance with philosophy of science and complex-systems thinking.
Selected publications
- Pharmaceutical Lottery Stocks: Investors’ Reaction to FDA Announcements — with Doron Kliger and Shabnam Mousavi.
- Determination of Behavioral Finance Patterns Affecting Investors’ Activity in Capital Markets.
- The Critical Impact of Firms’ Market Value on Investor Behavior Following Pharmaceutical IPOs — with Smadar Siev.
- Valuations of Early-Stage Companies and Disruptive Technologies — Palgrave Macmillan, 2020.
For a broader publication record and citation details, use the ResearchGate profile linked below.