Professor Pirinsky is a Professor at the Department of Finance in the UCF College of Business and Director of the FinTech Program. Prior to joining the department, he was a Financial Economist at the U.S. Securities and Exchange Commission in Washington, DC. In addition to his regulatory work, he was a full-time faculty member at major academic institutions, such as Texas A&M University, Rutgers University and George Washington University.
Professor Pirinsky’s research interests are in the areas of Corporate Finance, Behavioral Finance and Economics and Data Analytics applications for Financial Decision Making. One part of his research explores how cultural norms affect the structure of economic contracts, the formation of organizational culture and corporate policy more broadly. Another part of his research studies the implications of economics institutions and technology for financial development. Professor Pirinsky also has done extensive work on investment analysis, mergers and acquisitions, and corporate governance.
His research has been published in top-tier academic journals, including the Journal of Finance, Journal of Financial Economics, the Accounting Review, Research Policy, among others. Professor Pirinsky’s work has been presented at numerous conferences and seminars around the world and has been profiled in the media.
TOWARDS A THEORY OF CHOICE
A Theory of Dynamic Preference by Christo A. Pirinsky, Palgrave Macmillan 2026The book “A Theory of Dynamic Preferences” published by Palgrave Macmillan, a part of Springer Nature, develops a new dynamic framework for analyzing choice. In economics and decision sciences, choice is usually conceptualized with utilities, or the idea that people evaluate outcomes by comparing the expected levels of satisfaction they entail. Classical utility theory is incomplete in two directions. First, it is agnostic with respect to the origin of preferences. Second, it assumes that the utilities of all possible actions are known or automatically attached to individuals at birth. Inheriting complete information about every aspect of the environment is impossible. As a result, individuals need to explore the environment to learn the utilities (rewards) associated with different outcomes. Thus, individual choice among alternatives is embedded in a more fundamental choice of whether and what to explore.
The point of departure of the theory is that exploration cannot be incentivized within the existing utility structure. Consequently, living organisms have developed alternative mechanisms incentivizing exploration. One such mechanism is an innate propensity for exploration (PEX), which makes exploration intrinsically rewarding. Curiosity and boredom, evident in humans as well as animals, are emotions facilitating such rewards. An alternative approach for incentivizing exploration is the adoption of beliefs that introduce exploratory elements to everyday choices. Unlike PEX, this approach is flexible as people and societies can fine-tune their beliefs to achieve desired levels of exploration. Numerous behavioral patterns that appear irrational at first glance, such as biased perceptions, context-dependent choice, self-sabotage and even superstitions, could be rationalized as effective mechanisms guiding individual exploration.
By connecting psychology, economics, and decision science, the book provides a clear framework for understanding how preferences form, why they shift and how they can be realigned. This practical approach equips readers with tools to improve personal choices, enhance well-being and achieve long-term growth.
“Efficient Market Managers” with Vladimir Atanasov and Qinghai Wang, Quarterly Journal of Finance, 11, 2021, 2150009.
“Attitudes towards Non-compliance and the Demand for External Finance” with Robert Davidson, Journal of Financial and Quantitative Analysis, 54, 2019, 967–991
“How Do Acquirers Choose Between Mergers and Tender Offers?” with David Offenberg, Journal of Financial Economics, 116, 2015, 331-348
“Social Influence in the Housing Market” with Carrie Pan, Journal of Financial and Quantitative Analysis, 50, 2015, 757-779
“Confidence and Economic Attitudes,” Journal of Economic Behavior & Organization, 91, 2013, 139-158
“Market Segmentation and the Cost of Capital in a Domestic Market: Evidence from Municipal Bonds” with Qinghai Wang, Financial Management, 40, 2011, 455-481
“The Role of Underwriter-Investor Relationships in the IPO Process,” with Murat Binay and Vladimir Gatchev, Journal of Financial and Quantitative Analysis, 42, 2007, 785-810
“Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership,” with Jean Helwege, and Rene Stulz, Journal of Finance, 62, 2007, 995-1028; lead article
“Does Corporate Headquarters Location Matter for Stock Returns?” with Qinghai Wang, Journal of Finance, 61, 2006, 1991-2015
