Kent Daniel

Kent Daniel is a professor at Columbia Business School who has contributed influential research on momentum in equities, investor overconfidence, and factor timing. His paper "Overconfidence, Arbitrage, and Equilibrium Asset Pricing" examined how overconfident investors create momentum and mean-reversion patterns in stock prices. He previously worked at Goldman Sachs in quantitative research. Daniel has also contributed to research on factor timing and how investors should allocate across factor strategies. His work bridges academic behavioral finance and quantitative investment practice. His research on the short-side momentum anomaly — examining why stocks with poor past performance continue to underperform — has been particularly influential in helping practitioners understand the asymmetric nature of the momentum effect and the limits of arbitrage that allow it to persist in equilibrium.