# Professor and Vice Dean of the Undergraduate College Robert Whitelaw's joint research on stock market returns is cited

1 Faculty News February 1, 2019 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025700.jpg?itok=LSPbU2V1)>

Excerpt from [Financial Times](https://www.ft.com/content/c80a6f66-23d5-11e9-b329-c7e6ceb5ffdf?FTCamp=engage/CAPI/webapp/Channel_Moreover//B2B) -- "Of course, tail risk isn’t just about bad things. There is also a slim chance of huge returns on some stocks. But we know that investors pay too much for this. New York University’s [Robert Whitelaw](https://www.stern.nyu.edu/faculty/bio/robert-whitelaw) has shown that US investors pay too much for lottery-type stocks."

[Read more](https://www.ft.com/content/c80a6f66-23d5-11e9-b329-c7e6ceb5ffdf?FTCamp=engage/CAPI/webapp/Channel_Moreover//B2B)