Faculty Directory

Professor of Finance and Business Economics

Michael G. Foster Endowed Professor

Education

PhD Columbia University (2006)

MPhil Columbia University (2002)

BSc University of Bayreuth (1995)

Academic Expertise

Industries

Current Research

Culture, biology, and finance

Political risk and asset prices

Positions Held

At the University of Washington since 2005

CESifo Research Network Fellow, CESifo, since 2018

Associate Editor, Journal of Banking and Finance, since 2015

Arizona State University, 2011-2012

GCI Management, Munich, Germany, 1996-1999

Selected Publications

1. “Personal Communication in an Automated World: Evidence from Loan Repayments“

   Journal Article:Laudenbach, C., & Siegel, S., (2025). The Journal of Finance, Vol. 80(1), pp. 515-559.
2. “Do Equity Markets Care About Income Inequality? Evidence from Pay Ratio Disclosure“

   Journal Article:Pan, Y., Pikulina, E., Siegel, S., and Wang, T., (forthcoming). Journal of Finance,
3. “The Cultural Origin of CEOs’ Attitudes toward Uncertainty: Evidence from Corporate Acquisitions“

   Journal Article:Pan, Y., Siegel, S., Wang, T., (2020). The Review of Financial Studies, Vol. 33(7), pp. 2977-3030.
4. “Are CEOs More Likely to Be First-Borns?“

   Journal Article:Siegel, S., Custodio, C., (2020). PlosOne,
5. “Effects of Demonetization: Evidence from 28 Slum Neighborhoods in Mumbai“

   Journal Article:Krishnan, D., Siegel, S., (2017). Economic & Political Weekly, Vol. 52(3),
6. “The Fetal Origins Hypothesis in Finance: Prenatal Environment, the Gender Gap, and Financial Risk Taking“

   Journal Article:Cronqvist, H., Previtero, A., Siegel, S., White, R., (2016). Review of Financial Studies,, Vol. 29(3), pp. 739-786.
7. “Corporate Risk Culture“

   Journal Article:Pan, Y., Siegel, S. & Wang, T., (2016). Journal of Financial and Quantitative Analysis,
8. “Value versus Growth Investing: Why Do Different Investors Have Different Styles?“

   Journal Article:Cronqvist, H., Siegel, S., Yu, F., (2015). Journal of Financial Economics, Vol. 117(2), pp. 333-349.
9. “The Origins of Savings Behavior“

   Journal Article:Cronqvist, H., & Siegel, S., (2015). Journal of Political Economy, Vol. 123(1), pp. 123-169.
10. “Genetics, Homeownership, and Home Location Choice“

    Journal Article:Cronqvist, H., Muenkel, F., & Siegel, S., (2014). Journal of Real Estate Finance and Economics, Vol. 48(1), pp. 79-111.
11. “Political Risk Spreads“

    Journal Article:Bekaert, G., Harvey, C., Lundblad, C., & Siegel, S., (2014). Journal of International Business Studies, Vol. 45(4), pp. 471-493.
12. “The Genetics of Investment Biases“

    Journal Article:Cronqvist, H., & Siegel, S., (2014). Journal of Financial Economics, Vol. 113(2), pp. 215-234.
13. “Daily Data is Bad for Beta: Opacity and Frequency-Dependent Betas“

    Journal Article:Gilbert, T., Hrdlicka, C., Kalodimos, J., & Siegel, S., (2014). Review of Asset Pricing Studies, Vol. 4(1), pp. 78-117.
14. “The European Union, the Euro, and Equity Market Integration“

    Journal Article:Bekaert, G., Harvey, C., Lundblad, C., & Siegel, S., (2013). Journal of Financial Economics, Vol. 109(3), pp. 583-603.
15. “Trust and Credit: The Role of Appearance in Peer-to-Peer Lending“

    Journal Article:Duarte, J., Siegel, S., & Young, L., (2012). The Review of Financial Studies, Vol. 25(8), pp. 2455-2484.
16. “What Segments Equity Markets?“

    Journal Article:Bekaert, G., Harvey, C., Lundblad, C., & Siegel, S., (2011). The Review of Financial Studies, Vol. 24(12), pp. 3841-3890.

Selected Publications

99008

Honors and Awards

MBA Professor of the Quarter, Foster School of Business, Winter 2019

Lex N. Gamble Family Award for Excellence in Case Development & Curriculum Innovation, June 2019

CICF Best Paper Award, Xiamen, 2016

Andrew V. Smith Award for Excellence in Research, Foster School of Business, University of Washington, June 2015

Dean's Leadership Award, Foster School of Business, University of Washington, June 2015

PhD Program Mentoring Award, Foster School of Business, University of Washington, May 2015

MBA Elective Professor of the Quarter, Spring 2009, 2013

Undergraduate Faculty of the Year for Finance and Business Economics, 2012-2013

American Real Estate Society, ARES Manuscript prize Winner, 2012

Faculty Research Award, Elliott Initiative, University of Michigan-Dearborn, 2011

Best Paper Award, Rothschild Caesarea Center 7th Annual Academic Conference, Tel Aviv, 2010

Yihong Xia Best Paper Award, CICF, Beijing, 2010

Best Paper in Investments, FMA, New York, 2010

Doctoral fellowship, Columbia University, Graduate School of Business, 1999-2004

Award for outstanding academic achievement, University of Bayreuth, 1995

Merit-based scholarship from the Friedrich-Naumann Foundation, Germany, 1993-1995