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Finance PhD Specialization

General Information

Finance is the study of portfolio decisions of individual investors, investment and financing decisions by firms, and the implications of those decisions for the pricing of capital assets in the market place. Finance includes the study of corporate financial decisions, corporate control, the role and management of financial institutions, new venture financing, mutual funds and other investment vehicles, market microstructure, asset pricing and portfolio choice, international finance, and the behavior of interest rates and foreign exchange rates.

The Finance department at the Foster School has a long and distinguished record of excellence. It is the birthplace of the Capital Asset Pricing Model (CAPM), the Western Finance Association (WFA), and the Journal of Financial and Quantitative Analysis (JFQA). The finance department is the longtime home of the JFQA, widely regarded as one of the four leading journals in Finance. Our faculty serve as editors and associate editors at all four of the top journals in finance – at the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis – and at other leading finance journals.

The main objective of the finance PhD program is to produce outstanding researchers who can be placed in the world’s top academic finance departments. Our faculty are open to a large variety of research styles and methods. At the same time, we have a strong department identity, which stresses the joint application of equilibrium reasoning and empirical analysis to understanding financial economics. We have a very active seminar and summer visitor program which attracts leading academics to Seattle and provides many opportunities for interaction. Our heavy representation at top journals ensures that PhD students will be exposed to cutting edge research, and will have the opportunity to learn first-hand how leading journals evaluate papers submitted for publication.

Course work in the area of finance covers the basic tools, theory, and empirical evidence necessary to give students a solid foundation upon which to generate and disseminate new knowledge throughout their careers. Students regularly enter into research projects jointly with faculty in addition to the dissertation requirement. Students also obtain valuable teaching experience during their Ph.D. program of studies at the University of Washington.

Finance Department web site
Upcoming Finance Department seminars
Recent Finance PhD placements

Kevin K. Boeh

Senior Lecturer

Office: 470 PACCAR Hall
kboeh@uw.edu
Website

Expertise

Corporate Finance
Initial Public Offerings
Mergers And Acquisitions
Pensions
Venture Capital


Philip Bond

Professor of Finance and Business Economics

Edward E. Carlson Distinguished Professor in Business Administration

Office: 536 PACCAR Hall
Phone: 206-543-8737
Fax: 206-543-7472
apbond@uw.edu
Website

Expertise

Corporate Finance
Corporate Governance
Derivatives
Dividend And Payout Policy / Stock Splits
Economics
Financial Institutions / Banking
Financial Markets
Household Finance
Macroeconomics
Market Microstructure
Microeconomics
Monetary Policy
Regulation
Small Business Finance


William Bradford

Professor of Finance

Business and Economic Development Endowed Professor

Office: 411 PACCAR Hall
Phone: 206-543-4559
Fax: 206-543-7472
bradford@uw.edu

Expertise

Business Valuation
Corporate Finance
Corporate Governance
Dividend And Payout Policy / Stock Splits
Financial Institutions / Banking
Household Finance
Minority Business
Small Business Finance
Venture Capital


Ran Duchin

Professor of Finance

William A. Fowler Endowed Professor

Office: 573 PACCAR Hall
Phone: 206-543-4377
Fax: 206-543-7472
duchin@uw.edu
Website

Expertise

Behavioral Finance
Corporate Finance
Corporate Governance
Financial Institutions / Banking
Mergers And Acquisitions
Regulation


Peter Frost

Professor Emeritus of Finance and Business Economics

Office: 474 PACCAR Hall
Fax: 206-543-7472
pfrost@u.washington.edu


Thomas Gilbert

Associate Professor of Finance

Office: 413 PACCAR Hall
Phone: 206-616-7184
Fax: 206-543-7472
gilbertt@uw.edu
Website

Expertise

Asset Pricing
Business Valuation
Economics
Financial Markets
Growth Management
Investing
Managerial Economics
Public Finance
Regulation


Debra Glassman

Senior Lecturer of Business Economics

Office: 440 PACCAR Hall
Phone: 206-543-8738
Fax: 206-543-7472
dg2854@uw.edu

Expertise

Global Business
International Finance
Macroeconomics


Charles Haley

Professor Emeritus of Finance

Office: 474 PACCAR Hall
Fax: 206-543-7472
chiph@u.washington.edu


Jarrad Harford

Professor of Finance

Chair, Department of Finance and Business Economics

Paul Pigott-PACCAR Professor in Business Administration

Office: 571 PACCAR Hall
Phone: 206-543-4796
Fax: 206-543-7472
jarrad@uw.edu

Expertise

Business Valuation
Corporate Finance
Corporate Governance
Dividend And Payout Policy / Stock Splits
Mergers And Acquisitions
Private Equity


Alan Hess

Professor Emeritus of Finance and Business Economics

Office: 511 PACCAR Hall
Phone: 206-543-4579
Fax: 206-543-7472
hess@u.washington.edu

Expertise

Financial Markets
Risk Management


Robert Higgins

Professor Emeritus of Finance

Office: 577 PACCAR Hall
Phone: 206-543-4379
Fax: 206-543-7472
rhiggins@uw.edu

Expertise

Risk Management


Christopher Hrdlicka

Assistant Professor of Finance

Office: 424 PACCAR Hall
Phone: 206-616-0332
Fax: 206-543-7472
hrdlicka@uw.edu
Website

Expertise

Asset Pricing
Dividend And Payout Policy / Stock Splits
Economics
Financial Markets
Investing
Macroeconomics
Microeconomics
Public Finance
Regulation


Avraham Kamara

Professor of Finance

William W. Alberts Endowed Professor

Office: 526 PACCAR Hall
Phone: 206-543-0652
Fax: 206-543-7472
kamara@uw.edu

Expertise

Asset Pricing
Commodity Markets
Derivatives
Financial Markets
Risk Management


Jonathan M. Karpoff

Professor of Finance

Washington Mutual Endowed Chair in Innovation

Office: 563 PACCAR Hall
Phone: 206-685-4954
Fax: 206-543-7472
karpoff@uw.edu
Website

Expertise

Business Valuation
Corporate Finance
Corporate Governance


Jennifer Koski

Associate Professor of Finance

Kirby L. Cramer Endowed Chair in Finance

Office: 577 PACCAR Hall
Phone: 206-543-7975
Fax: 206-543-7472
jkoski@uw.edu
Website

Expertise

Business Valuation
Corporate Finance
Dividend And Payout Policy / Stock Splits


Diane (Renihan) Legg

Lecturer of Finance and Business Economics

Office: 262 Mackenzie Hall
Phone: 206-669-8129
drenihan@uw.edu

Expertise

Entrepreneurship
Financial Accounting
Financial Economics
Venture Capital


Photo of Alexis Leon

Alexis León

Lecturer of Finance and Business Economics

aleond@uw.edu


Susannah Malarkey

Susannah Malarkey

Lecturer of Finance and Business Economics

malars@uw.edu

Expertise

Investing


Paul Malatesta

Professor of Finance

Norman J. Metcalfe Professor in Finance

Office: 510 PACCAR Hall
Phone: 206-685-1987
Fax: 206-543-7472
phmalat@uw.edu

Expertise

Corporate Governance


Frances J. Maloy

Lecturer of Finance and Business Economics

Office: 560 PACCAR Hall
Phone: 206-616-3460
Fax: 206-543-7472
thanks@uw.edu

Expertise

Economics
Macroeconomics
Microeconomics
Public Finance


Marin Directory Image

Monica Marin

Lecturer of Finance and Business Economics

Office: 268 Mackenzie Hall
mstahl@uw.edu

Expertise

Corporate Finance
Derivatives
Financial Markets
Risk Management


Chris Parson's dir image

Christopher Parsons

Professor of Finance and Business Economics

Office: 587 PACCAR Hall
Phone: 206-685-7893
Fax: 206-543-7472
cap1975@uw.edu

Expertise

Behavioral Finance
Corporate Finance
Economics


Edward Rice

Associate Professor of Finance and Business Economics

Office: 569 PACCAR Hall
Phone: 206-543-4480
Fax: 206-543-7472
erice@u.washington.edu

Expertise

Corporate Finance
Corporate Governance
Dividend And Payout Policy / Stock Splits
Economics
Initial Public Offerings
Managerial Economics
Microeconomics
Regulation


Lawrence Schall

Professor Emeritus of Finance

Office: 201 Mackenzie Hall
lschall@uw.edu

Expertise

Business Valuation
Corporate Finance


Florian Schulz

Assistant Professor of Finance and Business Economics

Office: 427 PACCAR Hall
Phone: 206-543-6094
Fax: 206-543-7472
fschulz@uw.edu
Website

Expertise

Asset Pricing
Corporate Finance
Economics
Financial Institutions / Banking
Financial Markets
Investing
Regulation


Tracey Seslen

Senior Lecturer

Office: 564 PACCAR Hall
Phone: 206-616-8394
Fax: 206-543-7472
seslen@uw.edu

Expertise

Economics
Managerial Economics
Microeconomics


Andrew Siegel

Andrew Siegel

Professor of Finance and Business Economics

Professor of Information Systems and Operations Management

Grant I. Butterbaugh Professor

Office: 410 PACCAR Hall
Phone: 206-543-4476
Fax: 206-543-3968
asiegel@uw.edu

Expertise

Asset Pricing
Data Analytics
Data Mining
Derivatives
Financial Markets
Investing
Statistics


Stephan Siegel

Professor of Finance and Business Economics

Michael G. Foster Endowed Professor

Office: 430 PACCAR Hall
Phone: 206-543-0784
Fax: 206-543-7472
ss1110@uw.edu

Expertise

Asset Pricing
Behavioral Finance
Business Valuation
Household Finance
International Finance
Investing
Private Equity


Expertise

Asset Pricing
Financial Intermediation
Investing


Lea Stern

Léa Stern

Assistant Professor of Finance and Business Economics

Office: 429 PACCAR Hall
Phone: 206-543-5365
Fax: 206-543-7472
leastern@uw.edu
Website

Expertise

Corporate Finance
Corporate Governance


Mark Westerfield

Associate Professor of Finance and Business Economics

Michael G. Foster Endowed Fellow

Office: 436 PACCAR Hall
Phone: 206-543-4578
Fax: 206-543-7472
mwesterf@uw.edu
Website

Expertise

Asset Pricing
Behavioral Finance
Corporate Finance


Lance Young

Principal Lecturer of Finance and Business Economics

Office: 428 PACCAR Hall
Phone: 206-543-4474
Fax: 206-543-7472
youngla@uw.edu

Expertise

Asset Pricing
Behavioral Finance
Business Valuation
Financial Markets
Growth Management
Small Business Finance
Venture Capital


Yao Zeng

Yao Zeng

Assistant Professor of Finance and Business Economics

yaozeng@uw.edu
Website

Expertise

Asset Pricing
Corporate Finance
Economics
Financial Institutions / Banking
Financial Intermediation
Financial Markets
Macroeconomics
Microeconomics
Regulation
Venture Capital


Kevin K. Boeh
Philip Bond
William Bradford
Ran Duchin
Thomas Gilbert
Debra Glassman
Jarrad Harford
Alan Hess
Christopher Hrdlicka
Avraham Kamara
Jonathan M. Karpoff
Jennifer Koski
Alexis León
Paul Malatesta
Monica Marin
Christopher Parsons
Edward Rice
Lawrence Schall
Florian Schulz
Tracey Seslen
Andrew Siegel
Stephan Siegel
Yang Song
Léa Stern
Mark Westerfield
Lance Young
Yao Zeng

Kevin K. Boeh

  1. IPO regulators gone wild"

    Boeh, K. K., & Dunbar, C., (2018). D. D. Cumming & S.A. Johan (Eds.), The Oxford Handbook of IPOs.
  2. Deal flow and the pricing of IPOs"

    Boeh, K. K., & Dunbar, C., (2016). Journal of Financial Economics, pp. 383-399.
  3. The cost of distance on subsidiary performance"

    Boeh, K. K., & Beamish, P.W., (2015). Asian Business & Management, pp. 171-193.
  4. IPO waves and the issuance process"

    Boeh, K. K., & Dunbar, C., (2014). Journal of Corporate Finance, pp. 455-473.
  5. Travel time and the liability of distance in foreign direct investment: Location choice and entry mode"

    Boeh, K. K., & Beamish, P.W., (2012). Journal of International Business Studies, pp. 525-535.
  6. Connecting flights: the time sink that kills profits"

    Boeh, K. K., & Beamish, P.W., (2011). Harvard Business Review, pp. 30.
  7. Contracting costs and information asymmetry reduction in cross-border M&A"

    Boeh, K. K., (2011). Journal of Management Studies, pp. 568-590.
  8. Impact of initial public offering coalition of on deal completion"

    Boeh, K. K., & Southam, C., (2011). Venture Capital, pp. 313-336.
  9. Mergers & acquisitions: Text & cases"

    Boeh, K. K., & Beamish, P.W., (2007).

Philip Bond

  1. Commitment Contracts"

    Bond, P., & Sigurdsson, G., (forthcoming). Review of Economic Studies.
  2. Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages"

    Bond, P., Elul, R., Garyn-Tal, S. & Musto, D., (2017). The Review of Financial Studies, Vol 30(1), pp. 211-244.
  3. Buying High and Selling Low: Stock Repurchases and Persistent Asymmetric Information"

    Bond, P. & Zhong, H., (2016). The Review of Financial Studies, Vol 29(6), pp. 1409-1452.
  4. Government Intervention and Information Aggregation by Prices"

    Bond, P., & Goldstein, I., (2015). Journal of Finance, Vol 70(6), pp. 2777-2812.
  5. Market Run-Ups, Market Freezes, Inventories, and Leverage"

    Bond, P., & Leitner, Y., (2015). Journal of Financial Economics, Vol 115(1), pp. 155-167.
  6. Wall Street Occupations: An Equilibrium Theory of Overpaid Jobs"

    Axelson, U., & Bond, P., (2015). Journal of Finance, Vol 70(5), pp. 1949-1996.

    • Brattle Group Prize distinguished paper
  7. The Labor Market for Bankers and Regulators"

    Bond, P., & Glode, V., (2014). The Review of Financial Studies, Vol 27(9), pp. 2539-2579.
  8. The Real Effects of Financial Markets"

    Bond, P., Edmans, A., & Goldstein, I., (2012). Annual Review of Financial Economics, pp. 339-360.
  9. Information-based Trade"

    Bond, P., & Eraslan, H., (2010). Journal of Economic Theory, Vol 145(5), pp. 1675-1703.
  10. Market-based Corrective Actions"

    Bond, P., Goldstein, I., & Prescott, E., (2010). The Review of Financial Studies, Vol 23(2), pp. 781-820.
  11. Preventing Crime Waves"

    Bond, P., & Hagerty, K., (2010). American Economic Journal: Microeconomics, Vol 2(3), pp. 138-159.
  12. Strategic Voting over Strategic Proposals"

    Bond, P., & Eraslan, H., (2010). Review of Economic Studies, Vol 77(2), pp. 459-490.
  13. Multitask Principal-Agent Problems: Optimal Contracts, Fragility, and Effort Misallocation"

    Bond, P., & Gomes, A., (2009). Journal of Economic Theory, Vol 144(1), pp. 175-211.
  14. Predatory Mortgage Lending"

    Bond, P., Musto, D., & Yilmaz, B., (2009). Journal of Financial Economics, Vol 94(3), pp. 412-427.
  15. Bank and Nonbank Financial Intermediation"

    Bond, P., (2004). The Journal of Finance, Vol 59(6), pp. 2489-2529.
  16. Regulating Exclusion from Financial Markets"

    Bond, P., & Krishnamurthy, A., (2004). Review of Economic Studies, Vol 71(3), pp. 681-707.

William Bradford

  1. Are Minority-Owned Businesses Under-served by the Private Equity Market? Evidence from the Venture-Capital Industry"

    Bradford, W., with Bates, T. & Jackson, W.E, (forthcoming). Small Business Economics.
  2. The ‘Myth’ that Black Entrepreneurship Can Reduce the Gap in Wealth between Black and White Families"

    Bradford, W., (2014). Economic Development Quarterly, pp. 254-354.
  3. Does Venture Capitalist Activism Improve Investment Performance?"

    Bates, T., Bradford, W., & Jackson, W. E., (2012). Journal of Business Venturing, Vol 27(3), pp. 342-354.
  4. Venture Capital Investment in Minority Business"

    Bates, T., & Bradford, W., (2008). Journal of Money, Credit and Banking, Vol 40(2-3), pp. 489-504.
  5. The Wealth Dynamics of Entrepreneurship for Black and White Families in the U.S."

    Bradford, W., (2003). Review of Income and Wealth, Vol 49(1), pp. 89-116.
  6. The Issue Decision of Manager-Owners Under Information Asymmetry"

    Bradford, W., (1987). Journal of Finance, Vol 42(5), pp. 1245-1260.
  7. Financing Black Economic Development"

    Bates, T., & Bradford, W., (1979). Academic Press.

Ran Duchin

  1. Precautionary Savings with Risky Assets: When Cash is Not Cash"

    Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C., (2017). Journal of Finance, Vol 72(2), pp. 793-852.
  2. Spillovers Inside Conglomerates: Incentives and Capital"

    Duchin, R., Goldberg, A., & Sosyura, D., (2017). The Review of Financial Studies, Vol 30(5), pp. 1696-1743.
  3. Clouded Judgment: The Role of Sentiment in Credit Origination"

    Cortés, K., Duchin, R., & Sosyura, D., (2016). Journal of Financial Economics, Vol 121(2), pp. 392-413.
  4. Looking in the Rear View Mirror: The Effect of Managers’ Professional Experience on Corporate Financial Policy"

    Dittmar, A., & Duchin, R., (2016). Review of Financial Studies, Vol 29(3), pp. 565-602.
  5. Cash Flow Hedging and Liquidity Choices"

    Disatnik, D., Duchin, R., & Schmidt, B., (2014). Review of Finance, Vol 18(2), pp. 715-748.
  6. Peer Effects in Risk Aversion and Trust"

    Ahern, K., Duchin, R., & Shumway, T., (2014). The Review of Financial Studies, Vol 27(11), pp. 3213-3240.
  7. Safer Ratios, Riskier Portfolios: Banks’ Response to Government Aid"

    Duchin, R., & Sosyura, D., (2014). Journal of Financial Economics, Vol 113(1), pp. 1-28.
  8. Divisional Managers and Internal Capital Markets"

    Duchin, R., & Sosyura, D., (2013). Journal of Finance, Vol 68(2), pp. 387-429.
  9. Riding the Merger Wave: Uncertainty, Reduced Monitoring, and Bad Acquisitions"

    Duchin, R., & Schmidt, B., (2013). Journal of Financial Economics, Vol 107(1), pp. 69-88.
  10. The Politics of Government Investment"

    Duchin, R., & Sosyura, D., (2012). Journal of Financial Economics, Vol 106(1), pp. 24-48.
  11. Cash Holdings and Corporate Diversification"

    Duchin, R., (2010). Journal of Finance, Vol 65(3), pp. 955-992.
  12. Costly External Finance, Corporate Investment, and the Subprime Mortgage Credit Crisis"

    Duchin, R., Ozbas, O., & Sensoy, B., (2010). Journal of Financial Economics, Vol 97(3), pp. 418-435.
  13. When are Outside Directors Effective"

    Duchin, R., Matsusaka, J., & Ozbas, O., (2010). Journal of Financial Economics, pp. 195-214.

Thomas Gilbert

  1. Is the intrinsic value of macroeconomic news announcements related to their asset price impact?"

    Gilbert, T., Scotti, C., Strasser, G. & Vega, S., (forthcoming). Journal of Monetary Economics.
  2. The Structure of Information Release and the Factor Structure of Returns"

    Gilbert, T., Hrdlicka, C., & Kamara, A., (2018). Journal of Financial Economics, Vol Vol. 127(3), pp. 546-566.
  3. Precautionary Savings with Risky Assets: When Cash is Not Cash"

    Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C., (2017). Journal of Finance, Vol 72(2), pp. 793-852.
  4. Why Are University Endowments Large and Risky?"

    Gilbert, T., & Hrdlicka, C., (2015). Review of Financial Studies, Vol 28(9), pp. 2643-2686.
  5. Daily Data is Bad for Beta: Opacity and Frequency-Dependent Betas"

    Gilbert, T., Hrdlicka, C., Kalodimos, J., & Siegel, S., (2014). Review of Asset Pricing Studies, Vol 4(1), pp. 78-117.
  6. Investor Inattention and the Market Impact of Summary Statistics"

    Gilbert, T., Kogan, S., Lochstoer, L., & Ozyildirim, A., (2012). Management Science, Vol 58(2), pp. 336-350.
  7. Information Aggregation Around Macroeconomic Announcements: Revisions Matter"

    Gilbert, T., (2011). Journal of Financial Economics, Vol 101(1), pp. 114-131.
  8. Endogenous versus exogenous shocks in complex networks: An empirical test using book sale rankings"

    Gilbert, T., Sornette, D., Deschatres, F., & Ageon, Y., (2004). Physical Review Letters, pp. 228701.

Debra Glassman

  1. Global Social Entrepreneurship Competitions: Incubators for Innovations in Global Health?"

    Huster, K., Petrillo, C., O'Mally, G., Glassman, D., Rush, J., & Wasserheit, J., (2017). Journal of Management Education, Vol 41(2), pp. 249-271.
  2. What Causes Home Asset Bias and How Should it be Measured"

    Glassman, D., & Riddick, L., (2001). Journal of Empirical Finance, Vol 8(1), pp. 35-54.
  3. Conditioning Manager Alphas of Economic Information: Another Look at the Persistence of Performance"

    Christopherson, J. A., Ferson, W. E., & Glassman, D., (1998). Review of Financial Studies, Vol 11(1), pp. 111-142.
  4. Off the Mark: Lessons for Exchange Rate Modelling"

    Boothe, P., & Glassman, D., (1987). Oxford Economic Papers, Vol 39(3), pp. 443-457.

Jarrad Harford

  1. Operating Leverage, Profitability, and Capital Structure"

    Chen, Z., Harford, J., & Kamara, A., (forthcoming). Journal of Financial and Quantitative Analysis..
  2. CEO Turnover-Performance Sensitivity in Private Firms"

    Gao, H., Harford, J., & Li, K., (2017). Journal of Financial and Quantitative Analysis, Vol 52(2), pp. 583-611.
  3. Foreign Cash: Taxes, Internal Capital Markets, and Agency Problems"

    Harford, J., Wang, C., & Zhang, K., (2017). Review of Financial Studies, Vol 30(5), pp. 1490-1538.
  4. Precautionary Savings with Risky Assets: When Cash is Not Cash"

    Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C., (2017). Journal of Finance, Vol 72(2), pp. 793-852.
  5. The Real Effects of Uncertainty on Merger Activity"

    Harford, J., Bhagwat, V. & Dam, R., (2016). Review of Financial Studies, Vol 29(11), pp. 3000-3034.
  6. Bonus-Driven Repurchases"

    Cheng, Y., Harford, J., & Zhang, T., (2015). Journal of Financial and Quantitative Analysis, Vol 50(3), pp. 447-475.
  7. Do Analysts Matter for Governance? Evidence from Natural Experiments"

    Chen, T., Harford, J., & Lin, C., (2015). Journal of Financial Economics, Vol 115(2), pp. 383-410.
  8. Motivated Monitors: The Importance of Institutional Investors Portfolio Weights"

    Fich, E., Harford, J., & Tran, R. A., (2015). Journal of Financial Economics, Vol 118(1), pp. 21-48.
  9. Bond Market Access and Investment"

    Harford, J., & Uysal, V., (2014). Journal of Financial Economics, Vol 112(2), pp. 147-163.
  10. Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts"

    Harford, J., & Kolasinski, A., (2014). Management Science, Vol 60(4), pp. 888-902.
  11. Financial Flexibility, Risk Management, and Payout Choice"

    Adams Bonaimé, A., Harford, J., & Watson Hankins, K., (2014). The Review of Financial Studies, Vol 27(4), pp. 1074-1101.
  12. Refinancing Risk and Cash Holdings"

    Harford, J., Klasa, S., & Maxwell, W., (2014). Journal of Finance, Vol 69(3), pp. 975-1012.
  13. The Importance of Industry Links in Merger Waves"

    Ahern, K., & Harford, J., (2014). Journal of Finance, Vol 69(2), pp. 527-576.
  14. Determinants of Corporate Cash Policy: Insights from Private Firms"

    Gao, H., Harford, J., & Li, K., (2013). Journal of Financial Economics, Vol 109(3), pp. 623-639.
  15. Does the Director Labor Market Offer Ex Post Settling-up for CEOs? The Case of Acquisitions"

    Harford, J., & Schonlau, R., (2013). Journal of Financial Economics, Vol 110(1), pp. 18-36.
  16. CEO Pay Cuts and Forced Turnover: Their Causes and Consequences"

    Gao, H., Harford, J., & Li, K., (2012). Journal of Corporate Finance, Vol 18(2), pp. 291-310.
  17. The Sources of Value Destruction in Acquisitions by Entrenched Managers"

    Harford, J., Humphery, M., & Powell, R., (2012). Journal of Financial Economics, Vol 106(2), pp. 247-261.
  18. Institutional Cross-holdings and their Effect on Acquisition Decisions"

    Harford, J., Jenter, D., & Li, K., (2011). Journal of Financial Economics, Vol 99(1), pp. 27-39.
  19. Do Firms Have Leverage Targets? Evidence from Acquisitions"

    Harford, J., Klasa S., & Walcott, N., (2009). Journal of Financial Economics, Vol 93(1), pp. 1-14.
  20. Corporate Governance and Firm Cash Holdings in the U.S."

    Harford, J., Mansi, S., & Maxwell, W., (2008). Journal of Financial Economics, Vol 87(3), pp. 535-555.
  21. Information Asymmetry, Information Dispersion, and the Effect of Regulation FD on the Cost of Capital"

    Duarte, J., Han, X., Harford, J., & Young, L., (2008). Journal of Financial Economics, Vol 87(1), pp. 24-44.
  22. Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs"

    Harford, J., & Li, K., (2007). Journal of Finance, Vol 62(2), pp. 917-949.
  23. Monitoring: Which Institutions Matter?"

    Harford, J., (2007). Journal of Financial Economics, Vol 86(2), pp. 279-305.
  24. Correlated Order Flow: Pervasiveness, Sources, and Pricing Effects"

    Harford, J., & Kaul, A., (2005). Journal of Financial and Quantitative Analysis, Vol 40(1), pp. 29-55.
  25. What Drives Merger Waves"

    Harford, J., (2005). Journal of Financial Economics, Vol 77(3), pp. 529-560.
  26. Takeover Bids and Target Directors’ Incentives: Retention, Experience, and Settling-up"

    Harford, J., (2003). Journal of Financial Economics, Vol 69(1), pp. 51-83.
  27. Managerial Opportunism? Evidence from Directors’ and Officers’ Insurance Purchases"

    Chalmers, J., Dann, L., Harford, J., (2002). Journal of Finance, Vol 57(2), pp. 609-636.
  28. The Cash Flow Permanence and Information Content of Dividend Increases vs. Repurchases"

    Guay, W., & Harford, J., (2000). Journal of Financial Economics, Vol 57(3), pp. 385-415.
  29. Corporate Cash Reserves and Acquisitions"

    Harford, J., (1999). Journal of Finance, Vol 54(6), pp. 1969-1997.

Alan Hess

  1. Institutions and Deposit Insurance: Empirical Evidence"

    Brogaard, J., Dewenter, K., & Hess, A., (forthcoming). Journal of Financial Services Research.
  2. An International Comparison of Banks’ Equity Returns"

    Dewenter, K., & Hess, A., (1998). The Journal of Money, Credit and Banking, Vol 30(3: Part 2), pp. 472-492.

Christopher Hrdlicka

  1. The Structure of Information Release and the Factor Structure of Returns"

    Gilbert, T., Hrdlicka, C., & Kamara, A., (2018). Journal of Financial Economics, Vol Vol. 127(3), pp. 546-566.
  2. Precautionary Savings with Risky Assets: When Cash is Not Cash"

    Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C., (2017). Journal of Finance, Vol 72(2), pp. 793-852.
  3. Why Are University Endowments Large and Risky?"

    Gilbert, T., & Hrdlicka, C., (2015). Review of Financial Studies, Vol 28(9), pp. 2643-2686.
  4. Daily Data is Bad for Beta: Opacity and Frequency-Dependent Betas"

    Gilbert, T., Hrdlicka, C., Kalodimos, J., & Siegel, S., (2014). Review of Asset Pricing Studies, Vol 4(1), pp. 78-117.

Avraham Kamara

  1. Operating Leverage, Profitability, and Capital Structure"

    Chen, Z., Harford, J., & Kamara, A., (forthcoming). Journal of Financial and Quantitative Analysis..
  2. Yes, the Composition of the Market Portfolio Matters: The Estimated Cost of Equity"

    Kamara, A., & Young, L., (forthcoming). Financial Management.
  3. The Structure of Information Release and the Factor Structure of Returns"

    Gilbert, T., Hrdlicka, C., & Kamara, A., (2018). Journal of Financial Economics, Vol Vol. 127(3), pp. 546-566.
  4. Horizon Pricing"

    Kamara, A., Korajczyk, R., Lou, X., & Sadka, R., (2017). Journal of Financial and Quantitative Analysis, Vol 51(6), pp. 1769-1793.
  5. The Effects of Randomizing the Opening Time on the Performance of a Stock Market under Stress"

    Hauser, S., Kamara, A., & Shurki, I., (2012). Journal of Financial Markets, Vol 15(4), pp. 392-415.
  6. Has the U.S. Stock Market Become More Vulnerable Over Time"

    Kamara, A., Lou, X., & Sadka, R., (2010). Financial Analysts Journal, Vol 66(1), pp. 41-52.
  7. The Divergence of Liquidity Commonality in the Cross-section of Stocks"

    Kamara, A., Lou, X., & Sadka, R., (2008). Journal of Financial Economics, Vol 89(3), pp. 444-466.
  8. The Nontradability Premium of Derivatives Contracts"

    Eldor, R., Hauser , S., Kahn, M., & Kamara, A., (2006). Journal of Business, Vol 79(4), pp. 2067-2097.
  9. Conditional Time-varying Interest Rate Risk Premium: Evidence from the Treasury Bill Futures Market"

    Hess, A., & Kamara, A., (2005). Journal of Money, Credit and Banking, Vol 37(4), pp. 679-698.
  10. Volatility, Autocorrelations, and Trading Activity After Stock Splits"

    Kamara, A., & Koski, J., (2001). Journal of Financial Markets, Vol 4(2), pp. 163-184.
  11. New Evidence on the Monday Seasonal in Stock Returns"

    Kamara, A., (1997). Journal of Business, Vol 70(1), pp. 63-84.
  12. The Relation between Default-free Interest Rates and Economic Growth is Stronger than you Think"

    Kamara, A., (1997). Journal of Finance, Vol 52(4), pp. 1681-1694.
  13. Daily and Intradaily Tests of European Put-Call Parity"

    Kamara, A., & Miller, T., (1995). Journal of Financial and Quantitative Analysis, Vol 30(4), pp. 519-539.

Jonathan M. Karpoff

  1. Do Takeover Defense Indices Measure Takeover Deterrence?"

    Karpoff, J. M., Schonlau, R., & Wehrly, E., (forthcoming). The Review of Financial Studies.
  2. Institutional and Legal Context in Nagtural Experiments: The Case of State Antitakeover Laws"

    Karpoff, J. M., & Wittry, M., (forthcoming). The Journal of Finance.
  3. Proxies and Databases in Financial Misconduct Research"

    Karpoff, J., Koester, A., Lee, D. S., & Martin, G. S., (forthcoming). The Accounting Review.
  4. Thirty Years of Shareholder Activism: A Survey of Empirical Research"

    Denes, R., Karpoff, J. M., & McWilliams, V. B., (forthcoming). Journal of Corporate Finance.
  5. Short Selling and Earnings Management: A Controlled Experiment"

    Fang, V., Huang, A., & Karpoff, J. M., (2016). Journal of Finance, Vol 71(3), pp. 1251-1294.
  6. The Bonding Hypothesis of Takeover Defenses"

    Johnson, W., Karpoff, J. M., & Yi, S., (2015). Journal of Financial Economics, Vol 117(2), pp. 307-332.
  7. Evidence of Optimal Contracting: Lockup Agreements in Seasoned Equity Offerings"

    Karpoff, J. M., Lee, G., & Masulis, R., (2013). Journal of Financial Economics, Vol 110(3), pp. 607-626.
  8. Internal Corporate Governance, CEO Turnover, and Earnings Management"

    Hazarika, S., Karpoff, J. M., & Nahata, R., (2012). Journal of Financial Economics, Vol 104(1), pp. 44-69.
  9. Short Sellers and Financial Misconduct"

    Karpoff, J. M., & Lou, X., (2010). Journal of Finance, Vol 65(5), pp. 1879-1913.
  10. The Consequences to Managers for Financial Misrepresentation"

    Karpoff, J. M., Lee, S. D., & Martin, G. S., (2008). Journal of Financial Economics, Vol 88(2), pp. 193-215.
  11. The Cost to Firms of Cooking the Books"

    Karpoff, J. M., Lee, S. D., & Martin, G. S., (2008). Journal of Financial and Quantitative Analysis, Vol 43(3), pp. 581-612.
  12. The Determinants of Corporate Board Size and Composition: Empirical Evidence"

    Boone, A. L., Field, L. C., Karpoff, J. M., & Raheja, C. G., (2007). Journal of Financial Economics, Vol 85(1), pp. 66-101.
  13. Corporate Governance and Shareholder Initiatives: Empirical Evidence"

    Karpoff, J. M., Malatesta, P., & Walkling, R., (1996). Journal of Financial Economics, Vol 98(2), pp. 256-278.

Jennifer Koski

  1. Who Wins When Exchanges Compete? Evidence from Competition after Euro Conversion"

    Dewenter, K., Han, X., & Koski, J., (forthcoming). Review of Finance.
  2. Ex-Dividend Profitability and Institutional Trading Skill"

    Henry, T. and Koski, J., (2017). Journal of Finance, Vol 72(1), pp. 461-494.
  3. Short Selling Around Seasoned Equity Offerings"

    Henry, T., & Koski, J., (2010). Review of Financial Studies, Vol 23(12), pp. 4389-4418.
  4. Does Volatility Decrease after Reverse Stock Splits?"

    Koski, J., (2007). Journal of Financial Research, Vol 30(2), pp. 217-235.
  5. Information Flow and Liquidity Around Anticipated and Unanticipated Dividend Announcements"

    Graham, J., Koski, J., & Loewenstein, U., (2006). Journal of Business, Vol 79(5), pp. 2301-2336.
  6. Volatility, Autocorrelations, and Trading Activity After Stock Splits"

    Kamara, A., & Koski, J., (2001). Journal of Financial Markets, Vol 4(2), pp. 163-184.
  7. Prices, Liquidity, and The Information Content of Trades"

    Koski, J., & Michaely, R., (2000). Review of Financial Studies, Vol 13(3), pp. 659-696.
  8. How are Derivatives Used? Evidence from the Mutual Fund Industry"

    Koski, J., & Pontiff, J., (1999). Journal of Finance, Vol 54(2), pp. 791-816.
  9. Measurement Effects and the Variance of Returns After Stock Splits and Stock Dividends"

    Koski, J., (1998). Review of Financial Studies, Vol 11(1), pp. 143-162.
  10. Who Trades Around the Ex-Dividend Day? Evidence from NYSE Audit File Data"

    Koski, J., & Scruggs, J., (1998). Financial Management, Vol 27(1), pp. 58-72.
  11. A Microstructure Analysis of Ex-Dividend Stock Price Behavior Before and After the 1984 and 1986 Tax Reform Acts"

    Koski, J., (1996). Journal of Business, Vol 69(3), pp. 313-338.

Alexis León

  1. The Effect of Household Appliances on Female Labor Force Participation: Evidence from Microdata"

    Coen-Pirani, D. and Lugauer, S., (2010). Labour Economics, Vol 17(3), pp. 503–513.

Paul Malatesta

  1. Corporate Ownership Structure and the Choice between Bank Debt and Public Debt"

    Lin, C., Malatesta, P., & Xuan, Y., (2013). Journal of Financial Economics, Vol 109(2), pp. 517-534.
  2. Corporate Investment, Government Control, and Financing Channels: Evidence from China’s Listed Companies"

    Firth, M., Malatesta, P., Xin, Q., & Xu, L., (2012). Journal of Corporate Finance, Vol 18(3), pp. 433-450.
  3. Corporate Ownership Structure and Bank Loan Syndicate Structure"

    Lin, C., Malatesta, P., & Xuan, Y., (2012). Journal of Financial Economics, Vol 104(1), pp. 1-22.
  4. Firm Values and Sovereign Wealth Fund Investments"

    Dewenter, K., Han, X., & Malatesta, P., (2010). Journal of Financial Economics, Vol 98(2), pp. 256-278.
  5. Managerial Succession and Firm Performance"

    Huson, M., Malatesta, P., & Parrino, R., (2004). Journal of Financial Economics, Vol 74(2), pp. 237-275.
  6. State-Owned and Privately-Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity"

    Dewenter, K., & Malatesta, P., (2001). The American Economic Review, Vol 91(1), pp. 320-334.
  7. Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison"

    Dewenter, K., & Malatesta, P., (1997). Journal of Finance, Vol 52(4), pp. 1659-1679.
  8. Corporate Governance and Shareholder Initiatives: Empirical Evidence"

    Karpoff, J. M., Malatesta, P., & Walkling, R., (1996). Journal of Financial Economics, Vol 98(2), pp. 256-278.
  9. Earnings Management, Stock Issues, and Shareholder Lawsuits"

    DuCharme, L.L., Malatesta, P.H., and Sefcik, S., (2004). Journal of Financial Economics, Vol 71(1), pp. 27-49.
  10. Earnings Management: IPO Valuation and Subsequent Performance"

    DuCharme, L.L., Malatesta, P.H., and Sefcik, S., (2001). Journal of Accounting, Auditing, and Finance, Vol 16(4), pp. 369-396.

Monica Marin

  1. Can Financial Risk Management Help Prevent Bankruptcy?"

    Marin, M., (2013). Journal of Finance and Accountancy, pp. 18.
  2. Financial Distress Risk and the Managing of Foreign Currency Risk Exposure"

    Boyer, M. M., & Marin, M., (2013). Quarterly Journal of Finance, Vol 3(1), pp. 21-57.

Christopher Parsons

  1. The Geography of Financial Misconduct"

    Parsons, C., Sulaeman, J., and Titman, S., (forthcoming). Journal of Finance.
  2. What’s in a (school) name? Racial Discrimination in Higher Education Bond Markets"

    Dougal, C., Gao, P., Mayew, W., and Parsons, C., (forthcoming). Journal of Financial Economics.
  3. Global Relation Between Financial Distress and Equity Returns"

    Gao, P., Parsons, C., and Shen, J, (2018). Review of Financial Studies, pp. 239-277.
  4. Human Capital and the Supply of Religion"

    Fisman, R., Engelberg, J., Hartzell, J., Parsons, C., (2016). Review of Economics and Statistics, pp. 415–427.
  5. Worrying about the Stock Market: Evidence from Hospital Admissions"

    Engelberg, J., Parsons, C., (2016). Journal of Finance, pp. 1227–1250.
  6. Anchoring on Credit Spreads"

    Dougal, D., Engelberg, J., Parsons, C., and Van Wesep, E., (2015). Journal of Finance, pp. 1039-1080.
  7. Urban Vibrancy and Corporate Investment"

    Dougal, C., Parsons, C., Titman, S., (2015). Journal of Finance, pp. 163–210.
  8. Networks and Productivity: Causal Evidence from Journal Editor Rotations"

    Brogaard, J., Engelberg, J., Parsons, C., (2014). Journal of Financial Economics, pp. 251-270.
  9. CEO Voice pitch and the labor market success of male chief executive officers"

    Mayew, W., Parsons, C., Venkatachalam, M., (2013). Evolution and Human Behavior, pp. 234-248.
  10. The Price of a CEO’s Rolodex"

    Engelberg, J., Gao, P., (2013). Review of Financial Studies, pp. 79-114.
  11. The Timing of Pay"

    Parsons, C., Van Wesep, E., (2013). Journal of Financial Economics, pp. 373-397.
  12. The Cost and Timing of Financial Distress"

    Elkamhi, R., Ericsson, J., and Parsons, C., (2012). Journal of Financial Economics, pp. 62-81.

Edward Rice

  1. Contractual Revisions in Compensation: Evidence from Merger Bonuses to Target CEOs"

    Fich, E., Rice, E., & Tran, A., (2016). Journal of Accounting and Economics, Vol 61(2-3), pp. 338-368.
  2. Organizational Form, Share Transferability, and Firm Performance: Evidence from the ANCSA Corporations"

    Karpoff, J. M., & Rice, E., (1989). Journal of Financial Economics, Vol 21(4), pp. 69-105.
  3. Experimental Support for the Economic Theory of Risk Averse Behavior"

    Allen, R., Harstad, R., & Rice, E., (1986-87). The Social Science Review, Vol VII(2).
  4. Going Private: Minority Freezeouts and Stockholder Wealth"

    DeAngelo, H., DeAngelo, L., & Rice, E., (1984). Journal of Law and Economics, Vol 27(2), pp. 67-401.
  5. Going Private: The Effects of a Change in Corporate Ownership Structure"

    DeAngelo, H., DeAngelo, L., & Rice, E., (1984). Midland Corporate Finance Journal.
  6. The Theory of Price-changing and Monopoly Power"

    Rice, E., & Simon, J., (1983-84). Journal of Post-Keynesian Economics, Vol 6(2), pp. 198-213.
  7. Antitakeover Charter Amendments and Stockholder Wealth"

    DeAngelo, H., & Rice, E., (1983). Journal of Financial Economics, Vol 11(1-4), pp. 329-359.
  8. Rent-seeking and Welfare Loss"

    Rice, E., & Ulen, T., (1981). Research in Law and Economics, pp. 806-862.
  9. Measuring Portfolio Performance and the Empirical Content of Asset Pricing Models"

    Mayers, D., & Rice, E., (1979). Journal of Financial Economics, Vol 7(1), pp. 3-28.
  10. Discussion—Finance and Industrial Organization"

    Rice, E., & Weston, J., (1976). Journal of Finance, Vol 31(2), pp. 743-747.

Lawrence Schall

  1. Debt Callability and Investment Incentives"

    Siegel, A. & Schall, L., (2016). Journal of Corporate Finance, pp. 315-330.

Florian Schulz

  1. On the Timing and Pricing of Dividends: Comment"

    Schulz, F., (2016). American Economic Review, Vol 106(10), pp. 3185-3223.
  2. The Private Returns to Public Office"

    Fisman, R., Schulz, F., & Vig, V., (2014). Journal of Political Economy, Vol 122(4), pp. 806-862.

Tracey Seslen

  1. Do House Price Levels Anticipate Subsequent Price Changes within Metropolitan Areas?"

    Lee, N., Seslen, T., & Wheaton, W., (2015). Real Estate Economics, Vol 43(3), pp. 782-806.
  2. Contemporaneous Loan Stress and Default Risk in the Commercial Mortgage-backed Securities Pool: How ‘Ruthless’ is Default?"

    Seslen, T., & Wheaton, W., (2010). Real Estate Economics, Vol 38(2), pp. 225-255.
  3. Neighborhood Wealth Distributions"

    Ioannides, Y., & Seslen, T., (2002). Economics Letters, Vol 76(3), pp. 357-367.

Andrew Siegel

  1. Debt Callability and Investment Incentives"

    Siegel, A. & Schall, L., (2016). Journal of Corporate Finance, pp. 315-330.
  2. Practical Business Statistics"

    Siegel, A., (2016).

    • Reprint, originally published 2012
  3. Price-Admissibility Conditions for Arbitrage-Free Linear Price Function Models for the Term Structure of Interest Rates"

    Siegel, A., (2016). Mathematical Finance, Vol 26(4), pp. 919-938.
  4. How Much Error is in the Tracking Error? The Impact of Estimation Risk on Fund Tracking Error"

    Siegel, A., & Woodgate, A., (2015). Journal of Portfolio Management, Vol 41(2), pp. 84-99.
  5. Performance of Portfolios Optimized with Estimation Error"

    Siegel, A., & Woodgate, A., (2009). Management Science, Vol 53(6), pp. 1005-1015.
  6. Testing Portfolio Efficiency with Conditioning Information"

    Ferson, W., & Siegel, A., (2009). The Review of Financial Studies, Vol 22(7), pp. 2735-2758.
  7. A Data Integration Methodology for Systems Biology"

    Atauri, P., Aitchison, Bolouri, H., J., Hood, L., Hwang, D., Leslie, D., Rust, A., Ramsey, S., Siegel, A., Smith, J., & Weston, A., (2005). Proceedings of the National Academy of Sciences of the United States of America, Vol 102(48), pp. 17296–17301.
  8. Stochastic Discount Factor Bounds with Conditioning Information"

    Ferson, W., & Siegel, A., (2003). The Review of Financial Studies, Vol 16(2), pp. 567-595.
  9. A Three-Stage Clinical Trial Design for Rare Disorders"

    Berger, V., Feldman, B., Honkanen, V., Siegel, A., Siegel, J., & Szalai, J., (2001). Statistics in Medicine, Vol 20(20), pp. 3009-3021.
  10. The Efficient Use of Conditioning Information in Portfolios"

    Ferson, W., & Siegel, A., (2001). The Journal of Finance, Vol 56(3), pp. 967-982.
  11. Diversification in the Presence of Taxes"

    Appeadu, C., Narasimhan, P., Siegel, A., & Stein, D., (2000). The Journal of Portfolio Management, Vol 27(1), pp. 61-71.

Stephan Siegel

  1. Corporate Risk Culture"

    Pan, Y., Siegel, S. & Wang, T., (forthcoming). Journal of Financial and Quantitative Analysis.
  2. Political Risk and International Valuation"

    Bekaert, G., Harvey, C., Lundblad, C., & Siegel, S., (2016). Journal of Corporate Finance, pp. 1-23.
  3. The Fetal Origins Hypothesis in Finance: Prenatal Environment, the Gender Gap, and Investor Behavior"

    Cronqvist, H., Previtero, A., Siegel, S., & White, R., (2016). Review of Financial Studies, Vol 93(3), pp. 739-786.
  4. The Origins of Savings Behavior"

    Cronqvist, H., & Siegel, S., (2015). Journal of Political Economy, Vol 123(1), pp. 123-169.
  5. Value Versus Growth Investing: Why Do Different Investors have Different Styles"

    Cronqvist, H., Siegel, S., & Yu, F., (2015). Journal of Financial Economics, Vol 117(2), pp. 333-349.
  6. Daily Data is Bad for Beta: Opacity and Frequency-Dependent Betas"

    Gilbert, T., Hrdlicka, C., Kalodimos, J., & Siegel, S., (2014). Review of Asset Pricing Studies, Vol 4(1), pp. 78-117.
  7. Genetics, Homeownership, and Home Location Choice"

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

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

    Cronqvist, H., & Siegel, S., (2014). Journal of Financial Economics, Vol 113(2), pp. 215-234.
  10. The Impact of the Sarbanes-Oxley Act on Shareholders and Managers of Foreign Firms"

    Duarte, J., Kong, K., Siegel, S., & Young, L., (2014). Review of Finance, Vol 18(1), pp. 417-455.
  11. The European Union, the Euro, and Equity Market Integration"

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

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

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

Yang Song

  1. Funding Value Adjustments, with Leif Andersen and Darrell Duffie"

    Song, Yang, (forthcoming). Journal of Finance.

Léa Stern

  1. D&O Insurance and IPO Performance: What Can we Learn from Insurers?"

    Stern, L., & Boyer, M.M., (2014). Journal of Financial Intermediation, pp. 504-540.
  2. Pay for Performance from Future Fund Flows: The Case of Private Equity"

    Stern, L., Chung, J., Sensoy, B. & Weisbach, M., (2012). Review of Financial Studies, pp. 3259-3304.
  3. Is Corporate Governance Risk Valued? Evidence from Directors and Officers Liability Insurance"

    Stern, L., & Boyer, M.M., (2012). Journal of Corporate Finance, pp. 349-372.
  4. Pay for Performance from Future Fund Flows: The Case of Private Equity"

    Stern, L., Chung, J.W., Sensoy, B.A., & Weisbach, M.S.. Review of Financial Studies, pp. 3259-3304.

Mark Westerfield

  1. Market Selection"

    Kogan, L., Ross, S., Wang, J. & Westerfield, M., (2017). Journal of Economic Theory, pp. 209-236.
  2. Looking for Someone to Blame: Delegation, Cognitive Dissonance, and the Disposition Effect"

    Chang, T., Solomon, D., & Westerfield, W., (2016). Journal of Finance, Vol 71(1), pp. 267-302.
  3. Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring"

    Piskorski, T. & Westerfield, M., (2016). Journal of Economic Theory, pp. 242-281.
  4. Resource Accumulation Through Economic Ties: Evidence from Venture Capital"

    Hochberg, Y., Lindsey, L., & Westerfield, M., (2015). Journal of Financial Economics, Vol 118(2), pp. 245-267.
  5. Portfolio Choice with Illiquid Assets"

    Ang, A., Papanikolaou, D., & Westerfield, M., (2014). Management Science, Vol 60(11), pp. 2737-2761.
  6. Disagreement and Learning in a Dynamic Contracting Model"

    Adrian, T. & Westerfield, M., (2009). The Review of Financial Studies, Vol 22(10), pp. 3873-3906.
  7. High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice"

    Panageas, S., & Westerfield, M., (2009). Journal of Finance, Vol 64(1), pp. 1-36.
  8. The Price Impact and Survival of Irrational Traders"

    Kogan, L., Ross, S., Wang, J., & Westerfield, M., (2006). Journal of Finance, Vol 61(1), pp. 195-229.

Lance Young

  1. Yes, the Composition of the Market Portfolio Matters: The Estimated Cost of Equity"

    Kamara, A., & Young, L., (forthcoming). Financial Management.
  2. The Impact of the Sarbanes-Oxley Act on Shareholders and Managers of Foreign Firms"

    Duarte, J., Kong, K., Siegel, S., & Young, L., (2014). Review of Finance, Vol 18(1), pp. 417-455.
  3. Trust and Credit: The Role of Appearance in Peer-to-Peer Lending"

    Duarte, J., Siegel, S., & Young, L., (2012). The Review of Financial Studies, Vol 25(8), pp. 2455-2484.
  4. Why is PIN Priced?"

    Duarte, J., & Young, L., (2009). Journal of Financial Economics, Vol 91(2), pp. 119-138.
  5. Information Asymmetry, Information Dispersion, and the Effect of Regulation FD on the Cost of Capital"

    Duarte, J., Han, X., Harford, J., & Young, L., (2008). Journal of Financial Economics, Vol 87(1), pp. 24-44.

Yao Zeng

  1. Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition"

    Yang, M., and Zeng, Y., (forthcoming). Review of Financial Studies.
  2. Marketplace Lending: A New Banking Paradigm?"

    Vallee, B., Zeng, Y., (forthcoming). Review of Financial Studies.
  3. Multi-Agent Inference in Social Networks: A Finite Population Learning Approach"

    Fan, J., Tong, X., & Zeng, Y., (2015). Journal of the American Statistical Association, Vol 110(509), pp. 149-158.

Admission Requirements

Applicants must have completed an undergraduate degree at an accredited university and should have a reasonable training in mathematics and economics. An admission committee of faculty members reviews all completed applications. While the committee considers all relevant factors in its recommendations, important factors include past academic performance and GMAT scores. The GRE exam can be substituted for the GMAT but the GMAT is strongly preferred. In some cases we may request a personal interview.

Recommended Preparation Prior to Entry

Students entering the Ph.D. program as finance majors should be comfortable with the important concepts of calculus, linear algebra, and microeconomics before they arrive on campus. It is strongly recommended that all new finance majors carefully review this material during the Summer before entering the program.

Finance Area Faculty Coordinator

Prof. Mark Westerfield, Finance Area Faculty Coordinator, would be glad to answer your questions. Contact him by phone 206-543-4578 or by email at mwesterf@uw.edu.

The Finance Area Faculty Coordinator advises new students until they establish a supervisory committee by the end of the Spring quarter of their first year. The supervisory committee assists the student in choosing appropriate courses, approves the course of studies, and monitors the student’s progress.

Finance majors are required to take at least 18 courses (in addition to FIN 599, the Finance Research Workshop, and FIN 600, Independent Study). The following courses are required for all finance majors. The number of credits for each course is indicated in parentheses after the course number.

Course Number Catalog Title
FIN 580 (4) Doctoral Seminar in Financial Economics
FIN 590 (4) Doctoral Seminar in Capital Market Theory
FIN 591 (4) Doctoral Seminar in Corporate Finance
FIN 592 (4) Doctoral Seminar in Financial Research
FIN 599 (1) Finance Research Workshop

Finance majors are expected to register for and attend the Finance Research Workshop (FIN 599) each quarter of the regular academic year in which they are enrolled in residence.

 

Research Methods Minor Area Requirements

Course work in research methods must include at least 5 credit hours from courses listed in the first section entitled probability and mathematical statistics and at least two econometric courses from the set of course listed in the econometrics section. The student should include at least one other course in the research methods are tailored to his or her specific interests.

Probability and Mathematical Statistics

STAT 394-395 (3,3) Probability I & II
STAT 481 (5) Introduction to Mathematical Statistics
Or
STAT 512-513 (4,4) Statistical Inference I & II

 

Econometrics

BARM 580-581 (4,4) Applied Econometrics I & II
Or
ECON 581-582 (4,4) Econometrics II & III
ECON 583 (3) Econometric Theory I
ECON 584 (3) Econometric Theory II
ECON 585 (3) Topics in Econometric Theory

 

Statistics

STAT 491-492 (3,3) Introduction to Stochastic Processes
Or
STAT 516-517 (4,4) Stochastic Modeling of Scientific Data
STAT 519 (3) Time Series Analysis

 

Other Minor Area Requirements

In addition to the finance area, all students majoring in finance are required to choose three support areas. Both research methods and economics are required minor areas for finance majors. The third minor area depends upon the student’s interest. However, students are strongly recommended to take either mathematics or statistics as their third minor area of study.

Students must take a minimum of four courses in each minor area. Area exams are not required for minor areas, but students must maintain a 3.2 GPA or better in each of their minor areas.

Note that courses used to satisfy the requirements for one area can not be double-counted to satisfy the requirement in another area. For example, courses which are included in a student’s research methods minor area can not be included in the student’s mathematics or statistics minor area.

The economics minor area must include the following three course sequence:

ECON 500 (4) Microeconomic Analysis I
ECON 501 (4) Microeconomic Analysis II
ECON 508 (4) Microeconomic Analysis III

 

In addition, students will normally take:

BA 580 (4) Problems in Microeconomics
BECON 520 (4) Financial Markets

 

Other courses can be selected in consultation with the finance doctoral area coordinator or the student’s supervisory committee, and in specific instances may be strongly recommended or required. The following economics courses are recommended:

BECON 527 (4) International Finance
ECON 502-503 (4,4) Marcroeconomic Analysis I & II
ECON 505 (3) Microeconomic Theory: Problems and Applications
ECON 509 (4) Macroeconomics III
ECON 511 (3) Advanced Microeconomic Theory: Selected Topics
ECON 515 (3) Topics in Mathematical Economics
ECON 516 (3) Introduction to Non-cooperative Game Theory
ECON 520 (3) The Economics of Property Rights
ECON 531-532 (3,3) Theory of Industrial Organization I & II
ECON 571 (3) International Trade Theory
ECON 572 (3) International Finance
ECON 573 (3) International Commercial Policy

 

A minor area in either mathematics or statistics would include at least four courses taken from the mathematics and/or the statistics department. Any of the courses listed below could be included in a minor area in mathematics or statistics. Other courses may qualify if approved by the faculty advisor.

MATH 307 (3) Differential Equations
MATH 308 (3) Linear Algebra with Applications
MATH 309 (3) Linear Analysis
MATH 324-326 (3,3) Advanced Calculus I & II
MATH 515 (5) Fundamentals of Optimization
MATH 591-592 (3,3) Special Topics in Probability
STAT 394-395 (3,3) Probability I & II
STAT 428 (4) Multivariate Analysis
STAT 481 (5) Introduction to Mathematical Statistics
STAT 491-492 (3,3) Introduction to Stochastic Processes
STAT 503 (3) Practical Methods for Data Analysis
STAT 512-513 (4,4) Statistical Inference
STAT 519 (3) Time Series Analysis
STAT 521-523 (3,3,3) Advanced Probability
STAT 542 (3) Multivariate Analysis
STAT 570 (3) Advanced Applied Statistics
STAT 591 (3) Special Topics in Statistics

 

Students with an interest in international finance are encouraged to include one or more of the following courses in their program of study. These courses can be included as part of the major area or as part of the economics minor area.

BECON 527 (4) International Finance
ECON 571 (3) International Trade Theory
ECON 572 (3) International Finance
ECON 573 (3) International Commercial Policy

First Year

Autumn Winter Spring Summer
ECON 500 Microeconomic Analysis I ECON 501 Microeconomic Analysis I FIN 580 Financial Economics FIN 600 Independent Study
STAT 509 Mathemathical Statistics ECON 581 Econometrics II ECON 508 Microeconomic Analysis II Tools Examination
ECON 502 Macroeconomic Analysis I Elective ECON 582 Econometrics III
FIN 599 Doctoral Seminar FIN 599 Doctoral Seminar BA 580 Problems in Microeconomics
Teaching Effectiveness Seminar FIN 599 Doctoral Seminar

 

Second Year

Autumn Winter Spring Summer
FIN 590 Capital Market Theory FIN 591 Corporate Finance FIN 592 Financial Markets Area Examination
Elective Elective Elective Summer Research Project
Elective Elective Elective
FIN 599 Doctoral Seminar FIN 599 Doctoral Seminar FIN 599 Doctoral Seminar

Students who minor in finance must take a minimum of four courses from the following three lists. They are required to take both courses from list A and one course from list B. The remaining course(s) can be selected from either list B or C. Students should take FIN 580 (and any courses which they want to take from list C) before taking FIN 590, FIN 591, and FIN 592.

List A – Both courses from list A are required.

Course Number Catalog Title
FIN 580 (4) Doctoral Seminar in Financial Economics
FIN 590 (4) Doctoral Seminar in Capital Market Theory

 

List B – One course from list B is required.

Course Number Catalog Title
FIN 591 (4) Doctoral Seminar in Corporate Finance
FIN 592 (4) Doctoral Seminar in Financial Research

 

List C – Optional Courses.

Course Number Catalog Title
FIN 550 (4) Advanced Business Finance
FIN 552 (3) Corporate Planning and Financing
FIN 555 (4) Corporate Financing Decisions
FIN 556 (4) Investment Planning and Evaluation
FIN 560 (4) Investments
FIN 561 (4) Financial Futures and Option Markets
BECON 527 (4) International Finance

Written Area or Qualifying Examination
All students majoring in finance are required to take two written qualifying exams: a basic tools exam and a major area exam. Written area exams are not required for minor areas of study.

Basic Tools Exam
The basic tools exam for finance majors is administered during the Summer Quarter at the end of the first year of study. The exam is designed primarily to test the student’s understanding of microeconomic analysis, as covered in the economics core sequence ECON 500, 501, 508, BA 580 and econometrics, as covered in BARM 580-581. Course material in BECON 520 will also normally be covered. Previous examples of the Tools Examination can be obtained in the School’s Doctoral Program Office.

Major Area Examination
The finance major area exam, which tests the student’s comprehension of the material in finance, is administered during the Summer Quarter at the end of their second year of study. Students should be familiar with the central research findings and theory in finance and with appropriate research methods. Previous examples of the Area Examination can be obtained in the School’s Doctoral Program Office.

Summer Research Project
After completing the Major Area Examination early in the Summer Quarter at the end of the second year, the student will complete a Summer Research Project under the guidance of a faculty advisor. This project is to be independent research on a topic and issue selected by the student. The student should secure approval of the topic from a faculty committee by August 1. The student should submit the written project to the committee by December 1. Students will normally present their work in a workshop setting shortly after their written submission.

General Examination
After successfully completing the written area exam and the Summer Research Project, each student takes a general (oral) examination. Members of the Supervisory Committee, a representative of the Graduate School, and any other interested faculty and students, administer this examination. Typically, this exam involves a defense of the student’s dissertation proposal; however, the chair of the Supervisory Committee determines the precise format of the general exam.

Dissertation
After passing the general exam, students complete the proposed research and write the dissertation guided by a reading committee. The reading committee may consist entirely of members of the supervisory committee or may include one or more members not previously on the supervisory committee. When formation of the reading committee introduces new members, a new chair of the reading committee would ordinarily become chair of the supervisory committee and new members of the reading committee would ordinarily be placed on the supervisory committee.

Final Examination
The supervisory committee administers the final defense of the dissertation.

Computational Finance Certificate
A finance major also has an option to complete a Computational Finance Certificate. Requirements for this program and other information can be found at the program website http://depts.washington.edu/compfin/. Computational Finance classes can be used to fulfill other area requirements in non-finance fields, if not used for the certificate program.