Mark Westerfield
- Professor of Finance and Business Economics Michael G. Foster Endowed Professor
Education
- PhD Massachusetts Institute of Technology (2004)
- BA University of Chicago (1999)
Academic Expertise
- asset pricing
- behavioral finance
- corporate finance
- private equity
Positions Held
- At the University of Washington since 2012
- Assistant Professor of Finance and Business Economics, Marshall School of Business at the University of Southern California, 2004-2012
Selected Publications
“Setbacks, Shutdowns, and Overruns”
Feng, F., Taylor, C.R., Westerfield, M., and Zhang, F., (2024). Econometrica, Vol. 92(3), pp. 815–847.
“Capital Commitment”
Hourier, E., Phalippou, L., and Westerfield, M., (2024). The Journal of Finance, Vol. 79(5), pp. 1837–1888.
“Asset Allocation with Private Equity”
Korteweg, A., and Westerfield, M., (2022). Foundations and Trends in Finance, Vol. 13(2), pp. 95–204.
“Dynamic Resource Allocation with Hidden Volatility”
Feng, F., and Westerfield, M., (2021). Journal of Financial Economics, Vol. 140, pp. 560–582.
“Market Selection”
Kogan, L., Ross, S., Wang, J., and Westerfield, M., (2017). Journal of Economic Theory, Vol. 168, pp. 209–236.
“Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring”
Piskorski, T., and Westerfield, M., (2016). Journal of Economic Theory, Vol. 166, pp. 242–281.
“Looking for Someone to Blame: Delegation, Cognitive Dissonance, and the Disposition Effect”
Chang, T., Solomon, D., and Westerfield, W., (2016). Journal of Finance, Vol. 71(1), pp. 267–302.
“Resource Accumulation Through Economic Ties: Evidence from Venture Capital”
Hochberg, Y., Lindsey, L., and Westerfield, M., (2015). Journal of Financial Economics, Vol. 118(2), pp. 245–267.
“Portfolio Choice with Illiquid Assets”
Ang, A., Papanikolaou, D., and Westerfield, M., (2014). Management Science, Vol. 60(11), pp. 2737–2761.
“High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice”
Panageas, S., and Westerfield, M., (2009). Journal of Finance, Vol. 64(1), pp. 1–36.
“Disagreement and Learning in a Dynamic Contracting Model”
Adrian, T., and Westerfield, M., (2009). The Review of Financial Studies, Vol. 22(10), pp. 3873–3906.
“The Price Impact and Survival of Irrational Traders”
Kogan, L., Ross, S., Wang, J., and Westerfield, M., (2006). Journal of Finance, Vol. 61(1), pp. 195–229.
Honors and Awards
- William A. and Helene I. Fowler Award, 2015
- Core Professor of the Year from the Evening MBA Program, 2014
- Distinguished Referee Award from The Review of Financial Studies, 2014
- Netspar Research Grant RG12.04, 2012
- Roger F. Murray Prize, Second Place, Q-group, 2011
- CRA International Prize, Best Corporate Finance Paper, Western Finance Association, 2007
- Smith-Breeden Prize, First Place, American Finance Association and the Journal of Finance, 2006
- FAME Research Prize, Swiss Finance Institute, 2004