Faculty Directory

Associate 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

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

1. “Dynamic Resource Allocation with Hidden Volatility“

   Journal Article:Feng F. & Westerfield M., (2021). Journal of Financial Economics, Vol. 140, pp. 560-582.
2. “Market Selection“

   Journal Article:Kogan, L., Ross, S., Wang, J. & Westerfield, M., (2017). Journal of Economic Theory, Vol. 168, pp. 209-236.
3. “Optimal Dynamic Contracts with Moral Hazard and Costly Monitoring“

   Journal Article:Piskorski, T. & Westerfield, M., (2016). Journal of Economic Theory, Vol. 166, pp. 242-281.
4. “Looking for Someone to Blame: Delegation, Cognitive Dissonance, and the Disposition Effect“

   Journal Article:Chang, T., Solomon, D., & Westerfield, W., (2016). Journal of Finance, Vol. 71(1), pp. 267-302.
5. “Resource Accumulation Through Economic Ties: Evidence from Venture Capital“

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

   Journal Article:Ang, A., Papanikolaou, D., & Westerfield, M., (2014). Management Science, Vol. 60(11), pp. 2737-2761.
7. “High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice“

   Journal Article:Panageas, S., & Westerfield, M., (2009). Journal of Finance, Vol. 64(1), pp. 1-36.
8. “Disagreement and Learning in a Dynamic Contracting Model“

   Journal Article:Adrian, T. & Westerfield, M., (2009). The Review of Financial Studies, Vol. 22(10), pp. 3873-3906.
9. “The Price Impact and Survival of Irrational Traders“

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

Working Papers

“Dynamic Agency with Capital Budgeting and Volatility Controls”, with Felix Zhiyu Feng.

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