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Faculty Directory

Thomas Gilbert

Associate Professor of Finance and Business Economics


PhD University of California, Berkeley (2008)
MS University of California, Berkeley (2005)
MSci Imperial College London (2002)

Academic Expertise

asset pricing
business valuation
financial markets
growth management
managerial economics
public finance


Financial Services
Investment Banking
Pension Funds
Real Estate
Securities & Commodity Exchanges

Current Research

"The (Optimal) Capital Structure of Universities"
"Are Large and Risky Endowments Signals of University Quality" with Christopher Hrdlicka
"Why do Donors Donate to Universities with Large and Risky Endowments?" with Christopher Hrdlicka
"The Impact of Macroeconomic News on Corporate Polices" with Ran Duchin

Positions Held

At the University of Washington since 2008
Researcher in Complexity Group of Didier Sornette, Department of Geophysics and Space Physics, University of California, Los Angeles, 2002-2003
Chief Financial Officer, LIDAR Technologies, London, UK, 2001-2002
Summer Analyst, Citigroup Global Corporate & Investment Bank, London, UK, 2000, 2001

Selected Publications

  1. The Structure of Information Release and the Factor Structure of Returns
    Journal Article:Gilbert, T., Hrdlicka, C., & Kamara, A., (2018). Journal of Financial Economics, Vol. Vol. 127(3), pp. 546-566.
  2. Is the intrinsic value of macroeconomic news announcements related to their asset price impact?
    Journal Article:Gilbert, T., Scotti, C., Strasser, G. & Vega, S., (2017). Journal of Monetary Economics, Vol. 92, pp. 78-96.
  3. Precautionary Savings with Risky Assets: When Cash is Not Cash
    Journal Article: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?
    Journal Article: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
    Journal Article: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
    Journal Article: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
    Journal Article: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
    Journal Article:Gilbert, T., Sornette, D., Deschatres, F., & Ageon, Y., (2004). Physical Review Letters, Vol. 93, pp. 228701.

Working Papers

“Leaders’ preferences for fairness and risk-sharing across generations” with Chris Hrdlicka (2016)

Honors and Awards

PACCAR Award for Teaching Excellence, 2010, 2017
MBA Core Professor of the Year, 2010, 2011, 2012, 2013, 2014, 2016 & 2017
Poets & Quants 40 Under 40 Best MBA Professor, 2016
Commonfund Prize for the Best Paper on Foundation and Endowment Asset Management, EFA Annual Meeting, 2013
Ph.D. Program Mentoring Award, 2012
Daniel R. Siegel Service Award, 2011, 2017
Charles E. Summer Outstanding Teaching Award, 2011, 2017
MBA Core Professor of the Quarter, Aut 2009, Aut 2010, Aut 2011, Aut 2012, Aut 2013, Aut 2015 & Aut 2016
Outstanding graduate student instructor award, Haas School of Business, UC Berkeley, 2005-2007
UC Regents' Fellowship, 2006-2007
Dean Witter Foundation Fellowship, 2003-2007
Henry K. Hayase Ph.D. Award, 2004

Academic Service

Referee for the Journal of Finance, the Review of Financial Studies, Management Science, the Journal of Financial and Quantitative Analysis, the Journal of Business and Economic Statistics, the Journal of Banking and Finance, the Journal of Corporate Finance, Finance Research Letters, the Journal of Financial Markets, the Journal of Education Finance and Policy, and the Review of Finance.
Western Finance Association Conference Program Committee, 2010-2017
European Finance Association Conference Program Committee, 2013-2016