Foster School of Business
University of Washington
Box: 353226
Seattle, WA 98195-3226
Featured Research
Markets frown on large pay disparity between CEO and median worker
Tracking the origins and evolution of a corporation’s culture of risk
India retires rupee notes: the effect on the urban poor
Value vs. growth: an investor’s perspective
Heredity is a major driver of irrational investing behavior
Sarbanes-Oxley regulation effective without harming investor value
Nature vs. nurture: Genes play a leading role in financial behavior
Stephan Siegel
- 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
- asset pricing
- behavioral finance
- business valuation
- household finance
- international finance
- investing
- private equity
Industries
- Consulting
- Financial Services
- Manufacturing
- Private Equity
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
- “The Cross-Section of Volatility and Returns: Then and Now“Journal Article:Siegel, S., Detzel, A., Duarte, J., Kamara, A., and Sun, C., (2023). The Critical Finance Review, Vol. 12(1-4), pp. 9-56.
- “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,
- “Are CEOs More Likely to Be First-Borns?“Journal Article:Siegel, S., Custodio, C., (2020). PlosOne,
- “The Cultural Origin of CEOs’ Attitudes towards Uncertainty: Evidence from Corporate Acquisitions“Journal Article:Siegel, S., Pan, Y., Wang, T., (2020). Review of Financial Studies,
- “Political Risk and International Valuation“Journal Article:Bekaert, G., Harvey, C., Lundblad, C., & Siegel, S., (2016). Journal of Corporate Finance, Vol. 37, pp. 1-23.
- “Corporate Risk Culture“Journal Article:Pan, Y., Siegel, S. & Wang, T., (2016). Journal of Financial and Quantitative Analysis,
- “The Fetal Origins Hypothesis in Finance: Prenatal Environment, the Gender Gap, and Investor Behavior“Journal Article:Cronqvist, H., Previtero, A., Siegel, S., & White, R., (2016). Review of Financial Studies, Vol. 93(3), pp. 739-786.
- “The Origins of Savings Behavior“Journal Article:Cronqvist, H., & Siegel, S., (2015). Journal of Political Economy, Vol. 123(1), pp. 123-169.
- “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.
- “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.
- “The Impact of the Sarbanes-Oxley Act on Shareholders and Managers of Foreign Firms“Journal Article:Duarte, J., Kong, K., Siegel, S., & Young, L., (2014). Review of Finance, Vol. 18(1), pp. 417-455.
- “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.
- “The Genetics of Investment Biases“Journal Article:Cronqvist, H., & Siegel, S., (2014). Journal of Financial Economics, Vol. 113(2), pp. 215-234.
- “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.
- “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.
- “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.
- “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.
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