Curriculum Vitae

Education, Experience, Research and Government Associations, Editorial Associations, Teaching, Awards, Publications, Working Papers. Popular Press.


Ph.D. Economics, Princeton University 1987.

B.A. Economics, U.C. Berkeley 1982, Departmental Citation, Highest Honors, Highest Distinction in General Studies, Phi Beta Kappa.


1999-date: Professor, Yale School of Management.

1996-1999: Associate Professor (with tenure), Haas School of Business, University of California at Berkeley.

1994-1996: Assistant Professor, Haas School of Business, University of California at Berkeley (The University of California does not have an untenured Associate Professor title for ladder rank faculty.)

1992-1994: Visiting Associate Professor, Haas School of Business, University of California at Berkeley.

1992-1993: Associate Professor, Graduate School of Business, Columbia University.

1987-1992: Assistant Professor, Graduate School of Business, Columbia University.

1986-1987: Associate in Business, Graduate School of Business, Columbia University.

Research and Government Associations:

2008-date: Fellow of the Columbia University Program in the Law and Economics of Capital Markets

2012-2014: Scientific Advisory Board Financial Mathematics and Computation Research Cluster, University College Dublin.

2007-2011: Academic Advisory Board, University College Dublin

2003-2006: Member of the NASDAQ Economic Advisory Board

1997-1999: Member of the California State Commissioner’s Advisory Committee on Securities Regulation and Capital Formation for the Department of Corporations.

1996: Yale International Institute for Finance Summer Fellow.

1995: Scholar in Residence at the Yale Finance Institute Summer Program.

1989-1994: Research Associate at The Center for Japan-US Business and Economic Research at New York University.

1987-1991: Research Associate at the Center for the Study of Futures Markets at Columbia University.

Editorial Associations:

Advisory Editor:

Financial Management: September 2016 – August 2019.


Society for Financial Studies: July 1, 2014 – date.

Vice President:

Society for Financial Studies: June 30, 2011 – June 30, 2014.

Executive Editor

Review of Financial Studies: July 1, 2005 – June 30, 2011..


Journal of Financial Markets: 1997 – June 30, 2005.

Associate Editor:

Review of Financial Studies: 1997 – 2000 (3 year term).

Editorial Board:

Finance Research Letters: 2006 – date.
International Quarterly Journal of Finance: 2000 – date.

Program Committees:

Society for Financial Studies Finance Cavalcade (Advisory Chair): 2010 – 2014.
Winter Finance Workshop: 2004, 2005.
European Finance Association’s Annual Meeting: 2003, 2005, 2014.
Western Finance Association’s Annual Meeting: 1995 – 1999, 2001-2004.
Winter Finance Meeting: 1994 – 2004, 2013, 2014.
NBER Market Microstructure Research Group: 1997, 1999 – 2004.
Review of Financial Studies Conference on Investments in Imperfect Capital Markets: 2002.
Yale International Center for Finance-NASDAQ-JFM Market Microstructure Conference: 2002.
Econometric Society Summer Meeting: 2001.
Yale International Center for Finance-JFM Market Microstructure Conference: 2000.
Society for Financial Studies Conference on Price Formation: 1998.
Institute for Operations Research and the Management Sciences International Meeting: 1997.
American Finance Association’s Annual Meeting: 1996.

Teaching Experience:

PhD level courses: Market Microstructure, Corporate Finance, Econometrics, Industrial Organization.
Real Estate
MBA level courses: Accounting and Finance Boot Camp, Corporate Finance, Business Finance, Mergers and Acquisitions, Applied Financial Analysis, Corporate Finance II.

2009 Advisor for the Yale University Team at the New York Society of Security Analysts Competition: First Place.

BA level courses: Industrial Organization, Introductory Finance, Introductory Micro-Economics.

Major Awards and Honors:

2016: Keynote speaker New York City Triple Crown Conference at Rutger’s University
2015 Keynote speaker HKUST Corporate Finance Symposium.
Eastern Finance Association’s Distinguished Scholar Award.
2014 7th Professional Asset Management Conference Rotterdam School of Management.
2012 Author of the first editorial published by the Review of Financial Studies, “Reviewing Less-Progressing More“.
2011 European Winter Finance Summit.
2009 Australasian Finance and Banking Conference.
Keynote speaker Multinational Finance Society.
Co-Winner Ross Best Paper Award in Volume 5 of Finance Research Letters for “Patterns in Cross Market Liquidity.”
2008: Michael Brennan Award for the Best Paper in Volume 20 of the Review of Financial Studies for “Portfolio Performance Manipulation and Manipulation-Proof Performance Measures.”
Keynote speaker Caesarea Center Conference on Private Equity
Inaugural Challenge Article in Finance Research Letters: “Patterns in Cross Market Liquidity.”
2007: Keynote speaker New York City Triple Crown Conference at Baruch University
2003: Keynote speaker European meeting of the Financial Management Association
2003-2005: NASDAQ Economic Advisory Board (three year term).
2001-2003: Director Western Finance Association (three year term).
2000: Weimer School Post-Doctoral Honoree.
2000: Member of the nominating committee for the position of Secretary/Treasurer of the Society of Financial Studies.
1998: Member of the American Finance Association’s Nominations Committee.
1998: ANBAR Management Intelligence Citation of Excellence for “Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion.”
1995-1996: Schwabacher Fellowship.


“All or Nothing? Partial Business Shutdowns and COVI-19 Fatality Growth,” with Heather Tookes.
Abstract and URL

“Business Restrictions and COVID-19 Fatalities,” with Heather Tookes, Review of Financial Studies, 2021.
Abstract and URL

“Is the Risk of Sea Level Rise Capitalized in Residential Real Estate,” with Justin Murfin, Review of Financial Studies, Volume 33(3), 2020.
Abstract and PDF

“Why Does an IPO Affect Rival Firms?,” with Heather Tookes, Review of Financial Studies, Volume 33(7), 2020.
Abstract and PDF

“Mutual Fund Risk and Market Share Adjusted Fund Flows,” with Hong Zhang, Journal of Financial Economics, Volume 108(2), 2013.
Abstract and PDF

“Reviewing Less-Progressing More,” Review of Financial Studies, Editorial, Volume 25(5), 2012.
Abstract and PDF

“Dynamic Competition, Valuation and Merger Activity,” with Heather Tookes, Journal of Finance, Volume 68(1), 2013.
Abstract and PDF

“Patterns in Cross Market Liquidity,” Finance Research Letters, Volume 5(1), 2008.
Abstract and PDF

“Estimating the Dynamics of Mutual Fund Alphas and Betas,” with H. Mamaysky and H. Zhang. Review of Financial Studies, Volume 21, 2007.
Abstract and PDF

“Improved Forecasting of Mutual Fund Alphas and Betas,” with H. Mamaysky, and H. Zhang. Review of Finance, Volume 11, 2007.
Abstract and PDF

“Portfolio Performance Manipulation and Manipulation-proof Performance Measures,” with W.Goetzmann, J. Ingersoll Jr., and I. Welch. Review of Financial Studies, Volume 20, 2007.
Abstract and PDF

“Managers, Block-Holders, and Takeovers,” Research in Banking and Finance, Volume 2, 2002 (with A. Ravid).

“Housing Return and Construction Cycles,” Real Estate Economics, 2001, 29(4).
Abstract, PDF

“The Policy Implications of Portfolio Choice in Underserved Mortgage Markets,” Low- Income Ownership, Joint Center for Housing Studies, Brookings Institution Press, Washington D.C.. Eds. Retsinas and Belsky, 2002. (with W. Goetzmann ). Abstract and PDF

“Asymmetric Information and Disclosure Rules,” Journal of Financial Intermediation, 2000, 9(4), (with A. Subrahmanyam).
Abstract, PDF

“Toehold Strategies and Rival Bidders,” Journal of Banking and Finance, 1999, 23, (with A. Ravid).
Abstract, PDF

“Do Cities and Suburbs Cluster?,” Cityscape, 1998, 3(3), (with W. Goetzmann and S. Wachter).

“Stock Price Volatility in a Multiple Security Overlapping Generations Model,” Review of Financial Studies,1998, 11(2).
Abstract, Errata

“Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion,” Journal of Financial and Quantitative Analysis, 1997, 32(3), (with Avri Ravid).
Abstract, PDF

“Anatomy of a Market Failure: Trading Suspensions on the NYSE 1974-1988,” Journal of Business and Economic Statistics, 1998, 16(2),(with U. Bhattacharya).
Abstract, PDF

“A Spatial Model of Housing Returns, and Neighborhood Substitutability,” Journal of Real Estate Finance and Economics, 1997, 14, (with W. Goetzmann ).

“Private Value Components, and the Winner’s Curse in an Art Index,” European Economic Review, 1995, 39, (with W. Goetzmann ).

“On Intraday Risk Premia,” Journal of Finance, March 1995, 50(1), (with A. Subrahmanyam).

“Destructive Interference in an Imperfectly Competitive Multi-Security Market,” Journal of Economic Theory, February 1995, 65(1) (with P. Reny and U. Bhattacharya).

“Non-Temporal Components of Residential Real Estate Appreciation,” Review of Economics and Statistics, February 1995, 77(1), (with W. Goetzmann ).

“Understanding When Agents are Fairmen or Gamesmen,” Journal of Games and Economic Behavior, 1994, 7, (with J. Currie, H. Sonnenschein and A. Sen).

“A Theory of the Distribution of Underpriced Initial Public Offers by Investment Banks,” Journal of Economics and Management Strategy, Winter 1993, 2(4), (with P. Fulghieri).

“An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems,” Econometrica, 1992, 60(6), (with O. Ashenfelter, J. Currie, and H. Farber).

“A Theory of Predictable Excess Returns in Real Estate,” The Journal of Real Estate Finance and Economics, December 1992, (with W. Strange).

“Corporate Raiders,” The New Palgrave Dictionary of Money and Finance, Vol. 1, eds. Newman, Milgate, and Eatwell, 1992.

“Informed Speculation and Hedging in a Non-Competitive Securities Market,” Review of Financial Studies, 1992, 5(2), (with A. Subrahmanyam).

“Good Projects, Bad Projects, and IPOs,” Pacific-Basin Capital Markets Research, Volume III, 1992, (with A. Ravid).

“Insiders, Outsiders and Market Breakdowns,” Review of Financial Studies, 1991, 4(2), (with U. Bhattacharya).

“A Further Test of Noncooperative Bargaining Theory: Comment,” American Economic Review, September 1988, 78(4), (with J. Neelin and H. Sonnenschein).

Working Papers:

Directions for downloading and printing a paper. Also, what to do if you do not have the Adobe Acrobat reader.

  • Abstract – html file.
  • PDF – Adobe Acrobat 4.0 portable document file.

A Better CPI – Adjusting for Technological Change and Increased Housing Consumption,” with Anthony Cheng.

“Better Bond Benchmarks,” with Adriana Robertson

“Institutional Rigidities and Bond Returns around Rating Changes,” with Laura Starks.

“Are Chads Democrats? An Analysis of the Florida Presidential Recount.”
Abstract and PDF

Popular Press:

“Bubbles and Panics,” Wall Street Journal Portfolio of Ideas, online article, 2013.

“Multi-Year Perspective,” Westport News, April 21, 2006. (An article about the local real estate market.)

Timing the market with past returns? Good luck,”, October 3, 2005.

2000 A Bubble? 2002 A Panic? Maybe Nothing?,” Wilmott Magazine, March 2004.

“Who’s to Blame for the U.S. Recession? A Comment,” The International Economist, Winter 2002.