{"id":11,"date":"2018-12-30T20:46:07","date_gmt":"2018-12-30T20:46:07","guid":{"rendered":"https:\/\/faculty.som.yale.edu\/matthewspiegel\/?page_id=11"},"modified":"2026-03-09T15:51:06","modified_gmt":"2026-03-09T15:51:06","slug":"curriculum-vitae","status":"publish","type":"page","link":"https:\/\/faculty.som.yale.edu\/matthewspiegel\/curriculum-vitae\/","title":{"rendered":"Curriculum Vitae"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Education<\/a>, Experience<\/a>, Research and Government Associations<\/a>, Editorial Associations<\/a>, Teaching<\/a>, Awards<\/a>, Publications<\/a>, Working Papers<\/a>. Popular Press<\/a>.<\/p>\n

<\/a>Education<\/strong><\/span>:\r\nPh.D. Economics, Princeton University 1987.\r\nB.A. Economics, U.C. Berkeley 1982, Departmental Citation, Highest Honors, Highest Distinction in General Studies, Phi Beta Kappa.\r\n<\/span>\r\n<\/a>Experience<\/strong><\/span>:\r\n<\/span>1999-date: Professor, Yale School of Management.\r\n1996-1999: Associate Professor (with tenure), Haas School of Business, University of California at Berkeley.\r\n1994-1996: 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.)\r\n1992-1994: Visiting Associate Professor, Haas School of Business, University of California at Berkeley.\r\n1992-1993: Associate Professor, Graduate School of Business, Columbia University.\r\n1987-1992: Assistant Professor, Graduate School of Business, Columbia University.\r\n1986-1987: Associate in Business, Graduate School of Business, Columbia University.<\/span><\/pre>\n
<\/a>Research and Government Associations<\/span><\/strong><\/span>:\r\n<\/span>2022-date: Member of the Financial Economists Roundtable\r\n2008-date: Fellow of the Columbia University Program in the Law and Economics of Capital Markets\r\n2012-2014: Scientific Advisory Board Financial Mathematics and Computation Research Cluster, University College Dublin.\r\n2007-date: University College Dublin Financial Markets Committee Scientific Advisory Board\r\n2003-2006: Member of the NASDAQ Economic Advisory Board\r\n1997-1999: Member of the California State Commissioner's Advisory Committee on Securities Regulation and Capital Formation for the Department of Corporations.\r\n1996: Yale International Institute for Finance Summer Fellow.\r\n1995: Scholar in Residence at the Yale Finance Institute Summer Program.\r\n1989-1994: Research Associate at The Center for Japan-US Business and Economic Research at New York University.\r\n1987-1991: Research Associate at the Center for the Study of Futures Markets at Columbia University.<\/span><\/pre>\n
<\/a>Editorial Associations<\/span><\/strong><\/span>:<\/span><\/pre>\n
President<\/strong>:
\nSociety for Financial Studies<\/a>: July 1, 2014 – June 30, 2017.<\/p>\n
Vice President<\/strong>:
\nSociety for Financial Studies<\/a>: June 30, 2011 – June 30, 2014.<\/p>\n
Executive Editor<\/strong>:
\nReview of Financial Studies<\/a>: July 1, 2005 – June 30, 2011..<\/p>\n
Co-Editor<\/strong>:
\nJournal of Financial Markets<\/a>: 1997 – June 30, 2005.<\/p>\n
Associate Editor<\/strong>:
\nReview of Financial Studies<\/a>: 1997 – 2000 (3 year term).<\/p>\n
Advisory Editor<\/strong>:
\nFinancial Management<\/a>: September 2016 – August 2019.
\nThe Financial Review<\/a>: 2021 \u2013 date<\/p>\n
Editorial Board<\/strong>:
\nInternational Quarterly Journal of Finance: 2000 – 2002.
\nFinance Research Letters<\/a>: 2006 – 2019.
\nCritical Finance Review<\/a>: 2012 – date.<\/p>\n
<\/a>Program Committees<\/span>:<\/h4>\n
Society for Financial Studies Finance Cavalcade (Advisory Chair): 2010 – 2014.
\nWinter Finance Workshop: 2004, 2005.
\nEuropean Finance Association’s Annual Meeting: 2003, 2005, 2014.
\nWestern Finance Association’s Annual Meeting: 1995 – 1999, 2001-2004.
\nWinter Finance Meeting: 1994 – 2004, 2013, 2014.
\nNBER Market Microstructure Research Group: 1997, 1999 – 2004.
\nReview of Financial Studies Conference on Investments in Imperfect Capital Markets: 2002.
\nYale International Center for Finance-NASDAQ-JFM Market Microstructure Conference: 2002.
\nEconometric Society Summer Meeting: 2001.
\nYale International Center for Finance-JFM Market Microstructure Conference: 2000.
\nSociety for Financial Studies Conference on Price Formation: 1998.
\nInstitute for Operations Research and the Management Sciences International Meeting: 1997.
\nAmerican Finance Association’s Annual Meeting: 1996.<\/p>\n
<\/a>Teaching Experience:<\/h3>\n\n\n\n\n\n\n
PhD level courses:<\/td>\nMarket Microstructure, Corporate Finance, Econometrics, Industrial Organization.<\/td>\n<\/tr>\n
Real Estate<\/td>\n<\/tr>\n
MBA level courses:<\/td>\nAccounting and Finance Boot Camp, Corporate Finance, Business Finance, Mergers and Acquisitions, Applied Financial Analysis<\/a>, Corporate Finance II<\/a>.<\/p>\n
2009 Advisor for the Yale University Team at the New York Society of Security Analysts Competition: First Place<\/i>.<\/td>\n<\/tr>\n
BA level courses:<\/td>\nIndustrial Organization, Introductory Finance, Introductory Micro-Economics.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/a>Major Awards and Honors:<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
2017<\/td>\nDoctor of Laws honoris causa, University College Dublin 2017.<\/td>\n<\/tr>\n
2017<\/td>\nKeynote speaker Society for Financial Studies North American Cavalcade conference.<\/td>\n<\/tr>\n
2016:<\/td>\nKeynote speaker New York City Triple Crown Conference at Rutger’s University<\/td>\n<\/tr>\n
2015<\/td>\nKeynote speaker HKUST Corporate Finance Symposium.
\nEastern Finance Association’s Distinguished Scholar Award.<\/td>\n<\/tr>\n
2014<\/td>\n7th Professional Asset Management Conference Rotterdam School of Management.<\/td>\n<\/tr>\n
2012<\/td>\nAuthor of the first editorial published by the Review of Financial Studies<\/i>, “Reviewing Less-Progressing More<\/a>“.<\/td>\n<\/tr>\n
2011<\/td>\nEuropean Winter Finance Summit.<\/td>\n<\/tr>\n
2009<\/td>\nAustralasian Finance and Banking Conference.
\nKeynote speaker Multinational Finance Society.
\nCo-Winner Ross Best Paper Award in Volume 5 of Finance Research Letters<\/i> for “Patterns in Cross Market Liquidity.”<\/a><\/td>\n<\/tr>\n
2008:<\/td>\nMichael Brennan Award for the Best Paper in Volume 20 of the Review of Financial Studies<\/i> for “Portfolio Performance Manipulation and Manipulation-Proof Performance Measures.”<\/a>
\nKeynote speaker Caesarea Center Conference on Private Equity
\nInaugural Challenge Article in Finance Research Letters<\/i><\/a>: “Patterns in Cross Market Liquidity.”<\/a><\/td>\n<\/tr>\n
2007:<\/td>\nKeynote speaker New York City Triple Crown Conference at Baruch University<\/td>\n<\/tr>\n
2003:<\/td>\nKeynote speaker European meeting of the Financial Management Association<\/td>\n<\/tr>\n
2003-2005:<\/td>\nNASDAQ Economic Advisory Board (three year term).<\/td>\n<\/tr>\n
2001-2003:<\/td>\nDirector Western Finance Association (three year term).<\/td>\n<\/tr>\n
2000:<\/td>\nWeimer School Post-Doctoral Honoree.<\/td>\n<\/tr>\n
2000:<\/td>\nMember of the nominating committee for the position of Secretary\/Treasurer of the Society of Financial Studies.<\/td>\n<\/tr>\n
1998:<\/td>\nMember of the American Finance Association’s Nominations Committee.<\/td>\n<\/tr>\n
1998:<\/td>\nANBAR Management Intelligence Citation of Excellence for “Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion.”<\/td>\n<\/tr>\n
1995-1996:<\/td>\nSchwabacher Fellowship.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/a>Publications:<\/h3>\n
\u201cAssociations between COVID-19 business and social gathering restrictions and deaths by suicide in the United States: A cross-sectional county-level analysis.\u201d with Robert Pietrzak, and Peter Na.
\nAbstract and PDF<\/a><\/p>\n
\u201cWhy Covid-19 Restrictions Lose Effectiveness Over Time,\u201d
\nAbstract and PDF<\/a><\/p>\n
“For Corporate Finance to Truly Advance We Need More Genuinely Testable Models,” The Financial Review, <\/em>2023.
\nAbstract and PDF<\/a><\/p>\n
“All or Nothing? Partial Business Shutdowns and COVI-19 Fatality Growth,” with Heather Tookes, PlosONE, 2022.
\nAbstract and PDF<\/a><\/p>\n
“Business Restrictions and COVID-19 Fatalities,” with Heather Tookes,\u00a0Review of Financial Studies<\/em>, 2021.
\nAbstract and PDF<\/a><\/p>\n
“Is the Risk of Sea Level Rise Capitalized in Residential Real Estate,” with Justin Murfin, Review of Financial Studies<\/em>, Volume 33(3), 2020.
\nAbstract and PDF<\/a><\/p>\n
“Why Does an IPO Affect Rival Firms?,” with Heather Tookes, Review of Financial Studies<\/em>, Volume 33(7), 2020.
\nAbstract and PDF<\/a><\/p>\n
“Mutual Fund Risk and Market Share Adjusted Fund Flows,” with Hong Zhang, Journal of Financial Economics<\/i>, Volume 108(2), 2013.
\nAbstract and PDF<\/a><\/p>\n
“Reviewing Less-Progressing More,” Review of Financial Studies<\/i>, Editorial, Volume 25(5), 2012.
\nAbstract and PDF<\/a>”<\/p>\n
“Dynamic Competition, Valuation and Merger Activity,” with Heather Tookes, Journal of Finance<\/i>, Volume 68(1), 2013.
\nAbstract and PDF<\/a><\/p>\n
“Patterns in Cross Market Liquidity,” Finance Research Letters<\/i>, Volume 5(1), 2008.
\nAbstract and PDF<\/a><\/p>\n
“Estimating the Dynamics of Mutual Fund Alphas and Betas,” with H. Mamaysky and H. Zhang. Review of Financial Studies<\/i>, Volume 21, 2007.
\nAbstract and PDF<\/a><\/p>\n
“Improved Forecasting of Mutual Fund Alphas and Betas,” with H. Mamaysky, and H. Zhang. Review of Finance<\/i>, Volume 11, 2007.
\nAbstract and PDF<\/a><\/p>\n
“Portfolio Performance Manipulation and Manipulation-proof Performance Measures,” with W.Goetzmann, J. Ingersoll Jr., and I. Welch. Review of Financial Studies<\/i>, Volume 20, 2007.
\nAbstract and PDF<\/a><\/p>\n
“Managers, Block-Holders, and Takeovers,” Research in Banking and Finance<\/i>, Volume 2, 2002 (with A. Ravid).<\/p>\n
“Housing Return and Construction Cycles,” Real Estate Economics<\/i>, 2001, 29(4).
\nAbstract<\/a>, PDF<\/a><\/p>\n
“The Policy Implications of Portfolio Choice in Underserved Mortgage Markets,” Low- Income Ownership<\/i>, Joint Center for Housing Studies, Brookings Institution Press, Washington D.C.. Eds. Retsinas and Belsky, 2002. (with W. Goetzmann<\/a> ). Abstract and PDF<\/a><\/p>\n
“Asymmetric Information and Disclosure Rules,” Journal of Financial Intermediation<\/i>, 2000, 9(4), (with A. Subrahmanyam).
\nAbstract<\/a>, PDF<\/a><\/p>\n
“Toehold Strategies and Rival Bidders,” Journal of Banking and Finance<\/i>, 1999, 23, (with A. Ravid).
\nAbstract<\/a>, PDF<\/a><\/p>\n
“Do Cities and Suburbs Cluster?,” Cityscape<\/i>, 1998, 3(3), (with W. Goetzmann<\/a> and S. Wachter).<\/p>\n
“Stock Price Volatility in a Multiple Security Overlapping Generations Model,” Review of Financial Studies<\/i>,1998, 11(2).
\nAbstract<\/a>, Errata<\/a><\/p>\n
“Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion,”  Journal of Financial and Quantitative Analysis<\/i>, 1997, 32(3), (with Avri Ravid).
\nAbstract<\/a>, PDF<\/a><\/p>\n
“Anatomy of a Market Failure: Trading Suspensions on the NYSE 1974-1988,”  Journal of Business and Economic Statistics<\/i>, 1998, 16(2),(with U. Bhattacharya).
\nAbstract<\/a>, PDF<\/a><\/p>\n
“A Spatial Model of Housing Returns, and Neighborhood Substitutability,” Journal of Real Estate Finance and Economics<\/i>, 1997, 14, (with W. Goetzmann<\/a> ).
\nAbstract<\/a><\/p>\n
“Private Value Components, and the Winner’s Curse in an Art Index,” European Economic Review<\/i>, 1995, 39, (with W. Goetzmann<\/a> ).<\/p>\n
“On Intraday Risk Premia,” Journal of Finance<\/i>, March 1995, 50(1), (with A. Subrahmanyam).<\/p>\n
“Destructive Interference in an Imperfectly Competitive Multi-Security Market,” Journal of Economic Theory<\/i>, February 1995, 65(1) (with P. Reny and U. Bhattacharya).<\/p>\n
“Non-Temporal Components of Residential Real Estate Appreciation,” Review of Economics and Statistics<\/i>, February 1995, 77(1), (with W. Goetzmann<\/a> ).<\/p>\n
“Understanding When Agents are Fairmen or Gamesmen,” Journal of Games and Economic Behavior<\/i>, 1994, 7, (with J. Currie, H. Sonnenschein and A. Sen).<\/p>\n
“A Theory of the Distribution of Underpriced Initial Public Offers by Investment Banks,”<\/a> Journal of Economics and Management Strategy<\/i>, Winter 1993, 2(4), (with P. Fulghieri).<\/p>\n
“An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems,” Econometrica<\/i>, 1992, 60(6), (with O. Ashenfelter, J. Currie, and H. Farber).<\/p>\n
“A Theory of Predictable Excess Returns in Real Estate,” The Journal of Real Estate Finance and Economics<\/i>, December 1992, (with W. Strange).<\/p>\n
“Corporate Raiders,” The New Palgrave Dictionary of Money and Finance, Vol. 1<\/i>, eds. Newman, Milgate, and Eatwell, 1992.<\/p>\n
“Informed Speculation and Hedging in a Non-Competitive Securities Market,” Review of Financial Studies<\/i>, 1992, 5(2), (with A. Subrahmanyam).<\/p>\n
“Good Projects, Bad Projects, and IPOs,” Pacific-Basin Capital Markets Research, Volume III<\/i>, 1992, (with A. Ravid).<\/p>\n
“Insiders, Outsiders and Market Breakdowns,” Review of Financial Studies<\/i>, 1991, 4(2), (with U. Bhattacharya).<\/p>\n
“A Further Test of Noncooperative Bargaining Theory: Comment,” American Economic Review<\/i>, September 1988, 78(4), (with J. Neelin and H. Sonnenschein).<\/p>\n
<\/a>Working Papers:<\/h3>\n
Directions<\/a> for downloading and printing a paper. Also, what to do if you do not have the Adobe Acrobat reader.<\/p>\n