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The Bendheim Center for Finance Annual Report 2009 Princeton University
The Bendheim Center for Finance Annual Report 2009 Princeton University Contents 5 In Memoriam: Robert Austin Bendheim, 1916-2009 7 Director’s Introduction 10 Faculty 28 Visiting Faculty 30 Visiting Fellows 31 Graduating Ph.D. Students 33 Seminars 33 Civitas Foundation Finance Seminars 34 Finance Ph.D. Student Workshop 35 Conferences 35 The Princeton Lectures in Finance 35 Third Cambridge-Princeton Conference 36 Humboldt-Princeton Conference: Semiparametrics Meets Mathematical Finance 37 Conference on the Mathematics of Credit Risk 37 Rethinking Business Management: An Examination of the Foundations of Business Education 37 Second New York Fed-Princeton Liquidity Conference 38 Stochastic Analysis and Applications from Mathematical Physics to Mathematical Finance 39 CCCP Mathetical Financial Workshop 40 Undergraduate Certificate in Finance 42 Departmental Prizes, Honors, and Athletic Awards to UCF 2008 Students 43 Senior Theses and Independent Projects of the Class of 2008 46 Mini-Course on Financial Modeling, Valuation, and Analysis using Excel, VBA, and C++ 47 Master in Finance 47 Admission Requirements 48 Statistics on the Admission Process 50 Program Requirements 50 Core Courses 50 Elective Courses 52 Tracks 53 Some Course Descriptions 56 Master in Finance Placement 57 MFin Math Camp/Boot Camp 59 Advisory Council 60 Corporate Affiliates Program 60 2008–09 Partners 60 Benefits 61 Gift Opportunities 62 Acknowledgments 2008–09 In Memoriam: Robert Austin Bendheim, 1916-2009 The Bendheim Center for Finance is saddened to report that Robert A. Bendheim died on August 21 at age 93. Bob graduated from Princeton in 1937. As many of you know, Bob and his family have been great friends of the University and have had a major impact on its missions of teaching and research and in promoting a deeper understanding of the forces that shape our national and international destiny. -
Reporter NATIONAL BUREAU of ECONOMIC RESEARCH
NBER Reporter NATIONAL BUREAU OF ECONOMIC RESEARCH A quarterly summary of NBER research No. 4, December 2017 Program Report ALSO IN THIS ISSUE Employment Changes for Cognitive Occupations, 2000–2012 Industrial Organization Percentage change in STEM and other managerial or professional occupations -20 0 20 40 60 * Teachers (K-12) Liran Einav and Jonathan Levin Managers (All) Nurses Health Technicians Health Therapists Comp. Sci./Programming/Tech. Support Accounting And Finance Economists & Survey Researchers Social Workers, Counselors & Clergy Physicians College Instructors Researchers in the Program on Industrial Organization (IO) study Lawyers and Judges Other Business Support consumer and firm behavior, competition, innovation, and govern- Operations Researchers Physicians' Assistants Medical Scientists ment regulation. This report begins with a brief summary of general Legal Assistants and Paralegals Pharmacists developments in the last three decades in the range and focus of pro- Dental Hygienists Mathematicians/Statisticians/Actuaries gram members’ research, then discusses specific examples of recent Dentists Social Scientists And Urban Planners Artists, Entertainers, and Athletes work. Marketing, Advertising and PR Pilots/Air Traic Control When the program was launched in the early 1990s, two devel- Biological Scientists Physical Scientists Architects opments had profoundly shaped IO research. One was development Writers, Editors, and Reporters Engineering And Science Technicians of game-theoretic models of strategic behavior by firms with market Draers And Surveyors 1 Engineers (All) power, summarized in Jean Tirole’s classic textbook. The initial wave -20 0 20 40 60 of research in this vein was focused on applying new insights from eco- Source: D. Deming, NBER Working Paper No. 21473 nomic theory; empirical applications came later. -
Augustin Landier
Augustin Landier 304 Mulberry Street [email protected] #LJ Phone: 6177929122 New York, NY 10012 Employment: ADA INVESTMENT MANAGEMENT, New York Founding Partner, July 2008-present Creation of an independent asset management company offering products based on proprietary quantitative research. Setting-up of operations, hiring of a team of six employees. Ada’s long-short equity fund started trading Oct 1. OLD LANE LP (CITI ALTERNATIVE INVESTMENTS), New York Director&Portfolio Manager, QSF, March 20, 2007- June 30, 2008 Development and implementation of quantitative long-short equity strategies. NEW YORK UNIVERSITY, STERN SCHOOL OF BUSINESS Adjunct Professor of Finance, September 2008-Present Assistant Professor of Finance, July 2004- August 2008. Teaching: Corporate Finance (core MBA class), Topics in Hedge Funds (elective MBA Class). UNIVERSITY OF CHICAGO, GRADUATE SCHOOL OF BUSINESS Assistant Professor of Finance, 2002-2004. Education: MASSACHUSETTS INSTITUTE OF TECHNOLOGY, Cambridge, MA Ph.D. in Economics, 2002. ECOLE NORMALE SUPERIEURE, Paris, France. M.A. and Agregation of Mathematics (1994-1997). Master in Economics , DELTA-EHESS, Paris, 1998. Master in Philosophy of Science , Sorbonne, Paris, 1996. Awards: 2008: Manpower Institute Prize awarded for “Le Grand Méchant Marché” 2007: Rossi Prize awarded by French “Academy of Moral and Social Sciences” 2002: Solow Prize for excellence in research and teaching. 2001: NBER Fellowship in Health and Aging. 2000 : Lavoisier Fellowship. 1998 - 2000: MIT Fellowship, Department of Economics. -
Antoinette Schoar
ANTOINETTE SCHOAR Massachusetts Institute of Technology 50 Memorial Drive, Room E52-433 Cambridge, MA 02142 (617) 253-3763 [email protected] www.mit.edu/~aschoar ACADEMIC POSITIONS Michael M. Koerner (1949) Professor of Entrepreneurship, MIT, July 2008 - present. Michael M. Koerner (1949) Associate Professor of Entrepreneurship, (with tenure), MIT, July 2005 - present. Michael M. Koerner (1949) Associate Professor of Entrepreneurial Finance, MIT, July 2004- 2005. Maurice F. Strong Career Development Fund Assistant Professor, MIT, July 2001-2004. Visiting Professor University of Chicago GSB, February - June 2003 Assistant Professor in Finance, Sloan School of Management, MIT, July 2000-2001. EDUCATION Ph.D. in Economics, University of Chicago, June 2000. Diploma in Economics, University of Cologne, Germany, April 1995. HONORS AND AWARDS Ewing Marion Kauffman Prize Medal for “Distinguished Research in Entrepreneurship,” 2008. Rensselaer Polytechnic Prize “Rising Star in Finance”, 2008. NSF Grant # 22-3471-00-0-79-449 to study “Judge Specific Differences in Chapter 11”. Kauffman Foundation Grant # 22-2344-00-0-18-449 to build a “Repository Database of Bankruptcy Resolutions in US Small Businesses”. IFC Chief Economist Grant for research on “Access to Finance in Emerging Markets”. Brattle Prize (First Prize) distinguished paper in the Journal of Finance, 2003, for the paper “Effects of Corporate Diversification on Productivity”. NASDAQ Award for the best paper on capital formation at the WFA 2003 “Private Equity in the Developing World: The Determinants of Transaction Structures” (joint with Josh Lerner). Michael J. Borrelli, CFA Research Grant Award 2003 for the paper “Private Equity Performance: Returns, Persistence and Capital Flows” (joint with Steve Kaplan). -
Johan Hombert
Johan Hombert HEC Paris Email: [email protected] Finance Department Phone: +33 1 39 67 72 57 1 rue de la Liberation Web: johanhombert.github.io 78350 Jouy-en-Josas, France Blog: johanhombert.github.io/blog Employment HEC Paris 2021{ Associate Dean, Director of the PhD Program 2015{ Associate Professor of Finance (with tenure) 2010{2015 Assistant Professor of Finance INSEE (National Institute for Statistics and Economic Studies), Paris 2009{2010 Economist 2006{2009 Teaching Assistant at ENSAE Other Academic Appointments 2015{ CEPR Research Affiliate Education 2018 H.D.R. (French diploma to supervise Ph.D. theses), Toulouse School of Economics 2009 Ph.D. in Economics, Toulouse School of Economics 2005 M.Sc. in Economics, ENSAE and Paris School of Economics 2004 B.Sc. in Applied Mathematics and Economics, Ecole Polytechnique Publications Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing with Bruno Biais and Pierre- Olivier Weill, conditionally accepted at the American Economic Review. Can Unemployment Insurance Spur Entrepreneurial Activity? Evidence from France with An- toinette Schoar, David Sraer and David Thesmar, Journal of Finance, 2020, 75(3), 1247-1285. Anticompetitive Vertical Mergers Waves with Jerome Pouyet and Nicolas Schutz, Journal of In- dustrial Economics, 2019, 67(3-4), 484-514. Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China? with Adrien Matray, Journal of Finance, 2018, 83(5), 2003-2039. The Competitive Effects of a Bank Megamerger on Credit Supply with Henri Fraisse and Mathias Le, Journal of Banking and Finance, 2018, 93, 151-161. The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility with Adrien Matray, Review of Financial Studies, 2017, 30(7), 2413-2445. -
MARIANNE BERTRAND Graduate School of Business University of Chicago 5807 South Woodlawn Avenue Chicago, IL 60637 Tel:773-834-594
MARIANNE BERTRAND Graduate School of Business University of Chicago 5807 South Woodlawn Avenue Chicago, IL 60637 Tel:773-834-5943 E-mail:[email protected] EMPLOYMENT Graduate School of Business, University of Chicago, Chicago, IL, July 2003 - Present: Professor of Economics Graduate School of Business, University of Chicago, Chicago, IL, July 2002 - June 2003: Associate Professor of Economics Graduate School of Business, University of Chicago, Chicago, IL, July 2000 - June 2002: Assistant Professor of Economics Department of Economics and Woodrow Wilson School of Public and International Affairs, Princeton University, Princeton, NJ, July 1998 - June 2000: Assistant Professor of Economics and Public Affairs EDUCATION Harvard University, Cambridge. MA, 1993 - 1998: Ph.D. in Economics Universit´eLibre de Bruxelles, Brussels, Belgium, 1991 - 1992: Maˆıtrise en Econometrie (M.Sc. in Econometrics) Universit´eLibre de Bruxelles, Brussels, Belgium, 1987 - 1991: Licence en Economie (B.A. in Economics) PUBLISHED AND FORTHCOMING PAPERS • “The Role of Family in Family Firms,” (joint with Antoinette Schoar), Journal of Economic Perspectives (forthcoming). • “Behavioral Economics and Marketing in Aid of Decision-Making among the Poor,” (joint with Sendhil Mullainathan and Eldar Shafir) Journal of Public Policy and Mar- keting (forthcoming). 1 • “Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985,” (joint with Antoinette Schoar and David Thesmar) The Journal of Finance (forthcoming). • “Credit and Product Market Effects of Banking Deregulation: Evidence from the French Experience,” (joint with Antoinette Schoar and David Thesmar), DICE Report- Journal for Institutional Comparisons, vol 3, 2005 (3). • “Implicit Discrimination,” (joint with Dolly Chugh and Sendhil Mullainathan), The American Economic Review, May 2005. -
David Thesmar
DAVID THESMAR PERSONAL DATA Born 07/03/1972 in France French Citizen MAIN POSITIONS HELD 2016- MIT Sloan school of Management • Franco Modigliani Professor of Financial Economics • Professor of Finance 2015-2016 Haas School of Business, UC Berkeley. • Visiting Professor of Finance and Baxter Fellow. 2005-2016 HEC Paris • Professor of Finance (2009-) • Associate Professor of Finance (2005-2009) 2003 – 2005 INSEE (French statistical office) • Lecturer & researcher at ENSAE (2002-2005) • Eurozone Economy, Macroeconomic Forecasting Division (1999-2002) • Researcher at CREST (1997-1999) EDUCATION 2000 - PhD in Economics, EHESS (Committee: P. Cahuc, C. Chamley, D. Cohen, P. Rey, F. Kramarz) 1997 - MPhil in Economics, LSE 1996 - MSc Economics, ENSAE and PSE 1995 - BSc Economics and Physics, Ecole Polytechnique OTHER POSITIONS HELD 2014 - 2017 Member of the scientific board of ESRB (European Systemic Risk Board) 2012 - 2016 Member of the scientific board of APCR (French Banking & Insurance Supervisor) 2012 - 2016 Senior Research Consultant, CFM, Paris 2008 - 2013 Member of the council of economic advisers (with the French Prime Minister) PUBLICATIONS Asset management & financial markets 1. "Sticky Expectations and the Profitability Anomaly", with Bouchaud, Krüger and Landier, Journal of Finance, 2019 2. "Wholesale Funding Dry-Ups", with Pérignon and Vuillemey, Journal of Finance, 2018 3. "Sovereign Crises and Bank Financing: Evidence from the European Repo Market", with Boissel, Derrien, Ors, Journal of Financial Economics, 2017 4. "Banking Integration and House Price Comovement", with Landier and Sraer, Journal of Financial Economics, 2017 5. “The Sovereign-Bank Diabolic Loop and ESBies", with Brunnermeier, Garicano, Lane, Pagano, Reis, Santos, Van Nieuwerburgh and Vayanos, AER P&P, 2016 6. -
Antoinette Sarah Schoar
ANTOINETTE SCHOAR Massachusetts Institute of Technology 50 Memorial Drive, Room E52-433 Cambridge, MA 02142 (617) 253-3763 [email protected] www.mit.edu/~aschoar ACADEMIC POSITIONS Michael M. Koerner (1949) Professor of Entrepreneurship, MIT, July 2008 - present. Michael M. Koerner (1949) Associate Professor of Entrepreneurship, (with tenure), MIT, July 2005 - present. Michael M. Koerner (1949) Associate Professor of Entrepreneurial Finance, MIT, July 2004- 2005. Maurice F. Strong Career Development Fund Assistant Professor, MIT, July 2001-2004. Visiting Professor University of Chicago GSB, February - June 2003 Assistant Professor in Finance, Sloan School of Management, MIT, July 2000-2001. EDUCATION Ph.D. in Economics, University of Chicago, June 2000. Diploma in Economics, University of Cologne, Germany, April 1995. HONORS AND AWARDS Ewing Marion Kauffman Prize Medal for “Distinguished Research in Entrepreneurship,” 2008. Rensselaer Polytechnic Prize “Rising Star in Finance”, 2008. NSF Grant # 22-3471-00-0-79-449 to study “Judge Specific Differences in Chapter 11”. Kauffman Foundation Grant # 22-2344-00-0-18-449 to build a “Repository Database of Bankruptcy Resolutions in US Small Businesses”. IFC Chief Economist Grant for research on “Access to Finance in Emerging Markets”. Brattle Prize (First Prize) distinguished paper in the Journal of Finance, 2003, for the paper “Effects of Corporate Diversification on Productivity”. NASDAQ Award for the best paper on capital formation at the WFA 2003 “Private Equity in the Developing World: The Determinants of Transaction Structures” (joint with Josh Lerner). Michael J. Borrelli, CFA Research Grant Award 2003 for the paper “Private Equity Performance: Returns, Persistence and Capital Flows” (joint with Steve Kaplan). -
Behavioral Decision Theory and Its Applications to Economics and Finance
Behavioral Decision Theory and its Applications to Economics and Finance Hosted by CREI, Universitat Pompeu Fabra Barcelona 8-9 June, 2012 Room: 23.S05, Mercè Rodoreda Building Organizer: Nicola Gennaioli The organization of the conference has received funding from the European Research Council under the European Union's Seventh Framework Programme / ERC grant agreement nº 241114 – INST&GLOB "Institutions and Globalization" FRIDAY, 8 JUNE 13:00 Registration and Welcome Lunch** 14:30 “Prospect Theory Applications in Finance” Nicholas Barberis (Yale School of Management) 15:15 “Revealed (P) Reference Theory ” *Pietro Ortoleva (Caltech, California Institute of Technology) Efe Ok (New York University) Gil Riella (New York University) 16:00 “Financial Disclosure with Costly Information Processing” *Marco Pagano (Università di Napoli Federico II and CEPR) Marco Di Maggio (MIT Department of Economics) 16:45 Coffee Break** 17:15 “Learning Through Noticing: Theory and Experimental Evidence in Farming ” *Josh Schwartzstein (Dartmouth College) Rema Hanna (Harvard Kennedy School) Sendhil Mullainathan (Harvard University, BREAD and CEPR) 18:00 “Categorization Bias in the Stock Market” *Augustin Landier (Toulouse School of Economics) Philipp Krueger (Geneva Finance Research Institute) David Thesmar (HEC School of Management and CEPR) 21:00 Dinner (by invitation only)** SATURDAY, 9 JUNE 09:30 “Reference Dependence and Labor-Market Fluctuations ” *Rani Spiegler (Tel Aviv University and CEPR) Kfir Eliaz (Brown University) 10:15 “Behavioral Competitive -
Can Unemployment Insurance Spur Entrepreneurial Activity?
NBER WORKING PAPER SERIES CAN UNEMPLOYMENT INSURANCE SPUR ENTREPRENEURIAL ACTIVITY? Johan Hombert Antoinette Schoar David Sraer David Thesmar Working Paper 20717 http://www.nber.org/papers/w20717 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 November 2014 This is the substantially revised version of a paper previously titled “Should the Government Make it Safer to Start a Business? Evidence From a French Reform”. We thank participants at many conferences and seminars for comments and suggestions. In particular, we are indebted to Ashwini Agrawal, Steve Davis, Guy Laroque, David Matsa, Toby Moskowitz, Marina Niessner, and Elena Simintzi for their valuable insights. The data used in this paper is confidential but not the authors’ exclusive access. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2014 by Johan Hombert, Antoinette Schoar, David Sraer, and David Thesmar. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Can Unemployment Insurance Spur Entrepreneurial Activity? Johan Hombert, Antoinette Schoar, David Sraer, and David Thesmar NBER Working Paper No. 20717 November 2014 JEL No. G3,H25,J65 ABSTRACT We study a large-scale French reform that provided generous downside insurance for unemployed individuals starting a business. We study whether this reform affects the composition of people who are drawn into entrepreneurship. -
David Sraer: Curriculum Vitae
David SRAER Curriculum Vitae updated July 2021 Contact UC Berkeley 1 (510) 642-8363 Information Haas School of Business [email protected] 545 Student Services Building http://faculty.haas.berkeley.edu/dsraer/ Berkeley, CA 94720-1900 French Citizen, Married, 2 children. Appointments University of California at Berkeley 2021- : Finance group co-chair 2019- : James J. and Marianne B. Lowrey Chair in Business, Haas School of Business 2016- : Associate professor of economics (with tenure), Department of Economics 2016- : Associate professor of nance (with tenure), Haas School of Business 2014-2016 : Assistant professor of economics, Department of Economics 2014-2016 : Assistant professor of nance, Haas School of Business 2015-2016 : Barbara and Gerson Bakar Faculty Fellow 2007-2009 : Post-Doc, Department of Economics 2021- : Department Editor for Management Science (Finance) 2021- : Member of the Economic Council of the French Prime Minister (CAE) 2018- : Associate Editor for the Journal of Finance 2017- : Research Associate, NBER 2012-2017 : Faculty Research Fellow, NBER 2011- : Research Aliate, CEPR 2010-2016: Associate Editor for the Journal of the European Economic Association. 2009-2014: Assistant professor of economics, Princeton University 2003-2007: National Institute for Statistics and Economic Studies, Paris, Economist Research Fields Corporate Finance, Behavioral Finance, Macro-Finance Education 2003-2007 Ph.D. in Economics, Toulouse School of Economics 2003 M.S., Economics and Statistics, Paris School of Economics and ENSAE 2001 B.S., Applied Mathematics and Economics, Ecole Polytechnique Publications ``Performance and Behavior of Family Firms: Evidence from the French Stock Market,'' with David Thesmar. Journal of the European Economic Association, 2007, 5: 709-751. ``Optimal Dissent in Organizations,'' with David Thesmar and Augustin Landier. -
Barriers to Entrepreneurship Theme of the Issue: Entrepreneurship and Barriers to Entry
32637 The Newsletter About Reforming Economies Public Disclosure Authorized Beyond Transition January—March 2005 • Volume 16, No. 1 http://www.worldbank.org/transitionnewsletter Barriers to entrepreneurship Theme of the Issue: Entrepreneurship and Barriers to Entry Policymakers in country after country Pages 3—21 are trying to foster entry. Yet many ques tions remain about which government poli cies can help create a favorable business Public Disclosure Authorized climate for entrepreneurship. Is a great number of small firms in a country, such as Italy, a sign of low entry barriers? Why do Russian entrepreneurs: tell me who your startups grow more slowly in some coun friends and family are… tries? How does enforcement of entry reg ulations affect new firm creation? Leora Klapper and Luc Laeven of the World Bank, When studying the determinants of entrepreneurship, social scientists and Raghuram Rajan of the IMF provide emphasize three sets of variables: institutions, social networks, and per answers to these and other questions after sonal characteristics. Although all three seem relevant, there remains no conducting an extensive empirical analysis clear consensus on why people become entrepreneurs. This makes it diffi of more than 3 million firms in Eastern and cult to devise policies that will encourage entrepreneurial development. Western Europe. They find that some regu Simeon Djankov (the World Bank), Gerard Roland, Edward Miguel and lations worsen welfare and hamper firm Yingui Qian (all from the University of California at Berkeley), and expansion, while others are beneficial to Ekaterina Zhuravskaya (CEFIR/NES in Moscow) have embarked on a large entrepreneurship. study of entrepreneurship that will encompass five countries with signifi Public Disclosure Authorized cant economic potential in the coming decades: China, Russia, Brazil, India, Page 6 and Nigeria.