Christian Heyerdahl-Larsen

Kelley School of Business Mobile: +1 (812) 349-8850 Indiana University E-mail: [email protected] Bloomington, IN 47405 www.christianheyerdahllarsen.com

Employment Assistant Professor - Indiana University, Kelley School of Business, 2018 - present Assistant Professor - London Business School, 2010 - 2018 Postdoctoral Research Fellow, SIFR - Institute for Financial Research, 2008 - 2010

Education Ph.D. in Financial Economics, BI - Norwegian Business School, Norway, 2005 - 2009 Visiting Ph.D. Student at Mays Business School at Texas A&M University, Spring 2008 MSc Financial Mathematics (with distinction), City University - Sir John Cass Business School, London, 2004 Siviløkonom (Master of Business and Economics), BI - Norwegian Business School, Norway, 2003

Fields of Interest Asset Pricing, International Finance, Heterogeneous Agent Models

Publications “Asset Prices and Portfolio Choice with Learning from Experience,” (with Paul Ehling and Alessandro Graniero), Review of Economic Studies, 2018, 85 (3), 1752-1780. “Disagreement about Inflation and the Yield Curve,” (with Paul Ehling, Michael Gallmeyer and Philipp Illeditsch), Journal of Financial Economics, 2018, 127 (3), 459-484. “Risk Premia and Volatilities in a Non-Linear Term Structure Model,” (with Peter Feldh¨utter and Philipp Illeditsch), Review of Finance, 2018, 22 (1), 337-380. Outstanding Paper Award, Wharton’s Jacobs Levy Equity Management Center for Quantitative Research, 2014 Best Paper Award, World Finance Conference, 2013 “Correlations,” (with Paul Ehling), Management Science, 2017, vol. 63. no 6., 1919-1937. “Complete and Incomplete Financial Markets in Multi-Good Economies,” (with Paul Ehling), Journal of Economic Theory, 2015, 160, 438-462. “Asset Pricing and Real Exchange Rates with Deep Habits,” Review of Financial Studies, 2014, 27 (11), 3280-3317. “Market Selection and Welfare in a Multi-Asset Economy,” (with Yurii Fedyk and Johan Walden), Review of Finance, 2013, 17, 1179-1237.

Working Papers “Demand Disagreement” (with Philipp Illeditsch), 2018 “Welfare, Savings, and Price Distortions under Heterogeneous Beliefs,” (with Johan Walden), 2018 Work in Progress “Expanded Term Structure Models,” (with Peter Feldh¨utterand Philipp Illeditsch) “Speculation and Financial Frictions,” (with Philipp Illeditsch) “Revisiting the Predictability of Stock Market Returns,” (with Paul Ehling and Philipp Illeditsch)

Teaching Finance II, MBA , London Business School (2018) Finance Masters in Management core course at London Business School (2015-2018) International Finance at London Business School (2010-2018) Teaching Assistant: Investments, Derivatives, Financial Econometrics, Fixed Income, Theory of Finance and Financial Management at the Norwegian School of Management BI Seminar teacher: Finance Theory 1: Portfolio choice and equilibrium models at the University of Oslo (UIO)

Invited Rutgers (2017), Indiana University (2017), UA Barcelona (2016), Goethe University Frankfurt Presentations (2016), Stockholm School of Economics (2016), Norwegian School of Economics and Business Ad- ministration (2016), University of California Berkeley - Haas (2016), University of Pennsylvania - Wharton (2015), University of Melbourne (2013), University of Zurich (2013), Manchester Busi- ness School (2012, 2017), University of Southern Denmark (2012), Maastricht University (2011), London Business School (2010), Warwick Business School (2010), University of Minnesota (2010), Washington University in St. Louis (2010), University of Utah (2010), Rice University (2010), Norwegian School of Economics and Business Administration (2010), Norges Bank (2010), VU Amsterdam (2010), Norwegian School of Management - BI (2009), University of Stavanger (2009)

Conference “Asset Prices and Portfolio Choice with Learning from Experience”: North American Winter Presentations Meeting of the Econometric Society (2015) (co-author), Conference on Behavioral Aspects in Macroeconomics and Finance (2014) (co-author), FIRN Asset Pricing Group Meeting (2014), EEA (2014) (co-author), ESSFM (2014), WFA (2014) (co-author), 22nd Mitsui Finance Sympo- sium (2014) (co-author) “Asset Prices and Real Exchange Rates with Deep Habits”: EFA (2012), WFA (2011), World Finance Conference (2011), 7th Paris Finance International Meeting (2009) “Correlations”: China International Conference in Finance (2013) (co-author), AFA (2011), 4th Financial Risks International Forum in Paris (2011), Financial Intermediation Research Society (FIRS) Conference (2009) in Prague, European Meeting of the Econometric Society (2008) in Mi- lan (co-author), Symposium on Stochastic Dynamic Models in Finance and Economics (2008) at University of Southern Denmark, 4th Annual Empirical Asset Pricing Retreat (2008) at University of Amsterdam (co-author), European Finance Association (EFA) Meeting (2007) in Ljubliana, NHH-UIO Macro Workshop (2007) in Bergen, Nordic Finance Network (NFN) Research Work- shop (2007) in Helsinki, Arne RydeWorkshop in Financial Economics (2007) at Lund University (co-author), Workshop on Risk Measures and Stochastic Games with Applications to Finance and Economics (2006) at University of Oslo (co-author) “Disagreement about Inflation and the Yield Curve”: 6th Bundesbank Term Structure Workshop (2016), WFA (2014) (co-author), SFS Cavalcade (2014) (co-author), Finance Down Under 2013 (co-author), EFA 2012 (co-author), Gerzensee 2012 (co-author), 19th Mitsui Finance Symposium 2012 (co-author), FIRS 2012 (co-author), the Banco de Espa˜na- Bank of Canada Workshop on Advances in Fixed Income 2011 (co-author), Winter Econometric Society meeting 2011 (co- author), SED meetings (2009) in Istanbul “Demand Disagreement”: SED (2018) (co-author), 18th FTG meeting (2018) (co-author), 6th HEC-McGill Winter Finance Conference (2018) (co-auhtor), LEAP (2018) “Financial Market Completeness in Multi-Good Economies”: 9th Annual Conference on General Equilibrium & its Applications (2013) (co-author), European Meeting of the Econometric Society (2008) in Milan, European Finance Association (EFA) Meeting (2008) in Athens, 14th Workshop in Mathematics and Economics (2007) at University of Oslo “Risk Premia and Volatilities in a Nonlinear Term Structure Model”: WFA (2016), Inquire UK conference (2013), UBC Summer conference in Vancouver (2013) (co-author), World Finance Conference (2013) (co-author), Tripartite Conference held at Wharton (2013) (co-author) “Welfare, Savings, and Price Distortions under Heterogeneous Beliefs” (Previously split into to papers: “Welfare in Economies with Production and Heterogeneous Beliefs” and “Investment Distortions and Mispricing in a Production Economy with Heterogeneous Beliefs”): WFA (2015), SED (2015) (co-author), Decision Theory, Experiments and Applications Workshop, D-TEA 2015 (co-author).

Professional Discussant: AFA (2015, 2016, 2017), Fourth Economic Networks and Finance Conference (2016), Service BI-SHoF (2015, 2017), CAPR (2012, 2013, 2014, 2015, 2017, 2018), EFA (2012, 2013, 2015, 2016, 2017), World Finance Conference (2011), WFA (2010), 7th Paris Finance International Meeting (2009), European Winter Finance Summit (2009), 2nd Nordic Summer Symposium in Macroeconomics (2008) Referee: The Economics Journal, Journal of Economic Dynamics and Control, Journal of Bank- ing and Finance, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Monetary Economics, Management Science, Mathematics and Financial Economics, Operations Research, Quarterly Journal of Economics, Review of Economic Studies, Review of Finance, Re- view of Financial Studies, Review of International Economics, Scandinavian Journal of Economics

Ph.D. Students Alessandro Graniero (2016, BI - Norwegian Business School) Advisor

Honors and Outstanding Paper Award, Wharton’s Jacobs Levy Equity Management Center for Quantitative Awards Research, 2014. Best Paper Award, World Finance Conference, 2013.

Other Karate: On the National Team (1997-2007), 9 time Norwegian Champion (junior) and 4 time Norwegian Champion (senior), 2nd Place Scandinavia Open (2007), 1st Place Bergen Open (2006), 3rd Place British International Open (2006), 1st Place Kofukan World Cup (2003), 1st Place Dutch Open for Juniors (1995) Taught karate (1996-2008) at levels ranging from beginners to black belts at the top ranked karate club in Norway (Mizuchi KK).

Last update: July 2018