Andrew Abel was an IGM visiting scholar in May 2009. Abel works on problems at the boundaries of macroeconomics and finance and is one of the leading scholars of his generation. Abel presented his research on “Optimal Inattention to the Stock Market with Information Costs and Transactions Costs” in the Finance Workshop. He also participated in the Macro and International Workshop, the Money and Banking Workshop, and the Finance Brown Bag Lunch. He met with numerous Chicago Booth faculty and with many of our colleagues in the university’s Department of Economics.
Viral Acharya’s research interests are in the areas of financial contracting, corporate governance, liquidity, bank management, and crisis prevention. He is currently working on analyzing the plunge in liquidity in inter-bank markets during the current crisis.
During his visit, Acharya interacted with faculty from the finance group, including junior faculty, to discuss his and their work. He also worked with Chicago Booth’s Raghuram Rajan to explore new research ideas, specifically relating to management behavior within corporations.
Philippe Aghion does much of his research on economic growth and contract theory. One aspect of growth that economists have struggled to pin down is education. Since people spend more on education as they get richer, how can we tell when, and how, higher education spending is actually causing higher growth? Aghion shed some light on this issue by comparing tertiary education spending across U.S. states. He presented the work “Exploiting States’ Mistakes to Identify the Causal Impact of Higher Education on Growth” in Chicago Booth’s workshop on macroeconomics and international economics. He also presented work that he has done with fellow Harvard economist Andrei Shleifer at the Applications of Economics Seminar.
Aghion also interacted extensively with faculty from the economics and finance groups during his visit, collaborating with Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance and David G. Booth Faculty Fellow, to continue research on innovation and governance, and with Francesco Trebbi, assistant professor of economics, on two new projects concerning firm size distributions and political institutions. Aghion was also a discussant of the paper “Finance and Development: A Tale of Two Sectors” by Francisco Buera, Joseph Kaboski, and Yongseok Shin (2008) at the “Beyond Liquidity” IGM conference.
During his visit Aghion also worked actively on the completion of a second volume of the book Endogenous Growth Theory, which he coauthored with Peter Howitt of Brown University.
Joseph Altonji is a labor economist and applied econometrician. During his visit, he presented “The Determinants of the Wages of Immigrants in the Home Country and the U.S.” to the faculty Microeconomics Workshop. He also presented a second work, “Identifying Sibling Influence on Teenage Risky Behavior,” in the demography workshop. During his visit, Altonji attended various other workshops and met with many members of the University of Chicago faculty to discuss his and their work.
Manuel Amador visited Chicago Booth for two weeks in the spring quarter. During his visit, Amador actively interacted with various faculty members at Chicago Booth, including Veronica Guerrieri, Erik Hurst, Anil Kashyap, and Stavros Panageas, and met with Fernando Alvarez, William Fuchs, Robert Shimer, and Nancy Stokey in the Department of Economics. Amador also attended various seminars, lunches, and dinners with several faculty members. During his visit he also worked with Guerrieri to explore new ideas related to the co-movement of emerging market bonds.
Marios Angeletos is a macroeconomists whose recent work has focused on the interaction of beliefs and aggregate economic activity. During his visit to Chicago Booth, Marios presented his paper "Sentiments" (co-authored with Jennifer La'o) in Booth's macro and international workshop. The paper illustrates how shocks to individual expectations can generate boom-bust cycles in GDP and employment. Other of Marios's work has focused on the optimal conduct of monetary policy when agents have dispersed beliefs, the importance of idiosyncratic risk on savings and investment, consumption and savings behavior over the lifecycle, and the . Marios's research has been published in leading economic journals including Econometrica, The Journal of Political Economy, The American Economic Review, and the Quarterly Journal of Economics.
Marios is currently a Professor of Economics at the Massachusetts Institute for Technology. He received his Ph.D. in Economics from Harvard University in 2001. During his visit, Marios attended various seminars and workshops, including the Macro/International workshop at Booth and the Money and Banking workshop in the Department of Economics, and he met regularly with junior and senior faculty at the Booth School Business and the Department of Economics.
Nava Ashraf’s main research interests include economic development, experimental economics, and a variety of topics related to decision making, such as savings behavior, trust, and choices within households. During her visit, Ashraf and Jesse Shapiro, Assistant Professor of Economics at Chicago Booth, presented research jointly in the applications of economics workshop in the economics department.
Nathaniel Baum-Snow is an urban economist and has researched topics such as urban transportation, the decentralization of cities, and the sources of urban productivity and wage premiums. During his visit he attended several workshops and presented at the faculty microeconomics lunch. Following his productive IGM visit in February 2008, Baum-Snow has become a visitor at the University of Chicago’s Harris School of Public Policy Studies for the entire 2008 - 09 academic year.
Efraim (Effi) Benmelech's research focuses on applied corporate finance. An expert in the area of financial contracting and bankruptcy, he is associate professor of economics at Harvard. He has won several awards including
the National Science Foundation CAREER Award in 2009. During his visit, Benmelech presented his recent work entitled "Bankruptcy and the Collateral Channel" to a group of more than 30 faculty. He also attended and participated
in a number of research workshops around campus, and met extensively with both junior and senior faculty at Chicago Booth.
Robert Bushman's research focuses on corporate governance, debt contracting, prudential regulation of banks, managerial incentives, and asset price formation. Bushman is a leading expert on the governance role played by financial accounting information in disciplining the behavior of corporate executives. His recent research examines the role of financial reporting in disciplining the risk taking behavior of bank managers and in impacting the contribution of individual banks to system-wide risk, as well as the role of bank reputation in certifying borrowers accounting numbers. Bushman is the Forensic Accounting Distinguished Professor and Chair of the Accounting Area at Kenan-Flagler Business School, University of North Carolina at Chapel Hill.
During his visit, Professor Bushman worked extensively with several members of the Booth faculty on a variety of research projects. He also attended and participated in a number of research workshops, and met extensively with faculty and PhD students at the Booth School Business.
Stefano DellaVigna's research focuses on behavioral economics, political economy, and media economics. His recent work includes research on the effect of media bias on voting behavior, the effect of movie violence on violent crime, and separating the importance of altruism and social pressure in determining charitable giving.
During his visit Professor DellaVigna attended the Microeconomics and Applied Economics workshops and also presented his new research titled "Does Media Concentration Lead to Biased Coverage? Evidence from Movie Reviews" in the Applied Economics workshop. In addition, he met with many faculty in the economics groups at Booth as well as faculty from the department of economics.
Barry Eichengreen is economic historian whose research examines international financial issues, economic policy challenges and the dynamics of crises. He is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley. His book Golden Fetters: The Gold Standard and the Great Depression, 1919-1939 is one of the seminal works on the Great Depression. He has won numerous awards and prizes including Guggenheim and Fulbright Fellowships, a doctor honoris causa from the American University in Paris, and the 2010 Schumpeter Prize from the International Schumpeter Society. He was President of the Economic History Association in the 2010-11 academic year.
During his visit Professor Eichengreen attended the macro and international workshop and also presented his new research on "The Federal Reserve, the Bank of England, and the Rise of the Dollar as an International Currency, 1914-1939" in that same workshop. In addition, he met with many faculty in the economics and finance groups at Booth as well as faculty from the department of economics.
Edward Glaeser is the Fred and Eleanor Glimp Professor of Economics in the Faculty of Arts and Sciences at Harvard University, where he has taught since 1992. He is director of the Taubman Center for State and Local Government and Director of the Rappaport Institute of Greater Boston. He teaches urban and social economics and microeconomic theory.
He has published dozens of papers on cities, economic growth, and law and economics. In particular, his work has focused on the determinants of city growth and the role of cities as centers of idea transmission. He also edits the Quarterly Journal of Economics.
He received his PhD from the University of Chicago in 1992.
Mikhail Golosov is assistant professor of Economics at MIT. Golosov received his BA in Economics from Belarus State Economic University in 1998, his MA from the University of British Columbia in Vancouver in 1999 and his PhD from the University of Minnesota in 2004. Prior to joining MIT, Golosov worked for several years at the Research Department of the Federal Reserve Bank of Minneapolis and the International Monetary Fund.
Golosov's research interests primarily lie in macroeconomics, public finance, and monetary policy. Golosov's dissertation examines the optimal design of social insurance programs, such as Disability Insurance or Social Security. He analyzes how such programs can provide the right incentives to productive people to continue working while guaranteeing insurance to those who lose income due to illness, unemployment or old age. Golosov published a number of articles in the leading economic journals. He is a fellow of the National Bureau of Economic Research and a Distinguished CESifo affiliate.
Michael Greenstone’s research focuses on regulation of market-based behavior and the costs of environmental change and regulation. Greenstone is one of the world’s foremost experts on the economics of the environment and global climate change. Since Greenstone’s visit, he was named chief economist of the President’s Council of Economic Advisors.
During his time at Chicago, Greenstone presented his recent work entitled “Climate Change, Consumption Smoothing, and Mortality in India” to a group of more than 30 faculty. He also attended and participated in a number of research workshops around campus and met extensively with both junior and senior faculty at Chicago Booth, the Department of Economics, and the Harris School of Public Policy.
Stephen Haber's research focuses on the relationship between political organization and economic growth. Many of our faculty members are interested in similar topics, and they found it especially fruitful to have a prominent visitor who approaches these issues from a political scientist’s background. Haber presented “Do Natural Resources Fuel Authoritarianism? A Reappraisal of the Resource Curse” in the finance workshop. The paper set out to debunk the view that countries with a lot of revenue from natural resources tend to have authoritarian governments. Haber also had many conversations with our junior faculty during his stay. Given his specialization in political economy, as well as his interest in financial development, he brought a different and refreshing perspective to the conversations.
Oliver Hart is the world expert on incomplete contracts. During his staying at Chicago, he gave three lectures that summarized the state of the field. The first lecture reviewed his work from the 1980s and 1990s, while the second and third lectures presented his new work on contracts as reference. This work explores the idea that contracts shape the expectations of the contracting parties, so any variation tends to generate grievance and underperformance. Professor Hart presented experimental evidence supporting this approach. He also discussed the wide implications of this theory for understanding the employment relationship and the nature of the firm in general.
Justine Hastings's research interests focus on consumer behavior, competition, and product differentiation in private and publicly funded markets, applied industrial organization, and public finance. During Hastings's visit, she interacted with a wide range of faculty throughout Chicago Booth, as well as in the economics department and the Harris School of Public Policy. For example, she
participated in the applied microeconomics lunches and attended the conference on human capital development organized by James Heckman. She worked on joint projects with professors Jesse Shapiro, Chad Syverson, and Ali Hortaçsu (economics), and she interacted with psychologists and economists from across University of Chicago in a discussion of cognition, development, and economic
behavior. Hastings also discussed research on education in Chile and the United States; research on behavioral economics and regulation; and research on consumption and mental accounting.
Bengt R. Holmstrom is the Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1994. Previous academic affiliations include the Kellogg School of Management, Yale University, Universite Catholique de Louvaine, University of Chicago, Stanford University, Helsinki School of Economics, Stockholm School of Economics, and the University of Helsinki.
He holds a BS in mathematics, physics and statistics, University of Helsinki (1972), a MSc in operations research and a PhD in business, Stanford University (1975 and 1978). Sutton has received honorary doctorates from the University of Vaasa (Finland) and the Stockholm School of Economics.
Professor Holmstrom is a fellow of the Econometric Society, the American Academy of Arts and Sciences, the Finnish Society of Sciences and Letters, and a foreign member of the Royal Swedish Academy of Sciences. He is a past recipient of grants and fellowships from the Fulbright Foundation, the U.S. National Science Foundation, and others. Professor Holmstrom has delivered major invited named lectures in universities and conferences around the world.
In addition to his many editorial duties, Professor Holmstrom has served, in advisory and research capacities at major foundations, scientific societies, universities, corporations, government agencies and other organizations worldwide.
Professor Holmstrom has made seminal contributions to the theory of the firm, particularly in the areas of contracting and incentives, and has written extensively about performance evaluation, incentive design and corporate governance. His recent research includes work on executive compensation, corporate governance and restructuring, the optimal scope of the firm, and the demand and supply of liquidity.
Oleg Itskhoki's research focuses on international trade and macroeconomics. His work spans various topics, ranging from the effects of trade on labor market inequality and unemployment, to dynamic pricing models and exchange rates and to the choice of the currency of exporting. He has published extensively in top economics journals, including the American Economic Review, the Quarterly Journal of Economics, the Review of Economic Studies and Econometrica.
Oleg was visiting Chicago Booth from Princeton where he serves as an Assistant Professor of Economics and International Affairs. He received his PhD in Economics from Harvard University in 2009. During his visit, he presented his recent work entitled "Labor Market Rigidities, Trade and Unemploymen"' in the Macro/International workshop. He also presented his work on ''Durable Goods Pricing'' at the informal macro seminar that the junior Macro/International faculty from Booth and the Department of Economics run. He attended various seminars and workshops, including the Macro/International workshop at Booth and the Money and Banking workshop in the Department of Economics, and he met regularly with junior and senior faculty at the Booth School Business and the Department of Economics.
Ron Kaniel's research focuses on theoretical and empirical asset pricing with an emphasis on implications of how incentives of intermediaries in financial markets (such as fund managers) impact portfolio choice decisions and asset prices, and implications of endogenous relative wealth considerations. He has also conducted extensive research on the relation between trading volume and investors' order flow and subsequent stock returns. Kaniel is a leading financial economist in the area of delegated portfolio management.
During his visit, professor Kaniel presented his recent work entitled "The Delegated Lucas Tree" in the Finance workshop. He also attended and participated in a number of research workshops in the business school, and met extensively with both junior and senior faculty at the Booth School Business.
Greg Kaplan is a macroeconomists whose work focuses on inequality, consumption, risk sharing, lifecycle behavior, and aggregate fluctuations. During his visit to Chicago Booth, Greg presented his paper "The Shopping Multiplier" (co-authored with Guido Menzio) in Booth's macro and international workshop. The paper illustrates how consumer shopping intensity can reduce prices during recessions. As prices fall, firm profitability falls and firms layoff workers. As more workers become unemployed, their shopping intensity increases and the cycle continues. Such shopping behavior can amplify aggregate contractions. Recently, Greg's paper "Moving Back Home: Insurance Against Labor Market Risk" was published in The Journal of Political Economy. The paper explores how the option for young workers to move back in with their parents during jobless spells affects their future labor market outcomes.
When Greg visited us, he was an Assisant Professor of Economics at the University of Pennsylvania. He is now an Assistant Professor of Economics at Princeton University. In 2009, Greg received his Ph.D. in Economics from New York University. During his visit, Greg attended various seminars and workshops, including the Macro/International workshop at Booth and the Money and Banking workshop in the Department of Economics, and he met regularly with junior and senior faculty at the Booth School Business and the Department of Economics.
Nobuhiro Kiyotaki presented his research “Winners and Losers in the Housing Market” in the workshop on macroeconomics and international economics. This work looks at the interaction between housing prices, aggregate production, and people’s behavior over a lifetime. Kiyotaki also participated in the IGM conference on “Beyond Liquidity,” where he presented his research on "Liquidity, Business Cycles, and Monetary Policy.”
Peter Kondor came to Chicago Booth for two weeks during the spring quarter. During his visit, Kondor interacted with various Chicago Booth faculty members in the finance and macro-and-international groups. He also attended various seminars, lunches, and dinners with several faculty members. During his visit, he mostly worked with Chicago Booth’s Veronica Guerrieri on a project entitled “Fund Managers, Career Concerns, and Asset Price Volatility,” which was submitted to the American Economic Review at the end of his visit.
Christian Laux’s research interests are in the areas of financial contracting, risk management, and corporate governance. His current work focuses on the design of instruments and institutions to share risks between households, firms, and markets, and on issues in organizational design such as separating functions within the supervisory board.
During his visit, Laux interacted extensively with faculty from the accounting and finance groups. He organized an informal workshop on “Financial Markets Regulation, Securitization, and Incentives” with six presentations and more than 30 participants from the accounting, economics, and finance groups to discuss the causes and consequences of the subprime crisis. Laux worked closely with Chicago Booth’s Christian Leuz to explore new research ideas, in particular topics related to the role of fair value accounting during the financial crisis. He also attended various workshops and met with junior faculty to discuss his and their work.
Ulrike Malmendier's research focuses on corporate finance, behavioral finance, contract theory, and law and economics. Her recent work includes research on overbidding in online auctions, the effect of macroeconomic conditions on risk preferences, and the effect of managerial characteristics on corporate financing decisions.
During her visit Professor Malmendier attended the Microeconomics and Finance workshops and also presented new research titled "You Owe Me" in the Microeconoimcs workshop. In addition, she met with many faculty in the economics and finance groups at Booth as well as faculty from the department of economics.
Felix Oberholzer-Gee is the Andreas Andresen Professor of Business Administration in the Strategy Unit at Harvard Business School. His research and consulting are centered on competitive strategy, international competition, and also non-market strategy, a branch of strategic management that studies how companies best work with government and non-governmental groups. In recent work, he studied how entertainment companies can successfully manage the digital transition.
During his visit at Booth, Professor Oberholzer-Gee worked on two projects, one related to the effects of SEC enforcement activities on foreign companies cross-listed in the United States (this is joint work with Christian Leuz, Joseph Sondheimer Professor of International Economics, Finance and Accounting at Booth), and a second project commissioned by the U.S. Federal Communications Commission. In this latter project, the FCC is interested in the effects of its policies on viewpoint diversity in local television news. Professor Oberholzer-Gee attended several workshops and also used his time at Booth to meet with several faculty, in particular those interested in media economics. Finally, he presented a paper on charitable donations in the micro lunch workshop that was attended by a broad group of faculty and Ph.D. students.
Anna Pavlova is an associate professor of finance at the London Business School. Her research focuses on international finance and economics, asset pricing, market imperfections, continuous-time finance and economics, mutual funds, portfolio choice and equilibrium theory.
While at Chicago Booth, Pavlova gave a seminar on Equilibrium Portfolios and External Adjustment under Incomplete Markets". She had several conversations with Tarek Hassan, Ralph Koijen and Stavros Panageas about hers and their research projects, and ideas for possible joint research.
Lasse Pedersen's research focuses on theoretical and empirical asset pricing with an emphasis on liquidity risk and the importance of market frictions such as liquidity, search costs, demand surges, and margin requirements on asset
price dynamics. Pedersen is the John A. Paulson professor of Finance and Alternative Investments at NYU Stern.
During his visit, Pedersen presented his recent work entitled "Margin-Based Asset Pricing and Deviations from the Law of One Price" to a group of more than 60 faculty and students in the finance workshop. He also presented his work
entitled "Two Monetary Tools: Interest Rates and Haircuts", at the money and banking workshop in the Department of Economics. He also participated in other research workshops around campus, and met extensively with both junior and
senior faculty at Chicago Booth and the Department of Economics.
Thomas Philippon is an economist specializing in macroeconomics and finance. His research focuses on the macroeconomic implications of household leverage, the efficiency of the financial sector, and policy interventions in financial markets. He is an Associate Professor of Finance at New York University's Stern School of Business, where he also holds the John L. Vogelstein Faculty Fellowship in Finance. His research has won numerous prizes including a best paper award from both the Review of Financial Studies and the Journal of Finance. He is a French citizen who has recently been named an advisor to President Francois Hollande.
During his visit, Professor Philippon presented his provocative research, "Has the US Finance Industry Become Less Efficient," in the Finance workshop, and participated in both the Finance and Macroeconomics workshops actively. He interacted a great deal with scholars in both macroeconomics and finance.
Nancy Qian is a development economist at Brown University. Qian’s research mainly focuses on China. In particular, she has investigated the economic determinants of sex imbalance (missing women) in the country and the role of infrastructure development in China’s economic growth. During her visit, Qian met frequently with faculty from the micro- and macroeconomics groups. She also presented some of her research in the spring 2009 Applied Economics Workshop.
Sergio Rebelo's research focuses on topics related to macroeconomics, international economics, and finance. His current work examines large exchange-rate devaluations and currency speculation episodes. During his visit, he participated in the macro and international workshop and the money and banking workshop. He also met individually with Chicago Booth faculty who study macroeconomics, international economics, and finance.
Ricardo Reis is a macroeconomist with research interests in the study of inflation, aggregate consumption, monetary policy, price-setting, and behavioral economics. His research has focused on explaining the dynamics of inflation and its interaction with real activity and monetary policy, on constructing price indices that can serve as good targets for policy and as good measures of welfare, and on understanding how people's limited ability to pay attention to all that surrounds them affects their choices of how much to consume and how much to charge for their products. His other current interests include the properties of business cycles and trading volume in financial markets.
He received his PhD from Harvard University.
Peter Rossi is James Collins Professor of Marketing at the Anderson School of Management, UCLA. He has done path breaking research on quantitative marketing and Bayesian statistical analysis. His work in the area of target marketing presaged many of the developments in targeting today as practiced in electronic couponing and by web-based retailers. His work in data-based pricing and methods for estimation of high-dimensional demand systems influenced the development of analytic pricing tools in use today. He was a member of the Booth faculty for 25 years and was the founding director of the Kilts Center for Marketing.
His previous work with Günter Hitsch and Jean Pierre Dubé was funded by the IGM and during the visit he continued this collaboration. He also met with other Booth faculty in marketing, economics and finance. He attended the marketing workshop and gave a pair of special lectures that were open to the entire Booth community. The first was Bayesian instrumental variable estimation and the second was on the Bayesian analysis of aggregate random coefficients demand models.
Esteban Rossi-Hansberg does research on macroeconomics, urban economics, and international trade, including research into the geographical distribution of economic activity. He presented “Organizing Growth,” a work done in collaboration with professor of economics and strategy Luis Garicano, at the faculty workshop on macroeconomics and international economics. Using new technology productively requires the development of organizations to coordinate the work of experts, which takes time. Rossi-Hansberg’s paper with Garicano explores whether this can offset the potential for gains in aggregate productivity through innovations in information technology.
During her visit Paola Sapienza worked mostly with Marianne Bertrand, Fred G. Steingraber/A.T. Kearney Professor of Economics, and Luigi Zingales, Robert C. McCormack Professor of Entrepreneurship and Finance and David G. Booth Faculty Fellow. Together they started a projectcalled “The Face of Success.” Its goals are (1) to determine whether a relationship exists between career success and physiognomy, and (2) to identify any cognitive characteristics (like emotional intelligence) that may explain why some people have more accurate perceptions of business people than others.
Sapienza also worked on several other projects with Zingales. The main one is their paper “Culture, Math, and Gender,” which received financial support from the IGM and was published in Science in May 2008. The paper shows that the gender gap in math scores disappears in countries with a more gender-equal culture. In addition to this project, they also completed a paper on “Long Term Persistence,” which studied the long-term effects of social capital on economic development.
Sapienza also presented “What Do Independent Directors Know? Evidence from Their Trading” at the finance lunch.
Antoinette Schoar's research focuses on applied corporate finance and she is one of the world's leading experts in entrepreneurial finance and empirical corporate finance. Schoar is Professor of Entrepreneurial Finance at MIT Sloan and has won several awards including the Ewing Marion Kauffman prize medal in 2009 for distinguished research in entrepreneurship.
During her visit, Professor Schoar presented her recent work entitled " Stressed, Not Frozen: The Federal Funds Market in the Financial Crisis" to a group of more than 30 faculty. She also attended and participated actively in a number of research workshops around campus, and met extensively with both junior and senior faculty at the Booth School Business and the Economics Department.
Hyun Song Shin is professor of economics at Princeton University, affiliated with the Department of Economics and the Bendheim Center for Finance. Prior to coming to Princeton last year, he was professor of finance at the London School of Economics. Hyun's research interests are in financial economics and economic theory with particular reference to financial crises, disclosures, risk and financial stability issues, topics on which he has published widely both in academic and practitioner outlets. He has served as editor or editorial board member of several scholarly journals, and has served in an advisory capacity to central banks and policy organizations on financial stability issues.
He is a fellow of the Econometric Society and of the British Academy.
Lakshmanan Shivakumar’s principal activity while on campus was commencing work on a new research project, jointly with Ray Ball, Sidney Davidson Professor of Accounting, on the effect of regulatory changes in China on Chinese firms’ financial reporting quality. He also worked with Ronnie Sadka on an ongoing research project that attempts to measure the profitability of trading strategies that exploit the post-earnings-announcement-drift anomaly.
During his visit, Shivakumar presented a research paper, “Target’s Earnings Quality and Bidder’s Takeover Decisions,” at the accounting workshop. He also participated in a PhD seminar class conducted by Ball and interacted with several other faculty members in the accounting and finance groups.
Robert Stambaugh’s research interests are mostly in the area of empirical asset pricing. His current focus is on the measurement of stock volatility and analyzing active fund management.
During his visit, Stambaugh interacted extensively with the finance faculty, and he gave two research presentations. First he presented his recent research on volatility in a finance workshop, and then he presented his work in progress on active fund management during a lunch workshop. On a daily basis, he collaborated with Chicago Booth’s Lubos Pastor on joint work. He also held discussions with several other finance faculty as well as faculty members from statistics and econometrics. Finally, he participated in multiple lunches as well as two research-oriented dinners with different groups of finance faculty.
David Strömberg’s research focuses on political economy and the media. His recent work addresses the way scrutiny by the press affects policy outcomes and the behavior of congresspeople, the relationship between press coverage and the provision of U.S. foreign aid in response to natural disasters, and competition between private and public media outlets.
While at Chicago Booth, Strömberg met often with faculty from the economics and finance groups as well as faculty from the wider university community. He presented “Press Coverage and Political Accountability” at the Applications of Economics Workshop and a work in progress on climate change and infant mortality at the Microeconomics Lunch. He also attended various lunches and workshops and met with junior faculty to discuss their work.
John Sutton is the Sir John Hicks Professor of Economics in the Economics Department at the London School of Economics, where he directs the Economics of Industry Group at STICERD.
A graduate of University College Dublin and Trinity College Dublin, he has been a Visiting Associate Professor at Tokyo University, a Marvin Bower Fellow at the Harvard Business School, and a Visiting Professor of Economics at Harvard University. He taught at the University of Sheffield before joining LSE in 1977.
Sutton has written widely in the areas of microeconomic theory and Industrial organization. His books include Sunk Costs and Market Structure (MIT Press, 1981), Technology and Market Structure (MIT Press, 1998), and Marshall's Tendencies: What Can Economists Know?(MIT and Leuven University Press, 2000).
He has been a consultant for the World Bank since 2000, and served on the Advisory Committee on Access to the Japanese Market (Tokyo) from 1995 to 2002. He served as a member of the Group of Economic Advisors to the President of the European Union from 2001-2004, and of the Enterprise Strategy Group (Ireland), which reported in 2004. He is a Fellow of the Econometric Society, and the British Academy, and President of the Royal Economic Society.
Adam Szeidl has two primary research interests: household finance and social networks. Szeidl has analyzed the role of habit formation and committed consumption in affecting asset allocation and preferences for risk. He also has analyzed strategic interactions within a social network and has applied his theoretical analysis to data on trust and social collateral in developing countries.
Szeidl came to Chicago for two weeks during the spring quarter. During his visit, Szeidl interacted with many faculty members at Chicago Booth, including Canice Prendergast and Emir Kamenica, and Roger Myerson from the Department of Economics. He participated in several workshops, among them Applications of Economics, Applied Economics, and the Macro/International.
Laurence van Lent's most recent work emphasizes the relation between politicians and firms. He has studied how stock ownership by US Congress members affected the government's decisions during the financial crisis and he is currently investigating the relation between political connections of firms and their credit rating. Van Lent is Professor of Empirical Accounting Research at the Center for Economic Research at Tilburg University and Editor-Elect of the European Accounting Review, the journal of the European Accounting Association.
While at the Booth school, Professor van Lent presented his paper "Personal wealth interests of politicians and government intervention in the economy: the bailout of the US financial sector". He also discussed his work with faculty and Ph.D. students as well as participated in the research workshops of the accounting group.
Dimitri Vayanos is professor of finance at the London School of Economics, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. His research focuses on financial markets with frictions, and on the frictions' implications for market liquidity, market anomalies and limits of arbitrage, financial crises, welfare and policy.
Vayanos presented at a seminar on "A Theoretical Analysis of Momentum and Value Strategies." At Chicago Booth he had conversations with Margarita Tsoutsoura and Adair Morse about an ongoing joint research project about quantifying the bank-sovereign solvency cycle in the context of Greece. He also spoke with George Constantinides about a possible joint research project on equilibrium in the options market with leverage-constrained traders.
Annette Vissing-Jorgensen pursued her research on portfolio choice and asset markets during her visit, including continuing work with Tobias Moskowitz, Fama Family Professor of Finance. She also presented her research on the “Aggregate Demand for Treasury Debt” in the finance brown bag lunch, and worked on corporate governance by preparing her paper on “A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002.” She later presented this paper at the University of Chicago’s Journal of Accounting Research conference (see page 8). While in residence Vissing-Jorgensen met with many faculty in the business school’s finance, economics, and accounting groups, as well as in the university’s economics department.
Jonathan Vogel is an assistant professor of economics at Columbia University. He is one of the rising young stars in international trade. During his visit, he attended the macro and international workshop at Booth and the money and banking workshop in the economics department. He presented his work on global supply chains "An Elementary Theory of Global Supply Chains" in the macro and international workshop.
Axel Weber recently completed a seven year term as the President of Deutsche Bundesbank. While at the Bundesbank, he also was a member of the steering committee of the European Systemic Risk Board and as a member of the steering committee of the Financial Stability Board. In addition, he has served as the German Governor of the International Monetary Fund, as a member of the board of directors of the Bank for International Settlements, and as a member of the G7 and the G20 Ministers and Governors. Prior to joining the Bundesbank, he was a Professor for International Economics at the University of Cologne and a member of the German Council of Economic Experts.
Upon leaving the Bundesbank, he joined Booth as a visiting Professor and began the visit as an IGM Fellow. Professor Weber participated in the Finance brown bag lunch and in the Macro and International workshop and met with a number of Booth faculty from economics, finance and accounting. He also delivered a Myron Scholes Lecture on the "Future of Economic Governance in the Euro Area." The crowd for that lecture was overflowing and the talk was broadcast live by Reuters.
Pierre Olivier Weill is Associate Professor of Economics at UCLA. His research focuses on liquidity in financial markets, macroeconomics, and real estate. He has published his work in several top journals as the Journal of Political Economy, the Review of Economic Studies, and the Journal of Finance. He has won numerous awards and prizes and he is a research associate at the NBER and a research affiliate at the CEPR. He is also an associate editor for Economic Theory and a foreign editor for the Review of Economic Studies.
During his visit, professor Weill attended various workshops, including the Macro/International workshop and the Finance Workshop at Booth and the Money and Banking workshop in the Department of Economics. He presented his work "Liquidity and the Threat of Fraudulent Assets" (joint with Li and Rocheteau) in the Finance workshop and he actively interacted with numerous members of the faculty both from the Macro and the Finance group at Booth and from the Department of Economics.
Randall Wright presented his work “Inflation and Unemployment in the Long Run” at the money and banking workshop in the economics department. He also presented his work on “Liquidity and Information” at the Chicago Booth workshop on macroeconomics and international economics. Moreover, during his visit Wright worked on a joint project with Veronica Guerrieri, Assistant Professor of Economics, and Robert Shimer on “Competitive Search with Private Information.”