Research

The Fama-Miller Center is designed to encourage more academic research in finance, a discipline that constantly evolves. The last few decades have brought an explosion of new markets, instruments, and financial institutions. We have seen rapid changes in the nature of and access to information. In this environment, the Fama-Miller Center has become a vital resource.

"We intend to make sure Chicago Booth remains the top global destination for finance researchers," Sunil Kumar, former dean of the school, has said. "Finance is one of our core strengths, and we have no intention of resting on our laurels."

Browse working papers from the Fama-Miller Center »

Research activities at the Fama-Miller Center currently focus on the following topics:

The Impact of the Shadow Banking Sector on Public Finance
Chuck Boyer, Joint PhD Student and Kelly Posenau, Finance PhD Student

Noise Trader and the Limits to Arbitrage: Evidence from Taiwan Financial Transaction Tax Reform
Ching-Tse Chen, Finance PhD Student

Demand for Stocks
Emanuele Colonnelli, Assistant Professor of Finance, Liew Family Junior Faculty Fellow, and Fama Faculty Fellow, and Niels Gormsen, Neubauer Assistant Professor of Finance and Asness Junior Faculty Fellow

What Predicts Venture Capital Investment and What Should? A Machine Learning Approach
Diag Davenport, Behavioral Science PhD student

How Does Individual and Household Borrowing Respond to Marriage and Divorce?
Benedict Guttman-Kenney, Economics PhD Student

Effects of COVID-19 Crisis on Stock Market Beliefs and Investment Decisions
Samuel Hartzmark and Abigail Sussman

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress 
Zhiguo He, Fuji Bank and Heller Professor of Finance

Creditor Discrimination and the Desegragation of Public Schools
John Heilbron, Finance PhD Student

The Financial Wealth of African Americans after Slavery and its Intergenerational Impacts: Evidence from the Collapse of the Freedman's Bank
Richard Hornbeck, Professor of Economics and Neubauer Family Faculty Fellow

Household Debt Contracts and Income Volatility: Evidence from Fintechs
Agustin Hurtado, Finance PhD Student

BDC Research
Young Soo Jang, Finance PhD Student

Disclosure of Supervisory Actions and Deposit Volatility
Anya Kleymenova, Assistant Professor of Accounting and Rimmy Tomy, Assistant Professor of Accounting and Kathryn and Grant Swick Faculty Scholar

Incentives of CLO Managers in Screening and Monitoring : evidence from Chapter 11 bankruptcies
Shohini Kundu, Finance PhD Student

Rising from the Ashes: Fallen Angel Corporate Bond Price Recovery Post-Downgrade and Dealer Inventory Dynamics
Rayhan Momin, Finance PhD Student (with Jessica Li and Brian Liston-Clark)

Subjective Risk Premia
Stefan Nagel, Fama Family Professor of Finance

Why Do Borrowers Default on Mortgages? Evidence from High-Frequency Data
Pascal Noel, Neubauer Family Assistant Professor of Finance and Kathryn and Grant Swick Faculty Scholar

Social Inflation
Sangmin Oh, Finance PhD Student

Sustainable Investing Empirical Tests
Lubos Pastor, Charles P. McQuaid Professor of Finance

Default and Mortgage Market Consequences of the Pandemic
Joseph Vavra, Associate Professor of Economics

Are Intermediaries a Veil? Evidence from Fund Managers’ Partisan Disagreement During the Coronavirus Crash
Blair Vorsatz, Finance PhD Student

Big G
Michael Weber, Associate Professor of Finance