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Curriculum
Vitae
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Research Interests | Current
Position | Education
Working Papers
| Published and Forthcoming Papers
| Books |
Honors, Awards, and Grants
Academic Experience | Non-Academic
Experience | Press Clippings
Research
Interests
Corporate Finance
Behavioral Economics/Finance
Economics of Organizations, Contract Theory
Law and
Economics/Finance
Current
Position
Assistant Professor of
Economics, University of California, Berkeley,
7/2006-present
Education
Ph.D. in Business Economics
Harvard University, June 2002
A.M. in Business Economics
Harvard University, June 2002
Ph.D. in Law (Summa cum laude; Prize
of the President of the Italian Republic)
University of Bonn,
June 2000
M.A. in Economics (Excellent with
highest honors)
University of Bonn, Dec. 1996
B.A.-equivalent in Law (cand. iur.)
University of Bonn, 1996
B.A. in Economics (Excellent)
University of Bonn, 1995
Working
Papers
1.
Contractibility
and the Design of Research Agreements (with J. Lerner). March 2005.
NBER Working Paper
11292.
Revise and resubmit at the American Economic Review.
2.
Law and Finance at the
Origin. June 2006. Revise and resubmit at the
Journal of Economic Literature (3rd
round).
3.
Who Makes
Acquisitions? CEO Overconfidence and the Market's Reaction (with G. Tate).
May 2006. (Older version published as NBER Working
Paper
10813.)
Revise and resubmit at the Journal of Financial Economics.
4.
Financial Expertise of
Directors
(with B. Guner and G. Tate). December 2006.
NBER Working Paper
11914.
Revise and resubmit at the Journal of Financial Economics.
5.
Sorting in
Experiments (with E. Lazear and R. Weber). October 2006. Manuscript.
NBER Working Paper
12041.
6.
Superstar CEOs (with G. Tate).
May 2005. Manuscript.
7.
Corporate
Financial Policies with Overconfident Managers (with G. Tate and J.
Yan). February 2006.
8.
The Bidder's Curse (with Hanh Lee).
June 2006.
9.
Do Security Analysts Speak in
Two Tongues? (with D. Shanthikumar). November 2004. Manuscript.
Published and Forthcoming Articles
1.
Are Small Investors
Naive about Incentives? (with D. Shanthikumar).
Journal of Financial Economics, forthcoming.
2.
Behavioral Economics of
Organizations (with C. Camerer). August 2004.
Economic Institutions and Behavioral Economics,
Yrjö Jahnsson Foundation, forthcoming
3.
Paying Not to Go to the Gym (with S. DellaVigna).
American Economic Review, June 2006,
vol. 96 (3), pp. 694-719.
(Older version with extensive model: Stanford GSB Research Paper
1880, October 2002.)
4.
CEO Overconfidence and Corporate Investment
(with G. Tate).
Journal of Finance,
December 2005, vol.
60 (6), pp. 2661-2700.
5.
Does Overconfidence Affect
Corporate Investment? CEO Overconfidence Measures Revisited
(with G. Tate). European Financial Management, November 2005,
vol. 11 (5), pp. 649-659.
6.
Roman Shares.
In: W. Goetzmann and G. Rouwenhorst (eds.), The Origins of Value. The
Financial Innovations that
Created Modern Capital Markets. Oxford University Press,
August 2005, pp. 31-42, 361-365.
7.
Contract Design and Self-Control: Theory and Evidence
(with S. DellaVigna).
Quarterly Journal of Economics, May 2004, vol. 119 (2), pp. 353-402. (Lead article.)
8.
De foeminis iuris prudentia inbutis (with
R. Knütel).
In: Wolfgang Schön (ed.), Gedächtnisschrift für
Knobbe-Keuk, Cologne 1997, pp. 861-877.
Books
9.
Societas
publicanorum.
Böhlau Verlag,
Cologne/Vienna 2002, ca. 353 pages, ISDN 3-412-12201-7.
10.
The Origins of the Corporation in Ancient Rome
Forthcoming at Yale University
Press, Fall 2007.
Honors,
Awards, and Grants
|
2006 |
COR Research Grant, UC Berkeley ($8,000) |
|
2006 |
Citation of Excellence by Emerald Management Reviews
as one of the top fifty management articles of 2005 for "CEO overconfidence
and corporate investment". |
|
2006 |
Selected Speaker at the "Last Lecture Series"
Spring 2006, Stanford GSB. |
|
2006 |
Research Grant, Yale University, for
translation of Scoietas Publicanorum and publication at
Yale University Press ($25,000) |
|
2005 |
Distinguished Speaker at the Mergers
and Acquisitions conference, Exeter (UK) |
|
2005 |
Keynote
speaker for the
ERIM Invitational Conference "Frontiers in Research in Management"
(and honorary doctorate awarded to R.
Thaler), Erasmus University, Rotterdam (NL) |
|
2005 |
Distinguished Speaker at the European
Financial Management meeting, Milan (Italy), Special Session on
Behavioral Corporate Finance |
|
2005 |
Commendation for Exceptional
Nominations for the Distinguished Teaching Award, Stanford GSB |
|
2004 |
Research Grant, Center for Electronic
Commerce and Business (Stanford GSB) |
|
2002 |
Research Grant, Russell Sage
Foundation, Small Grants Program in Behavioral Economics |
|
2002 |
Selected Speaker, Review of Economic Studies
Tour |
|
2001 |
DFG (German National Science Foundation)
Grant # MA 2445 for publication of law Ph.D. thesis Societas
publicanorum |
|
2001 |
Prize of the President of the Italian
Republic for Law Ph.D. Thesis Societas
publicanorum. (Best dissertations in
Economics
and Law at the University of Bonn.) |
|
2000-2001 |
George S. Dively Award for
Outstanding Pre-Dissertation Research, Harvard |
|
1999-2000 |
Dillon Fellow, Harvard University |
|
1998-2002 |
Doctoral Fellow Harvard University/HBS |
|
1998-2001 |
Fellowship of the German Academic
Exchange Service (DAAD) |
|
1998-2000 |
McCloy Academic Scholar (sponsored by Harvard University and VW Foundation) |
|
1998 |
Scholarship by British Council and
German National Academic Foundation (Studienstiftung des deutschen Volkes)
for doctoral studies in law and economics at Oxford University |
|
1991-2001 |
Scholarship German National Academic Foundation |
|
1991 |
Winner of Latin and Ancient Greek
competition Certamen Carolinum
(Germany) |
Academic Experience
|
Academic Affiliations
and Positions |
|
2006- |
Affiliate, CESifo |
|
2006- |
Research Affiliate, CEPR (Labour
Economics) |
|
2006- |
Faculty Research Fellow, NBER (Corporate Finance) |
|
2005- |
Faculty Research Fellow, IZA |
|
2004- |
Faculty Research Fellow, NBER (Labor
Studies) |
|
9/2005-5/2006 |
Visiting Assistant Professor of
Economics, UC Berkeley, Department of Economics |
|
2/2005-3/2005 |
Visiting Assistant Professor of Finance, University
of Chicago, Graduate School of Business |
|
1/2005-2/2005 |
Visiting Fellow, Princeton
University, Department of Economics |
|
7/2002-6/2006 |
Assistant Professor of
Finance, Stanford University, Graduate School of Business |
|
2000 |
Visiting Scholar, Max Planck
Insitute "Law of Common Goods," Bonn (GER) |
|
1999-2000 |
Research Assistant, Harvard
University, Economics Department |
|
1998 |
Visiting Scholar, Oxford Univeristy |
|
1994-1996 |
Research Assistant, University of
Bonn, Roman
Law Institute (worked on
bilingual (Latin-German) edition of the Corpus iuris civilis),
Finance Institute, and Tax Law Institute. |
|
|
Editorial
Responsibilities and Refereeing |
|
|
Associate Editor, Journal of
Financial Intermediation, 2005-present
Associate Editor, Economic Journal, 2005-present |
|
|
Referee Academy
of Management Review, American Economic Review,
Econometrica, Economic Journal, Experimental Economics, Financial Management Review, Games and Economic Behavior, German Economic Review, Journal of Economic
Behavior and Organization, Journal of Economic
Literature, Journal of Economics and Management Strategy, Journal of Finance, Journal of Industrial Economics, Journal of Political Economy,
Quarterly Journal of
Economics, Management Science, RAND Journal of Economics, Review of Economic Studies, Review of Economics and
Statistics, Review of Financial Studies |
|
|
Reviewer for National Science
Foundation |
|
|
Organization of
Conferences and Sessions, Program Committees |
|
|
Conference co-organizer, Stanford Institute for
Theoretical Economics (SITE):
- "Psychology and Economics
6.0", co-organizer, August 2006
- "Psychology and Economics
5.0", co-organizer, August 2005
- "Psychology and Economics
4.0", co-organizer, August 2004
- "Psychology and Economics
3.0", co-organizer, August 2003 |
|
|
Session organizer and chair,
American Economic Association Annual Meeting:
- Session "The Economics
of Paying Too Much", organizer, January 2006
- Session "The Impact of the
Media", organizer, January 2005
- Session "Hot and
Cold - The Impact of Emotional States on Decision-Making",
organizer, January 2004 |
|
|
Program Committee, Financial
Management Association, Orlando, FL, 2007 |
|
|
Program Committee, American Finance
Association, Chicago, IL, 2007 |
|
|
Program Committee, Western Finance
Association, Keystone, Colorado, 2006 |
|
|
Program Committee, Banking, Corporate
Finance, and Intermediation (2006 Shanghai Conference of the
Financial Intermediation Research Society) |
|
|
Session organizer, Western Finance Association,
Portland, 2005
- Session "Mergers and Acquisitions" |
|
|
Program Committee, European Finance
Association (2005 Moscow meeting) |
|
Invited and Conference Presentations |
|
|
2006 |
American Finance Association, Boston
American Economics Association, Boston
Association of Financial Economists, Boston
NBER Labor Studies Meeting, Cambridge
NBER Behavioral Finance Meeting, Chicago
Dartmouth College (Economics)
Dartmouth College (Finance)
Yale University (Economics)
Yale University (Finance)
Formation and Evolution of Institutions
conference, Brown University
Summer Institute on Economics and Psychology, Frauenwoerth, Germany
University of Munich, Germany
European Symposium on Economics and Psychology (CEPR/ENABLE), Frauenwoerth, Germany
7th
Russell Sage Summer Institute for Behavioral Economics, Trento,
Italy
NBER Summer Institute, Industrial
Organization
Stanford Institute in Theoretical Economics (SITE),
Psychology & Economics Segment
New York University (Stern, Economics)
UC Berkeley (Economics)
Emory University (Finance)
University of Tilburg
Erasmus University of Rotterdam (Finance)
|
|
|
2005 |
American Finance Association,
Philadelphia
American Economics Association, Philadelphia
Columbia University (Economics)
Symposium "People and Money: The Psychology of Financial
Decision-Making",
Chicago
Princeton University (Economics)
Princeton University (Finance)
New York University (Law & Finance)
University of Illinois at
Urbana-Champaign (Finance)
University of Chicago (Finance)
University of Chicago (Economics)
Cornell University (Economics)
Cornell University (Finance)
Stanford
University (Accounting)
University of Maryland, College Park
(Economics)
NBER Labor Studies Meeting, Cambridge
Texas Finance Festival, San Antonio,
Texas
Joint Berkeley-Stanford Finance Seminar
Behavioral Industrial Organization
conference, Berlin
European University Institute, Florence
(Italy)
European Financial Management meeting,
Milan (Italy)
Universität Bonn
(Economics)
NBER Summer Institute, Corporate
Governance
Norwegian School of Economics and Business Administration,
Bergen (Norway)
European Summer Symposium in Labour
Economics, Ammersee (Germany)
Harvard University (Economics)
Carnegie Mellon University
Berkeley University (Economics)
Financial Management Association
meeting, Chicago
ERIM Invitational
Conference 'Frontiers in Research in Management',
RSM Erasmus University, Rotterdam (NL)
2nd Annual Olin
Corporate Governance conference, Washington University
NBER Behavioral Finance Conference (discussant)
Financial
Economics and Accounting conference, UNC Chapel Hill
Mergers and
Acquisitions conference, Exeter (UK)
|
|
|
2004 |
American Finance Association (presentation &
discussant), San Diego
American Economics Association (presentation &
discussant), San Diego
Econometric Society (discussant), San Diego
Simon Fraser University, Vancouver
University of British Columbia
NBER Industrial Organization Program Meeting, Stanford
Media
and Economic Performance Workshop, Stanford
Harvard University (Economics)
Joint Harvard & MIT Workshop
Organizational Economics
NBER Behavioral Economics of Organizations Meeting, Cambridge
Università Bocconi
London Business School (Economics)
Universität Zürich
NBER Summer Institute, Personnel Economics
UNC
- Duke Corporate Finance Conference (discussant)
NBER Behavioral Finance Conference (discussant)
HBS Strategy Conference (discussant)
London
School of Economics (Finance)
London
Business School
London
School of Economics (Labor)
UC
Berkeley
Behavioral Science conference, Yale
Stanford
University (Hoover)
Duke University
Universität Mannheim
|
|
|
2003 |
American Finance Association,
Washington, D.C.
Behavioral Public Finance conference (USC-Caltech Center for the Study of Law and Politics and the Office
of Tax Policy Research at the University of Michigan Business
School)
History of Financial Innovation
conference (Yale)
Boston University (Economics)
UC Berkeley (Economics)
Carnegie-Mellon University (Finance)
Joint Berkeley-Stanford Finance Seminar
Stanford University (joint GSB & Econ. Dept.)
HU Berlin (Economics)
HU Berlin (Finance)
INSEAD (Economics)
INSEAD (Finance)
Universität Zürich (Economics)
Summer Workshop in Corporate Finance
Theory CIFRA-Wharton-TI
(Amsterdam, NL)
Summer School on Behavioral Economics (Sardagna, Italy)
NBER Summer Institute Corporate Finance, Cambridge (discussant)
Stanford Institute in Theoretical Economics (SITE), Psychology and
Economics Segment
University of Wisconsin-Madison (Finance)
University of Southern California (Finance)
University of Utah (Finance)
Massachusetts Institute of
Technology (Economics)
NBER Behavioral Finance Conference, Cambridge
University of Florida (Finance)
University
of Washington-St. Louis (Finance)
NBER Conference on Organizational Economics, Cambridge
University of Amsterdam (Finance), NL
University of Amsterdam (Economics), NL |
|
|
2002 |
American Economic Association
Meeting, Atlanta GA
Massachusetts Institute of Technology
Harvard University
University of Chicago
Northwestern
University (Economics, Finance, Strategy)
University of California at
Berkeley (Economics, Finance, Economic Policy)
Stanford University
University of California at Los Angeles (Economics,
Finance Dept.)
California
Institute of Technology
Yale University (Economics, Finance)
University of Michigan (Economics, Finance)
Duke University (Finance)
New York University (Economics, Finance)
Columbia University (Finance)
London
School of Economics/STICERD
CREST, Paris
CEMFI, Madrid
Ludwig-Maximilians-Universität
München
Stanford Institute in Theoretical
Economics (SITE), Psychology and Economics Sgmt.
5th
Russell Sage Summer Institute for Behavioral Economics, Berkeley CA
European Summer Symposium in Financial Markets, CEPR/Studienzentrum
Gerzensee
Wharton (Finance)
Berkeley Program in Finance, Monterey
NBER Organizational Economics Conference, Cambridge (discussant)
Massachusetts
Institute of Technology (Finance) |
|
|
2001 |
Econometric Society Meeting,
University of Maryland at College Park MD
Stanford Institute in Theoretical
Economics (SITE), Segment 4: Empirical Analysis of the Design of
Contract and Organizations, Stanford CA
Harvard Law School
Harvard (Economics)
University of
Bonn (Germany)
University of Maastricht (Netherlands) |
|
|
Memberships
Econometric Society, American
Economic Association, American Finance Association, American Law and
Economics Association |
Non-Academic
Experience
|
|
1996 |
German Federal Reserve Bank (Deutsche
Bundesbank), Frankfurt (Germany).
Summer Intern. Project on credit risk
derivatives.
|
|
1993-1995 |
Instructor at Deutsche Bank (GER).
Teaching (for trainees/undergraduates) in microeconomics, corporate
finance, tax law, corporate law, accounting. |
|
|
1993 |
EU Representation of Deutsche Bank,
Brussels (Belgium).
Summer Intern. Project on drafts of
Capital Adequacy Directive 93/6/EEC.
|
|
|
1992 |
Banque PARIBAS, Paris (France).
Summer Intern. Export Financing
Department.
|
|
|
1991-1993 |
Deutsche Bank AG, Aachen/Cologne/Frankfurt
(Germany).
Diploma in Banking (Staatl. Geprüfte
Bankkauffrau) with Highest Distinction.
|
Press
Clippings
New York Times,
December 15, 2005, "What Can
We Learn From How A Manager Invests His Own Money", by Hal Varian
http://www.nytimes.com/2005/12/15/business/15scene.html
New York Times,
May 22, 2005, "Measuring C.E.O.'s On the Hubris Index"
http://www.nytimes.com/2005/05/22/business/yourmoney/22stra.html?pagewanted=all&oref=login
The New Yorker, Financial Page, March 28, 2005, "Local Zeros"
http://www.newyorker.com/talk/content/articles/050328ta_talk_surowiecki
Associated Press
(from
San Jose Mercury News), February 11, 2005, "At What Price Fame for
CEOs?" (Also appeared in almost 100 newspapers nationwide, including the
Boston Globe, Forbes, Chicago Tribune, Los Angeles Daily, WBT Talk
Radio, Fox News, and ABC 9 (IA))
http://www.mercurynews.com/mld/mercurynews/business/financial_markets/10877709.htm
Forbes Magazine,
January 6, 2005, "Cancel That Cover Shoot"
http://www.forbes.com/management/2005/01/06/cz_dwl_0106celebrityexecs.html
St. George Spectrum, December
31, 2003, "To Your Health!" http://thespectrum.com/news/stories/20031231/localnews/141410.html
New York Times,
August 4, 2003, "Consumers Pay More for Club Memberships."
Wall Street Journal,
July 16, 2003, "Consumers Waste Money."
New York Times, July 6,
2003, "How Much Does It Cost Not to Go to the Gym?"
Chronicle of Higher Education,
Oct. 2002 - profiled in "An
Economist Zeroes In on Corporate Hubris." http://chronicle.com/weekly/v49/i03/03a01001.htm
Harvard Business School
Bulletin, Feb. 2002 - profiled in
"Finding Reason in the Irrational." http://www.alumni.hbs.edu/bulletin/2002/february/doctoral.html
Bonner
Universitätsnachrichten (BUN), May
1998 - "Bonner Absolventen als McCloy-Scholars nach Harvard"
http://www.verwaltung.uni-bonn.de/presse/bun/bun210/b009.htm
(In German)
Last Updated 12/04/06
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