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Department of Economics
University of California, Berkeley

 

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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