Research Interests

Corporate Finance
Behavioral Economics, Behavioral Finance
Economics of Organizations, Contract Theory
Law and Economics, Law and Finance

Publications and Forthcoming Papers

1. Emotional Tagging and Belief Formation - The Long-Lasting Effects of Experiencing Communism (with C. Laundenbach and Niessen-Ruenzi),
   AEA Papers & Proceedings, May 2019, vol. 109, pp. 567-571.
2. Behavioral Corporate Finance.
   In: D. Bernheim, S. DellaVigna, and D. Laibson (eds.), Handbook of Behavioral Economics, Volume 1, Elsevier, October 2018.
3. Winning by Losing: Evidence on Overbidding in Mergers (with E. Moretti and F. Peters).
   Review of Financial Studies, August 2018, vol. 31(8), pp. 3212-64.
4. You Owe Me (with K. Schmidt).
   Online Appendix
   American Economic Review, February 2017, vol. 107(2), pp. 493-526.
5. Voting to Tell Others (with S. DellaVigna, J. List and G. Rao).
   Review of Economic Studies, January 2017, vol. 84(1), pp. 143-181.
6. Learning from Inflation Experiences (with S. Nagel).
   Quarterly Journal of Economics, February 2016, vol. 131(1), pp. 53-87.
7. Target revaluation after failed takeover attempts: Cash versus stock (with M. Opp and F. Saidi).
   Journal of Financial Economics, January 2016, issue number, (1): vol. 119(1), pp. 92-106.
8. On the Verges of Overconfidence (with T. Taylor).
   Journal of Economic Perspectives, Fall 2015, vol. 29(4), pp. 3-8.
9. Behavioral CEOs: On the Role of Managerial Overconfidence (with G. Tate).
   Journal of Economic Perspectives, Fall 2015, vol. 29(4), pp. 37-60.
10. Does a Bank's History Affect Its Risk-Taking (with C. Bouwman).
    American Economic Review: Papers & Proceedings, May 2015, vol. 105(5), pp. 321-325.
11. Rethinking Reciprocity (with V. te Velde and R. Weber).
    Annual Review of Economics, August 2014, vol. 6, pp. 849-874.
12. Do Security Analysts Speak in Two Tongues? (with D. Shanthikumar).
    Review of Financial Studies, May 2014, vol. 27(5), pp. 1287-1322. (Lead article.)
13. With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship (with J. Lerner).
    Review of Financial Studies, October 2013, vol. 26(10), pp. 2411-52. (Lead Article)
14. The Importance of Being Marginal: Gender Differences in Generosity (with S. DellaVigna, J. List, and G. Rao).
    American Economic Review: Papers & Proceedings, May 2013, vol. 103(3), pp. 586-90.
15. Testing for Altruism and Social Pressure in Charitable Giving (with S. DellaVigna and J. List).
    Quarterly Journal of Economics, February 2012, vol. 127(1), pp. 1-56. (Lead article.).
16. Sorting in Experiments with Application to Social Preferences (with E. Lazear and R. Weber).
    American Economic Journal: Applied Economics, January 2012, vol. 4(1), pp.136-163.
    Extended version with further experimental results in "Sorting, Prices, and Social Preferences", NBER Working Paper 12041.
17. Societas
    In: R. Bagnall, K. Brodersen, C. Champion, A. Erskine, and S. Hübner (eds),
    Encyclopedia of Ancient History, Wiley-Blackwell Press, January 2012.
18. Publicani
    In: R. Bagnall, K. Brodersen, C. Champion, A. Erskine, and S. Hübner (eds),
    Encyclopedia of Ancient History, Wiley-Blackwell Press, January 2012.
19. Review of Peter Fibinger Bank, The Roman bazaar. A comparative study of trade and markets in a tributary empire
    EH.net (Economic History Association), October 2011.
    
20. Overconfidence and Early-life Experiences: The Effect of Managerial Traits on Corporate Financial Policies (with G. Tate and J. Yan).
    Online Appendix
    Journal of Finance, October 2011, vol. 66(5), pp.1687-1733.
21. The Role of Theory in Field Experiments (with D. Card and S. DellaVigna).
    Journal of Economic Perspectives, Summer 2011, vol. 24(3).
22. The Bidder's Curse (with H. Lee).
    Online Appendix
    American Economic Review, April 2011, vol. 101(2), pp. 749-787.
23. Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking? (with S. Nagel).
    Online Appendix
    Quarterly Journal of Economics, February 2011, vol. 126(1), pp. 373-416.
24. Contractibility and the Design of Research Agreements (with J. Lerner).
    Online Appendix
    American Economic Review, March 2010, vol. 100(1), pp. 214-246.
25. Roman Law and the Law-and-Finance Debate.
    In: I. Reichard and M. Schermaier (eds.), Festschrift fuer Rolf Knuetel. Boehlau Verlag, January 2010.
26. Law and Finance at the Origin.
    Journal of Economic Literature, December 2009, vol. 47(4), pp. 1076-1108.
27. Superstar CEOs (with G. Tate).
    Online Appendix
    Quarterly Journal of Economics, November 2009, vol. 124(4), pp. 1593-1638.
28. Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction (with G. Tate).
    Journal of Financial Economics, July 2008, vol. 89(1), pp. 20-43.

29. Financial Expertise of Directors (with B. Guner and G. Tate).
    Journal of Financial Economics, May 2008, vol. 88(2), pp. 323-354.

30. Are Small Investors Naive about Incentives? (with D. Shanthikumar).
    Journal of Financial Economics, August 2007, vol. 85 (2), pp. 457-489.

31. Behavioral Economics of Organizations (with C. Camerer).
    In: P. Diamond and H. Vartiainen (eds.), Behavioral Economics and Its Applications, Princeton University Press, March 2007.

32. 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.)

33. CEO Overconfidence and Corporate Investment (with G. Tate).
    Journal of Finance, December 2005, vol. 60 (6), pp. 2661-2700.

34. Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited (with G. Tate). European Financial Management, November 2005, vol. 11(5), pp. 649-659.

35. 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.

36. 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.)

37. Societas publicanorum.
    Böhlau Verlag, Cologne/Vienna 2002, ca. 353 pages, ISDN 3-412-12201-7. 

38. The Origins of the Corporation in Ancient Rome.
    (Book in preparation for publication at Yale University Press.) 

39. De foeminis iuris prudentia inbutis (with R. Knütel).
    In: Wolfgang Schön (ed.), Gedächtnisschrift für Knobbe-Keuk, Cologne 1997, pp. 861-877.

Working Papers

1. Investor Experiences and Financial Market Dynamics (with D. Pouzo and V. Vanasco). Journal of Financial Economics, forthcoming.
2. Scarred Consumption (with L. Sheng), June 2018.
3. Managerial Duties and Managerial Biases (with V. Pezone and H. Zheng), January 2018.
   Online Appendix.
4. Fishing for Fools (with A. Szeidl), June 2008.
5. M&A Negotiations and Lawyer Expertise (with C. Karsten and Z. Sautner), Dec 2014.
6. Homeownership and the American Dream -- An Analysis of Intergenerational Mobility Effects (with N. Kulkarni), March 2015.
7. Rent or Buy? The Role of Lifetime Experiences of Macroeconomic Shocks within and across Countries (with A. Steiny), December 2016.
8. The Welfare Effects of Experienced Inflation for Mortgage Choices (with M. Botsch), January 2017.
9. Estimating Social Preferences and Gift Exchange at Work (with S. DellaVigna and J. List), June 2016
10. The Making of Hawks and Doves: Inflation Experiences on the FOMC (with S. Nagel and Z. Yan), February 2017.
11. The Long-lasting Effects of Experiencing Communism on Attitudes towards Financial Markets (with C. Laudenbach and A. Niessen-Ruenzi), August 2019.
12. Exposure to Daily Price Changes and Inflation Expectations (with F. D'Acunto, J. Ospina and M. Weber), August 2019.