uc_seal (3K)
Department of Economics
University of California, Berkeley


Research Interests

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


Publications and Forthcoming Papers

  1. The Long-Lasting Effects of Experiencing Communism on Attitudes towards Financial Markets (with C. Laudenbach and A. Niessen-Ruenzi).
    Journal of Finance, forthcoming.
  2. CEO Stress, Aging and Death (with M. Borgschulte, M. Guenzel and C. Liu),
    Journal of Finance, forthcoming
  3. Rent or Buy? Inflation Experiences and Homeownership within and across Countries (with A. Steiny Wellsjo).
    Journal of Finance, forthcoming.
  4. Memory of Past Experiences and Economic Decisions (with J. Wachter),
    In: M. Kahana and A. Wagner (eds.), The Oxford Handbook of Human Memory, vol. II: Applications, Oxford University Press, June 2024.
  5. Scarred Consumption (with L. Sheng)
    American Economic Journal: Macroeconomics, January 2024, vol. 16 (1), pp. 322-355.
  6. Managerial Duties and Managerial Biases (with V. Pezone and H. Zheng),
    Online Appendix.
    Management Science, June 2023, vol. 69 (6), pp. 3174-3201.
  7. What Do the Data Tell Us About Inflation Expectations (with F. D'Acunto and M. Weber),
    In: R. Bachmann, G. Topa, and W. van der Klaauw (eds.), Handbook of Economic Expectations, Elsevier, November 2022.
  8. Homeownership Segregation (with N. Kulkarni).
    Journal of Monetary Economics, July 2022, vol. 129, pp. 123-149.
  9. Estimating Social Preferences and Gift Exchange at Work (with S. DellaVigna, J. List, and G. Rao),
    American Economic Review, March 2022, vol. 112 (3), pp. 1038-74.
  10. Lawyer Expertise and Contract Design Evidence from M&A Negotiations (with C. Karsten and Z. Sautner),
    Economic Journal, February 2022, vol. 132 (642), pp. 644-674.
    Online Appendix
  11. Exposure, Experience, and Expertise: Why Personal Histories Matter in Economics. (2020 JEEA-FBBVA lecture)
    Journal of the European Economic Association, December 2021, vol. 19 (6), pp. 2857-2894.
  12. Experience Effects in Finance: Foundations, Applications, and Future Directions.
    (2020 European Finance Association keynote address)
    Review of Finance, September 2021, vol. 25 (5), pp. 1339-63. (Lead article.)
  13. Exposure to Grocery Prices and Inflation Expectations (with F. D'Acunto, J. Ospina and M. Weber).
    Journal of Political Economy, May 2021, vol. 129 (5), pp. 1615-1639.
  14. Gender Roles produce divergent economic expectations (with F. D'Acunto and M. Weber)
    Online Appendix
    Proceedings of the National Academy of Science, May 25, 2021, vol. 118 (21), e2008534118.
  15. The Making of Hawks and Doves: Inflation Experiences on the FOMC (with S. Nagel and Z. Yan).
    Journal of Monetary Economics, January 2021, vol. 117 pp. 19-42
  16. Behavioral Corporate Finance: Life Cycle of a CEO Career (with M. Guenzel),
    In: Oxford Research Encyclopedia of Economics and Finance, Oxford University Press, September 2020.
  17. Fishing for Fools (with A. Szeidl).
    Games and Economic Behavior, July 2020, vol. 122, pp. 105-129.
  18. Investor Experiences and Financial Market Dynamics (with D. Pouzo and V. Vanasco).
    Journal of Financial Economics, June 2020, vol. 136, pp. 597-622.
  19. Investor Experiences and International Capital Flows (with D. Pouzo and V. Vanasco).
    Journal of International Economics, May 2020, vol. 124.
  20. Emotional Tagging and Belief Formation – The Long-lasting Effects of Experiencing Communism (with C. Laudenbach and A. Niessen-Ruenzi).
    American Economic Association: Papers & Proceedings, May 2019, vol. 109, pp. 567-571.
  21. Behavioral Corporate Finance.
    In: D. Bernheim, S. DellaVigna, and D. Laibson (eds.), Handbook of Behavioral Economics, Volume 1, Elsevier, October 2018.
  22. 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.
  23. You Owe Me (with K. Schmidt).
    Online Appendix
    American Economic Review, February 2017, vol. 107(2), pp. 493-526.
  24. Voting to Tell Others (with S. DellaVigna, J. List and G. Rao).
    Review of Economic Studies, January 2017, vol. 84(1), pp. 143-181.
  25. Learning from Inflation Experiences (with S. Nagel).
    Quarterly Journal of Economics, February 2016, vol. 131(1), pp. 53-87.
  26. 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.
  27. On the Verges of Overconfidence (with T. Taylor).
    Journal of Economic Perspectives, Fall 2015, vol. 29(4), pp. 3-8.
  28. Behavioral CEOs: On the Role of Managerial Overconfidence (with G. Tate).
    Journal of Economic Perspectives, Fall 2015, vol. 29(4), pp. 37-60.
  29. 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.
  30. Rethinking Reciprocity (with V. te Velde and R. Weber).
    Annual Review of Economics, August 2014, vol. 6, pp. 849-874.
  31. Do Security Analysts Speak in Two Tongues? (with D. Shanthikumar).
    Review of Financial Studies, May 2014, vol. 27(5), pp. 1287-1322. (Lead article.)
  32. 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)
  33. 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.
  34. 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.).
  35. 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.
  36. Societas
    In: R. Bagnall, K. Brodersen, C. Champion, A. Erskine, and S. Hübner (eds),
    Encyclopedia of Ancient History, Wiley-Blackwell Press, January 2012.
  37. Publicani
    In: R. Bagnall, K. Brodersen, C. Champion, A. Erskine, and S. Hübner (eds),
    Encyclopedia of Ancient History, Wiley-Blackwell Press, January 2012.
  38. 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.
  39. 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.
  40. The Role of Theory in Field Experiments (with D. Card and S. DellaVigna).
    Journal of Economic Perspectives, Summer 2011, vol. 24(3).
  41. The Bidder's Curse (with H. Lee).
    Online Appendix
    American Economic Review, April 2011, vol. 101(2), pp. 749-787.
  42. 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.
  43. Contractibility and the Design of Research Agreements (with J. Lerner).
    Online Appendix
    American Economic Review, March 2010, vol. 100(1), pp. 214-246.
  44. Roman Law and the Law-and-Finance Debate.
    In: I. Reichard and M. Schermaier (eds.), Festschrift fuer Rolf Knuetel. Boehlau Verlag, January 2010.
  45. Law and Finance at the Origin.
    Journal of Economic Literature, December 2009, vol. 47(4), pp. 1076-1108.
  46. Superstar CEOs (with G. Tate).
    Online Appendix
    Quarterly Journal of Economics, November 2009, vol. 124(4), pp. 1593-1638.
  47. 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.
  48. Financial Expertise of Directors (with B. Guner and G. Tate).
    Journal of Financial Economics, May 2008, vol. 88(2), pp. 323-354.

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

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

  51. 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.)

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

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

  54. 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.

  55. 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.)

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

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

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


Working Papers

  1. The Long Shadows of the Great Inflation: Evidence from Residential Mortgages (with M. Botsch), February 2020.
  2. The Impact of Quarantining on School Enrollment: Evidence from the Ebola Epidemic in Sierra Leone (with D. Willigrod), May 2022. Manuscript.
  3. School Closures, Inequality, and Politics – Evidence from the 1918 Spanish Flu (with K. Li), June 2022. Manuscript
  4. Gender Differences in Non-Promotable Tasks: The Case of Clinical Note-Taking (with B. Chu, B. Handel, and J. Kolstad), June 2022. Manuscript.
  5. Not Too Early, Not Too Late - Encouraging Engagement in Education (with T. Liu, S. Wang, and S. Zhang), September 2022. Manuscript.
  6. Information Resonance (with L. Veldkamp), June 2022. Manuscript.
  7. Mortgage Policies and their Effects on Racial Segregation and Upward Mobility (with N. Kulkarni), June 2022.

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