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Research Centers & Faculty Publications Making Impact

Our faculty pursue solutions to the world's most significant challenges through their research and collaborations. We have built Centers and Labs to bridge academia and industry promoting research with the greatest impact in the application of finance.

MIT LFE MIT Laboratory for Financial Engineering

Finance and Policy Golub Center for Finance and Policy

Trust Center for MIT Entrepreneurship Entrepreneurship at MIT

CEEPR MIT Center for Energy and Environmental Policy Research

CSAIL MIT Computer Science and Artificial Intelligence Laboratory

MIT ORC MIT Operations Research Center

Featured Faculty Publications and Working Papers

Featured Publications

Lessons in Corporate Finance: A Case Studies Approach to Financial Tools, Financial Policies, and Valuation, 2nd Edition.

Asquith, Paul, and Lawrence A. Weiss. Hoboken, New Jersey: John Wiley & Sons, Inc., 2019.

Lessons in Finance: Basic Tools.

Weiss, Lawrence A. and Paul Asquith. Cambridge, MA: CreateSpace Independent Publishing Platform, 2014.

"The Market for Borrowing Corporate Bonds."

Asquith, Paul, Andrea Au, Thomas Covert and Parag Pathak. Journal of Financial Economics Vol. 107, No. 1 (2013): 155-182.

Featured Publications

"Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets."

Chen, Hui, Scott Joslin, and Sophie Ni. Review of Financial Studies Vol. 32, No. 1 (2019): 228-265. Download Paper.

"Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle."

Chen, Hui, Rui Cui, Zhiguo He, and Konstantin Milbradt. Review of Financial Studies Vol. 31, No. 3 (2018): 852-897. Appendix. Download Paper.

Featured Publications

"The Constant Elasticity of Variance Option Pricing Model."

Cox, John C. Journal of Portfolio Management Vol. 23, No. 5 (1996): 15-17.

"A Continuous Time Portfolio Turnpike Theorem."

Cox, John C. and Chi-fu Huang. Journal of Economic Dynamics and Control Vol. 16, No. 3-4 (1992): 491-507.

"A Variational Problem Arising in Financial Economics."

Cox, John C. and Chi-fu Huang. Journal of Mathematical Economics Vol. 20, No. 5 (1991): 465–487.

Featured Publication

"Comments on Network Reactions to Banking Regulation."

Farboodi, Maryam. Journal of Monetary Economics Vol. 89, (2017): 68-70.

Featured Publications

"The Mortgage Credit Channel of Macroeconomic Transmission."

Greenwald, Daniel L., MIT Sloan Working Paper 5184-16. Cambridge, MA: MIT Sloan School of Management, January 2018.

"Origins of Stock Market Fluctuations."

Daniel Greenwald, Martin Lettau, and Sydney C. Ludvigson.

Featured Publications

"Left Behind: Creative Destruction, Inequality, and the Stock Market."

Kogan, Leonid, Dimitris Papanikolaou, and Noah Stoffman. Journal of Political Economy Vol. 128, No. 3 (2020): 855-906. Online Appendix. SSRN.

"Equilibrium Analysis of Asset Prices: Lessons from CIR and APT."

Kogan, Leonid and Dimitris Papanikolaou. The Journal of Portfolio Management Vol. 44, No. 6 (2018): 59-69.

"Technological Innovation, Resource Allocation, and Growth."

Kogan, Leonid, Dimitris Papanikolaou, Amit Seru, and Noah Stoffman. Quarterly Journal of Economics Vol. 132, No. 2 (2017): 665-712. Online Appendix.

Featured Publications

"Restrictions on Asset-Price Movements Under Rational Expectations: Theory and Evidence."

Augenblick, Ned and Eben Lazarus, MIT Sloan Working Paper 5765-18. Cambridge, MA: MIT Sloan School of Management, August 2018. Download Paper.

Featured Publications

"Estimation of Clinical Trial Success Rates and Related Parameters."

Wong, Chi Heem, Kien Wei Siah, and Andrew W. Lo. Biostatistics Vol. 20, No. 2 (2019): 273-286.

"Hedge Fund Holdings and Stock Market Efficiency."

Cao, Charles, Bing Liang, Andrew W. Lo, and Lubomir Petrasek. Review of Asset Pricing Studies Vol. 8, No. 1 (2018): 77-116. SSRN Preprint.

Featured Publications

"Inventory of Support for Fossil Fuels—Estimating the Support Component of Loan Guarantees and Preferential Loans."

Lucas, Deborah J., MIT Sloan Working Paper 5400-17. Cambridge, MA: MIT Sloan School of Management, December 2019.

"Towards Fair Value Accounting for Public Pensions: The Case for Delinking Disclosure and Funding Requirements."

Lucas, Deborah J., MIT Sloan Working Paper 5399-17. Cambridge, MA: MIT Sloan School of Management, October 2017.

"Fiscal Consequences of the Federal Reserve’s Balance Sheet."

Lucas, Deborah J., MIT Sloan Working Paper 5402-17. Cambridge, MA: MIT Sloan School of Management, September 2017.

Featured Publications

"Customers and Investors: A Framework for Understanding the Evolution of Financial Institutions."

Merton, Robert C., and Richard T. Thakor. Journal of Financial Intermediation Vol. 39, (2019): 4-18. SSRN Preprint.

"IPE at 20: Time for retirement ‘SeLFIES’?"

Merton, Robert C., and Arun Muralidhar. Investments and Pensions Europe, April 2017.

"An Effective DC Plan for Uncovered Workers: The Flex MMM Model."

Merton, Robert C., Arun S. Muralidhar. Industry Voices, Plansponsor, February 8, 2017.

Featured Publications

"A Theory of Risk Capital."

Erel, Isil, Stewart Myers and James A. Read, Jr. Journal of Financial Economics Vol. 118, No. 3 (2015): 620-635.

"Finance, Theoretical and Applied."

Myers, Stewart. Annual Review of Financial Economics Vol. 7, (2015): 1-34.

Fundamentals of Corporate Finance.

Myers, Stewart. Boston, MA: Irwin/McGraw-Hill, 2013.

Featured Publications

"How Quantitative Easing Works: Evidence on the Refinancing Channel."

Di Maggio, Marco, Amir Kermani, and Christopher John Palmer. Review of Economic Studies Vol. 87, No. 3 (2020): 1498-1528. Pre-publication Version. Appendix. Data and Code. Slides. VoxEU. Forbes. NBER Digest. MIT News.

"Real Effects of Search Frictions in Consumer Credit Markets."

Argyle, Bronson, Christopher John Palmer, and Taylor Nadauld (NBER Working Paper No. 26645), MIT Sloan Working Paper 5242-17. Cambridge, MA: MIT Sloan School of Management, June 2020. Slides. WSJ. Econimate video. The Conversation. NBER Reporter. MarketWatch.

Featured Publications

"Why Don't Households Smooth Consumption? Evidence from a 25 Million Dollar Experiment."

Parker, Jonathan A. American Economic Journal: Macroeconomics Vol. 9, No. 4 (2017): 153-183. Publisher Page. Online appendix.

"Valuation, Adverse Selection and Market Collapses."

Fishman, Michael J., and Jonathan A. Parker. The Review of Financial Studies Vol. 28, No. 9 (2015): 2575-2607. Download Paper.

"Optimal Expectations."

Brunnermeier, Markus K. and Jonathan A. Parker. American Economic Review Vol. 95, No. 4 (2005): 1092-1118. JSTOR.

Featured Publications

"Runs on Money Market Mutual Funds."

Schmidt, Lawrence D. W., Allan Timmermann, and Russ Wermers. American Economic Review Vol. 106, No. 9 (2016): 2625-2657. Author Disclosures. Appendix. Data Set.

"Climbing and Falling Off the Ladder: Asset Pricing Implications of Labor Market Event Risk."

Schmidt, Lawrence D.W., MIT Sloan Working Paper 5500-16. Cambridge, MA: MIT Sloan School of Management, March 2022.

"An Empirical Test of Pricing Kernel Monotonicity."

Beare, Brendan K., and Lawrence D. W. Schmidt. Journal of Applied Econometrics Vol. 31, No. 2 (2016): 338-356. Supplement.

Featured Publications

"The Impact of Consulting Services on Small and Medium Enterprises: Evidence from a Randomized Trial in Mexico."

Bruhn, Miriam, Dean Karlan, and Antoinette Schoar. Journal of Political Economy Vol. 126, No. 2 (2018): 635-687.

"The Globalization of Angel Investments: Evidence Across Countries."

Lerner, Josh, Antoinette Schoar, Stanislav Sokolinski, and Karen Wilson. Journal of Financial Economics Vol. 127, No. ` (2018): 1-20.

"Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class."

Adelino, Manuel, Antoinette Schoar, and Felipe Severino. Review of Financial Studies Vol. 29, No. 7 (2016): 1635-1670.

Featured Publications

"Sticky Expectations and the Profitability Anomaly."

Bouchaud, Jean-Philippe, Philipp Krueger, Augustin Landier, and David Thesmar. Journal of Finance Vol. 74, No. 2 (2019): 639-674. Download Paper.

"The Real Effects of Bank Capital Requirements."

Fraisse, Henri, Mathias LÉ, and David Thesmar. Management Science Vol. 66, No. 1 (2020): 5-23. Supplement. Download Paper.

"Wholesale Funding Dry-Ups."

Perignon, Christophe, David Thesmar, and Guillaume Vuillemey. Journal of Finance Vol. 73, No. 2 (2018): 575-617. Download Paper.

Featured Publications

"Deviations from Covered Interest Rate Parity."

Du, Wenxin, Alexandre Tepper, and Adrian Verdelhan. Journal of Finance Vol. 73, No. 3 (2018): 915-957. Appendix. Download Paper.

"The Share of Systematic Risk in Bilateral Exchange Rates."

Verdelhan, Adrien. Journal of Finance Vol. 73, No. 1 (2018): 375-418. SSRN Preprint.

"Common Risk Factors in Currency Markets."

Lustig, Hanno, Nick Roussanov and Adrien Verdelhan. Review of Financial Studies Vol. 24, No. 11 (2011): 3731-3777. Download Paper.

Featured Publications

"Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis."

Verner, Emil and Győző Gyöngyösi, MIT Sloan Working Paper 5476-18. Cambridge, MA: MIT Sloan School of Management, March 2020.

"Financial Crisis, Creditor-Debtor Conflicts, and Political Extremism."

Gyöngyösi, Győző, and Emil Verner, MIT Sloan Working Paper 5480-18. Cambridge, MA: MIT Sloan School of Management, February 2020. Media: The Hill.

Featured Publications

"Dynamic Portfolio Execution."

Tsoukalas, Gerry, Jiang Wang, and Kay Giesecke. Management Science. Forthcoming.

"Early Peek Advantage? Efficient Price Discovery with Tiered Information Disclosure."

Hu, Grace Xing, Jun Pan, and Jiang Wang. Journal of Financial Economics Vol. 126, No. 2 (2017): 399-421. Download Paper.

"Market Selection."

Kogan, Lenoid, Stephen Ross, Jiang Wang, and Mark Westerfield. Journal of Economic Theory Vol. 168, (2017): 209-236.

Featured Publications

"Are CDS Auctions Biased and Inefficient?"

Zhu, Haoxiang, and Songzi Du. Journal of Finance Vol. 27, No. 6 (2017): 2589-2628. SSRN Preprint. Appendix.

"Mortgage Dollar Roll."

Song, Zhaogang and Haoxiang Zhu. Review of Financial Studies Vol. 32, No. 8 (2019): 2955-2996. SSRN Preprint.

"Non-Fundamental Speculation Revisited."

Yang, Liyan, and Haoxiang Zhu. Journal of Finance Vol. 72, No. 6 (2017): 2759-2772. SSRN Preprint.

Featured Publications

"Good and Bad CEOs."

Jenter, Dirk, Egor Matveyev, and Lukas Roth, Working Paper. 2017.

"Misvaluation of Investment Options."

Lyandres, Evgeny, Egor Matveyev, and Alexei Zhdanov, MIT Sloan Working Paper 5235-17. Cambridge, MA: MIT Sloan School of Management, April 2017.

"The Labor Market for Corporate Directors."

Matveyev, Egor, Working Paper. 2016.

Featured Publications

"Financing Risk and Innovation."

Nanda, Ramana, and Matthew Rhodes-Kropf. Management Science. Forthcoming.

"Financing Entrepreneurial Experimentation."

Nanda, Ramana, and Matthew Rhodes-Kropf. In Innovation Policy and the Economy, Vol. 16, 1-23. Chicago, IL: University of Chicago Press, 2016.

"Regional Variation in Venture Capital: Causes and Consequences."

Ramana Nanda and Matthew Rhodes-Kropf. In Moving to the Innovation Frontier, edited by Christian Keuschnigg. Washington, DC: March 2016.