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Annette Vissing-Jorgensen

 

http://faculty.haas.berkeley.edu/vissing/avj.jpg

Arno A. Rayner Chair in Finance and Management

Professor, Haas Finance Group

 

 

Contact Information:
Haas School of Business

University of California, Berkeley

545 Student Services Bldg #1900

Berkeley, CA 94720
Email: vissing@haas.berkeley.edu

Phone: 510-643-8013

Fax: 510-643-1412

Areas of Interest: Household consumption and portfolio choice, stock market participation, returns to entrepreneurial investment, corporate governance

CV:   PDF 

Haas School of Business | Haas Faculty Bio

 

Published/forthcoming:

1.      Limited Asset Market Participation and the Elasticity of Intertemporal Substitution, Journal of Political Economy, August 2002. (Earlier longer more ambitious version, December 1999, "Limited Stock Market Participation and the Equity Premium Puzzle")

2.      Stock Market Participation, Intertemporal Substitution and Risk Aversion joint with Orazio P. Attanasio, American Economic Review, Papers and Proceedings, May 2003.

3.      Perspectives on Behavioral Finance: Does "Irrationality" Disappear with Wealth? Evidence from Expectations and Actions, NBER Macroeconomics Annual 2003. Discussions by John Campbell and Owen Lamont.

4.      The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle? joint with Tobias Moskowitz. American Economic Review, September 2002 (supported by NSF grant 0111795).

5.      Testing Agency Theory With Entrepreneur Effort and Wealth  joint with Marianne Bitler and Tobias Moskowitz, Journal of Finance, April 2005, lead article.

Winner, Journal of Finance Brattle Prize (Distinguished Paper) for 2005.

6.      Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments, joint with Michael Greenstone and Paul Oyer. Quarterly Journal of Economics, May 2006.

7.      The Value of Knowing, joint with Michael Greenstone and Paul Oyer – this is a shorter version of the above paper, Regulation, Summer 2006. Includes discussion by Edmund Kitch.

8.      Long-Run Stockholder Consumption Risk and Asset Returns, with Christopher Malloy and Tobias Moskowitz. Journal of Finance, December 2009, lead article. Consumption growth data for all households (from NIPA), and for stockholders, top stockholders and non-stockholders (from the CEX), stata format (see paper for definitions).

      Nominated for Journal of Finance Smith-Breeden Prize for 2010.

9.      A Lobbying Approach to Evaluating The Sarbanes-Oxley Act of 2002, with Yael Hochberg and Paola Sapienza. Journal of Accounting Research, May 2009. Discussion by G. Andrew Karolyi

10.  Who Bears Aggregate Fluctuations and How?, joint with Jonathan A. Parker. American Economic Review, Papers and Proceedings, May 2009. Unpublished appendix.

11.  The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares, Brookings Papers on Economic Activity, Fall 2010.

12.  The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy, with Arvind Krishnamurthy, Brookings Papers on Economic Activity, Fall 2011.

13.  The Aggregate Demand for Treasury Debt, with Arvind Krishnamurthy, Journal of Political Economy, April 2012.

14.  Informational Hold-Up and Performance Persistence in Venture Capital, with Yael Hochberg and Alexander Ljungqvist, May 2013, forthcoming, Review of Financial Studies

Winner, Argentum Prize for Best Symposium Paper on Private Equity and Funds of Private Equity, European Finance Association 2009.

15.  The Ins and Outs of Large Scale Asset Purchases (joint with A. Vissing-Jorgensen), with Arvind Krishnamurthy, Kansas City Federal Reserve Symposium on Global Dimensions of Unconventional Monetary Policy, forthcoming

16.  Discussion from Brookings Spring 2014 of the paper “Effects of Unconventional Monetary Policy on Financial Institutions” by Gabriel Chodorow-Reich

17.  Discussion from the NBER Macroeconomics Annual 1999 of the paper "Stock Prices and Fundamentals" by John Heaton and Deborah Lucas.

 

Working papers and talks:Recent Media Coverage

Financial Times:
Some recession experiences are more equal than others - 2/21/2009

Greg Mankiw's Blog:
Who bears the burden of downturns? - 2/12/2009

The New York Times:
Recession Can Change a Way of Life - 1/31/2009

Forbes:
Boom Times - 3/12/2007Recent Media Coverage

Financial Times:
Some recession experiences are more equal than others - 2/21/2009

Greg Mankiw's Blog:
Who bears the burden of downturns? - 2/12/2009

The New York Times:
Recession Can Change a Way of Life - 1/31/2009

Forbes:
Boom Times - 3/12/2007Recent Media Coverage

Financial Times:
Some recession experiences are more equal than others - 2/21/2009

Greg Mankiw's Blog:
Who bears the burden of downturns? - 2/12/2009

The New York Times:
Recession Can Change a Way of Life - 1/31/2009

Forbes:
Boom Times - 3/12/2007

18.  NEW, June 2014: Stock Returns over the FOMC Cycle, with Anna Cieslak and Adair Morse.

Slides for above paper: Slides

19.  ECB Policies involving Government Bond Purchases: Impact and Channels, with Arvind Krishnamurthy and Stefan Nagel.

20.  Short-term Debt and Financial Crisis: What we can learn from U.S. Treasury Supply, with Arvind Krishnamurthy

21.  Consumer Credit: Learning Your Customer's Default Risk from What (S)he Buys, working paper, April 2012. Being revised for first submission.

22.  Why an MBS-Treasury swap is better policy than the Treasury twist, with Arvind Krishnamurthy (The main parts of this note is included in 15. above.)

23.  The Impact of Labor Income Risk  on Educational Choices:  Estimates and Implied Risk Aversion, with Helena Skyt Nielsen, first draft, January 2006.

24.  Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures, NBER Working Paper, 2002 (The main parts of this paper are included in the NBER Macroeconomics Annual paper above.)

 

·         Slides from Gerzensee Focus Session: Household Finance: The Liability Side

 

Fun:

http://faculty.haas.berkeley.edu/vissing/DSC_8065_1.jpg

Recent Media Coverage

Financial Times:
Some recession experiences are more equal than others - 2/21/2009

Greg Mankiw's Blog:
Who bears the burden of downturns? - 2/12/2009

The New York Times:
Recession Can Change a Way of Life - 1/31/2009

Forbes:
Boom Times - 3/12/2007