Welcome to my home page!
I am a financial economist. My research spans the areas of behavioral finance and corporate governance.
My work in behavioral finance investigates how people form expectations about uncertain future outcomes. It is well-documented that subjective expectations deviate from rational expectations. In a series of papers I investigate why and how peoples’ expectations predictably deviate from the rational benchmark. In “Optimism Propagation” we empirically quantify how irrational beliefs propagate between people who communicate with one another. In “Measuring Biases in Expectation Formation” we develop a method to estimate the extent to which people over- or underreact when updating their expectations in light of new information.
My work in corporate governance mainly centers on the determinants and consequences of CEO dismissal and compensation.
Apart from the work on academic papers, I maintain a database on involuntary CEO turnovers together Alexander Wagner. If you are interested in this dataset, please go to the “Data” tab on this web page. I have also written STATA programs relating to executive compensation which I make available on the “Code” tab of this web page.
Behavioral finance, corporate finance, corporate governance, CEO compensation and turnover, mergers and acquisitions.
I have written three STATA programs that compute the subjective (or certainty equivalent) value of executive compensa…
I maintain a database on forced CEO turnovers together with my co-author Alex Wagner. It contains the dates of forced CEO…