Empirical corporate finance; risk management; corporate governance; corporate responses to government policy; market pricing of government liabilities
Joshua Rauh is Associate Professor of Finance at the Kellogg School of Management at Northwestern University, and an NBER Faculty Research Fellow in the Corporate Finance and Public Economics programs. He studies corporate investment and financial structure, with an emphasis on the ways in which corporations respond to incentives that are put in place by government policies.
Dr. Rauh received his PhD in 2004 from the Massachusetts Institute of Technology with his dissertation, "Pensions, Corporate Finance and Public Policy," which won him the 2004 National Tax Association Dissertation Award. Prior to joining Kellogg, he held a faculty position at the University of Chicago Booth School of Business, and he is a former Associate Economist for Goldman Sachs International in London.
Dr. Rauh was awarded the 2006 Brattle Prize given for the outstanding research paper on corporate finance published in the Journal of Finance, for his paper "Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans." His research also includes "Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions," which won the Barclays Global Investor Best Symposium Paper from the European Finance Association and appeared in the Quarterly Journal of Economics. His work has also been published in the Review of Financial Studies and the Journal of Financial Economics.
Corporate Capital Structure
Investment Banking
Pension Funds
Dr. Rauh received his PhD in 2004 from the Massachusetts Institute of Technology with his dissertation, "Pensions, Corporate Finance and Public Policy," which won him the 2004 National Tax Association Dissertation Award. Prior to joining Kellogg, he held a faculty position at the University of Chicago Booth School of Business, and he is a former Associate Economist for Goldman Sachs International in London.
Dr. Rauh was awarded the 2006 Brattle Prize given for the outstanding research paper on corporate finance published in the Journal of Finance, for his paper "Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans." His research also includes "Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions," which won the Barclays Global Investor Best Symposium Paper from the European Finance Association and appeared in the Quarterly Journal of Economics. His work has also been published in the Review of Financial Studies and the Journal of Financial Economics.
Areas of Expertise
CorporateCorporate Capital Structure
Investment Banking
Pension Funds
- Recent Media Coverage
The Economist: Public-sector pensions: Unsatisfactory state - 7/9/2009
See all Kellogg in the Media
Education
PhD, 2004, Economics, Massachusetts Institute of Technology, Cambridge, MA, Dissertation: “Pensions, Corporate Finance and Public Policy.”BA, 1996, Economics, Yale University, New Haven, CT, magna cum laude with distinction
Academic Positions
Associate Professor of Finance, Kellogg School of Management, Northwestern University, Evanston, IL, 2009-presentAssociate Professor of Finance, Booth School of Business, University of Chicago, Chicago, IL, 2008-2009Assistant Professor of Finance, Booth School of Business, University of Chicago, Chicago, IL, 2004-2008
Research Interests
Articles
Rauh, Joshua. Forthcoming. The Liabilities and Risks of State Sponsored Pension Plans. Journal of Economic Perspectives.
Kaplan, Steve and Joshua Rauh. Forthcoming. Wall Street and Main Street: What Contributes to the Rise in the Highest Income. Review of Financial Studies.
Rauh, Joshua and Luigi Zingales. 2009. Bankruptcy is Best to Save GM. Economists Voice. 6(4)
Rauh, Joshua. 2009. Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans. Review of Financial Studies. 22(7): 2687-2734.
Rauh, Joshua, James Poterba, Steven Venti and David Wise. 2007. Defined Contribution Plans Defined Benefit Plans and the Accumulation of Retirement Wealth. Journal of Public Economics. 91: 2062-2086.
Rauh, Joshua. 2006. Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans. Journal of Finance. 61(1): 33-71.
Rauh, Joshua. 2006. Own Company Stock in Defined Contribution Pension Plans: A Takeover Defense. Journal of Financial Economics. 81(2): 379-410.
Working Papers
Rauh, Joshua and Amir Sufi. Capital Stricture and Debt Structure.
Rauh, Joshua. Public Pension Promises How Big Are They and What Are They Worth.
Teaching Interests
Corporate finance (valuation and capital structure)
CONTACT INFO:
PHONE: (847) 491-4462
FAX: (847) 491-5719
PHONE: (847) 491-4462
FAX: (847) 491-5719
OFFICE:
Jacobs Center Room 419
Jacobs Center Room 419
