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Annette Vissing-Jorgensen
Annette Vissing-Jorgensen

FINANCE
Associate Professor of Finance

Print Overview

Annette Vissing-Jorgensen is an associate professor at Kellogg School of Management and a Research Associate at the National Bureau of Economic Research (NBER). She holds a PhD from MIT and was a faculty at the University of Chicago's Department of Economics prior to joining Kellogg.

She works on household finance and its asset pricing implications. Her work centers on the impact of limited stock market participation on equilibrium returns and inference from returns, and on the returns to entrepreneurship and private equity. She is also doing work on corporate governance focusing on the value of mandated information disclosure. Her work has been published in leading economics and finance journals such as the Journal of Political Economy, American Economic Review, Quarterly Journal of Economics and Journal of Finance and she was awarded the Journal of Finance Brattle Prize (Distinguished Paper) in 2005.

Professor Vissing-Jorgensen teaches the core finance class for MBA students.



Areas of Expertise
Asset Pricing (Equity Markets/Stock Market, Investments and Portfolio Choice)
Entrepreneurship
Equity Markets (Stock Market) (Includes: Asset Pricing, Investments and Portfolio Choice)
Investments and Portfolio Choice (Includes: Asset Pricing, Equity Markets/Stock Market)
Regulation of Financial Markets
Small Business Management
  • Recent Media Coverage

    Washington Post: Waiting for Deep Pockets to Open - 9/9/2009

    Los Angeles Times: Getting the affluent to spend again is a puzzle for luxury retailers - 9/9/2009

    New York Times: Rise of the Super-Rich Hits a Sobering Wall - 8/21/2009

    New York Times (Economix blog): What About the Upper Middle Class? - 8/21/2009

    See all Kellogg in the Media
Print Vita
Education
PhD, 1998, Economics, Massachusetts Institute of Technology
MS, 1994, Economics, University of Warwick
BA, 1993, Economics, University of Aarhus

Academic Positions
Associate Professor, Kellogg School of Management, Northwestern University, 2006-present
Core Scientific Member, University of Copenhagen, 2004-present
Faculty Research Fellow, National Bureau of Economic Research, 2001-present
Assistant Professor, Kellogg School of Management, Northwestern University, 2002-2006
Assistant Professor, University of Chicago, 1998-2002

 
Print Research
Research Interests
Household consumption and portfolio choice, stock market participation, returns to entrepreneurial investment, private equity

Articles
Hochberg, Yael V., Paola Sapienza and Annette Vissing-Jorgensen. Forthcoming. A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002. Journal of Accounting Research.
AbstractLink
Greenstone, Michael, Paul Oyer and Annette Vissing-Jorgensen. 2006. Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments. Quarterly Journal of Economics. 121(2): 399-460.
AbstractLink
Greenstone, Michael, Paul Oyer and Annette Vissing-Jorgensen. 2006. The Value of Knowing. Regulation. 29(2): 52-62.
Link
Bitler, Marianne P., Tobias J. Moskowitz and Annette Vissing-Jorgensen. 2005. Testing Agency Theory With Entrepreneur Effort and Wealth. Journal of Finance. 60(2): 539-576.
AbstractLink
Vissing-Jorgensen, Annette. 2003. Perspectives on Behavioral Finance: Does “Irrationality” Disappear with Wealth? Evidence From Expectations and Actions. NBER Macroeconomics Annual. 18(1): 139-194.
AbstractLink
Vissing-Jorgensen, Annette and Orazio P. Attanasio. 2003. Stock Market Participation, Intertemporal Substitution and Risk Aversion. American Economic Review: Papers and Proceedings. 93(2): 383-391.
Link
Vissing-Jorgensen, Annette. 2002. Limited Asset Market Participation and the Elasticity of Intertemporal Substitution. Journal of Political Economy. 110(4): 825-853.
AbstractLink
Moskowitz, Tobias J. and Annette Vissing-Jorgensen. 2002. The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?. American Economic Review. 92(4): 745-778.
AbstractLink
Vissing-Jorgensen, Annette. 1999. Discussion of: "Stock Prices and Fundamentals". NBER Macroeconomics Annual. 14: 262-263.
Link
Working Papers
Parker, Jonathan and Annette Vissing-Jorgensen. 2009. Who Bears Aggregate Fluctuations and How?.
Link
Hochberg, Yael V., Alexander Ljungqvist and Annette Vissing-Jorgensen. 2008. Informational Hold-up and Performance Persistence in Venture Capital.
Krishnamurthy, Arvind and Annette Vissing-Jorgensen. 2008. The Aggregate Demand for Treasury Debt.
AbstractLink
Malloy, Christopher, Tobias J. Moskowitz and Annette Vissing-Jorgensen. 2006. Long-Run Stockholder Consumption Risk and Asset Returns.
AbstractLink
Nielsen, Helena Skyt and Annette Vissing-Jorgensen. 2006. The Impact of Labor Income Risk on Educational Choices: Estimates and Implied Risk Aversion.
AbstractLink

 
Print Teaching
Teaching Interests
Introductory finance, econometrics, macroeconomics
Full-Time / Part-Time MBA
Finance I (FINC-430-0)

This course counts toward the following majors: Analytical Finance, Finance

This course studies the effects of time and uncertainty on decision making. Topics include discounted cash flow valuation, stock and bond valuation, the term structure of interest rates, bond duration, capital budgeting under certainty and uncertainty, portfolio theory, asset pricing models and efficient markets.

Prerequisites: Knowledge of (a) probability and statistics through linear regression and (b) financial accounting. Requirement (a) may be satisfied with prior or concurrent registration in DECS-434, sufficient previous course work in statistics or attending Finance I statistics tutorials (available fall quarter only). Requirement (b) may be satisfied with prior or concurrent registration in ACCT 430 or sufficient previous course work in financial accounting. MECN-430 is recommended.

To qualify for a Finance I (FINC-430) waiver, you must have passed a comparable course with a grade of A. The type and level of material covered in the course are represented by chapters 1-13 and 23 of the text by Brealey and Myers, Principles of Corporate Finance. You need not request a Finance I waiver to enroll in FINC-440 (Turbo). To help you decide whether you should waive Finance I, take the self-assessment test online at www.kellogg.northwestern.edu/finance/curriculum/finance1waiver.htm.