Print Overview

Annette Vissing-Jorgensen is a 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. She is associate editor of the Journal of Finance and Director of the American Finance Association.

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
Print Vita
Education
PhD, 1998, Economics, Massachusetts Institute of Technology
MS, 1994, Economics, University of Warwick
BA, 1993, Economics, University of Aarhus

Academic Positions
Professor, Kellogg School of Management, Northwestern University, 2010-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

Grants and Awards
Nominated for the Smith Breeden Prize, Journal of Finance, 2010

Editorial Positions
Associate Editor, Journal of Finance, 2010-present
Associate Editor, Journal of Business & Economic Statistics, 2004-2007

Service
American Finance Association, Director, elected 2010, re-elected 2012

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

Articles
Malloy, Christopher, Tobias J. Moskowitz and Annette Vissing-Jorgensen. Forthcoming. Long-Run Stockholder Consumption Risk and Asset Returns. Journal of Finance.
Krishnamurthy, Arvind and Annette Vissing-Jorgensen. 2012. The Aggregate Demand for Treasury Debt. Journal of Political Economy. 120(2): 233-267.
Krishnamurthy, Arvind and Annette Vissing-Jorgensen. 2011. The Effects of Quantitative Easing on Long-term Interest Rates. Brookings Papers on Economic Activity.
Parker, Jonathan and Annette Vissing-Jorgensen. 2010. The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares. Brookings Papers on Economic Activity . 41(2): 1-55.
Parker, Jonathan and Annette Vissing-Jorgensen. 2009. Who Bears Aggregate Fluctuations and How?. American Economic Review, Papers and Proceedings. 99(2): 399-405.
Hochberg, Yael V.Paola Sapienza and Annette Vissing-Jorgensen. 2009. A Lobbying Approach to Evaluating the Sarbanes-Oxley. Journal of Accounting Research. 47(2): 519-583.
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.
Greenstone, Michael, Paul Oyer and Annette Vissing-Jorgensen. 2006. The Value of Knowing. Regulation. 29(2): 52-62.
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.
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.
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.
Vissing-Jorgensen, Annette. 2002. Limited Stock Market Participation and the Elasticity of Intertemporal Substitution. Journal of Political Economy. 110(4): 825-853.
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.
Vissing-Jorgensen, Annette. 1999. Discussion of: "Stock Prices and Fundamentals". NBER Macroeconomics Annual. 14: 262-263.
Working Papers
Krishnamurthy, Arvind and Annette Vissing-Jorgensen. 2013. Short-term Debt and Financial Crises: What We Can Learn from U.S. Treasury Supply.
Hochberg, Yael V., Alexander Ljungqvist and Annette Vissing-Jorgensen. 2011. Informational Hold-up and Performance Persistence in Venture Capital.
Vissing-Jorgensen, Annette. Consumer Credit: Learning your Customer's Default Risk from What (S)he Buys.
Nielsen, Helena Skyt and Annette Vissing-Jorgensen. 2006. The Impact of Labor Income Risk on Educational Choices: Estimates and Implied Risk Aversion.

 
Print Teaching
Teaching Interests
Introductory finance, econometrics, macroeconomics