Ian Dew-Becker
Ian Dew-Becker

Associate Professor of Finance

Print Overview

Ian earned his BA in Economics and Mathematical Methods in the Social Sciences at Northwestern, and his AM and PhD in Economics from Harvard. His research covers both theoretical and empirical consumption-based asset pricing, focusing in particular on the relationship between asset prices and the real economy. Ian previously worked at Duke University and the Federal Reserve Bank of San Francisco.

Areas of Expertise
Asset Pricing
Derivative Securities and Markets (Futures, Options, Commodities)
Economic Models
Economic Theory
Economics of Uncertainty
Equity Markets (Stock Market)
Macroeconomics (Includes: Monetary Economics, Federal Reserve, Interest Rates)

Print Vita
Ph.D., 2012, Economics, Harvard University, Harvard University
A.M., 2009, Economics, Harvard University, Harvard University
B.A., 2006, Economics and Mathematical Methods in the Social Sciences, Northwestern University, Northwestern University

Academic Positions
Associate Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2017-present
Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2014-present
Assistant Professor of Finance, Fuqua School of Business, Duke University, 2013-2014

Other Professional Experience
Economist, Federal Reserve Bank of San Francisco, 2012-2013

Honors and Awards
Best Discussant Award, HEC McGill Winter Finance Conference
Best Discussant Award, Mitsui Finance Symposium, 2014
Harvard Warburg Grant for Research in Economics, 2011-2012
Harvard Economics Graduate Research Fellowship, 2007-2012
National Science Foundation Graduate Research Fellowship, 2007-2012
Michael Dacey award: most outstanding thesis, MMSS department, Northwestern University, 2006

Print Research
Research Interests
Asset pricing, time series econometrics, macroeconomics

Dew-Becker, Ian and Marius Rodriguez. Forthcoming. The Price of Variance Risk. Journal of Financial Economics.
Dew-Becker, Ian and Stefano Giglio. Forthcoming. Asset Pricing in the Frequency Domain: Theory and Empirics. Review of Financial Studies.
Dew-Becker, Ian and Rhys Bidder. Forthcoming. Long-run risk is the worst-case scenario. American Economic Review.
Dew-Becker, Ian. Forthcoming. How risky is consumption in the long-run? Benchmark estimates from a robust estimator. Review of Financial Studies.
Dew-Becker, Ian. 2014. Bond Pricing with a Time-Varying Price of Risk in an Estimated Medium-Scale New-Keynesian Model. Journal of Money, Credit and Banking. 46(5)
Dew-Becker, Ian and R. J. Gordon. 2007. Unresolved Issues in the Rise of American Inequality. Brookings Papers on Economic Activity.(2): 169-190.
Dew-Becker, Ian and R. J. Gordon. 2005. Where did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income. Brookings Papers on Economic Activity.(2): 67-127.
Working Papers
Crouzet, NicolasIan Dew-Becker and Charles Nathanson. 2017. Multi-frequency trade.
Nathanson, Charles and Ian Dew-Becker. 2017. Directed Attention and Non-Parametric Learning.
Dew-Becker, Ian. 2016. The pricing of economic risks under time-separable and recursive preferences.
Dew-Becker, Ian, David Berger and Stefano Giglio. 2017. Uncertainty shocks as second-moment news shocks.
Dew-Becker, Ian. 2014. A Model of Time-Varying Risk Premia with Habits and Production.
Conference Proceedings
Dew-Becker, Ian. 2009. "How Much Sunlight Does it Take to Disinfect a Boardroom? A Short History of Executive Compensation Regulation in America." vol. 55.

Print Teaching
Teaching Interests
Full-Time / Evening & Weekend MBA
Investments (FINC-460-0)

This course aims at developing key concepts in investment theory from the perspective of a portfolio manager rather than an individual investor. The goal of this class is to provide students with a structure for thinking about investment theory and show how to address practical investment problems in a systematic manner. Instead of focusing on pure theoretical models, the emphasis is given on the empirical facts observed in asset prices in worldwide capital markets, understanding whether they manifest new dimension of systematic risk, and how to design smart portfolios to take advantage of multiple sources of systematic risk.

Topics Include:

- Capital allocation and optimal portfolio selection
- Diversification, risk, and various models linking risks with returns (such as: the CAPM, the Fama-French 3-Factor Model ("value" and "size" investing), "momentum investing" and the Carhart's 4-Factor Model, and Ross' multifactor APT to account for multiple sources of systematic risk)
- Risk-adjusted returns, measures of fund performance, and various trading strategies used by Hedge Funds
- Market efficiency (including empirical anomalies and behavioral finance)

Other Topics (Time Permitting):

- Impact of borrowing constraint and transaction costs and illiquidity
- Risk management issues (such as portfolio insurance)
- Bond valuation and the term structure of interest rates
- The Black-Scholes/Merton option pricing model

Students interested in this course are expected to have sound knowledge of Statistics and Regression Analysis. This is a quantitative course in which we discuss many cases, but case studies will require ability to do statistical analysis similar to what might be applied in practice. The course develops an applied analytical framework of financial investments.

Capital Markets (FINC-950-0)
This course develops the key concepts necessary to understand financial markets using, where possible, the perspective of personal investing. Personal investing topics covered include: Retirement planning, the cost of investing in mutual funds, how to select bond mutual funds, and how to measure mutual fund performance.

This class provides students with a structure for thinking about financial markets and the pricing of financial securities. The financial securities we study and price include stocks, bonds, futures, and options.

The class teaches how to address investment problems in a systematic manner using case studies. They are used to examine issues in the selection and implementation of investment strategies. In the process, the class examines current academic work about financial markets and their applications to investing.