Michael J. Fishman
Michael J. Fishman

Norman Strunk Professor of Financial Institutions
Professor of Finance
Faculty Director, EMBA

Print Overview

Michael Fishman is the Norman Strunk Professor of Financial Institutions and was Senior Associate Dean: Curriculum and Teaching from 2011-2014.

Professor Fishman has published widely in finance and economics. His research focuses on financial market regulation and contracting. Recently, he has investigated insider trading, disclosure regulations, the role of self-regulatory organizations, and long-term financial contracting. He has won a number of research awards including the Smith Breeden Prize, awarded by the American Finance Association. He co-edited A Primer on Securitization (MIT Press, 1996). Professor Fishman has been on the editorial boards of a number of finance journals.

The graduates of Kellogg's Executive Masters Program chose Professor Fishman for the Outstanding Professor Award in 1995, 1997, 2006, 2007, 2008, and 2009. He received his Ph.D. in Economics from the University of Chicago.

Areas of Expertise
Corporate Finance
Insider Trading
Regulation of Financial Markets

Print Vita
PhD, 1986, Economics, University of Chicago
MA, 1982, Economics, University of Chicago
BA, 1979, Economics, University of Illinois at Urbana-Champaign

Academic Positions
Senior Associate Dean: Curriculum & Teaching, Kellogg School of Management, Northwestern University, 2011-2014
Norman Strunk Distinguished Professor of Financial Institutions, Kellogg School of Management, Northwestern University, 1997-present
Chair, Kellogg School of Management, Northwestern University, 2002-2005
Associate Professor of Finance, Kellogg School of Management, Northwestern University, 1992-1997
Assistant Professor of FInance, Kellogg School of Management, Northwestern University, 1985-1992

Honors and Awards
EMPOutstandingTeachingAward, Executive MBA Program Outstanding Teaching Awards, 2009, 2008, 2007, 2006, 1997, 1995
Sidney J. Levy Teaching Award, Kellogg School of Management, 2008-2009, 2004-2005, 1993-1994
Named Runner Up for the 2008 Barclays Global Investors/ Michael Brennan Best Paper Award , Review of Financial Studies

Editorial Positions
Associate Editor, Review of Corporate Finance Studies, 2011-Present
Associate Editor, Journal of Financial Intermediation, 1993-Present
Board Editor, American Economic Review, 2011-2014
Editor, Review of Financial Studies, 1998-2002

Print Research
Research Interests
Regulation of financial markets, financial contracting, corporate finance

Fishman, Michael J. and Jonathan A. Parker. 2015. Valuation, Adverse Selection, and Market Collapses. Review of Financial Studies. 28(9): 2575-2607.
DeMarzo, Peter, Michael J. Fishman, Zhiguo He and Neng Wang. 2012. Dynamic Agency and the q Theory of Investment. Journal of Finance. 67(6)
DeMarzo, Peter and Michael J. Fishman. 2007. Optimal Long-Term Financial Contracting. Review of Financial Studies. 20(6): 2079-2128.
DeMarzo, Peter and Michael J. Fishman. 2007. Agency and Optimal Investment Dynamics. Review of Financial Studies. 20(1): 151-188.
DeMarzo, Peter, Michael J. Fishman and Kathleen Hagerty. 2005. Self Regulation and Government Oversight. Review of Economic Studies. 72(3): 687-706.
Fishman, Michael J. and Kathleen Hagerty. 2003. Mandatory vs. Voluntary Disclosure in Markets with Informed and Uninformed Customers. Journal of Law, Economics, & Organization. 19(1): 45-63.
DeMarzo, Peter, Michael J. Fishman and Kathleen Hagerty. 1998. The Optimal Enforcement of Insider Trading Regulations. Journal of Political Economy. 106(3): 602-632.
Fishman, Michael J. and Kathleen Hagerty. 1995. The Mandatory Disclosure of Trades and Market Liquidity. Review of Financial Studies. 8(3): 637-676.
Fishman, Michael J. and Kathleen Hagerty. 1995. The Incentive to Sell Financial Market Information. Journal of Financial Intermediation. 4(2): 95-115.
Fishman, Michael J. and Francis Longstaff. 1992. Dual Trading in Futures Markets. Journal of Finance. 47(2): 643-671.
Fishman, Michael J. and Kathleen Hagerty. 1992. Insider Trading and the Efficiency of Stock Prices. RAND Journal of Economics. 23(1): 106-122.
Fishman, Michael J. and Kathleen Hagerty. 1990. The Optimal Amount of Discretion to Allow in Disclosure. Quarterly Journal of Economics. 105(2): 427-444.
Fishman, Michael J. and Kathleen Hagerty. 1989. Disclosure Decisions By Firms and the Competition for Price Efficiency. Journal of Finance. 44(3): 633-646.
Reprinted in:
The Theory of Corporate Finance, edited by Michael J. Brennan, vol. 44, 255-268. Cheltenham Glos, UK: Edward Elgar Publishing, 1996.
Fishman, Michael J.. 1989. Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions. Journal of Finance. 44(1): 41-57.
Reprinted in:
The Theory of Corporate Finance, edited by Michael J. Brennan, vol. 44, Cheltenham Glos, UK: Edward Elgar Publishing, 1996.
Fishman, Michael J.. 1988. A Theory of Preemptive Takeover Bidding. RAND Journal of Economics. 19(1): 88-101.
Reprinted in:
The Economic Theory Of Auctions, edited by Paul Klemperer, vol. 19, Cheltenham Glos, UK: Edward Elgar Publishing., 1996.
Working Papers
DeMarzo, Peter, Michael J. Fishman and Kathleen Hagerty. 2007. Reputations, Investigations and Self Regulation.
Book Chapters
Fishman, Michael J. and Kathleen Hagerty. 1998. "Mandatory Disclosure." In New Palgrave Dictionary of Economics and the Law, edited by P. Newman, MacMillan Press.
Fishman, Michael J. and Leon T. Kendall. 1996. A Primer on Securitization. Cambridge, MA: MIT Press.

Print Teaching
Teaching Interests
Corporate finance
Full-Time / Evening & Weekend MBA
Financial Decisions (FINC-442-0)
This course uses case studies to enhance the student's understanding of managerial financial decision making, specifically investment and financing decisions. Topics include short- and long-term financing, capital structure and dividend decisions, cost of capital, capital budgeting, firm valuation, financial and operational restructuring, and mergers and acquisitions. The course emphasizes the basic principles of corporate finance and is sufficiently general so as to be of interest to all students. The course provides students with the opportunity to apply the concepts and theories developed in other finance courses. At its most fundamental level, the course attempts to improve problem-solving skills: problem definition, gathering and organizing the relevant information, developing feasible alternative courses of action, evaluating alternative choices, and recommending and defending the best course of action.

Corporate Finance I (FINC-586-1)
This course introduces students to theories of corporate financing and investment decisions; optimal financial contracting and security design; financial intermediation; and financial crises. Throughout we study the effects of incentive problems and asymmetric information.

Workshop on Research Development (KPHD-520-0)
PhD students will be asked to present their research ideas to a group of faculty and students. Research ideas can be new or they can be well-developed. Each student is expected to present multiple research ideas. Presentation of a research idea involves situating the idea in the relevant literature, outlining the type of results/analysis that the student expects to carry out, and if possible, the possible “punch lines” of the research project. Emphasis will be placed on the evaluating the viability of research ideas as job market papers.

Executive MBA
Managerial Finance I (FINCX-430-0)
Managerial Finance I introduces the basic techniques of finance. Topics include discounting techniques and applications; evaluation of capital expenditures; and estimating cost of capital and bond and stock valuation.

Managerial Finance II (FINCX-441-0)
Managerial Finance II analyzes corporate financial decisions. Topics include market efficiency, capital structure, dividend and stock repurchase policy, and firms’ use of options and convertible securities.

Executive Education
Finance for Executives

This program, which was created especially for non-finance managers and executives, gives participants the hands-on experience they need to read and interpret financial reports, talk numbers and make executive finance decisions with confidence.

View Program