Lorenz Kueng
Lorenz Kueng

Assistant Professor of Finance

Print Overview

Lorenz Kueng is an Assistant Professor of Finance at the Kellogg School of Management at Northwestern University. His research focuses on household finance, public finance, and household consumption behavior. His recent work analyzes whether household behavior responds to news about future income tax changes; how household shopping behavior responds to anticipated sales tax changes; whether and how consumers spend large lump-sum payments; and how preferences form early in life. Prof. Kueng also studies how firms dynamically adjust to various changes in their environment, with a particular focus on the role of management practices.

Professor Kueng joined the Kellogg School of Management in 2012. He received his PhD in 2012 from the University of California at Berkeley with his dissertation Expected Taxes and Household Consumption Behavior, which won him the Public Policy Prize.

Areas of Expertise
Consumer Behavior
Information Economics
Macroeconomics (Includes: Monetary Economics, Federal Reserve, Interest Rates)
Public Finance

Print Vita
PhD, 2012, Economics, University of California, Berkeley
Diploma, 2006, Economics, Study Center Gerzensee, Switzerland
MA, 2005, Economics and Mathematics, University of Fribourg, Switzerland

Academic Positions
Donald P. Jacobs Scholar & Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 2012-present

Honors and Awards
Faculty Research Fellow, National Bureau of Economic Research (NBER), indefinite
Public Policy Research Prize, 2012
Burch Center Continuing Student Fellowship, 2011-2012
Fellowship for Prospective and Advanced Researchers, Swiss National Foundation, 2010-2011
IBER Dissertation Research Award, 2010
Janggen-Poehn Fellowships, 2009-2010 and 2011-2012
UC Berkeley Department Fellowship, 2006-2010
Best Master's Thesis Prize, 2005

Print Research
Research Interests

Househol Finance, Public Finance, Consumer Behavior, Firm Dynamics

Working Papers
Kueng, Lorenz and Nick Li. 2016. The Impact of Emerging Market Competition on Innovation and Business Strategy.
Kueng, Lorenz and Scott Baker. 2016. Price and Sales Tax Changes: New Evidence from Retailer-Customer Linked Panel Data.
Kueng, Lorenz. 2015. Expected Permanent Fund Dividends: New Measures Based on a Narrative Analysis and Archival Data.
Kueng, Lorenz. 2015. Revisiting the Response of Household Spending to the Alaska Permanent Fund Dividend using CE Data.
Kueng, Lorenz. 2016. Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments.
Kueng, Lorenz and Evgeny Yakovlev. 2016. Endogenous Preferences and Long-Term Effects of Public Policies: Alcohol Consumption and Life Expectancy in Russia.
Kueng, Lorenz. 2015. Tax News: The Response of Household Spending to Changes in Expected Taxes.
Kueng, Lorenz, Bryan Hong and Mu Jeung Yang. 2014. Sources of Firm Life-Cycle Dyanmics: Differentiating Size vs. Age Effects.
Kueng, Lorenz, Bryan Hong and Mu Jeung Yang. 2016. Complementarity of Performance Pay and Task Allocation.
Kueng, Lorenz, Bryan Hong and Mu Jeung Yang. 2015. Business Strategy and the Management of Firms.
Coibion, Olivier, Yuriy Gorodnichenko, Lorenz Kueng and John Silvia. 2016. Innocent Bystanders? Monetary Policy and Inequality in the U.S..
Auerbach, Alan, Ronald Lee and Lorenz Kueng. 2011. Propagation and Risk Spreading in Alternative Social Security Systems.
Kueng, Lorenz. 2007. The Note Issue Paradox: Free Banking in Switzerland 1872-1881.
Kueng, Lorenz. 2012. The Taxation of Bonds: A Short Primer.

Print Teaching
Teaching Interests

Finance, Public Finance, Macroeconomics

Full-Time / Evening & Weekend MBA
Finance I (FINC-430-0)

Finance 1 answers managers’ and investors’ most fundamental finance question: how should a project or an asset be valued? Managers must determine the value of building a factory, entering a new market, or purchasing an entire firm when deciding in which projects to invest. Similarly, individuals must assess the value of financial securities to decide how to invest their wealth. Using a combination of lectures and business cases, Finance 1 teaches the discounted cash flow and multiples methods to value projects or assets. These valuation tools lay the foundation for all work in capital markets and corporate finance.

Prerequisite: Business Analytics I (DECS-430-5)

Corequisite/Prerequisite: Accounting for Decision Making (ACCT-430) and Business Analytics II (DECS 431-0)