Ravina_Enrichetta 07272017
Enrichetta Ravina

Visiting Assistant Professor

Print Overview

Enrichetta Ravina is a Visiting Assistant Professor of Finance at the Kellogg School of Management. Professor Ravina's research focuses on Household Finance, Behavioral Finance, and Corporate Finance. Some of her recent research projects examine the investment and trading behavior of individuals in 401(k) plans, brokerage accounts, and other type of financial accounts, with special emphasis on the role of behavioral biases, imperfect information, financial anxiety, and inertia in affecting such decisions. She has also studied the portfolio allocations of high net-worth US households, and conducted several studies in Fin-Tech about the measurement of investors' risk attitudes and their evolution over time, and the effect of beauty, race and other personal characteristics in credit markets. Her work has been published at journals such as the Review of Financial Studies and the Journal of Financial Economics, and featured in The Wall Street Journal, the Financial Times, and The Atlantic. Prior to joining Kellogg, Professor Ravina was an Assistant Professor of Finance at NYU Stern (2005-2008), and an Assistant Professor of Finance and Economics at Columbia Business School (2008-2017). She holds a Ph.D. and an M.A. in Economics from Northwestern University, and a B.A. degree in Economics from the University of Torino, Italy.

Print Vita
PhD, 2005, Economics, Northwestern University
BA, 2001, Monetary and Financial Economics, University of Torino, Italy, Summa Cum Laude

Academic Positions
Visiting Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2017-present
Assistant Professor of Finance and Economics, Finance and Economics, Columbia Business School, Columbia University, 2008-2017
Visiting Scholar, New York Federal Reserve Bank, 2012-2012
Visiting Scholar, Harvard Business School, Harvard University, 2010-2010
Assistant Professor of Finance, Finance, Stern School of Business, New York University, 2005-2008

Honors and Awards
Visiting Research Fellow, Swedish House of Finance

Editorial Positions
Referee, Empirical Economics, 2017-2018
Referee, Journal of Financial Intermediation, 2018-2018
Referee, Economic Journal, 2017-2018
Referee, Quarterly Journal of Economics, 2017-2018

Print Research
Ravina, Enrichetta and Paola Sapienza. 2010. "What do Independent Directors Know? Evidence from Their Trading". The Review of Financial Studies. 23(3): 962-1003.
Ravina, Enrichetta. 2007. Increasing Income Inequality, External Habits, and Self-Reported Happiness. American Economic Review P&P. 97(2): 226-231.
Ravina, Enrichetta, Daniel Paravisini and Veronica Rappoport. 2016. "Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios". Management Science. 63(2): 279-297.
Ravina, Enrichetta, Geert Bekaert and Wei-Yin Hu. 2017. “Who is internationally diversified? Evidence from the 401(k) Plans of 296 Firms”. The Journal of Financial Economics. 124(1): 86-112.
Ravina, Enrichetta. 2017. "An assessment of the mating motive explanation of the beauty premium in market-based settings". Behavioral and Brain Sciences. 40(E39)
Ravina, Enrichetta. 2011. "Appearance, Inferences about Credit Quality and Learning". Rivista di Politica Economica. Jan-March 2011(I/III): 1-26.
Working Papers
Ravina, Enrichetta. 2011. "Habit Formation and Keeping Up with the Joneses: Evidence from Micro Data".
Ravina, Enrichetta. 2012. "Love & Loans. The Effect of Beauty and Personal Characteristics in Credit Markets".
Ravina, Enrichetta, Kenton Hoyem and Wei-Yin Hu. 2018. “Automatic Enrollment, Escalation Clauses and Retirement Savings”.
Ravina, Enrichetta, Patrick Bolton, Tao Li and Howard Rosenthal. 2018. "Investor Ideology".
Ravina, Enrichetta, I. Walter and Luis Viceira. 2018. "The Portfolios and Financial Decisions of High Net -Worth US Households".
Ravina, Enrichetta and Francisco Gomes. 2018. "Retirement Savings Adequacy in the U.S.".

Print Teaching
Full-Time / Evening & Weekend MBA
Finance II (FINC-431-0)

**This version of Finance II is designed for students who took Finance I during or after Fall 2014**

Finance II: Corporate Finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion international conglomerate or a three-person start up. You will learn how to answer the three fundamental question of corporate finance: (1) Capital structure or the funding decision: which source(s) of capital should you use to fund the firm's project? (2) Capital budgeting or the investment decision: which projects should you invest in? (3) Dividend decision: how should you deploy the capital that the project returns?

We will cover the three fundamental methods for valuing projects and firms: discounted cash flow (or net present value), real options, and multiples analysis. The class begins with a theoretical framework. The world of finance is very complex. Without a logical structure that you can use to frame and answer questions, you will rapidly become lost and will be unable to defend your position. The theoretical framework is valuable, however, only if you can use it to examine real world decisions. Thus the majority of class time will be devoted to applying the logical framework.

This course is important for anyone who plans to run a firm or a division, who hopes to be involved in the investment or funding decisions of the firm, who plans to work for a service provider who will assist the firm in analyzing these decisions (e.g., banking and consulting), or who plans to invest in firms or advise clients who will invest in firms. Even if you initially specialize in a different functional area, you want to understand how the finance function works. The most brilliant idea isn't useful if you cannot get it funded.

Recommended Prerequisites: ACCT-430 and MECN-430