Annette Vissing-Jorgensen's Research Page

Annette Vissing-Jorgensen

Associate Professor, Finance Department

Contact Information:
Finance Department

Kellogg School of Management

Northwestern University

2001 Sheridan Road, Evanston, IL 60208-2001
Email: a-vissing@northwestern.edu

Phone: 847 467 6171

Fax: 847 491 5719

Areas of Interest:
Household consumption and portfolio choice, stock market participation, returns to entrepreneurial investment, corporate governance

CV: PDF (for SSCI citations, look for vissing-jorg* and vissingjorg*)

Research description: PDF

Published/forthcoming:

1.      NEW! Who Bears Aggregate Fluctuations and How?, joint with Jonathan A. Parker. American Economic Review, Papers and Proceedings, May 2009. Unpublished appendix.

2.      Long-Run Stockholder Consumption Risk and Asset Returns, with Christopher Malloy and Tobias Moskowitz, October 2008. Forthcoming, Journal of Finance.

3.      A Lobbying Approach to Evaluating The Sarbanes-Oxley Act of 2002, with Yael Hochberg and Paola Sapienza. Journal of Accounting Research, May 2009. Discussion by G. Andrew Karolyi

4.      Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments, joint with Michael Greenstone and Paul Oyer. Quarterly Journal of Economics, May 2006.

5.      The Value of Knowing, joint with Michael Greenstone and Paul Oyer – this is a shorter version of the above paper, Regulation, Summer 2006. Includes discussion by Edmund Kitch.

6.      Testing Agency Theory With Entrepreneur Effort and Wealth joint with Marianne Bitler and Tobias Moskowitz, Journal of Finance, April 2005. Awarded the Journal of Finance Brattle Prize (Distinguished Paper) for 2005.

7.      Stock Market Participation, Intertemporal Substitution and Risk Aversion joint with Orazio P. Attanasio, American Economic Review, Papers and Proceedings, May 2003.

8.      Perspectives on Behavioral Finance: Does "Irrationality" Disappear with Wealth? Evidence from Expectations and Actions, NBER Macroeconomics Annual 2003. Discussions by John Campbell and Owen Lamont.

9.      The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle? joint with Tobias Moskowitz. American Economic Review, September 2002 (supported by NSF grant 0111795).

10. Limited Asset Market Participation and the Elasticity of Intertemporal Substitution, Journal of Political Economy, August 2002. (Earlier longer more ambitious version, December 1999, "Limited Stock Market Participation and the Equity Premium Puzzle")

11. Discussion from the NBER Macroeconomics Annual 1999 of the paper "Stock Prices and Fundamentals" by John Heaton and Deborah Lucas.

Working papers and talks:

·         NEW! Informational Hold-Up and Performance Persistence in Venture Capital, with Yael Hochberg and Alexander Ljungqvist. First draft.

·         The Aggregate Demand for Treasury Debt, with Arvind Krishnamurthy, revise and resubmit.

·         Slides from Gerzensee Focus Session: Household Finance: The Liability Side

·         The Impact of Labor Income Risk on Educational Choices: Estimates and Implied Risk Aversion, joint with Helena Skyt Nielsen, January 2006.

·         Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures, NBER WP, 2002 (The main parts of this paper are included in the NBER Macroeconomics Annual paper above.)

Media coverage:

NBER Digest: Who Bears Aggregate Fluctuations and How? - April 2009

Financial Times: Some recession experiences are more equal than others - 2/21/2009

Greg Mankiw's Blog: Who bears the burden of downturns? - 2/12/2009

New York Times: Recession Can Change a Way of Life - 2/1/2009

NBER Digest: Treasury Debt and Corporate Bond Rates - August 2007

Forbes: Boom Times - 3/12/2007

U.S. News & World Report: Regulation for Fun and Profit - 8/20/2006

HR Magazine: Federal Disclosure Requirements Add Shareholder Value - 9/1/2006

Business Wire: Disclosure Adds Shareholder Value: Lessons from Sarbanes-Oxley's Predecessor - 7/17/2006

Financial Times: Risks are high and rewards may be a long time coming - 4/26/2003

Financial Times: Mastering Investment - 7/9/2001

Financial Times: Lex - Private Equity - 3/12/2001