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*)

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 Unpublished appendix.

      Washington Post: Waiting for Deep Pockets to Open - 9/9/2009

      New York Times: Rise of the Super-Rich Hits a Sobering Wall - 8/21/2009New York Times:

      Newsweek: How the Mighty have Fallen (article in pdf) - July 2009

      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

2.      Long-Run Stockholder Consumption Risk and Asset Returns, with Christopher Malloy and Tobias Moskowitz. Forthcoming, Journal of Finance, December 2009. Consumption growth data for all households (from NIPA), and for stockholders, top stockholders and non-stockholders (from the CEX), stata format (see paper for definitions).

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.

            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

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.

Winner, 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).

      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

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, Nov. 2009! Consumer Credit: Learning Your Customer's Default Risk from What (S)he Buys, first draft.

·         Informational Hold-Up and Performance Persistence in Venture Capital, with Yael Hochberg and Alexander Ljungqvist. Under first submission.

Winner, Argentum Prize for Best Symposium Paper on Private Equity and Funds of Private Equity, European Finance Association 2009.

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

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

            Forbes: Boom Times - 3/12/2007

·         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.)

Work in progress (tentative titles):

·         Business Cycles and Inequality: The Changing Role of the Rich, with Jonathan A. Parker, in progress for the September 2010 issue of Brookings Papers on Economic Activity

·         Consumption Inequality 1929-2008, with Jonathan A. Parker

Fun: