Annette
Vissing-Jorgensen
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Professor, Finance
Department Contact Information: Northwestern University
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 |
Published/forthcoming:
1.
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")
2.
Stock
Market Participation, Intertemporal Substitution and
Risk Aversion joint with Orazio P. Attanasio, American Economic Review, Papers and
Proceedings, May 2003.
3.
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.
4.
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
5. Testing
Agency Theory With Entrepreneur Effort and Wealth joint with Marianne Bitler
and Tobias Moskowitz, Journal of Finance, April
2005, lead article.
Winner, Journal of Finance Brattle Prize (Distinguished
Paper) for 2005.
6. 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
7. 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.
8. Long-Run
Stockholder Consumption Risk and Asset Returns, with Christopher Malloy and
Tobias Moskowitz. Journal of Finance, December 2009, lead article. 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).
Nominated for Journal of Finance
Smith-Breeden Prize for 2010.
9. 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
10. 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 - 8/21/2009
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
11. The
Increase in Income Cyclicality of High-Income Households and its Relation to
the Rise in Top Income Shares, Brookings Papers on Economic Activity,
Fall 2010.
Wall
Street Journal: It's Getting Riskier to be Rich - 9/16/2010
The
Economist: The poor rich - 9/20/2010
12. The
Effects of Quantitative Easing on Interest Rates: Channels and Implications for
Policy, with Arvind Krishnamurthy, forthcoming, Brookings Papers on Economic
Activity, Fall 2011.
13.
Discussion
from the NBER Macroeconomics Annual 1999 of the paper "Stock Prices
and Fundamentals" by John Heaton and Deborah Lucas.
Working papers and talks:
14. The
Aggregate Demand for Treasury Debt, with Arvind Krishnamurthy, January
2012, resubmitted twice to Journal of
Political Economy
NBER Digest: Treasury Debt and
Corporate Bond Rates - August 2007
Forbes: Boom Times - 3/12/2007
15. Consumer
Credit: Learning Your Customer's Default Risk from What (S)he
Buys, working paper, April 2011. Being revised for first submission.
16. Informational
Hold-Up and Performance Persistence in Venture Capital, with Yael Hochberg
and Alexander Ljungqvist, July 2010, revise and resubmit, Review of Financial
Studies
Winner, Argentum Prize for Best Symposium Paper on Private Equity and
Funds of Private Equity, European Finance Association 2009.
17. The
Impact of Labor Income Risk
on Educational Choices:
Estimates and Implied Risk Aversion, with Helena Skyt
Nielsen, first draft, January 2006.
18. Towards
an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income
and Participation Cost Structures, NBER Working Paper, 2002 (The main parts
of this paper are included in the NBER Macroeconomics Annual paper above.)
·
Slides
from Gerzensee Focus Session: Household
Finance: The Liability Side
Fun:
