Professor Milbradt's research interests are in financial economics, specifically in how financial frictions affect asset prices and corporate decisions. In his recent work, he theoretically  investigates how coordination amongst investors makes some government bonds safe. Professor Milbradt holds a PhD from Princeton University and a BA from Oxford University (UK). Before joining Kellogg School of Management in 2013, he served as an Assistant Professor of Finance at the MIT Sloan School of Management.

Financial Economics, Liquidity, Asset Pricing & Corporate Finance under Financial Frictions

• Ph.D., 2009, Economics, Princeton University, Princeton University
• B.A., 2003, Economics and Management, Oxford University, Oxford University

• Associate Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2013-present
• Assistant Professor of Finance, Finance, MIT, Sloan School of Management, 2009-2013

• Faculty Research Fellow (Asset Pricing), National Bureau of Economic Research, 2013-present
• Internship Research Division, International Monetary Fund, 2005-2005
• Internship Monetary Policy Strategy Division, European Central Bank, 2003-2003

• Best Paper Prize, Utah Winter Finance Conference
• Best Paper Prize, Utah Winter Finance Conference
• Graduate School Summer Research Scholarship, Princeton University, 2004-2007
• Department of Economics Fellowship, Princeton University, 2003-2007
• International Economics Section Fellowship, Princeton University, 2003-2007
• Waugh Scholarship for Academic Excellence, Exeter College, 2001-2003

• Associate Editor, Review of Finance, 2017
• Referee, American Economic Review, Journal of Finance, Management Science, Econometrica, Review of Economics Studies, Journal of Financial Economics, Journal of Political Economy, Review of Financial Studies, 2016

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)