Carola Frydman

Harold L. Stuart Professor of Finance

Faculty Director, John L. Ward Center for Family Enterprises

Kellogg School of Management, Northwestern University
2211 Campus Drive, Global Hub 4383, Evanston IL, 60208

Email | CV | Google Scholar

Working Papers

Securities Ratings and Information Provision (with Asaf Bernstein and Eric Hilt) (new)

Draft coming soon

Historical Banking Crises (with Chenzi Xu) (new)

In preparation for Annual Review of Financial Economics, draft coming soon

The Birth of Finance Capitalism in the United States: Securities Underwriters on Corporate Boards, 1880-1920 (with Eric Hilt) and Lauren Mostrom) (new)

Draft coming soon

Political Discretion and Antitrust Policy: Evidence from the Assassination of President McKinley (with Richard B. Baker and Eric Hilt)

Journal of Law and Economics, Revision Requested



Financial Frictions and Employment during the Great Depression (with Efraim Benmelech and Dimitris Papanikolaou)

Journal of Financial Economics, 2019, vol. 133(3), 541-563

[Paper] [Web Appendix]

In Search of Ideas: Technological Innovation and Executive Pay Inequality (with Dimitris Papanikolaou)

Journal of Financial Economics, 2018, vol. 130(1), 1-24

[Paper] [Web Appendix] [Non-technical Summary]

Investment Banks as Corporate Monitors in the Early 20th Century (with Eric Hilt)

American Economic Review, July 2017, vol. 107(7): 1938-70

[Paper] [Web Appendix]

Rising Through the Ranks: The Evolution of the Market for Corporate Executives, 1936-2003

Management Science, November 2019, vol. 65(11)


Economic Effects of Early `Shadow Banks': Trust Companies and the Panic of 1907 (joint with Eric Hilt and Lily Y. Zhou)

Journal of Political Economy, August 2015, vol. 123(4): 902-40.


Military CEOs (with Efraim Benmelech)

Journal of Financial Economics, July 2015, vol. 117(1): 43-59.


Pay Cuts for the Boss: Executive Compensation in the 1940s (joint with Raven Molloy)

Journal of Economic History 72 (March 2012): 225-251


Does Tax Policy Affect Executive Compensation? Evidence from Postwar Tax Reforms (with Raven Molloy)

Journal of Public Economics 95 (December 2011): 1425-37


Executive Compensation: A New View from a Long-Term Perspective, 1936-2005 (with Raven Saks)

Review of Financial Studies 23 (May 2010): 2099-2138

[Paper] [Web Appendix] [Data] [Micro-level Data]

Other Publications

Learning from the Past: Trends in Executive Compensation over the Twentieth Century

CESifo Economic Studies 55 (2009): 458-481


CEO Compensation (joint with Dirk Jenter)

Annual Review of Financial Economics 2 (December 2010): 75-102


Executive Compensation in American Economic History

Oxford Handbook of American Economic History, Lou Cain, Price Fishback and Paul Rhode, eds., forthcoming


Edited Books and Reviews

The Speculation Economy: How Finance Triumphed Over Industry, by Lawrence E. Mitchell. San Francisco: Berrett-Koehler Publishers, Inc., 2008.

Journal of Economic History 68(2) (2008): 637-38

The Creative Society-And the Price Americans Paid for it, by Louis Galambos. New York, NY: Cambridge University Press, 2011.

Journal of Economic History 72(4) (2011): 1006-08

Comments on "Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges" by Steven N. Kaplan.

Cato Papers on Public Policy vol. 2 (2012): 151-57

Human Capital in History: The American Record (co-edited with Leah P. Boustan and Robert Margo).

University of Chicago Press, 2014.

[Introduction] [Book]

Harriman vs. Hill: Wall Street's Great Railroad War, by Larry Haeg. Minneapolis: University of Minnesota Press, 2013.

Journal of Economic History 75(1) (2015): 295-97

Media Visibility

For a full list of my media cites, please see here.