Description: Description: Description: Description: Description: David Matsa

David A. Matsa
Professor of Finance

Kellogg School of Management

Northwestern University

2211 Campus Drive

Evanston, IL 60208

dmatsa @

Description: Description: Description: Description: Description:

Curriculum Vitae

Research [ listed chronologically ] [ listed by topic ]


Papers are organized chronologically and include links to related materials.

  1. Pricing Dynamics of Multi-Product Retailers (with Daniel Hosken and David Reiffen), in Advances in Applied Microeconomics, Volume 10: Advertising and Differentiated Products, edited by M.R. Baye and J.P. Nelson (New York: Elsevier), 2001, p.129–153.
  2. Does Malpractice Liability Keep the Doctor Away? Evidence from Tort Reform Damage Caps, Journal of Legal Studies 36 (2), June 2007, p.S143–S182.
    • Kellogg Insight summary [link]
  3. Capital Structure as a Strategic Variable: Evidence from Collective Bargaining, Journal of Finance 65 (3), June 2010, p.1197–1232.
  4. Are Restaurants Really Supersizing America? (with Michael Anderson), American Economic Journal: Applied Economics 3 (1), January 2011, p.152–188.
  5. Running on Empty? Financial Leverage and Product Quality in the Supermarket Industry, American Economic Journal: Microeconomics 3 (1), February 2011, p.137–173.
    • Online appendix [link]
    • Kellogg Insight summary [link]
    • Media coverage: New York Times [link]
  6. Chipping Away at the Glass Ceiling: Gender Spillovers in Corporate Leadership (with Amalia Miller), American Economic Review P&P 101 (2), May 2011, p. 635–639.
    • Kellogg Insight summary [link]
    • Media coverage: Slate [link]
  7. Growing Out of Trouble? Legal Liability and Corporate Responses to Adversity (with Todd Gormley), Review of Financial Studies 24 (8), August 2011, p.2781–2821.
    • Kellogg Insight summary [link]
    • Awarded 2009 CRA International Award For the Best Corporate Finance Paper at the Western Finance Association meeting
  8. Competition and Product Quality in the Supermarket Industry, Quarterly Journal of Economics 126 (3), August 2011, p.1539–1591.
    • Media coverage: Retail Leader [link]
  9. Labor Unemployment Risk and Corporate Financing Decisions (with Ashwini Agrawal), Journal of Financial Economics 108 (2), May 2013, p.449–470.
    • Awarded 2010-2011 Glucksman Prize for the Best Paper in Finance at New York University
  10. A Female Style in Corporate Leadership? Evidence from Quotas (with Amalia Miller), American Economic Journal: Applied Economics 5 (3), July 2013, p.136–169.
    • Kellogg Insight summary [link]
    • Media coverage: Slate [link]
  11. CEO Compensation and Corporate Risk-Taking: Evidence from a Natural Experiment (with Todd Gormley and Todd Milbourn), Journal of Accounting & Economics 56 (2–3), November/December 2013, p.79–101.
    • Kellogg Insight summary [link]
    • Knowledge @ Wharton summary [link]
    • Awarded 2011 Marshall Blume Prize in Financial Research at Wharton, Honorable Mention
  12. Common Errors: How to (and Not to) Control for Unobserved Heterogeneity (with Todd Gormley), Review of Financial Studies, Review of Financial Studies 27 (3), February 2014, p.617–661.
    • Programming advice [link]
    • Lecture slides for Ph.D. course [link]
    • Awarded 2012 Marshall Blume Prize in Financial Research at Wharton
  13. Workforce Reductions at Women-Owned Businesses in the United States (with Amalia Miller), Industrial and Labor Relations Review 67 (2), April 2014, p.422–452.
    • Kellogg Insight summary [link]
  14. Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms (with Jennifer Brown), Journal of Finance 71 (2), April 2016, p.507–550. Lead article.
  15. Why Do Firms Use High Discount Rates? (with Ravi Jagannathan, Iwan Meier, and Vefa Tarhan), Journal of Financial Economics 120 (3), June 2016, p.445–463. Lead article.
  16. Playing it Safe? Managerial Preferences, Risk, and Agency Conflicts (with Todd Gormley), Journal of Financial Economics 122 (3), December 2016, p.431–455. Lead article.
    • Kellogg Insight summary [link]
    • Awarded 2014 IRRC Institute Investor Research Award
  17. Unemployment Insurance as a Housing Market Stabilizer (with Joanne Hsu and Brian Melzer), American Economic Review 108 (1), January 2018, p.49–81.



    • NBER Digest summary [link]
    • Kellogg Insight summary [link]
    • Media coverage: New York Times [link]
  1. Capital Structure and the Firm’s Workforce, Annual Review of Financial Economics 10, November 2018, p.387–412.
  2. Who Votes for Medicaid Expansion? Lessons from Maine’s 2017 Referendum (with Amalia Miller), Journal of Health Politics, Policy and Law 44 (4), August 2019, p.563–588.
    • Kellogg Insight summary [link]
  3. Locked in by Leverage: Job Search during the Housing Crisis (with Jennifer Brown), Journal of Financial Economics 136 (3), June 2020, p.623–648.
  4. Do Male Workers Prefer Male Leaders? An Analysis of Principals’ Effects on Teacher Retention (with Aliza Husain and Amalia Miller), Journal of Human Resources, forthcoming.
    • Kellogg Insight summary [link]
  5. The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice (with Todd Gormley, Vishal Gupta, Sandra Mortal, and Lukai Yang), July 2021.
    • Kellogg Insight summary [link]
  6. Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth (Nittai Bergman and Michael Weber), January 2022.