203.432.6017

Professor of Finance

Matthew Spiegel's research ranges widely with publications in the areas of market microstructure, asset pricing, real estate, corporate finance, and experimental economics. His theoretical work has helped to explain stock market volatility and what factors lead to market breakdowns in which trading cannot take place. His empirical work has included the development of statistical methods that can estimate the impact of local characteristics on housing returns and for identifying when and if a particular mutual fund will generate above market returns. He is currently the executive editor of the Review of Financial Studies. Professor Spiegel was formerly an associate professor, with tenure, at the Haas School of Business at the University of California-Berkeley. He is a former co-editor and founder of the Journal of Financial Markets, a former associate editor of the Review of Financial Studies, and a past member of the Nasdaq Economic Advisory Board.

Achievements and Honors
Director, Western Finance Association, 2001
Weimer School Post-Doctoral Honoree, 2000
ANBAR Management Intelligence Citation of Excellence, 1998
Member, American Finance Association's Nominations Committee, 1998
Schwabacher Fellowship, 1995 - 1996

Editorships
Executive Editor:
Review of Financial Studies, 2005 - present

Coeditor:
Journal of Financial Markets, 1997 - 2005

Selected Articles
"Managers, Block-Holders, and Takeovers" (with A. Ravid), Research in Banking and Finance, Vol. 2, 2002

"Housing Return and Construction Cycles," Real Estate Economics, Vol. 29, No. 4, 2001

"Asymmetric Information and Disclosure Rules" (with A. Subrahmanyam), Journal of Financial Intermediation, Vol. 9, No. 4, 2000

"Toehold Strategies and Rival Bidders" (with A. Ravid), Journal of Banking and Finance, Vol. 23, No. 8, 1999

"Do Cities and Suburbs Cluster?" (with W. Goetzmann and S. Wachter), Cityscape, Vol. 3, No. 3, 1998

"Stock Price Volatility in a Multiple Security Overlapping Generations Model," Review of Financial Studies, Vol. 11, No. 2, 1998

"Anatomy of a Market Failure: Trading Suspensions on the NYSE 1974 - 1988" (with U. Bhattacharya), Journal of Business and Economic Statistics, Vol. 16, No. 2, 1998

"Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion" (with A. Ravid), Journal of Financial and Quantitative Analysis, Vol. 32, No. 3, 1997

"A Spatial Model of Housing Returns, and Neighborhood Substitutability" (with W. Goetzmann), Journal of Real Estate Finance and Economics, Vol. 14, 1997

Working Papers
"Modeling and Measuring Russian Corporate Governance: The Case of Russian preferred and Common Shares" (with W. Goetzmann and A. Ukhov)

"Sharpening Sharpe Ratios" (with W.Goetzmann, J. Ingersoll Jr., and I. Welch)

"A Theory of Mutual Funds: Optimal Fund Objectives and Industry Organization" (with H. Mamaysky)

"Are Chads Democrats? An Analysis of the Florida Presidential Recount"

"Closed-End Fund Discounts in a Rational Agent Economy"

"The Efficacy of Insider Trading Regulation" (with A. Subrahmanyam)

Education
PhD Princeton University, 1987
BA University of California at Berkeley, 1982