Paul Pfleiderer

Paul Pfleiderer

Academic Affiliate

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Ph.D., Economics, Yale University, 1982
B.A., Economics, Yale University, 1976

Areas of expertise

Recent news, presentations, and publications

“A Note on the Effect of Costs Changes on Prices,” Journal of Political Economy, February 1983, pp. 182–185, with Jeremy Bulow

“Interpreting the Factor Risk Premia in the Arbitrage Pricing Theory,” Journal of Economic Theory, February 1985, pp. 191–195, with Anat Admati

“Delegated Portfolio Management,” Journal of Economic Theory, June 1985, pp. 1–25, with Sudipto Bhattacharya

“A Monopolistic Market for Information,” Journal of Economic Theory, July 1986, pp. 400–438, with Anat Admati

“On Timing and Selectivity,” Journal of Finance, July 1986, pp. 715–730, with Anat Admati, Sudipto Bhattacharya and Stephen A. Ross

“Viable Allocations of Information in Financial Markets,” Journal of Economic Theory, Vol. 43, October 1987, pp. 76–115, with Anat Admati

“A Theory of Intraday Trading Patterns: Volume and Price Variability,” Review of Financial Studies, Vol. 1, March 1988, pp. 3–40, with Anat Admati

“Selling and Trading on Information in Financial Markets,” American Economic Review, Papers and

Proceeding, May 1988, pp. 96–103, with Anat Admati.

“Direct and Indirect Sale of Information,” Econometrica, Vol. 58, July 1990, pp. 901–928, with Anat Admati

“Divide and Conquer: A Theory of Intraday and Day-of-the-Week Mean Effects,” Review of Financial Studies, Vol. 2, 1989, pp 189–223, with Anat Admati

“Sunshine Trading and Financial Market Equilibrium,” Review of Financial Studies, Vol. 4, 1991, pp. 443–482, with Anat Admati

“Underestimation of Portfolio Insurance and the Crash of October 1987,” Review of Financial Studies, Spring, 1992, pp. 35–63, with Allan Kleidon and Charles Jacklin

“Trading on Information in Financial Markets,” The New Palgrave Dictionary of Money and Finance, 1993, with Anat Admati

“Trading Volume,” The New Palgrave Dictionary of Money and Finance, 1993, with Anat Admati

“Robust Financial Contracting and the Role of Venture Capitalists,” Journal of Finance, June, 1994, with Anat Admati

“Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium,” Journal of Political Economy, 1994, with Anat Admati and Josef Zechner

“Should Firms Use Derivatives to Manage Risk?” in Risk Management: Problems and Solutions, McGraw Hill, (William H. Beaver and George Parker, editors) 1995, with David Fite

“Does it All Add Up? Benchmarks, and the Compensation of Active Portfolio Managers,” Journal of Business, 1997, with Anat Admati

“Forcing Firms to Talk: Externalities and Financial Disclosure Regulation,” Review of Financial Studies, 2000, with Anat Admati

“Broadcasting Opinions with an Overconfident Sender,” International Economic Review, 2004, with Anat Admati

“The Wall Street Walk and Shareholder Activism: Exit as a Form of Voice” (with Anat Admati), Review of Financial Studies, 2009

“The Volume of Trade and The Variability of Prices: A Framework for Analysis in Noisy Rational Expectations Equilibria,” Working paper, 1984

“The Role of Country and Industry Effects in Explaining Global Stock Returns,” Working paper, 1997, with Terry Marsh

“Why Nasdaq Market Makers Use Even-Eighths Quotes: A Model of Quote Clustering in Dealer

Markets,” Working paper, 1998, with Allan Kleidon

“The 2008-2009 Financial Crisis: Risk Model Transparency and Incentives,” Working paper, 2009, with Terry Marsh

“Increased-Liability Equity: A Proposal to Improve Capital Regulation of Large Financial Institutions,” Working paper, 2009, with Anat Admati