Ulrike Malmendier

Ulrike Malmendier
Nationality German American
Institution University of California, Berkeley
Stanford University
Field Behavioral finance
Law and economics
Alma mater Harvard University
University of Bonn
Doctoral
advisor		 Andrei Shleifer[1]
Awards Fischer Black Prize (2013)
Information at IDEAS / RePEc

Ulrike Malmendier (born 1973) is a professor of economics and finance at the University of California Berkeley. Her work focuses on behavioral economics, corporate finance, and law and economics. In 2013, she was awarded the Fischer Black Prize by the American Finance Association.[2]

IDEAS lists her as among the top 5% most cited economists and as among the top 100 young economists who started publishing 15 years ago.[3][4] In the New York Times, David Leonardt named Malmendier as one of the 13 young economists who are the future of the field.[5] Her work on behavioral biases in financial markets has been featured in publications including The Economist,[6] Investors Chronicle,[7] the New York Times,[8] Barron's,[9] The Boston Globe,[10] Bloomberg,[11] and The New Yorker.[12] She has been profiled in The American Magazine[13] and The Chronicle of Higher Education.[14]

Career

Malmendier earned a PhD in law from the University of Bonn in 2000 and a PhD in business economics from Harvard University in 2002. Andrei Shleifer served as Malmendier's adviser at Harvard.[15] She worked as an assistant professor of finance at Stanford University from 2002 to 2006. During that time she held visiting positions at the University of Chicago and Princeton University. Malmendier moved to Berkeley in 2006 where she earned tenure in 2008. She currently is a research associate at the National Bureau of Economic Research, research affiliate at the Centre for Economic Policy Research, and faculty research fellow at the Institute for the Study of Labor. In 2013, she won the prestigious Fischer Black Prize, presented biennially by the American Finance Association for significant original research in finance.

Work

Malmendier's work focuses on behavioral economics, corporate finance, and law and economics. She has conducted extensive research on CEO overconfidence where she found that overconfident CEOs invested too much money in their companies and pursued destructive acquisitions more frequently than other managers.[16][17]

She has explored how behavioral biases affect financial decision-making in other contexts. Malmendier has found that people who lived through the Great Depression remain more frugal throughout their lives, a majority of people overestimate how often they will visit the gym, and that security analysts distort recommendations for profit.[18][19][20]

Malmendier has also done research into the origin of shareholder companies. She has examined an early form of shareholder company in ancient Rome called the societas publicanorum.[21]

Personal life

Malmendier is married to fellow Berkeley economics professor Stefano Dellavigna.[22]

References

  1. ↑ RePEc Genealogy Page for Ulrike Malmendier
  2. ↑ http://www.afajof.org/details/page/2866291/Fischer-Black-Prize.html
  3. ↑ Ulrike Malmendier at IDEAS. Accessed Aug 11, 2012.
  4. ↑ Top Young Economists as of July 2012. Accessed Aug 11, 2012.
  5. ↑ Leonhardt, David (2007-01-10). "The future of economics isn't so dismal" (PDF). New York Times. Retrieved 2012-08-11.
  6. ↑ The Bonds of Time. The Economist. Jan 8, 2009. Accessed Aug 19, 2012.
  7. ↑ Dillow, Chris. Over-confidence & investment. Investors Chronicle. Dec 13, 2010. Accessed Aug 19, 2012.
  8. ↑ Hulbert, Mark. Measuring C.E.O.'s on the Hubris Index. May 22, 2005. Accessed Aug 19, 2012.
  9. ↑ Epstein, Gene. Stock Boosters Still Rule the Street. Nov 26, 2007. Accessed Aug 19, 2012.
  10. ↑ Shea, Christopher. eBay-nomics. June 10, 2007. Accessed Aug 19, 2012.
  11. ↑ Kahneman, Daniel. Bias, Blindness and How We Truly Think. Oct 24, 2011. Accessed Aug 19, 2012.
  12. ↑ Surowiecki, James. Local Zeroes. Mar 28, 2005. Accessed Aug 19, 2012.
  13. ↑ Scordo, Lizbeth. The Young Economist. Nov 17, 2006. Accessed Aug 19, 2012.
  14. ↑ Smallwood, Scott. An Economist Zeroes In on Corporate Hubris. Sept 13, 2002. Accessed Aug 19, 2012.
  15. ↑ RePEc Genealogy Page for Ulrike Malmendier
  16. ↑ Malmendier, Ulrike and Tate, Geoffrey. Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction. Journal of Financial Economics 89, 1 (July 2008): 20-43. Accessed Aug 11, 2012.
  17. ↑ Malmendier, Ulrike and Tate, Geoffrey (2005). CEO Overconfidence and Corporate Investment. The Journal of Finance, 60: 2661–2700. doi: 10.1111/j.1540-6261.2005.00813.x
  18. ↑ Dellavigna, Stefano and Malmendier, Ulrike. Paying Not to Go to the Gym. American Economic Review, June 2006, vol. 96 (3), pp. 694-719. Accessed Aug 11, 2012.
  19. ↑ Malmendier, Ulrike and Nagel, Stefan. Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?. Quarterly Journal of Economics, February 2011, vol. 126(1), pp. 373-416.
  20. ↑ Malmendier, Ulrike and Shanthikumar, Devin. Do Security Analysts Speak in Two Tongues? Working Paper. August 2009. Accessed Aug 11, 2012.
  21. ↑ Malmendier, Ulrike. Law and Finance at the Origin. Journal of Economic Literature, December 2009, vol. 47(4), pp. 1076-1108. Accessed Aug 11, 2012.
  22. ↑ Sobieralski, Casondra. Economizing Time: Economics Power Couple Ulrike Malmendier and Stefano DellaVigna offer Words of Wisdom on Balancing Career and Family. Institute of Economic and Business Research. Fall 2008. Accessed Aug 11, 2012.
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