Paola Sapienza is an American and Italian economist. She is a member of the Kellogg School of Management faculty at Northwestern University. She is also a research associate at the NBER [1] and CEPR. [2] Her fields of interest include financial economics, cultural economics, and political economy.
Sapienza received a bachelor's degree in economics from Bocconi University in Milan. In 1998 she earned a Ph.D. in Economics from Harvard University with the completion of her thesis, titled Three essays in Banking, under the supervision of Andrei Shleifer and Jeremy Stein. In the same year she joined the faculty of the Kellogg School of Management at Northwestern University, where she is the Donald C. Clark/HSBC Professor in Consumer Finance.
Her main research focuses on the impact of cultural norms on economic decisions and outcomes. In early 2000, together with Luigi Guiso and Luigi Zingales she was among the first economists exploring cultural economics in her work on social capital and financial development [3] and in her work on religion and economic attitudes. [4] In her most influential work, she examines the interactions between trust, social capital, and civic capital. She applied these concepts to financial development, financial institutions, behavioral economics and political economy. Her research is influential in finance where, with Luigi Guiso and Luigi Zingales, she draws the connection between trust and finance. [5] Her most cited paper, [6] with Luigi Guiso and Luigi Zingales, explores the role of culture in economics opening new perspectives for cultural economics. [7] In her paper "Culture, Math, and Gender" [8] she shows that girls' academic achievements are linked to societal cultural norms, debunking the genetic explanation for different math scores between boys and girls. [9] In subsequent research, she has shown that stereotypes about women abilities may affect hiring and promotion of women in STEM related fields. [10] In the field of the political economy of finance, her paper on the role of government ownership in financial institutions suggests that state-owned banks serve as a mechanism to supply political patronage. [11] In her most recent series of papers, she expanded on her earlier work "Culture, Math, and Gender" and explored whether vertical transmission of cultural attitudes may explain different educational attainments. [12]
Her paper "Trusting the Stock Market" [13] has been awarded the Distinguished Paper Smith Breeden Prize at the American Financial Association's annual meeting in January 2010. [14] Her work have been cited more than 33000 times. [15] She has published papers in the American Economic Review, [16] the Quarterly Journal of Economics, [17] [18] Science, [8] the Journal of Finance, [19] [13] [20] the Review of Financial Studies, [21] [22] the Journal of Financial Economics. [11] [23] [24] Her research has been quoted in the Financial Times, [25] Washington Post, [26] Quartz, [27] NPR, [28] Forbes, [29] The Economist, [30] [31] [32] Science magazine, [33] El País, [34] The Telegraph, [35] The New York Times, [36] Bloomberg, [37] The Wall Street Journal. [38]
She was an Associate Editor at the Journal of Finance from 2012 to 2015, an Associate Editor at Management of Science from 2009 to 2013 and an Associate Editor at the Journal of Economic Perspectives from 2005 to 2008. [41] She was elected on the board of directors of the American Finance Association from 2012 to 2014. [42] She is among the top 5% most quoted economist in the world [43] and among the top 20 most influential female economists. [44] She was included in the Thomson Reuters List of Most Influential Minds in 2014, [45] 2015 [46] and Clarivate list of Highly Cited Researchers in 2016, and 2018. [47]
Cultural bias is the phenomenon of interpreting and judging phenomena by standards inherent to one's own culture. The phenomenon is sometimes considered a problem central to social and human sciences, such as economics, psychology, anthropology, and sociology. Some practitioners of the aforementioned fields have attempted to develop methods and theories to compensate for or eliminate cultural bias.
A market anomaly in a financial market is predictability that seems to be inconsistent with theories of asset prices. Standard theories include the capital asset pricing model and the Fama-French Three Factor Model, but a lack of agreement among academics about the proper theory leads many to refer to anomalies without a reference to a benchmark theory. Indeed, many academics simply refer to anomalies as "return predictors", avoiding the problem of defining a benchmark theory.
Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. As a growing field in behavioral economics, the role of culture in economic behavior is increasingly being demonstrated to cause significant differentials in decision-making and the management and valuation of assets.
David Hirshleifer is an American economist. He is a professor of finance and currently holds the Merage chair in Business Growth at the University of California at Irvine. As of 2018 he became President-Elect of the American Finance Association. In 2017, he was elected as Vice President of the American Finance Association (AFA) and assigned as Research Associate to National Bureau of Economic Research. He was previously a professor at the University of Michigan, Ohio State University, and UCLA. His research is mostly related to behavioral finance and informational cascades. In 2007, he was on the Top 100 list of most cited economist by Web of Science's Most-Cited Scientists in Economics & Business.
Markus Konrad Brunnermeier is an economist, who is the Edwards S. Sanford Professor of Economics at Princeton University.
Luigi Zingales is a finance professor at the University of Chicago Booth School of Business and the author of two widely-reviewed books. His book Saving Capitalism from the Capitalists (2003) is a study of "relationship capitalism". In A Capitalism for the People: Recapturing the Lost Genius of American Prosperity (2012), Zingales "suggests that channeling populist anger can reinvigorate the power of competition and reverse the movement toward a 'crony system'."
Ulrike M. Malmendier is a German economist who is currently 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.
Monika Piazzesi received her PhD in economics at Stanford University. She was a recipient of the Deutsche Studienstiftung ERP (1997-2000). She has been the Joan Kenney Professor of Economics at Stanford University since 2010. She is also a senior fellow at the Stanford Institute for Economic Policy Research. In 2005, when she was an assistant professor at the University of Chicago Business School, she received the Germán Bernácer Prize. She subsequently won the Elaine Bennett Research Prize. Her research focuses on asset pricing and time series econometrics, especially related to bond markets and the term structure of interest rates. She has published papers related to housing issues, asset prices and quantities, bond markets, interest rate and GDP. In 2023, she was elected to the National Academy of Sciences.
Yuliy Sannikov is a Ukrainian economist known for his contributions to mathematical economics, game theory, and corporate finance. He is an economics professor at the Stanford Graduate School of Business, and won both the 2015 Fischer Black Prize and 2016 John Bates Clark Medal.
Antoinette Schoar is a German-American economist, currently the Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship at the MIT Sloan School of Management.
Ṣebnem Kalemli-Özcan is an economist and the Neil Moskowitz Professor of Economics and Finance at the University of Maryland, College Park. She is a co-editor of the Journal of International Economics, on the board of editors of the American Economic Review, an associate editor of the Journal of the European Economic Association and an associate editor of the Journal of Development Economics. She is a research fellow at the NBER and CEPR.
Linda S. Goldberg is an Economist at the Federal Reserve Bank of New York and is currently Senior Vice President in the Research Policy Leadership division. She holds a Ph.D. and M.A. from Princeton University and a B.A. in Mathematics and Economics from the City University of New York.
Sydney C. Ludvigson is an economist and the Julius Silver, Roslyn S. Silver, and Enid Silver Winslow Professor of Economics at New York University. Since 2017, she serves as chair of NYU's Economics Department.
Paola Giuliano is an economist and currently the Chauncey J. Medberry Chair in Management at the University of California, Los Angeles.
Mariassunta Giannetti is an economist and a professor of finance at the Stockholm School of Economics. She won the Assar Lindbeck Medal in 2013.
Mara Faccio is an economist and currently the Duke Realty Chair in Finance and Professor of Finance at the Krannert School of Management at Purdue University.
Manju Puri is an economist who currently works as the J. B. Fuqua Professor of Finance at the Fuqua School of Business at Duke University.
Motohiro Yogo is a Japanese American economist and a professor of economics at Princeton University. His research is on asset pricing, insurance, and household finance.
Luc Laeven is a Dutch economist, Director-General of the Research Department of the European Central Bank 2015–present. Previously he held senior posts at the International Monetary Fund and the World Bank. He was also a Professor Finance at Tilburg University from 2009 to 2019. He has been a Research fellow at the Centre for Economic Policy Research in London since 2009.
Rüdiger Fahlenbrach is a German economist specialised in finance. He is a professor of finance at EPFL and holds the Swiss Finance Institute Senior Research Chair.
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