Ulrike Malmendier

Last updated
Ulrike Malmendier
Born1973 (age 50–51)
Cologne, West Germany
Spouse Stefano DellaVigna
Academic career
Institution University of California, Berkeley
Stanford University
Field Behavioral finance
Law and economics
Alma materB.A. (1995), B.A.-equivalent (1996), M.A. (1996), Ph.D. (2000), University of Bonn
A.M. (2002), Ph.D. (2002), Harvard University
Doctoral
advisor		 Andrei Shleifer [1]
Awards Fischer Black Prize (2013)
Information at IDEAS / RePEc

Ulrike M. Malmendier (born 1973) 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. [2]

Contents

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] Her work on behavioral biases in financial markets has been featured in publications including The Economist, [5] Investors Chronicle, [6] The Wall Street Journal, [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]

Education

Places of Education [15]
UniversityDegree
University of BonnBA, Economics
University of BonnBA equivalent, Law
University of BonnMA, Economics
University of BonnPhD, Law
Harvard UniversityAM, Business Economics
Harvard UniversityPhD, Business Economics

Career

Malmendier was born in 1973 in Cologne, then in West Germany. [16] [17] [18] [19] After high school, Malmendier trained as a bank clerk, then studied Economics on a Studienstiftung scholarship. She earned a Ph.D. in law from the University of Bonn in 2000 and a Ph.D. in business economics from Harvard Business School in 2002; her Harvard doctoral thesis was Behavioral approaches to contract theory and corporate finance. [18] [20] Andrei Shleifer served as Malmendier's adviser at Harvard. [1] 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.

She was named Alfred P. Sloan Research Fellow (2010-2012), and she received several Citations of Excellence by Emerald for her research (2009, 2006). [19]

In August 2022, Malmendier was appointed by the German government for a five-year term as one of the five economic experts (known as the Five Sages) who make up the German Council of Economic Experts. [21] [22] In October 2022, she was a member of a panel which met in Berlin to discuss the reconstruction of Ukraine. [23]

Positions Held [15]
PositionLocationYears
Assistant Professor of FinanceStanford Graduate School of Business2002-2006
Faculty Research Fellow, Labor EconomicsNBER2004- 2009
Assistant Professor of EconomicsUC Berkeley2006-2008
Faculty Research Fellow, Corporate FinanceNBER2006-2009
Associate Professor of Economics (with tenure)University of California, Berkeley2008-2012
Associate Professor of Finance (with tenure)HAAS School of Business2010- 2012
Faculty Research FellowInstitute for the Study of Labor (IZA)2005–present
AffiliateCESifo2006–present
Research Affiliate, Labour EconomicsCEPR2006–present
Research Affiliate, Financial EconomicsCentre for Economic Policy Research (CEPR)2007–present
Research Associate, Corporate Finance and Labor EconomicsNational Bureau of Economic Research (NBER)2009–present
Professor of EconomicsUniversity of California Berkeley2012–present
Professor of FinanceHAAS School of Business2012–present
Economic AdvisorGerman Council of Economic Experts2022–present

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. [24] [25]

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. [26] [27] [28]

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. [29]

Honors and awards

In 2013, she won the prestigious Fischer Black Prize, presented biennially by the American Finance Association for significant original research in finance. In 2019, she was awarded the Gustav Stolper Prize by the German Verein für Socialpolitik. [30] In 2021, she was named a Fellow of the Econometric Society. [31]

Personal life

Malmendier is married to fellow Berkeley economics professor Stefano DellaVigna. [32]

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References

  1. 1 2 RePEc Genealogy Page for Ulrike Malmendier
  2. ↑ "- American Finance Association". www.afajof.org. Archived from the original on 4 January 2014. Retrieved 6 June 2022.
  3. ↑ Ulrike Malmendier at IDEAS. Accessed Aug 11, 2012.
  4. ↑ Top Young Economists as of July 2012. Accessed Aug 11, 2012.
  5. ↑ "The Bonds of Time". The Economist. January 8, 2009. Archived from the original on January 17, 2009. Retrieved November 3, 2019.
  6. ↑ Dillow, Chris. Over-confidence & investment. Investors Chronicle. Dec 13, 2010. Accessed Aug 19, 2012.
  7. ↑ Vara, Vauhini (January 16, 2013). "Professor's Work Strikes at the Heart of Business". The Wall Street Journal. Archived from the original on October 30, 2019. Retrieved October 30, 2019.
  8. ↑ Hulbert, Mark (May 22, 2005). "Measuring C.E.O.'s on the Hubris Index". Archived from the original on February 27, 2015. Retrieved October 30, 2019.
  9. ↑ Epstein, Gene (November 26, 2007). "Stock Boosters Still Rule the Street". Archived from the original on February 9, 2008. Retrieved October 29, 2019.
  10. ↑ Shea, Christopher (June 10, 2007). "eBay-nomics". Archived from the original on September 26, 2013. Retrieved October 29, 2019.
  11. ↑ Kahneman, Daniel (October 24, 2011). "Bias, Blindness and How We Truly Think". Bloomberg View. Bloomberg. Archived from the original on October 25, 2011. Retrieved November 3, 2019.
  12. ↑ Surowiecki, James (March 28, 2005). "Local Zeroes". The New Yorker . Archived from the original on April 11, 2005. Retrieved November 3, 2019.
  13. ↑ Scordo, Lizbeth (November 17, 2006). "The Young Economist". Archived from the original on October 18, 2007. Retrieved November 3, 2019.
  14. ↑ Smallwood, Scott (September 13, 2002). "An Economist Zeroes In on Corporate Hubris" . Chronicle of Higher Education. Archived from the original on December 3, 2005. Retrieved November 3, 2019.
  15. 1 2 "Ulrike Malmendier | Faculty Directory | Berkeley-Haas". facultybio.haas.berkeley.edu. Retrieved 2019-03-02.
  16. ↑ Whiting, Sam (April 7, 2017). "Northern California artists, academics win Guggenheim funding". San Francisco Chronicle. Retrieved October 29, 2019. ...she was born in 1973, the year of the oil crisis...
  17. ↑ "Ulrike Malmendier" , The Complete Marquis Who's Who Biographies, 2017, retrieved November 1, 2019– via Nexis Uni
  18. 1 2 "It's academic. (Not!)". Harvard Business School Bulletin. Harvard Business School. February 2002. Archived from the original on June 11, 2002. Retrieved November 1, 2019.
  19. 1 2 "Ulrike Malmendier". University of California, Berkeley Department of Economics. Retrieved 2019-03-02.
  20. ↑ Malmendier, Ulrike (2002). Behavioral approaches to contract theory and corporate finance (Ph.D.). Harvard University.
  21. ↑ Counts, Laura (10 August 2022). "Professor Ulrike Malmendier to serve as a top economic advisor to Germany". newsroom.haas.berkeley.edu. Retrieved 29 November 2022.
  22. ↑ "SAFE Advisory Council member becomes German Economic Expert". safe-frankfurt.de. Leibniz Institute for Financial Research. 10 August 2022. Retrieved 29 November 2022.
  23. ↑ "These experts will be discussing the reconstruction of Ukraine". www.g7germany.de. The Press and Information Office of the Federal Government. 25 October 2022. Retrieved 29 November 2022.
  24. ↑ Malmendier, Ulrike; Tate, Geoffrey (2008). "Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction" (PDF). Journal of Financial Economics. 89 (1): 20–43. doi:10.1016/j.jfineco.2007.07.002. S2CID   12354773.
  25. ↑ Malmendier, Ulrike; Tate, Geoffrey (2005). "CEO Overconfidence and Corporate Investment". Journal of Finance. 60 (6): 2661–2700. CiteSeerX   10.1.1.72.3147 . doi:10.1111/j.1540-6261.2005.00813.x. S2CID   1808264.
  26. ↑ Dellavigna, Stefano; Malmendier, Ulrike (2006). "Paying Not to Go to the Gym". American Economic Review . 96 (3): 694–719. doi:10.1257/aer.96.3.694.
  27. ↑ Malmendier, Ulrike; Nagel, Stefan (2011). "Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?" (PDF). Quarterly Journal of Economics . 126 (1): 373–416. doi:10.1093/qje/qjq004. S2CID   1250979.
  28. ↑ Malmendier, Ulrike; Shanthikumar, Devin (2014). "Do Security Analysts Speak in Two Tongues?". Review of Financial Studies. 27 (5): 1287–1322. CiteSeerX   10.1.1.158.3452 . doi:10.1093/rfs/hhu009. S2CID   11561375.
  29. ↑ Malmendier, Ulrike (2009). "Law and Finance 'at the Origin'". Journal of Economic Literature. 47 (4): 1076–1108. CiteSeerX   10.1.1.143.9153 . doi:10.1257/jel.47.4.1076.
  30. ↑ "Gustav Stolper prize winners". Verein für Socialpolitik. Retrieved 10 February 2020.
  31. ↑ "Congratulations to our 2021 Fellows". The Econometric Society. September 22, 2021. Retrieved 2021-10-29.
  32. ↑ 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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