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Laura Veldkamp | |
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 Veldkamp in 2017 | |
| Academic background | |
| Alma mater | Northwestern University (BA) Stanford University (PhD) |
| Academic work | |
| Discipline | Economics |
| Institutions | |
Laura Veldkamp (born July 14, 1975) is an American economist teaching as a professor of finance at Columbia University's Graduate School of Business and also serves as a co-editor of the Journal of Economic Theory . [1]
Veldkamp graduated with a Bachelor of Arts in Math and Economics from Northwestern University in 1996. She then received her Ph.D. in Economic Analysis and Policy from the Stanford Graduate School of Business in 2001. [2]
Veldkamp started her teaching career as an assistant professor of economics at INSEAD for 3 years from 2001 to 2003. She then taught at New York University Stern School of Business as an assistant professor of economics from 2003 to 2008. Before being promoted to an associate professor of economics at New York University Stern School of Business. She left New York University in 2015, after 15 years to join Columbia University's Graduate School of Business. During this time, she was also employed at the Hoover Institution National Fellow located within Stanford University from 2010 to 2011 and the Kenen Fellow within the Department of Economics at Princeton University from 2006 to 2007. [2]
She is on the New York University Stern Committees since 2007, with responsibilities including financial oversight, obtaining tenure, and teaching at Ph.D. programs. Veldkamp obtained a National Bureau of Economic Research faculty research fellow in 2008, and a research fellow at Center for Economic and Policy Research since 2009. From 2009 to 2011, she was an associate editor for the Journal of Monetary Economics. [3] In 2011, she became a coordinator for the Economic Fluctuations, Growth, and Development research group in the New York University Stern Center for Global Economy and Business. [2] In 2014, she joined the National Bureau of Economic Research (NBER) Macro Annual Editorial Board. Then in 2016, she joined the Board of Editors at the American Economic Journal in the Microeconomics division. She most recently joined the Monetary Policy Advisory Panel in the New York Federal Reserve. [2]
She currently teaches at Columbia University's Graduate School of Business where she holds the Leon G Cooperman Chair Professorship of Finance and serves as a co-editor of the Journal of Economic Theory . [1]
In 2022, Veldkamp was elected a fellow of the Econometric Society. [4]
Veldkamp's research varies from macroeconomics, monetary economics, international finance, and asset pricing. It focuses on how individuals, investors, and firms obtain information, and how that information influences their decisions, and how those decisions change the macroeconomy and financial markets. Some of her other work investigates how women choose to participate in the labor force, and how women observe influences that contribute to employment patterns that reflects the "geographic patterns of female labor force participation in the United States". [5] She also explores how research for investments are done by mutual fund managers.
Veldkamp has published multiple works in outlets such as The American Economic Review , The Review of Economic Studies , The Journal of Finance , Journal of Economic Theory , and the Journal of Monetary Economics . [5]
A collaboration on the paper "Leadership, Coordination and Corporate Culture" with economists Patrick Bolton from Columbia University and Markus K. Brunnermeier from Princeton University, was awarded the 2008 JP Morgan Prize for the best paper at the Utah Winter Finance Conference. [6] It was then printed in the Review of Economic Studies in April 2013, in volume 80(2), from pages 512–537. [7] It was regarding the role of leaders in large organizations, in which a model of leadership was proposed to help manage corporate culture in large organizations, coordinate followers' actions over time, and help to steer an organization when faced with changing environments. [6]
Veldkamp also collaborated with economist Vasiliki Skreta from New York University on the paper "Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation", which was awarded 3rd place by the Glucksman Institute Research Prize. [7] It was also published in the Journal of Monetary Economics in July 2009, in volume 56(5), from pages 678–695. The paper regards the emergence of rating bias, and how more competition in the ratings market can continuously distort ratings, as well as how investors can no longer use past data to detect rating bias. An economic model was introduced to help explain the situation. A key assumption of the model was that investors were unaware of the rise of asset complexity and were also creating ratings bias. [8]
Veldkamp's most awarded paper was "Information Immobility and the Home Bias Puzzle", written in collaboration with economist Stijn Van Nieuwerburgh. It was awarded 1st place by the Glucksman Institute Research Prize, and was also awarded the best paper prize in investments by the Financial Management Association. It was published in The Journal of Finance in June 2009, in volume 63(3), from pages 1187–1215. [7] The paper studies the criticism regarding information-based models of the home bias and attempts to answer the question "If home investors have less information about foreign stocks, why don't they choose to acquire foreign information, reduce their uncertainty about foreign payoffs, and undo their portfolio bias?" The study shows a model of investors deciding which risky asset payoff to study. It then dives into the world of asymmetric information, where investors pursue the incentive to purposefully learn and obtain information that others do not know. Showing that investors choose to have different information than other investors. [9]
Veldkamp is the author of the textbook Information Choice in Macroeconomics and Finance, printed by the Princeton University Press. [1] The textbook highlights how information choice can be used to answer questions regarding "monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas." [10] It also covers how information friction can be used to build and test applied theory models, and includes recent research topics such as "rational inattention, information markets, and strategic games with heterogeneous information." [10]
Ricardo A. M. R. Reis is a Portuguese economist and the A. W. Phillips professor of economics at the London School of Economics. He has published widely on macroeconomics, including both monetary and fiscal policy, inflation and business cycles, and for these he won the 2021 Yrjö Jahnsson Foundation medal awarded every two years by the European Economic Association for best economist under the age of 45. He writes a weekly op-ed for the Portuguese newspaper Expresso.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Bendheim Center for Finance (BCF) is an interdisciplinary center at Princeton University. It was established in 1997 at the initiative of Ben Bernanke and is dedicated to research and education in the area of money and finance, in lieu of there not being a full professional business school at Princeton.
A flight-to-quality, or flight-to-safety, is a financial market phenomenon occurring when investors sell what they perceive to be higher-risk investments and purchase safer investments, such as gold and other precious metals. This is considered a sign of fear in the marketplace, as investors seek less risk in exchange for lower profits.
In finance and investing, the Home bias puzzle is the term given to describe the fact that individuals and institutions in most countries hold only modest amounts of foreign equity, and tend to strongly favor company stock from their home nation. This finding is regarded as puzzling, since ample evidence shows equity portfolios obtain substantial benefits from diversification into global stocks. Maurice Obstfeld and Kenneth Rogoff identified this as one of the six major puzzles in international macroeconomics.
The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics, and whose work has led to practical and policy-relevant results. It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with Goethe University Frankfurt, and is sponsored by Deutsche Bank Donation Fund. The award carried an endowment of €50,000, which was donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.
The Bernacer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of macroeconomics and finance. The prize is named after Germán Bernácer, an early Spanish macroeconomist.
Roy Radner was Leonard N. Stern School Professor of Business at New York University. He was a micro-economic theorist. Radner's research interests included strategic analysis of climate change, bounded rationality, game-theoretic models of corruption, pricing of information goods and statistical theory of data mining. Previously he was a faculty member at the University of California, Berkeley, and a Distinguished Member of Technical Staff at AT&T Bell Laboratories.
Thomas Ferguson Cooley was the Paganelli-Bull Professor of Economics at the New York University Stern School of Business. He served as Dean of the Stern School from 2002 to January 2010. He was also a professor of economics in the NYU Faculty of Arts and Science. Cooley was a widely published scholar in the areas of macroeconomic theory, monetary theory and policy, and the financial behavior of firms.
Alexander Ljungqvist is a Swedish economist, educator, scholar, writer, and speaker. He is a professor of finance at the Stockholm School of Economics, where he is the inaugural holder of the Stefan Persson Family Chair in Entrepreneurial Finance. His areas of expertise include corporate finance, investment banking, initial public offerings, entrepreneurial finance, private equity, venture capital, corporate governance, and asset pricing. Professor Ljungqvist teaches Master's, MBA, and executive courses in private equity and venture capital and a PhD course in corporate finance.
Markus Konrad Brunnermeier is an economist, who is the Edwards S. Sanford Professor of Economics at Princeton University.
Randall D. Wright is a Canadian academic macroeconomist who advanced the fields of monetary economics and labor economics through his role in the development of matching theory.
John Howland Cochrane is an American economist who has served as the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution since 2015. A specialist in financial economics and macroeconomics, he has been a professor of finance and economics by courtesy at the Stanford Graduate School of Business since 2016. From 1994 to 2015, he served as the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.
Richard Andreas Werner is a German banking and development economist who is a university professor at University of Winchester.
Lasse Heje Pedersen is a Danish financial economist known for his research on liquidity risk and asset pricing. He is Professor of Finance at the Copenhagen Business School. Before that, he held the position of a Professor of Finance and Alternative Investments at the New York University Stern School of Business. He has also served in the monetary policy panel and liquidity working group at the Federal Reserve Bank of New York and is a principal at AQR Capital Management.
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.
Thomas Philippon is a French economist and professor of finance at the New York University Stern School of Business.
Hélène Rey is a French economist who serves as Professor at London Business School (LBS). Her work focuses on international trade, financial imbalances, financial crises and the international monetary system.
Bo Becker is a Swedish economist, and Professor of Financial Economics at the Stockholm School of Economics, known for his work on rating, reputation and competition.
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