203.432.6017

Professor of Finance

Matthew Spiegel's research ranges widely with publications in the areas of market microstructure, asset pricing, real estate, corporate finance, and experimental economics. His theoretical work has helped to explain stock market volatility and what factors lead to market breakdowns in which trading cannot take place. His empirical work has included the development of statistical methods that can estimate the impact of local characteristics on housing returns and for identifying when and if a particular mutual fund will generate above market returns. He is currently the executive editor of the Review of Financial Studies. Professor Spiegel was formerly an associate professor, with tenure, at the Haas School of Business at the University of California-Berkeley. He is a former co-editor and founder of the Journal of Financial Markets, a former associate editor of the Review of Financial Studies, and a past member of the Nasdaq Economic Advisory Board.

Achievements and Honors
Michael Brennan Best Paper Award for articles published in the Review of Financial Studies in 2007 for the paper, "Portfolio Performance Manipulation and Manipulation-proof Performance Measures," coauthored with William Goetzmann, Jonathan Ingersoll Jr., and Ivo Welch, 2008
Keynote speaker Caesarea Center Conference on Private Equity, 2008
Inaugural Challenge Article in Finance Research Letters: "Patterns in Cross Market Liquidity," 2008
Keynote speaker New York City Triple Crown Conference, 2007 
Keynote speaker European meeting of the Financial Management Association, 2003 
Director, Western Finance Association, 2001
Weimer School Post-Doctoral Honoree, 2000
ANBAR Management Intelligence Citation of Excellence, 1998
Member, American Finance Association's Nominations Committee, 1998
Schwabacher Fellowship, 1995 - 1996

Editorships
Executive Editor:
Review of Financial Studies, 2005 - present

Coeditor:
Journal of Financial Markets, 1997 - 2005

Selected Articles
"Patterns in Cross Market Liquidity," Finance Research Letters, Vol. 5, 2008

"Estimating the Dynamics of Mutual Fund Alphas and Betas" (with H. Mamaysky and H. Zhang), Review of Financial Studies, Vol. 21, 2008

"Improved Forecasting of Mutual Fund Alphas and Betas" (with H. Mamaysky and H. Zhang), Review of Finance, Vol. 11, 2007

"Portfolio Performance Manipulation and Manipulation-proof Performance Measures" (with W. Goetzmann, J. Ingersoll Jr., and I. Welch), Review of Financial Studies, Vol. 20, 2007

"Managers, Block-Holders, and Takeovers" (with A. Ravid), Research in Banking and Finance, Vol. 2, 2002

"Housing Return and Construction Cycles," Real Estate Economics, Vol. 29, No. 4, 2001

"Stock Price Volatility in a Multiple Security Overlapping Generations Model," Review of Financial Studies, Vol. 11, No. 2, 1998

"Anatomy of a Market Failure: Trading Suspensions on the NYSE 1974 - 1988" (with U. Bhattacharya), Journal of Business and Economic Statistics, Vol. 16, No. 2, 1998

"Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion" (with A. Ravid), Journal of Financial and Quantitative Analysis, Vol. 32, No. 3, 1997

"A Spatial Model of Housing Returns, and Neighborhood Substitutability" (with W. Goetzmann), Journal of Real Estate Finance and Economics, Vol. 14, 1997

Working Papers
"Time Varying Corporate Capital Stocks and the Cross Section and Intertemporal Variation in Stock Returns" (with
J. Sagi, and M. Watanabe).

"Dynamic Competition, Innovation and Strategic Financing" (with H. Tookes)

"Idiosyncratic Risk and the Cross-sectional Variation in Stock Returns" (with X. Wang).

"Are Chads Democrats? An Analysis of the Florida Presidential Recount"

Education
PhD Princeton University, 1987
BA University of California at Berkeley, 1982