Scott Weisbenner (魏思博)

 

 

 

Professor of Finance University of Illinois & James F. Towey Faculty Fellow

Research Associate NBER

 

 

Scott Weisbenner (魏思博) is a Professor of Finance and a James F. Towey Faculty Fellow at the University of Illinois.  He earned a Ph.D. in economics from the Massachusetts Institute of Technology (MIT) and has been on the Illinois faculty since 2000.  Before coming to Illinois, he worked as an economist for the Federal Reserve Board of Governors in the capital markets section.  Professor Weisbenner was a Faculty Research Fellow at the National Bureau of Economic Research (NBER) from 2002-2009 and has been a Research Associate at the NBER since 2009.  He currently serves as Associate Editor of Management Science, a top-tier general interest journal in management and business.  He also served as Editor of the Journal of Pension Economics and Finance, a journal focusing on the economics and finance of pensions and retirement-income programs, from 2010-2013.

 

Professor Weisbenner is an award-winning teacher at Illinois where he teaches MBA and MSF courses in corporate finance and behavioral finance.  He also teaches investment finance in the Executive MBA program.  Professor Weisbenner has been selected to the List of Teachers Rated as Excellent at the University of Illinois every year since 2002 and was the winner of the prestigious College of Business Alumni Association Excellence-in-Teaching Award for Graduate and Professional Teaching in 2011 (one winner selected in the College of Business).  He has also been recognized by students in the Master of Science in Finance program as "Best Professor" in the 2009-2010, 2010-2011, 2011-2012, and 2012-2013 academic years for his teaching in corporate finance and behavioral finance, was selected the Best First-Year Professor in the Executive MBA Program in 2013, and was selected the Best Professor in the Full-Time MBA Program in 2014.

 

Weisbenner’s research studies household portfolio decisions and the financial and operational decisions made by corporate executives and other institutional managers.  It draws on a number of different identification strategies and data sets to provide insights on these issues, often with implications for broader questions in finance and economics.  To answer the questions posed by his research, Professor Weisbenner uses variation in the conditions facing households and institutions by geography, changes to tax and other policy parameters, and financial shocks

 

He has published articles in several leading finance and economics journals, including The American Economic Review (three times), The Journal of Finance (five times), The Journal of Financial Economics (twice), The Journal of Financial and Quantitative Analysis, The Journal of Public Economics (three times), The Review of Economics and Statistics, and The Review of Financial Studies.  His papers have won multiple "Best Paper" awards at various conferences around the world and his research has been heavily cited in the academic finance and economics literatures, with over 600 citations in articles published in journals listed in the Social Sciences Citation Index (source: ISI Web of Knowledge) and over 3,000 citations in published and working papers (source: Google Scholar).

 

Weisbenner’s work has also been cited in numerous news publications including Barron’s, Business Week, Chicago Tribune, Forbes, Smart Money, The New York Times, The Wall Street JournalThe Washington Post, and The Washington Times.  It has been referenced in important government policy outlets as well, including the Economic Report of the President and briefings to the Chairman of the U.S. Federal Reserve Board and the U.S. Senate Joint Economic Committee.

 

 

 

Contact Information:


University of Illinois at Urbana-Champaign
Department of Finance

340 Wohlers Hall, MC-706

1206 South Sixth Street

Champaign, IL  61820

Phone: (217) 333-0872
Fax: (217) 244-3102
E-mail: weisbenn@illinois.edu

 

 

 

Research Interests: 

 

Household Portfolio Choice

Pension Plans

Corporate Finance

 

Teaching Interests:

 

Corporate Finance

Behavioral Finance

 

Education:

 

        Ph.D., Economics, Massachusetts Institute of Technology, May 1999

        B.A., Economics and Mathematics, University of Wisconsin-Madison, May 1995

 

 

 

Curriculum Vitae (CV)

 

 

 

Google Scholar Page

 

 

 

Journal Publications & Forthcoming Papers

 

All articles are the sole copyright of the respective publishers.  Materials are provided for educational use only.

 

Empirical Determinants of Intertemporal Choice, (with Jeffrey R. Brown and Zoran Ivković), Journal of Financial Economics, 2015, Forthcoming.

 

Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan, (with Jeffrey R. Brown), Journal of Public Economics, Vol. 116, 2014, p. 35-46.

 

How University Endowments Respond to Financial Market Shocks: Evidence and Implications,” (with Jeffrey R. Brown, Stephen G. Dimmock, and Jun-Koo Kang), American Economic Review, Vol.  104, No. 3, 2014, p. 931-962.

 

"The Distributional Effects of the Social Security Windfall Elimination Provision," (with Jeffrey R. Brown), Journal of Pension Economics and Finance, Vol. 12, No. 4, 2013, p. 415-434.

 

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis, (with Heitor Almeida, Murillo Campello, and Bruno Laranjeira), Critical Finance Review, Vol. 1, No. 1, 2012, p. 3-58 (lead article of first issue).

 

Local Dividend Clienteles, (with Bo Becker and Zoran Ivković), Journal of Finance, Vol. 66, No. 2, 2011, p. 655-684.

 

The Effect of Inheritance Receipt on Retirement Decisions,” (with Jeffrey R. Brown and Courtney Coile), Review of Economics and Statistics, Vol. 92, No. 2, 2010, p. 425-434.

 

Individual Investor Mutual Fund Flows,” (with Zoran Ivković), Journal of Financial Economics, Vol. 92, No. 2, 2009, p. 223-237.

 

Portfolio Concentration and the Performance of Individual Investors,” (with Zoran Ivković and Clemens Sialm), Journal of Financial and Quantitative Analysis, Vol. 43, No. 3, 2008, p. 613-656.

 

Neighbors Matter:  Causal Community Effects and Stock Market Participation,” (with Jeffrey R. Brown, Zoran Ivković, and Paul A. Smith), Journal of Finance, Vol. 63, No. 3, 2008, p. 1509-1531.

 

Individual Account Investment Options and Portfolio Choice:  Behavioral Lessons from 401(k) Plans,” (with Jeffrey R. Brown and Nellie Liang), Journal of Public Economics., Vol. 91, 2007, p. 1992-2013.

 

Executive Financial Incentives and Payout Policy:  Firm Responses to the 2003 Dividend Tax Cut,” (with Jeffrey R. Brown and Nellie Liang), Journal of Finance, Vol. 62, No. 4, 2007, p. 1935-1965.

 

Information Diffusion Effects in Individual Investors’ Common Stock Purchases:  Covet Thy Neighbors’ Investment Choices,” (with Zoran Ivković), Review of Financial Studies, Vol. 20, No. 4, 2007, p. 1327-1357.

 

401(k) Matching Contributions in Company Stock – Costs and Benefits for Firms and Workers,” (with Jeffrey R. Brown and Nellie Liang), Journal of Public Economics, Vol. 90, 2006, p. 1315-1346.

 

Tax-Motivated Trading by Individual Investors,” (with Zoran Ivković and Jim Poterba), American Economic Review, Vol. 95, No. 5, 2005, p. 1605-1630.

 

Local Does as Local Is:  Information Content of the Geography of Individual Investors’ Common Stock Investments,” (with Zoran Ivković), Journal of Finance, Vol. 60, No. 1, 2005, p. 267-306.

 

Inter-Asset Differences in Effective Estate Tax Burdens,” (with James M. Poterba), American Economic Review, Vol. 93, No. 2, 2003, p. 360-365.

 

Do Pension Plans with Participant Investment Choice Teach Households to Hold More Equity?,” Journal of Pension Economics and Finance, Vol. 1, No. 3, 2002, p. 223-248.

 

Capital Gains Tax Rules, Tax-Loss Trading, and Turn-of-the-Year Returns,” (with James M. Poterba), Journal of Finance, Vol. 56, No. 1, 2001, p. 353-368.

 

 

 

Publications in Books

 

The Supply and Demand for Charitable Donations to Higher Education” (with Jeffrey R. Brown and Steven G. Dimmock), How the Financial Crisis and Great Recession Affected Higher Education, edited by Jeffrey R. Brown and Caroline Hoxby, University of Chicago Press, 2014, forthcoming.

  

Who Chooses Defined Contribution Plans,” (with Jeffrey R. Brown), Social Security Policy in a Changing Environment, edited by Jeffrey R. Brown, Jeffrey B. Liebman, and David A. Wise, University of Chicago Press, 2009, 131-161.

 

Intergenerational Transfers and Savings Behavior,” (with Jeffrey R. Brown), Perspectives on the Economics of Aging, edited by David A. Wise, University of Chicago Press, 2004, 181-201.

 

The Distributional Burden of Taxing Estates and Unrealized Capital Gains at Death,” (with James M. Poterba), Rethinking Estate and Gift Taxation, edited by William G. Gale, James R. Hines, and Joel Slemrod, Brookings Institution, 2001, 422-449.

 

 

 

Papers Under Review / Working Papers

 

Capital Gains Lock-In and Governance Choices, (with Stephen G. Dimmock, William Gerken, and Zoran Ivković), 2015, Revise and Resubmit at Journal of Finance.

 

The In-State Equity Bias of State Pension Plans,” (with Jeffrey R. Brown and Joshua Pollet), NBER Working Paper 21020, 2015.

 

Decision-Making Approaches and the Propensity to Default: Evidence and Implications, (with Jeffrey R. Brown and Anne Farrell), NBER Working Paper 20949, 2015.

 

Who Benefits from a Bull Market?  An Analysis of Employee Stock Option Grants and Stock Prices,” (with Nellie Liang), FEDS Working Paper 2001-57.

 

Corporate Share Repurchases in the 1990s:  What Role Do Stock Options Play?,” FEDS Working Paper 2000-29.

 

 

 

Business Press and Policy Citations

Barron’s, Business Week (online), Center on Budget and Policy Priorities, CFO Magazine, Champaign News-Gazette, Chicago Tribune, Chronicle of Higher Education (online), Economic Report of the President, Forbes, Inside Higher Ed, Minneapolis Star-Tribune, New York Times, Philadelphia Inquirer, St. Louis Post-Dispatch, Smart Money, Syracuse Post-Standard, TIAA-CREF’s Advance, United Press International, U.S. Senate Joint Economic Committee, Wall Street Journal, Wall Street Week with Fortune (online), Washington Post, and the Washington Times

 

 

Teaching Record

Currently teaches Advanced Corporate Finance and Behavioral Finance in the MBA and MSF programs and Investment Finance in the Executive MBA program.  Has taught advanced Corporate Finance in the undergraduate program. 

Teaching Honors/Awards:

 

Selected to List of Teachers Rated as Excellent at University of Illinois, 2002 – present.

Selected the Best Professor in the Full-Time MBA Program, 2014.

Selected to List of Teachers Rated as Outstanding at University of Illinois (awarded to top 10% of teachers), 2014.

Selected the Best First-Year Professor in the Executive MBA Program, 2013.

Selected to List of Teachers Rated as Outstanding at University of Illinois (awarded to top 10% of teachers), 2013.

Selected the Best Professor in a Large Elective Course for the Master of Science in Finance Program, 2013.

Selected to List of Teachers Rated as Outstanding at University of Illinois (awarded to top 10% of teachers), 2012.

Selected the Best Professor in a Large Elective Course for the Master of Science in Finance Program, 2012.

Selected the Best Professor in a Large Elective Course for the Master of Science in Finance Program, 2011.

Winner of the College of Business Alumni Association Excellence-in-Teaching Award for Graduate and Professional Teaching (one winner selected in the College of Business), 2011.

Nominated by the College of Business for the Campus Excellence in Graduate and Professional Teaching Award, 2011.

Selected the Best Professor in a Large Elective Course for the Master of Science in Finance Program, 2010.

Nominated by the College of Business for the Campus Excellence in Graduate and Professional Teaching Award, 2010.

Runner-up for the Best Professor in a Large Elective Course for the Master of Science in Finance Program, 2009.

Honorable Mention for the 2004 Campus Award for Excellence in Undergraduate Teaching.

Runner-up for the 2004 College of Business Alumni Association’s Excellence in Undergraduate Teaching Award.

 

Teacher ratings (on a five-point scale):

 

Executive MBA Investment Finance, University of Illinois, Summer 2014 (1 section), mean = 4.5*

Executive MBA Investment Finance, University of Illinois, Summer 2013 (1 section), mean = 4.6*

Executive MBA Investment Finance, University of Illinois, Summer 2012 (1 section), mean = 4.5*

 

MBA Behavioral Finance, University of Illinois, Fall 2013 (2 sections), mean = 4.7*

MBA Behavioral Finance, University of Illinois, Fall 2012 (2 sections), mean = 4.9*

MBA Behavioral Finance, University of Illinois, Fall 2011 (2 sections), mean = 4.8*

MBA Behavioral Finance, University of Illinois, Fall 2010 (2 sections), mean = 4.8*

MBA Behavioral Finance, University of Illinois, Fall 2006 (2 sections), mean = 4.9*

MBA Behavioral Finance, University of Illinois, Fall 2005 (1 section), mean = 4.6*

 

MBA Corporate Finance, University of Illinois, Fall 2014 (2 sections), mean = 4.7*

MBA Corporate Finance, University of Illinois, Fall 2013 (2 sections), mean = 4.7*

MBA Corporate Finance, University of Illinois, Fall 2012 (2 sections), mean = 4.8*

MBA Corporate Finance, University of Illinois, Fall 2011 (2 sections), mean = 4.6*

MBA Corporate Finance, University of Illinois, Fall 2010 (2 sections), mean = 4.7*

MBA Corporate Finance, University of Illinois, Fall 2009 (2 sections), mean = 4.5*

MBA Corporate Finance, University of Illinois, Fall 2008 (2 sections), mean = 4.7*

MBA Corporate Finance, University of Illinois, Fall 2006 (2 sections), mean = 4.7*

MBA Corporate Finance, University of Illinois, Fall 2005 (2 sections), mean = 4.6*

MBA Corporate Finance, University of Illinois, Fall 2004 (3 sections), mean = 4.7*

MBA Corporate Finance, University of Illinois, Fall 2003 (2 sections), mean = 4.6*

MBA Corporate Finance, University of Illinois, Fall 2002 (2 sections), mean = 4.3

 

Undergraduate Corporate Finance, University of Illinois, Fall 2003 (1 section), mean = 4.8*

Undergraduate Corporate Finance, University of Illinois, Fall 2002 (1 section), mean = 4.7*

Undergraduate Corporate Finance, University of Illinois, Spring 2002 (3 sections), mean = 4.5*

 

No teaching during Fall 2007 due to my sabbatical.

 

* Made List of Teachers Ranked as Excellent.

 

 

 

Fun Fact

 

Erdős number = 4