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 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, and has also has 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, 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 research has been cited in the academic finance and economics literatures, with over 570 citations in articles published in journals listed in the Social Sciences Citation Index (source: ISI Web of Knowledge, as of September 2014), and his papers have won multiple "Best Paper" awards at various conferences.

 

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)

 

 

 

Journal Publications & Forthcoming Papers

 

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

 

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

 

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), 2014, Revise and Resubmit at Journal of Finance.

 

Empirical Determinants of Intertemporal Choice, (with Jeffrey R. Brown and Zoran Ivković), 2013, NBER Working Paper No. 18755, Revise and Resubmit at Journal of Financial Economics.

 

“The Investment Behavior of State Pension Plans,” (with Jeffrey R. Brown and Joshua Pollet), 2012.

 

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.

 

 

 

Work in Progress

 

“Can Procrastination Explain the Power of Defaults? Evidence from Retirement Plan Decisions, (with Jeffrey R. Brown and Anne Farrell).

 

 

Selected Media Coverage (through October 2010)

 

Barron's, Speaking of Dividends (by Shirley A. Lazo), June 21, 2010, p. M13.

 

Inside Higher Ed, Why I Lost My Secretary (by Scott Jaschik), April 6, 2010.

 

2010 Economic Report of the President, p.46.

 

The Syracuse Post-Standard, Investor's Edge: Good Investments are Found in Our Backyard (by Jim Burns),” January 31, 2010.

 

Center on Budget and Policy Priorities, Statement on House Consideration of the Estate Tax, December 3, 2009.

 

United Press International, People work for Money, Not Love of the Job, August 18, 2009.

 

Smart Money, What To Do With $100,000 (by Brad Reagan with Janet Paskin), March 2008, p. 51.

 

The Wall Street Journal, “Index Funds Diminish in 401(k)s (by Eleanor Laise),” September 18, 2007, p. D4.

 

The New York Times, “Neighborly Advice, for Good or Ill (by Mark Hulbert),” July 15, 2007, Section 3, p. 5.

 

St. Louis Post-Dispatch, “Coveting thy Neighbor's Portfolio (by David Nicklaus), July 5, 2007.

 

The Washington Times, “'Backdating' bunkum (by Alan Reynolds),” March 11, 2007.

 

The Wall Street Journal Online, “Keeping Up With the Jones's Investments,” July 6, 2007.

 

CFO Magazine,Can You Have Your Stock and Sell It, Too? (by Randy Myers), November 1, 2006.

 

Minneapolis Star-Tribune, “The Bogus Case Against Estate Taxes:  Digging the Hole Deeper with Phony Arguments, June 4, 2006.

 

The Washington Post, “At the Top, Pennies Per Share Add Up:  Companies Boost Dividends After Tax Cut (by Jonathan Weisman),” April 8, 2005, p. E1.

 

The Wall Street Journal Online, “Scrooge Scores - Dividend Like Them (by Gene Colter),” December 24, 2004.

 

Forbes 2005 Investment Guide, “Russian Roulette Investing (by Matthew Swibel),” December 13, 2004, p. 194-196.

 

The Wall Street Journal, “For Portfolios, Simple May Be Best:  Research Finds Investors Fare Better by Purchasing a Few Stocks They Know (by Jane J. Kim),” December 9, 2004, p. D2.

 

The Philadelphia Inquirer, “Local Focus Aids Mutual Funds (by Porus P. Cooper),” December 9, 2003.

 

The Federal Reserve Bank of Boston Regional Review, “Local Restocking (by Brad Hershbein),” Q4-Q1, 2003/4, Vol. 14, No. 1, p. 1-2.

 

Wall Street Week with Fortune (online), “Profits Begin at Home (by Karen Gibbs),” July 30, 2003.

 

Chicago Tribune, “Homing in on Stock Winners:  Study Says Local Firms Provide Lift (by Marilyn Kennedy Melia)“, June 24, 2003, Section 3, p.5, 8.

 

Smart Money, “When to Follow Analysts (by Paul Sturm),” April 14, 2003.

 

The Washington Post, “Efforts to Restrict Retirement Funds Lose Steam:  Indignation Wanes as Congress Considers Limits on Company Stock Holdings (by Jonathan Weisman),” September 7, 2002, p. A1, A10.

 

The Wall Street Journal, “Don’t Reform 401(k) Accounts Out of Existence (by R. Glenn Hubbard),” February 5, 2002, p. A18.

 

BusinessWeek Online, “Why the ‘Death Tax’ Should Live (by Christopher Farrell),” January 19, 2001.

 

 U.S. Senate Joint Economic Committee, “Myths About the Estate Tax:  Rhetoric versus Reality,” May 17, 2001.

 

Barron’s, “Early January:  The Storied Effect on Small-Cap Stocks Now Arrives in December (by James H. Smalhout),” December 11, 2000, p. 28-30.

 

The New York Times, “Two Paths to Profit from the January Effect (by Mark Hulbert),” December 3, 2000, Section 3, p. 8.

 

The Wall Street Journal, “U.S. Study Shows Effect of Choices in Pension Plans (by John Connor),” January 24, 2000.

 

 

 

Teaching Record

 

Teaches Advanced Corporate Finance in the MBA/MSF and undergraduate programs and Behavioral Finance in the MBA/MSF programs.  Also teaches Investment Finance in the Executive MBA 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 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.