Financial Engineering

University of California, Berkeley

About the Program

The Berkeley Master of Financial Engineering (MFE) degree is a full-time, one-year graduate degree offered by the Haas School of Business. Students enrolled in the MFE Program learn to use theoretical finance, mathematics, and computer programming skills to make pricing, hedging, trading, and portfolio management decisions.

Graduates of the MFE Program find positions in commercial and investment banking, insurance and reinsurance, corporate treasuries, corporate strategy, and money management. Specializations include risk management, asset/liability modeling/optimization, security structuring, derivative valuation and trading, consulting, asset management, research, option-based securities valuation, special hedging, and real-option investment analysis.

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Admissions

Admission to the Program

Please see departmental website at http://mfe.haas.berkeley.edu.

Admission to the University

Minimum Requirements for Admission

The following minimum requirements apply to all graduate programs and will be verified by the Graduate Division:

  1. A bachelor’s degree or recognized equivalent from an accredited institution;
  2. A grade point average of B or better (3.0);
  3. If the applicant comes from a country or political entity (e.g., Quebec) where English is not the official language, adequate proficiency in English to do graduate work, as evidenced by a TOEFL score of at least 90 on the iBT test, 570 on the paper-and-pencil test, 230 on the computer-based test, or an IELTS Band score of at least 7 (note that individual programs may set higher levels for any of these); and
  4. Sufficient undergraduate training to do graduate work in the given field.

Applicants Who Already Hold a Graduate Degree

The Graduate Council views academic degrees not as vocational training certificates but as evidence of broad training in research methods, independent study, and articulation of learning. Therefore, applicants who already have academic graduate degrees should be able to pursue new subject matter at an advanced level without need to enroll in a related or similar graduate program.

Programs may consider students for an additional academic master’s or professional master’s degree only if the additional degree is in a distinctly different field.

Applicants admitted to a doctoral program that requires a master’s degree to be earned at Berkeley as a prerequisite (even though the applicant already has a master’s degree from another institution in the same or a closely allied field of study) will be permitted to undertake the second master’s degree, despite the overlap in field.

The Graduate Division will admit students for a second doctoral degree only if they meet the following guidelines:

  1. Applicants with doctoral degrees may be admitted for an additional doctoral degree only if that degree program is in a general area of knowledge distinctly different from the field in which they earned their original degree. For example, a physics PhD could be admitted to a doctoral degree program in music or history; however, a student with a doctoral degree in mathematics would not be permitted to add a PhD in statistics.
  2. Applicants who hold the PhD degree may be admitted to a professional doctorate or professional master’s degree program if there is no duplication of training involved.

Applicants may apply only to one single degree program or one concurrent degree program per admission cycle.

Any applicant who was previously registered at Berkeley as a graduate student, no matter how briefly, must apply for readmission, not admission, even if the new application is to a different program.

Required Documents for Applications

  1. Transcripts:  Applicants may upload unofficial transcripts with your application for the departmental initial review. If the applicant is admitted, then official transcripts of all college-level work will be required. Admitted applicants must request a current transcript from every post-secondary school attended, including community colleges, summer sessions, and extension programs. Official transcripts must be in sealed envelopes as issued by the school(s) attended. 
    If you have attended Berkeley, upload your unofficial transcript with your application for the departmental initial review. If you are admitted, an official transcript with evidence of degree conferral will not be required.
  2. Letters of recommendation: Applicants may request online letters of recommendation through the online application system. Hard copies of recommendation letters must be sent directly to the program, not the Graduate Division.
  3. Evidence of English language proficiency: All applicants from countries or political entities in which the official language is not English are required to submit official evidence of English language proficiency. This applies to applicants from Bangladesh, Burma, Nepal, India, Pakistan, Latin America, the Middle East, the People’s Republic of China, Taiwan, Japan, Korea, Southeast Asia, most European countries, and Quebec (Canada). However, applicants who, at the time of application, have already completed at least one year of full-time academic course work with grades of B or better at a US university may submit an official transcript from the US university to fulfill this requirement. The following courses will not fulfill this requirement: 1) courses in English as a Second Language, 2) courses conducted in a language other than English, 3) courses that will be completed after the application is submitted, and 4) courses of a non-academic nature. If applicants have previously been denied admission to Berkeley on the basis of their English language proficiency, they must submit new test scores that meet the current minimum from one of the standardized tests.
  4. GRE or GMAT: Official GRE or GMAT results from all applicants except those who already hold a Ph.D. degree.  Results cannot be older than five years from the start of the Berkeley MFE program.

Where to Apply

Please visit http://mfe.berkeley.edu/admissions/index.html.

Master's Degree Requirements

Unit Requirements: 28 Units

Curriculum

Required courses:
MFE 230AInvestments and Derivatives2,3
MFE 230DDerivatives: Quantitative Methods2
MFE 230EEmpirical Methods in Finance2,3
MFE 230HFinancial Risk Measurement and Management2
MFE 230IFixed Income Markets2,3
MFE 230OApplied Finance Project (1 or 3 units.)1-3
MFE 230PFinancial Data Science2
MFE 230QStochastic Calculus with Asset Pricing Applications2
Select electives from the following (not all courses are offered every year):
Equity and Currency Markets
Financial Innovation in a Global Marketplace
Dynamic Asset Management
Asset-Backed Security Markets
Behavioral Finance
Topics in Financial Engineering
Credit Risk Modeling
Accounting and Taxation of Derivatives
High Frequency Finance
Ethics and Regulation in Financial Markets
Individually Supervised Study for Graduate Students

Research Resources

MFE Data Lab

Dedicated lab that includes the following resources:  Bloomberg terminals (4), Access to FactSet, DataStream, Thompson Reuters, High Frequency trading server with NYSE TAQ, NASDAQ TotalView-ITCH, and ICAP EBS currency data; Software:  Matlab, SPSS, Mathematica, SAS, Visual Studio, EViews, RStudio, Anaconda, R, OneTick, kdb+, Rotman Interactive Trader, Numerix Bloomberg Edition, ETNA Trader, Kensho, and WRDS.  Access to high performance research cluster is available for individuals and for group scenarios. 

Research Lab Manager

Dedicated staff member assists students with lab and technical needs.  Depending on project needs, lab manager provides appropriate resources for high performance computing.

Business and Economics Library at the Haas School of Business

Access to Financial Times, Wall Street Journal, and all library resources.

Professional Development Activities

1. Extensive assistance with placement in internship and full-time positions.

2. Workshops on job search skills, e.g., cover letter/resume writing and interviewing.

3. Financial Practice Seminars with professionals who discuss career paths available and industry needs. Workshops on relevant skills, e.g., programming languages.

For more information, visit our website.

Courses

Financial Engineering

Note: Not all courses are offered every year.

MFE 230A Investments and Derivatives 2 or 3 Units

Offered through: Business Administration
Terms offered: Spring 2015, Spring 2013, Spring 2007
The course discusses the basic theories of asset pricing. It begins with the standard discounted cash flow analysis, and generalizes this approach to develop the No Arbitrage Pricing Technique for security valuation. Topics will be fixed income securities, derivatives, contingent claims, basic principles of optimal portfolio theory, models of equilibrium asset pricing, including CAPM and related
Factor Models.
Investments and Derivatives: Read More [+]

MFE 230D Derivatives: Quantitative Methods 2 Units

Offered through: Business Administration
Terms offered: Summer 2008 10 Week Session, Summer 2007 10 Week Session, Summer 2006 10 Week Session
This course emphasizes the pricing of derivatives in continuous time, from the formulation of the pricing problem to the implementation of computational and numerical solution techniques.

Derivatives: Quantitative Methods: Read More [+]

MFE 230E Empirical Methods in Finance 2 or 3 Units

Offered through: Business Administration
Terms offered: Spring 2015, Spring 2007, Spring 2006
This course reviews probability and statistical techniques commonly used in quantitative finance. It includes a review of normal, lognormal, CEV distribution, estimation and nonparametric techniques commonly used in finance (MLE, GMM, GARCH). Students will be introduced to financial databases and estimation application software to estimate volatilities and correlations and their stability.

Empirical Methods in Finance: Read More [+]

MFE 230G Equity and Currency Markets 2 Units

Offered through: Business Administration
Terms offered: Fall 2015, Fall 2012, Fall 2006
This course reviews various aspects of equity and currency markets and their relative importance. It provides models of and historical evidence on the average returns and volatility of returns on equities, on the trade-to-trade equity price behavior, on trading volume and patterns, and primary financial risks. Determination of spot and forward rates and volatility, volume, high frequency dynamics and
dealer behavior are examined.
Equity and Currency Markets: Read More [+]

MFE 230H Financial Risk Measurement and Management 2 Units

Offered through: Business Administration
Terms offered: Fall 2015, Fall 2012, Fall 2008
This course examines risk measurement and management including market risk, credit risk, liquidity risk, settlement risk, volatility risk, kurtosis risk and other types of financial risks. Topics will include risk management techniques for different types of contracts and portfolios such as duration, portfolio beta, factor sensitivities, VAR, dynamic portfolio analysis and extreme value analysis and
other risk management techniques.
Financial Risk Measurement and Management: Read More [+]

MFE 230I Fixed Income Markets 2 or 3 Units

Offered through: Business Administration
Terms offered: Summer 2007 10 Week Session, Summer 2006 10 Week Session, Summer 2005 10 Week Session
This course provides a quantitative approach to fixed income securities and bond portfolio management. Topics include fixed income security markets, pricing and uses for portfolio management or for hedging interest rate risk, bond mathematics, term structure measurement and theory, immunization techniques, and the modern theory of bond pricing, and
derivative instruments.
Fixed Income Markets: Read More [+]

MFE 230J Financial Innovation in a Global Marketplace 1 Unit

Offered through: Business Administration
Terms offered: Fall 2015, Fall 2008, Fall 2006
This course will stress financial innovation in the traditional financial markets, and innovation opportunities in the newer disciplines of long and short term economic markets. Some examples of the later include livelihood insurance, home-equity insurance, inequality insurance, intergenerational social security, international agreements, and individual pension investment strategies.

Financial Innovation in a Global Marketplace: Read More [+]

MFE 230K Dynamic Asset Management 2 Units

Offered through: Business Administration
Terms offered: Spring 2015, Spring 2010, Spring 2009
This course reviews portfolio theory and pricing models. It includes: risk models for international portfolio returns, models of optimal allocation of funds, exchange rate uncertainty and criteria for judging the performance of managers and models; different types of portfolios/instruments, different types of applications, and strategies to achieve various investment objectives.

Dynamic Asset Management: Read More [+]

MFE 230M Asset-Backed Security Markets 2 Units

Offered through: Business Administration
Terms offered: Fall 2015, Spring 2015, Spring 2010
This course extends the study of fixed income securities to advanced topics on mortage and other asset-backed securities. Topics will include basic mechanics of structuring deals for mortgage-related securities, credit cards, leases, and other debt markets and the risk management techniques employed in the securitization process for these assets. The valuation of pooled assets and derivative bonds
using Monte Carlo and option pricing techniques, and trading strategies are also evaluated.
Asset-Backed Security Markets: Read More [+]

MFE 230N Applied Finance Project 0.0 Units

Offered through: Business Administration
Terms offered: Fall 2015, Fall 2012, Fall 2008
Students will be required to complete an applied quantitative finance project that explores a quantitative finance problem that might be met in practice and involves the development or use of quantitative financial technique.

Applied Finance Project: Read More [+]

MFE 230O Applied Finance Project 1 - 3 Units

Offered through: Business Administration
Terms offered: Spring 2015, Spring 2010, Spring 2009
Students will be required to complete an applied quantitative finance project that explores a quantitative finance problem that might be met in practice and involves the development or use of quantitative financial technique.

Applied Finance Project: Read More [+]

MFE 230P Financial Data Science 2 Units

Offered through: Business Administration
Terms offered: Fall 2015
This course proposes a guided tour through optimization models arising in practical finance. These problems include ones that are traditionally associated with optimization, including asset and liability management, asset pricing, and portfolio optimization. We also describe optimization models arising in model calibration, predication and estimation, and risk analysis. The course includes some recent approaches to the analysis
of other kinds of financial data, such as text (financial news) data.
Financial Data Science: Read More [+]

MFE 230Q Stochastic Calculus with Asset Pricing Applications 2 Units

Offered through: Business Administration
Terms offered: Spring 2015, Spring 2007, Spring 2006
The course introduces the students to techniques from stochastic analysis employed in mathematical finance. Topics include: stochastic processes, brownian motion, stochastic integral, differentials and Ito's formula; martingales.

Stochastic Calculus with Asset Pricing Applications: Read More [+]

MFE 230R Advanced Computational Finance 2 Units

Offered through: Business Administration
Terms offered: Fall 2008, Fall 2006, Fall 2005
This course builds on the techniques learned in 230D, Quantitative Methods for Derivative Pricing. The focus is to gain a deeper analysis of numerical and computational issues in pricing and calibration. The orientation of the course is hands-on, with heavy use of computational techniques applied to case projects. The primary objective of this course is to prepare students to tackle the latest challenges
in quantitative pricing that they are likely to encounter in cutting-edge financial institutions.
Advanced Computational Finance: Read More [+]

MFE 230S Behavioral Finance 1 or 2 Units

Offered through: Business Administration
Terms offered: Spring 2017, Spring 2015, Spring 2009
Over the last 25 years, psychologists have come to better understand the processes by which people make judgements and decisions. They have identified common judgement and decision heuristics and the biases associated with these. An understanding of one's own decision biases and those of others is an important tool for managers. Behavioral Decision Theory has also contributed to our understanding
of financial markets. This course will discuss the common biases and heuristics.
Behavioral Finance: Read More [+]

MFE 230T Topics in Financial Engineering 1 - 5 Units

Offered through: Business Administration
Terms offered: Spring 2015, Summer 2013 10 Week Session, Fall 2012
Advanced study in the field of finance engineering that will address current and emerging issues. Topics will vary with each offering and will be announced at the beginning of each term.

Topics in Financial Engineering: Read More [+]

MFE 230V Credit Risk Modeling 2 Units

Offered through: Business Administration
Terms offered: Fall 2008, Fall 2005, Fall 2004
Focuses on the techniques currently used to model credit risk. The course will cover default probabilities, loss given default, correlation, credit portfolio analytics, bond valuation, loan valuation, and credit derivative valuation. Emphasis will be placed on model building, model validation, and interpreting model output. Students will be required to do some high-level programming in a package such
as Matlab. Some empirical testing exercises will also be part of the project work.
Credit Risk Modeling: Read More [+]

MFE 230VA Credit Risk: Economic Concepts 1 Unit

Offered through: Business Administration
Terms offered: Spring 2010, Summer 2006 10 Week Session
Introduction to credit risk modeling and conceptual overview of current techniques. Covers default probabilities, loss given default, correlation, credit portfolio analytics, bond valuation, loan valuation, and credit derivative valuation. Prepares students who are interested in a second course that will focus on model building. Students not interested in the technical details of modeling but
who desire an understanding of how credit risk modeling is used in practice will benefit from taking this course.
Credit Risk: Economic Concepts: Read More [+]

MFE 230VB Credit Risk: Quantitative Modeling 1 Unit

Offered through: Business Administration
Terms offered: Fall 2006
Focuses on the techniques currently used to model credit risk. The course will cover default probabilities, loss given default, correlation, credit portfolio analytics, bond valuation, loan valuation, and credit derivative valuation. Emphasis will be placed on model building, model validation, and interpreting model output. Students will be required to do some high-level programming in a package such as MATLAB. Some empirical
testing exercises will also be part of the project work.
Credit Risk: Quantitative Modeling: Read More [+]

MFE 230W Accounting and Taxation of Derivatives 1 Unit

Offered through: Business Administration
Terms offered: Summer 2007 10 Week Session, Summer 2006 10 Week Session, Summer 2005 10 Week Session
This course provides a framework to allow students the understanding of the accounting and tax issues related to derivatives and hedging. It also fulfills the needs of students seeking jobs in the corporate sector and/or seeking securities-structuring assignments in the financial services sector. A basic understanding of financial accounting is
required.
Accounting and Taxation of Derivatives: Read More [+]

MFE 230X High Frequency Finance 1 or 2 Units

Offered through: Business Administration
Terms offered: Spring 2015
This course introduces basic concepts of high frequency finance and discusses recent developments in market microstructure, electronic trading, and high frequency data modeling. Topics include trading basics and price discovery, distributional properties of financial time series, tick data analysis, trade direction algorithms, trading benchmarks, sources of risk, and trading strategies (including back-testing challenges
, benchmark and hedging strategies, and arbitrage and program trading).
High Frequency Finance: Read More [+]

MFE 230Y Ethics and Regulation in Financial Markets 1 Unit

Offered through: Business Administration
Terms offered: Prior to 2007
This course is an introduction to the legal rules which govern financial markets and institutions in general but also, specifically related to derivatives. The main purpose of legal rules and regulations is to ensure a smooth functioning of financial markets, as well as the safety and soundness of the overall financial system. We will examine the main areas of law and regulation, as they pertain to the centralized exchanges
and the over the counter markets and the role of regulatory arbitrage. We will specifically focus on Dodd-Frank and Basel III and how these rules came about as a response to the financial crisis. We will also explore the role of ethics in filling in the gaps that the law fails to fill.
Ethics and Regulation in Financial Markets: Read More [+]

MFE 293 Individually Supervised Study for Graduate Students 1 - 5 Units

Offered through: Business Administration
Terms offered: Fall 2015, Spring 2015, Fall 2012
Individually supervised study of subjects not available to students in the regular schedule, approved by faculty adviser as appropriate for the students' programs.

Individually Supervised Study for Graduate Students: Read More [+]

Faculty and Instructors

+ Indicates this faculty member is the recipient of the Distinguished Teaching Award.

Steven Huff
Research Profile

Aaron McDaniel
Research Profile

Michael Sternberg
Research Profile

Biz Stone, Executive Fellow.
Research Profile

Faculty

Debby Hopkins, Executive Fellow.
Research Profile

Cameron Anderson, Professor. Status hierarchies, psychology of power, self and interpersonal perception.
Research Profile

Ned Augenblick, Assistant Professor. Theoretical and empirical analysis of online markets.
Research Profile

Adam Berman, Executive Director, Emerging Intiatives.
Research Profile

Morgan Bernstein, Executive Director.
Research Profile

Suresh Bhat, CFO.
Research Profile

Aaron Bodoh-Creed, Assistant Professor. Industrial organization, market design, psychology and economics.
Research Profile

Severin Borenstein, Professor. Energy policy and climate change, electricity deregulation, airline competition, oil and gasoline market pricing and competition.
Research Profile

Jamie Breen , Assistant Dean, MBA Programs for Working Professionals.
Research Profile

Andrew Campbell, Executive Director, Energy Institute.
Research Profile

Maria Carkovic, Executive Director, Institute for Business Innovation.
Research Profile

Dana Carney, Associate Professor. Ethics, social cognition, social judgment and decision making, nonverbal communication, power and influence, prejudice and discrimination.
Research Profile

Courtney Chandler, Senior Assistant Dean, Evening & Weekend MBA Program.
Research Profile

Jennifer Chatman, Professor. Organizational culture and firm performance, group demography, norms in social groups.
Research Profile

Henry Chesbrough, Adjunct Professor. Innovation, Organizing, structuring, and managing internal and external research and development, Technology-based spinoffs and corporate venture capital, Managing intellectual property, Comparative industry evolution in high-technology industries between the US, Japan, and Western Europe.
Research Profile

Kevin Coldiron, Master of Financial Engineering. Shadow Banking, Carry Trades, Sentiment and Asset Valuation.
Research Profile

Kevin Cornish, Chief Information Officer.
Research Profile

Victor Couture, Assistant Professor. Urban economics, transportation.
Research Profile

Clayton Critcher, Associate Professor. Judgment and decision making, consumer experience, the self, moral psychology, social cognition.
Research Profile

Ernesto Dal Bo, Professor. Applied microeconomic theory, political economy, corruption and influence, collective decision-making, coercion.
Research Profile

Solomon Darwin, Executive Director, Garwood Center for Corporate Innovation. Smart City Innovations and Business Models, Cognitive Computing Business Models, Open Innovation and Business Models, Sustainability, Strategic Planning & Cost Reduction Strategies, Forensic Accounting, Profit Center Accounting, International Accounting & Multinational Corporations.
Research Profile

Lucas Davis, Associate Professor. Energy and environmental economics, applied microeconomics, public finance.
Research Profile

Rui de Figueiredo, Associate Professor. Game theory, methodology and econometrics, non-market strategy, institutions and organizations, bureaucratic organization, American politics.
Research Profile

Mathijs de Vaan, Assistant Professor. Economic sociology, social network analysis, causal inference.
Research Profile

Patricia Dechow, Professor. Accounting accruals, quality and reliability of earnings, use of earnings information in predicting stock returns.
Research Profile

Marjorie DeGraca, Executive Director, M.E.T. Program.
Research Profile

+ Stefano DellaVigna, Professor. Behavioral economics.
Research Profile

Sunil Dutta, Professor. Performance measures, incentive contracts, accounting information, cost of capital, equity valuation.
Research Profile

Omri Even-Tov, Assistant Professor. Corporate debt, relation between accounting information, bond returns, and stock returns, analysts as information intermediaries.
Research Profile

Ellen Evers, Assistant Professor. Judgment and decision making, collecting, pattern perception, moral psychology.
Research Profile

Pnina Feldman, Assistant Professor. Operations economics, operations management incorporating strategic consumer behavior, pricing strategies, operations-marketing interface, behavioral operations.
Research Profile

Brenda Fellows, Lecturer. Multicultural competence challenges, relationship between strategic executive leadership to organizational and people performance.
Research Profile

Frederico Finan, Associate Prfessor. Applied microeconomics, development economics, political economy.
Research Profile

Lee Fleming, Professor. Strategies for product invention, integration of scientific and empirical search strategies, recombination of diverse technologies, innovation.
Research Profile

Tenny Frost, Executive Director, Alumni Relations & Development.
Research Profile

William Fuchs, Assistant Professor. Dynamics, asymmetric information, contracting with limited enforcement.
Research Profile

Nicolae Garleanu, Professor. Asset pricing, liquidity, contracts, financial innovations, security design, auctions.
Research Profile

Paul Gertler, Professor. Impact evaluation, health economics.
Research Profile

Andreea Gorbatai, Assistant Professor. Social structures, social norms, open innovation, collective entrepreneurship.
Research Profile

Pierre-Olivier Gourinchas, Professor. International macroeconomics and finance.
Research Profile

Brett Green, Assistant Professor. Information economics, dynamic games, contract theory, sports economics.
Research Profile

Jose Guajardo, Assistant Professor. Business model innovation, business analytics, service innovation, operations strategy, operation-marketing interface.
Research Profile

John Hanke, Executive Fellow.
Research Profile

Heather Haveman, Professor. Organizational theory, economic sociology, historical sociology, entrepreneurship, organizational development.
Research Profile

Terrence Hendershott, Professor. Management of information systems, role of information technology in financial markets, electronic communications networks and stock market design.
Research Profile

Benjamin Hermalin, Professor. Corporate governance, executive compensation, economics of leadership and organization, contract theory, competitive strategy and industrial organization.
Research Profile

Teck Ho, Professor. Behavioral pricing and revenue model design, bounded rationality, emotional gaming, strategic intelligence quotient.
Research Profile

Ming Hsu, Associate Professor. Marketing, customer insights, neuroscience, consumer decision-making.
Research Profile

Ganesh Iyer, Professor. Competitive marketing strategy, distribution channels, marketing information, internet institutions and competition, bounded rationality.
Research Profile

Drew Jacoby-Senghor, Assistant Professor. Intergroup Interactions, Social Networks & Prejudice., Morality in Group-Diverse Contextsm Effect of Subtle Bias on Performance.
Research Profile

Paul Jansen, Adjunct Professor.
Research Profile

Przemyslaw Jeziorski, Assistant Professor. Industrial organization, quantitative marketing, dynamic games.
Research Profile

Peter Johnson, Assistant Dean, Full-time MBA Program.
Research Profile

Yuichiro Kamada, Assistant Professor. Revision games, solution concepts for games, social networks, market design, communication, political economy.
Research Profile

Zsolt Katona, Associate Professor. Online marketing, search advertising, network economics, social networks.
Research Profile

Michael Katz, Professor. Economics of network industries, intellectual property licensing, telecommunications policy, cooperative research and development.
Research Profile

Guy Kawasaki, Executive Fellow.
Research Profile

Tom Kelley, Executive Fellow.
Research Profile

Amir Kermani, Assistant Professor. Monetary policy, macroeconomics and housing, securitization market and political economy.
Research Profile

Jonathan Kolstad, Assistant Professor. Health economics, industrial organization, public economies, applied microeconomics.
Research Profile

Yaniv Konchitchki, Assistant Professor. Macro-accounting, linkages between accounting information, stock returns, and the macroeconomy.
Research Profile

Laura Kray, Professor. Negotiation, gender stereotypes, counterfactual mindsets, group decision making, organizational justice.
Research Profile

Linda Kreitzman, Executive Director, MFE.
Research Profile

Scott Kupor, Executive-in-Residence.
Research Profile

Alastair Lawrence, Assistant Professor. Financial disclosures and reporting issues, SEC comment letters, how investors demand financial information, auditing issues.
Research Profile

Thomas Lee, Associate Adjunct Professor.
Research Profile

Jonathan Leonard, Professor. Employee incentives, affirmative action, job creation, workplace regulation.
Research Profile

Martin Lettau, Professor. Finance, asset pricing, stocks, bonds.
Research Profile

Ming Leung, Assistant Professor. Organizational theory, economic sociology, markets, categorization, strategy.
Research Profile

David Levine, Professor. Organizational learning, economic development, management, workplace, health and education in poor nations.
Research Profile

Ross Levine, Professor. Financial regulation and economic growth, income inequality, poverty, financial crises, political economy, international capital flows, entrepreneurship.
Research Profile

Dmitry Livdan, Associate Professor. Asset pricing, informational economics, corporate finance.
Research Profile

+ Richard Lyons, Professor. Exchange rate economics, microstructure finance, international finance.
Research Profile

Kimberly MacPherson, Academic Coordinator, Health Management.
Research Profile

+ Ulrike Malmendier, Professor. Corporate finance, behavioral economics, behavioral finance, economics of organizations, contract theory, law and economics.
Research Profile

Gustavo Manso, Associate Professor. Corporate finance, entrepreneurship, financial institutions, financial markets.
Research Profile

Andre Marquis, Executive Director, Innovation Acceleration Group.
Research Profile

Kellie McElhaney, Associate Adjunct Professor.
Research Profile

Conrad Miller, Assistant Professor. Hiring, job networks, affirmative action in the labor market, spatial labor market frictions.
Research Profile

Don Moore, Professor. Overconfidence in decision-making, negotiation, and ethical choice.
Research Profile

Enrico Moretti, Professor. Labor economics, urban economics.
Research Profile

John Morgan, Professor. Competition in online markets, elections and polling, communication in organizations, experimental economics.
Research Profile

Adair Morse, Associate Professor. Household finance, entrepreneurship, corruption & governance, asset management, development.
Research Profile

Abhishek Nagaraj, Assistant Professor.
Research Profile

Noel Nellis, Adjunct Professor.
Research Profile

Leif Nelson, Professor. Human judgment and decision making, consumer preferences and choices, consumption experience and consumer well being.
Research Profile

Alexander Nezlobin, Assistant Professor. Equity valuation, managerial performance measurement, real options, profitability analysis, monopoly regulation.
Research Profile

Hoai-Luu Nguyen, Assistant Professor.
Research Profile

Terrance Odean, Professor. Behavioral finance, investor behavior, investor welfare, influence of individual investors on asset prices.
Research Profile

Marcus Opp, Assistant Professor. Corporate finance, contract theory, DSGE models, trade theory.
Research Profile

Christopher Palmer, Assistant Professor. Mortgage finance, housing markets, foreclosure crisis, structured finance, gentrification, applied econometrics.
Research Profile

Yiangos Papanastasiou, Assistant Professor. Dynamic pricing, operations.
Research Profile

Minjung Park, Assistant Professor. Marketing and microeconometrics, industrial organization, firm behavior .
Research Profile

Christine Parlour, Professor. Banking, market design.
Research Profile

Panos Patatoukas, Associate Professor. Measuring and forecasting economic activity using financial statement analysis, valuation, cross-industry economic links, supply-chain performance, financial reporting.
Research Profile

Trond Petersen, Professor. Organizations, social stratification, inequality, economic sociology, comparative studies, quantitative methods.
Research Profile

Kristiana Raube, Adjunct Professor.
Research Profile

Paul Rice, Executive Fellow.
Research Profile

Andrew Rose, Professor. International trade patterns, contagion in currency crises, exchange rate determination, banking and exchange crises in developing countries, exchange rate regimes.
Research Profile

Christine Rosen, Associate Professor. History of business and the environment, business history, green chemistry, sustainable business strategies.
Research Profile

Kenneth Rosen, Professor.
Research Profile

Raul Sanchez de la Sierra, Assistant Professor. Development economics, political economy, taxation, government.
Research Profile

Juliana Schroeder, Assistant Professor. Social cognition, judgment and decision-making, interpersonal and intergroup processes.
Research Profile

Abby Scott, Assistant Dean, Career Management & Corporate Relations.
Research Profile

Carl Shapiro, Professor. Design and use of patents, anti-trust economics, intellectual property and licensing.
Research Profile

Stephen Shortell, Professor. Organizational correlates of quality and outcomes of care, evaluation of total quality management and community-based health improvement initiatives.
Research Profile

Nora Silver, Adjunct Professor.
Research Profile

Richard Sloan, Professor. Accounting information and stock returns, earnings management, role of analysts and auditors as information intermediaries.
Research Profile

Jim Spitze, Executive Director, CIO Leadership Program.
Research Profile

David Sraer, Associate Professor. Behavioral finance, corporate finance, entrepreneurship and venture capital, organizations.
Research Profile

Sameer Srivastava, Assistant Professor. Organizational sociology, organizational theory, network analysis, culture and cognition, economic sociology, research design and methods.
Research Profile

Richard Stanton, Professor. Mortgage and lease markets, term structure modeling, mutual funds and risk management, employee stock options.
Research Profile

Matthew Stepka, Executive-in-Residence.
Research Profile

Jay Stowsky, Senior Assistant Dean for Instruction.
Research Profile

Toby Stuart, Professor. Corporate strategy, entrepreneurship.
Research Profile

Steven Tadelis, Professor. E-commerce, economics of organizations, procurement contracting, theory of the firm and industrial organization, contract theory, game theory.
Research Profile

Terry Taylor, Professor. Social responsibility in and economics of operations management, supply chain management, marketing-operations interface.
Research Profile

David Teece, Professor. Role of product and process development, intellectual property, competitive performance, innovation and organization of industry.
Research Profile

Laura Tyson, Professor.
Research Profile

J. Miguel Villas-Boas, Professor. Competitive strategy, customer relationship management, internet strategies, organization design.
Research Profile

Annette Vissing-Jorgensen, Professor. Household consumption and portfolio choice, stock market participation, returns to entrepreneurial investment, corporate governance.
Research Profile

Johan Walden, Associate Professor. Asset pricing, heavy-tailed risks, networks and capital markets.
Research Profile

Erika Walker, Assistant Dean, Undergraduate Program.
Research Profile

William (Reed) Walker, Assistant Professor. Environmental economics, labor and public economics.
Research Profile

Nancy Wallace, Professor. Housing price indices, mortgage prepayment and pricing models, option pricing models, executive stock option valuable.
Research Profile

Jane Wei-Skillern, Adjunct Associate Professor.
Research Profile

James Wilcox, Professor. Banking, business conditions, conversions.
Research Profile

Catherine D. Wolfram, Professor. Energy markets, environmental regulation.
Research Profile

Candace Yano, Professor. Supply chain management, service systems management, production-quality interface issues, marketing-production interface issues.
Research Profile

Noam Yuchtman, Associate Professor. Educational institutions, human capital, historical development, labor market institutions, law and economics, political institutions, social interactions.
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Dariush Zahedi, Executive Director, Center for Entrepreneurship & Development in the Middle East.
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Xiao-Jun Zhang, Professor. Financial statement analysis, financial accounting theory, international accounting.
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Affiliated Faculty

Vinod Aggarwal, Affiliated Professor. Integration of market and non-market strategies, International debt rescheduling, Lobbying and trade protectionism.
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Joseph Farrell, Affiliated Professor. Financial reporting, capital market efficiency, regulation in the internet age, negotiation and merger remedies, market structure.
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Morten Hansen, Affiliated Professor. Collaboration in and across companies, including online collaboration tools in business.
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Robert P. Merges, Affiliated Professor. Antitrust, intellectual property, property rights, patent law, law and economics, copyright law, digital content, online contracts.
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Lecturer

Mark Coopersmith, Lecturer.
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Brent Copen, Lecturer.
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Joe Dougherty, Lecturer. Social entrepreneurship and leadership in nonprofit organizations, College access and post-secondary success, Agricultural transformation in the developing work.
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Diane Dwyer, Lecturer.
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Ben Mangan, Lecturer.
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Allan Marks, Lecturer.
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Virginia Rath, Lecturer.
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Eric Reiner, Lecturer.
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Jeffrey Rideout, Lecturer.
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Mike Rielly, Lecturer.
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David Riemer, Lecturer.
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William Rindfuss, Lecturer.
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Deepak Agrawal, Lecturer. Credit risk, Fixed income, Risk management.
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Beverly Alexander, Lecturer. Integrated low carbon energy strategies, Energy efficiency, demand response & smart grid, Business leadership development.
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Wasim Azhar, Continuing Lecturer.
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Roy Bahat, Lecturer.
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Homa Bahrami, Senior Continuing Lecturer. Enterprise adaptation & flexibility, Organizational innovation for globalization, Impact of technology on organizational design, Orchestrating geo-distributed teams, Leading multi-cultural knowledge workers.
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Yasaman Baiani, Lecturer. Product management.
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Elizabeth Bailey, Lecturer. Antitrust, Intellectural property, Energy economics.
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Rajiv Ball, Lecturer. Leadership Communications, ReFrame.
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Ajay Bam, Lecturer. Social Entrepreneurship, Innovation and Product Design.
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Cristina Banks, Senior Continuing Lecturer.
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Michael Barry, Lecturer.
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+ Sara Beckman, Senior Lecturer SOE. Innovation and design management, New product development, Operations strategy, Environmental supply chain management.
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Sam Berde, Lecturer. Auditing.
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Kurt Beyer, Lecturer. Intrapreneurship in large organizations, Ecosystems of Innovation, Impact of disrptive technologies on IT and media industries, Entrepreneurship and innovation during recessions, Government supported innovation.
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Steven Blank, Continuing Lecturer. Methodology and models for customer-facing activities for early stage startups.
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Michael Borrus, Lecturer.
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Dino Boukouris, Lecturer. Venture capital and private equity.
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Colin Boyle, Lecturer. Strategy and management of non-profit and other social sector organizations, Impact measurement and evaluation of social sector organizations and programs, Global health policy and economics, including financing and systems reform, Product development and access to medicines in low-income countries.
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Janet Brady, Lecturer.
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Ori Brafman, Lecturer. Distributed Networks, Inclusion as Strategic Advantage, Improvisational Leadership, Trust and Emotional Connection in Organizations.
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John Briginshaw, Lecturer. Equity valuation, Fast growth companies.
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Rada Brooks, Continuing Lecturer.
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Shashi Buluswar, Lecturer.
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Jorge Calderon, Lecturer. Social venture design, Impact investing strategies and outcomes, Purpose economy evolution, the infusing of traditional companies with positive purpose and values, Convergence of investment and philanthropic services for the High-Net Worth segment, Entrepreneurship as a tool for prosperity for disadvantaged communities, Diversity in innovation.
Research Profile

Jennifer Caleshu, Lecturer. High Impact Leadership, Leading Innovative Change, Leadership Communications, Active Communicating.
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Rob Chandra, Lecturer. Alternative investing (venture capital, private equity, & hedge funds), Entrepreneurship.
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David Charron, Continuing Lecturer.
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John Danner, Continuing Lecturer.
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Timothy Dayonot, Lecturer.
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Stephen Etter, Continuing Lecturer.
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William Falik, Continuing Lecturer.
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William Fanning, Continuing Lecturer.
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Flavio Feferman, Lecturer. Entrepreneurship and innovation in developing regions, The role of business and technology in economic development, Innovation clusters and regional economic development, Agricultural development, Entrepreneurial education, International consulting.
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Todd Fitch, Lecturer. Economic impacts of intellectual property, Peer instruction impacts on learning, Innovation, Technology Strategy.
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C. Sean Foote, Continuing Lecturer.
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Jeffrey Ford, Lecturer.
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Prashant Fuloria, Lecturer.
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Solomon Fulp, Lecturer.
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Dennis Geyer, Lecturer. Multi-driver cost modeling, Driver-based planning, Cost Reduction strategies.
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Christopher Giles, Lecturer.
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Ioannis Gkatzimas, Lecturer.
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Peter Goodson, Continuing Lecturer.
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Ernest Gundling, Continuing Lecturer. Global leadership development, Cross-border organization development: innovation, collaboration, change management, Global teams.
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Dan Hanson, Lecturer.
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David Evan Harris, Lecturer. Non-profit, non-governmental and civil society organizations, Social movements and social media technologies, Civic technology platforms, firms and networks; governance, Philanthropic innovation and risk-taking; celebrity activism, Ethics and discourses of socioeconomic inequality; historical materialism, Futures thinking; scenario planning, New media art; arts organizations; art funding ecosystems, Brazil; Latin America.
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Lynne Heinrich, Continuing Lecturer.
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Kevin Hill, Lecturer.
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Daniel Himelstein, Continuing Lecturer. Global business, Entrepreneurship, small business, Leadership, organizational development, culture, Strategic business planning, consulting, Technology.
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Asiff Hirji, Lecturer.
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Whitney Hischier , Lecturer.
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Judy Hopelain, Lecturer.
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Jim Hornthal, Lecturer.
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Andrew Isaacs, Senior Continuing Lecturer. Marketing for High Tech Entrepreneurs, The Business of Nanotechnology. Opportunity Recognition: Technology and Entrepreneurship in Silicon Valley, Energy, Sustainability and Business Innovation.
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Arina Isaacson, Continuing Lecturer.
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Oren Jacob, Lecturer.
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Ron Kahn, Lecturer.
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Edward Kass, Lecturer.
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Clark Kellogg, Lecturer.
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Sheldon Kimber, Lecturer.
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Michael Kobori, Lecturer. Corporate Sustainability, Business in Society.
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Lloyd Kurtz, Lecturer.
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Gregory La Blanc, Continuing Lecturer. Data and analytics strategy, Business model innovation, Alternative investment strategies, Evolutionary decision theory, Behavioral law and economics, Behavioral corporate finance, Complex adaptive systems, Information in organizations.
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Colin Lacon, Lecture.
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Adam Leipzig, Lecturer.
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Anne Leschin, Lecturer.
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Glen Low, Lecturer. Corporate sustainability, Natural capital, Ecosystems, Data science, Water, Behavior change.
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Ericka Lutz, Lecturer. Creativity and the writing process, International business writing styles.
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Ananth Madhavan, Lecturer.
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Kenneth Marshall, Value Investing.
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Sumon Mazumdar, Continuing Lecturer.
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John McCauley, Lecturer.
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Chris McCoy, Lecturer.
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Roger McElrath, Lecturer.
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Jon Metzler, Lecturer.
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Alison Bloomfield Meyer, Lecturer.
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Peter Molloy, Continuing Lecturer.
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Daniel Mulhern, Lecturer.
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Ethan Namvar, Lecturer.
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Faris Natour, Lecturer.
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Frans Nauta, Lecturer.
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David Nelson, Lecturer.
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Carl Nichols, Lecturer.
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Robert O'Donnell, Lecturer.
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Samuel Olesky, Continuing Lecturer.
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Maura O'Neill, Lecturer.
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Terry Opdendyk, Continuing Lecturer.
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Marymoore Patterson, Lecturer.
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Brandi Pearce, Lecturer.
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William Pearce, Lecturer.
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Erica Peng, Lecturer.
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Arturo Perez-Reyes, Continuing Lecturer.
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John (Jack) Phillips, Continuing Lecturer.
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Mark Poff, Lecturer.
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Don Proctor, Lecturer.
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Chris Puscasiu, Lecturer.
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Tiffany Rasmussen, Lecturer.
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Mark Rittenberg, Continuing Lecturer.
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David Robinson, Senior Continuing Lecturer.
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Dave Rochlin, Lecturer.
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Omar Romero-Hernandez, Lecturer.
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William Rosenzweig, Lecturer.
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Alan Ross, Continuing Lecturer.
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Nicole Sanchez, Lecturer.
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Holly Schroth, Senior Continuing Lecturer.
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Frank Schultz, Continuing Lecturer.
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Barry Schwartz, Lecturer.
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Fred Selinger, Continuing Lecturer.
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Bill Shelander, Lecturer.
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Bill Shireman, Lecturer.
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Andrew Shogan, Lecturer.
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Dan Simpson, Lecturer.
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Ryan Sloan, Lecturer.
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F. Victor Stanton, Senior Continuing Lecturer.
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Brian Steel, Lecturer.
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Robert Strand, Lecturer.
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Lisa Suennen, Lecturer.
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Sarah Tasker, Continuing Lecturer.
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Donatella Taurasi, Lecturer.
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Peter Thigpen, Continuing Lecturer.
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Krystal Thomas, Continuing Lecturer.
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Paul Tiffany, Senior Continuing Lecturer.
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Molly Turner, Lecturer.
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Phin Upham, Lecturer.
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Lynn Upshaw, Continuing Lecturer.
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Joe Wadcan, Lecturer.
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Barbara Waugh, Lecturer.
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James Webb, Lecturer.
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Randolph Wedding, Lecturer.
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Steven Weinstein, Lecturer.
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Dennis Williams, Lecturer.
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Peter Wilton, Senior Continuing Lecturer.
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Steven A. Wood, Continuing Lecturer.
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Cort Worthington, Continuing Lecturer.
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Arman Zand, Lecturer.
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Mark Zanoli, Lecturer.
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Visiting Faculty

Sally Baack, Visiting Professor. Ethical leadership in organizations, CEO-Board relations in Corporate Governance, Strategic Management, International Competition.
Research Profile

Michelle Greenwald, Visiting Professor.
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Shachar Kariv, Visiting Professor. Social networks, Social learning, Personal and social preferences.
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Gary Pieroni, Visiting Professor.
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Jeff Thompson, Visiting Associate Professor.
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Karin Thornburn, Visiting Professor.
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Joachim Voth, Visiting Professor.
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Jennifer Walske, Social Impact Fellow.
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Emeritus Faculty

David Aaker, Professor Emeritus. Brand and brand building, Brand portfolio strategy, Global brand management.
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Alan Cerf, Professor Emeritus.
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Robert Cole, Professor Emeritus. Software and Automotive industries, Management of technology, Japanese organizations, Quality, Organizational learning, knowledge management, Organizational transformation.
Research Profile

Robert Edelstein, Professor Emeritus. Urban real estate economics and urban financial problems, Property taxation and the role of the public sector, Inter-linkages, securitization and globalization of real estate asset markets, Design of optimal mortgage debt instruments and variable-rate mortgages, Macroeconomic determinants of housing construction, Impacts of inflation and deflation on real estate values, Determinants of US and international real estate asset cycles.
Research Profile

Jerome Engel, Adjunct Professor Emeritus. Innovation and creativity, Clusters and networks of innovation, Venture capital firms, structures and incentives, Corporate venturing and innovation initiatives, Entrepreneurship and management practices in emerging enterprise, Technology management and licensing, Mergers and acquisitions, initial public offerings, Financing high-tech ventures.
Research Profile

Edwin Epstein, Professor Emeritus. Business ethics, generally, Jewish business ethics, specifically peace and conflict studies related issues.
Research Profile

Rashi Glazer, Professor Emeritus. High-technology marketing, Information-intensive marketing, Consumer and managerial decision making, E-business, E-commerce, Marketing strategy, Knowledge management.
Research Profile

Nils Hakansson, Professor Emeritus. Dynamic portfolio strategies, The welfare economics of financial markets, Economics of Information, Disclosure regulation and productive efficiency, Financial reporting.
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Robert Harris, Associate Professor Emeritus. Japan, Europe, U.S., competitive strategy, industry policy, antitrust regulation, mergers and acquisitions, telecommunications and transportation industries, comparative industry policies, performance in emerging technologies.
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Leo Helzel, Adjunct Professor Emeritus.
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Hayne Leland, Professor Emeritus. Structural modeling of credit risk, Dynamic models of optimal leverage and agency costs, Optimal investment strategies in the presence of transactions costs, Performance measurement: beyond mean-variance analysis.
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James Lincoln, Professor Emeritus. International business and management, particularly Japanese management, Corporate governance, organizational networks, organizational theory and research methods, Human resource management and industrial relations.
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Thomas Marschak, Professor Emeritus.
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Terry Marsh, Associate Professor Emeritus.
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Raymond Miles, Professor Emeritus.
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David Mowery, Professor Emeritus.
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John Myers, Professor Emeritus.
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Karlene Roberts, Professor Emeritus.
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Mark Rubinstein, Professor Emeritus.
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Pablo Spiller, Professor Emeritus.
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Barry Staw, Professor Emeritus.
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George Strauss, Professor Emeritus.
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+ M. Frances Van Loo, Associate Professor Emeritus.
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David Vogel, Professor Emeritus.
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Oliver Williamson, Professor Emeritus.
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Janet Yellen, Professor Emeritus.
Research Profile

Contact Information

Haas School of Business

Haas School of Business

Phone: 510-642-4417

Fax: 510-643-4345

Visit School Website

Executive Director and Assistant Dean

Linda Kreitzman

Berkeley-Haas MFE

Phone: 510-642-4417

mfe@haas.berkeley.edu

Graduate Student Affairs Officer

Christina Henri

Berkeley-Haas MFE

Phone: 510-642-4417

mfe@haas.berkeley.edu

Graduate Student Affairs Officer

Diane Nguyen

Berkeley-Haas MFE

Phone: 510-642-4417

mfe@haas.berkeley.edu

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