Henrik Cronqvist

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Henrik Cronqvist
CitizenshipUnited States, Sweden
TitleBank of America Professor of Finance
Academic background
Alma materStockholm School of Economics
University of Chicago
ThesisAdvertising and Portfolio Choice
Doctoral advisorRichard H. Thaler
Academic work
InstitutionsOhio State University, Fisher College of Business (2004-2008)
Claremont McKenna College, Robert Day School of Economics and Finance (2008-2013)
University of Miami, Patti and Allan Herbert Business School (2015-present)
Main interestsBehavioral finance, social finance, corporate finance

Henrik Cronqvist is a Swedish academic, researcher, and author. Cronqvist is a professor of finance, Bank of America Scholar, and vice dean for faculty and research at Miami Herbert Business School, where he conducts interdisciplinary research and teaches finance and management courses at both undergraduate and graduate levels. Previously at the University of Miami, he served as chair of the Department of Finance and director of Ph.D. Programs for Miami Herbert Business School.[1]

Cronqvist's research is focused on the area of behavioral and social finance, as well as corporate finance, with a focus on the study of the behavior of corporate executives and investors.[2]

Early life and education[]

After high school, Cronqvis completed his military service at the Scania Air Force Wing (Skånska Flygflottiljen, F10). Thereafter, he received an M.S. in business and economics in 1997 and an Ekonomie Licentiat in finance in 1999, both from Stockholm School of Economics, where he received the award for Most Outstanding Master's Thesis in Finance.[3]

Under the guidance of his advisor, Richard H. Thaler, Cronqvist completed his dissertation on "Advertising and Portfolio Choice."[4] During his Ph.D. studies, Cronqvist received a fellowship from the Sweden-America Foundation, Marcus Wallenberg's scholarship for Ph.D. studies in finance in the U.S., and a research grants from Torsten och Ragnar Söderberg Foundations and Center for Research in Securities Prices (CRSP), and travel grants from the American Finance Association and the Russell Sage Foundation.[3]

Career[]

In 2004, Cronqvist joined Ohio State University, Fisher College of Business, as an assistant professor of finance. He received the Fisher College of Business Pace Setter Award for Excellence in Research in 2007, the college's highest research award.[5] In 2008, he joined Claremont McKenna College, Robert Day School of Economics and Finance. He was promoted to associate professor in 2010, and held the McMahon Family Chair in Corporate Finance and was a George R. Roberts Fellow.[3]

In 2013, Cronqvist joined China Europe International Business School (CEIBS) as professor of finance, and held the Zhongkun Group Chair. He received the CEIBS Research Excellence Award in 2014.[6] In 2015, he joined University of Miami, Patti and Allan Herbert Business School, as Professor of Finance. He served as Director of Ph.D. Programs 2016-2019 and Chair of the Department of Finance 2017–2018. In 2018, he was appointed by Dean John A. Quelch as Vice Dean for Faculty and Research.[7] In January 2020, he was appointed Bank of America Scholar.[8]

Cronqvist has held many visiting professorships, including at Yale University, University of California - Irvine, Shanghai Advanced Institute of Finance, and Ludwig Maximilian University of Munich.[3]

Cronqvist is currently an associate editor of the Review of Financial Studies.[9] He has led executive education programs in the US, Asia, and Latin America, and is actively involved in consulting with corporations, investment firms, banks, and law firms.[3]

Research and work[]

Cronqvist is known for his work in the field of behavioral and social finance, with a specialization in the study of the behavior of corporate executives[10] and investors.[11] He has published in top-journals in economics, including the American Economic Review[12] and the Journal of Political Economy,[13] and in finance, including the Journal of Finance, Journal of Financial Economics,[14] and Review of Financial Studies.[15]

Several of his research papers have been recognized with best paper awards at international conferences and have been sponsored by competitive research grants. His research has been covered in print and electronic media, including The Wall Street Journal,[16] Harvard Business Review,[17] Financial Times, The Economist, The New York Times, BusinessWeek, Forbes, and CNBC.[18]

Awards and honors[]

  • 2006 - Best Paper Award, Financial Management Association's Annual European Meeting
  • 2007 - Center for International Business Education and Research (CIBER) Global Competence Award
  • 2007 - Pace Setters Outstanding Research Award, Ohio State University, Fisher College of Business
  • 2010 - Yihong Xia Best Paper Award, China International Conference in Finance
  • 2010 - Best Paper Award, Financial Management Association
  • 2010 - Best Paper Award, Arison School of Business, Interdisciplinary Center (IDC)
  • 2010 - Best Paper Award in category Investments, Financial Management Association's Annual Meeting
  • 2010 - Best Paper Award, University of Michigan, Stephen M. Ross School of Business, Mitsui Finance Symposium
  • 2011 - Faculty Research Award of the Betty F. Elliott Initiative for Academic Excellence, College of Business at the University of Michigan-Dearborn
  • 2012 - Outstanding Paper Award, National Taiwan University International Conference on Finance
  • 2012 - Best Paper Award, American Real Estate Society
  • 2014 - CEIBS Research Excellence Award
  • 2015 - Outstanding Paper Award, Midwest Finance Association's Annual Meeting
  • 2016 - Best Paper Award in Finance, Accounting & Finance Association of Australia and New Zealand
  • 2017 - CIBER Mini Grant Award
  • 2017 - Provost's Research Award[1]

Selected publications[]

Articles[]

  • "When nudges are forever: Inertia in the Swedish premium pension plan," with Richard H. Thaler and Frank Yu, 2018, AEA Papers and Proceedings 108, 153–158.
  • "Shaped by their daughters: Executives, female socialization," and corporate social responsibility, with Frank Yu, 2017, Journal of Financial Economics 126, 543–562.
  • "The fetal origins hypothesis in finance: Prenatal environment, the gender gap, and investor behavior," with Alessandro Previtero, Stephan Siegel, and Roderick E. White, 2016, Review of Financial Studies 29, 739–786.
  • "Value versus growth investing: Why do different investors have different styles?," with Stephan Siegel and Frank Yu, 2015, Journal of Financial Economics 117, 333–349.
  • "The origins of savings behavior," with Stephan Siegel, 2015, Journal of Political Economy 123, 123–169.
  • "The genetics of investment biases," with Stephan Siegel, 2014, Journal of Financial Economics 113, 215–234.
  • "CEO contract design: How do strong principals do it?," with Rüdiger Fahlenbrach, 2013, Journal of Financial Economics 108, 659–674.
  • "Behavioral consistency in corporate finance: CEO personal leverage and corporate leverage," with Anil K. Makhija and Scott E. Yonker, 2012, Journal of Financial Economics 103, 20–40.
  • "Nature or nurture: What determines investor behavior?," with Amir Barnea and Stephan Siegel, 2010, Journal of Financial Economics 98, 583–604.
  • "Large shareholders and corporate policies," with Rüdiger Fahlenbrach, 2009, Review of Financial Studies 22, 3941–3976.
  • "Do entrenched managers pay their workers more?," with Fredrik Heyman, Mattias Nilsson, Helena Svaleryd, and Jonas Vlachos, 2009, Journal of Finance 64, 309–339.
  • "The choice between rights offerings and private equity placements," with Mattias Nilsson, 2005, Journal of Financial Economics 78, 375–407.
  • "Design choices in privatized social-security systems: Learning from the Swedish experience," with Richard H. Thaler, 2004, American Economic Review 94, 424–428.
  • "Agency costs of controlling minority shareholders," with Mattias Nilsson, 2003, Journal of Financial and Quantitative Analysis 38, 695–719. (Lead article.)

Book chapters[]

  • "Behavioral and Social Corporate Finance," with Déesirée-Jessica Pély, in Oxford Research Encyclopedia of Economics and Finance, edited by Jonathan Hamilton, Avinash Dixit, Sebastian Edwards, and Kenneth Judd, and published by Oxford University Press, United Kingdom, 2019.
  • "Individual Investors," with Danling Jiang, in Financial Behavior: Players, Services, Products, and Markets, edited by H. Kent Baker, Greg Filbeck, and Victor Ricciardi, and published by Oxford University Press, United Kingdom, 2017.

References[]

  1. ^ Jump up to: a b "Henrik Cronqvist | Faculty | Miami Herbert Business School". Miami Herbert Business School | University of Miami.
  2. ^ "Henrik Cronqvist - Google Scholar Citations". scholar.google.com.
  3. ^ Jump up to: a b c d e "Henrik Cronqvist CV" (PDF).
  4. ^ "Advertising and Portfolio Choice" (PDF).
  5. ^ "Henrik Cronqvist". GBSN.
  6. ^ "Prof. Cronqvist's Research on SEC & Corporate Governance Wins Award". CEIBS.
  7. ^ "Senior-level hires and promotions in South Florida for the week of July 23, 2018".
  8. ^ "FACULTY SPOTLIGHT: Henrik Cronqvist, Behavioral Finance Leader". Miami Herbert Business School | University of Miami.
  9. ^ "Editorial Board". Oxford Academic.
  10. ^ Cronqvist, Henrik; Makhija, Anil K.; Yonker, Scott E. (March 11, 2011). "Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage" – via papers.ssrn.com.
  11. ^ "Individual Investors".
  12. ^ Cronqvist, Henrik; Thaler, Richard H. (May 3, 2004). "Design Choices in Privatized Social-Security Systems: Learning from the Swedish Experience". American Economic Review. 94 (2): 424–428. doi:10.1257/0002828041301632 – via www.aeaweb.org.
  13. ^ Cronqvist, Henrik; Siegel, Stephan (February 1, 2015). "The Origins of Savings Behavior". Journal of Political Economy. 123 (1): 123–169. doi:10.1086/679284 – via journals.uchicago.edu (Atypon).
  14. ^ Cronqvist, Henrik; Yu, Frank (June 3, 2017). "Shaped by their daughters: Executives, female socialization, and corporate social responsibility". Journal of Financial Economics. 126 (3): 543–562 – via RePEc - Econpapers.
  15. ^ Cronqvist, Henrik; Fahlenbrach, Rüdiger (October 1, 2009). "Large Shareholders and Corporate Policies". The Review of Financial Studies. 22 (10): 3941–3976. doi:10.1093/rfs/hhn093 – via academic.oup.com.
  16. ^ Zweig, Jason (February 22, 2012). "When Your DNA Dings Your ROI".
  17. ^ Beard, Alison (November 1, 2015). "CEOs with Daughters Run More Socially Responsible Firms: An Interview with Henrik Cronqvist" – via hbr.org.
  18. ^ Bishop, Katrina (February 28, 2014). "DNA key to determining investment style: Study". CNBC.
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