Philip H. Dybvig

Boatmen's Bancshares Professor of Banking and Finance

Areas of Expertise:

Banking and Financial Institutions; Business Education; Corporate Governance; Finance/Investments - Corporate Finance; Finance/Investments - International Finance; Finance/Investments - Investment/Security Pricing/Portfolio Theory; Finance/Investments - Option Pricing; Management Science - Stochastic Processes

Research interests:

Banking, corporate finance, financial markets, asset pricing, fixed-income securities, industrial organization, porfolio management

Selected Publications:

To view publications by this professor, visit the Publications and Working Papers section of our site.

• "Consensus on Diverse Corporate Boards," Review of Financial Studies, with N. Baranchuk, forthcoming
• "The Fallacy of Large Numbers, and a Defense of Diversified Active Managers," Journal of Applied Finance, Issue Vol. 15(2), 2005
• "Employee Reload Options: Pricing, Hedging, and Optimal Exercise," Review of Financial Studies, Issue Vol. 16(1), 145-171, with M. Loewenstein, 2003
• "Pricing Long Bonds: Pitfalls and Opportunities," Financial Analysts Journal, with B. Marshall, 1996
• "Duesenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living," Review of Economic Studies, 1995
• "Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market," Review of Financial Studies, 1988
• "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, with D. Diamond, 1983

Academic/professional activities:

Associate Editor: Finance and Stochastics, Financial Practice and Education, Journal of Economic Theory
Past Associate Editor: Finance and Stochastics, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Review of Financial Studies
Past Editor: Review of Financial Studies

Awards/honors:

Common Fund Prize, 1996
Graham and Dodd Scroll for Excellence in Financial Writing, 1996
Sloan Research Fellowship, 1986-1988
Batterymarch Research Fellowship, 1982-1983

Personal interests:

Professor Dybvig's leisure time is spent playing and composing music, cooking, playing taijiquan, and lifting weights.