Henrik  Cronqvist

Henrik Cronqvist

Director of Business and Economics PhD Programs and Chair and Professor of Finance

Biography

Henrik Cronqvist is professor of finance at the University of Miami, where he conducts inter-disciplinary research and teaches finance, entrepreneurship, and management. He is also the chair of the Department of Finance and the director of PhD programs in business and economics.

Professor Cronqvist received a PhD in finance from the University of Chicago Booth School of Business, and an MS in business and economics from the Stockholm School of Economics. Previously, he served as the Zhongkun Group Chair at China Europe International Business School, China’s top-ranked business school. Prior to that, he was the McMahon Family Chair and George R. Roberts Fellow at the Robert Day School of Economics and Finance at Claremont McKenna College. He started his academic career at the Ohio State University, where he received the “Pace Setters Outstanding Research Award,” the Fisher College of Business annual research award. He is also a research affiliate at the Swedish House of Finance and Institute of Financial Research. He has been a visiting professor at Yale University and University of California - Irvine.

Professor Cronqvist's research involves behavioral finance and corporate finance. His work has been published in top journals in economics, including the American Economic Review and the Journal of Political Economy as well as in finance, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He currently serves as an associate editor of the Review of Financial Studies. He is often invited to give seminars at academic conferences and to executives and public policy makers around the world. Several of his research papers have been recognized with best paper awards at international conferences, and have been sponsored by competitive research grants. His work has been featured in BusinessWeek, the Economist, Financial Times, the Wall Street Journal, and on CNBC and CNN

Professor Cronqvist has extensive teaching experience in the US, China, and Europe related to corporate valuation, entrepreneurship, mergers and acquisitions, and private equity, at the MBA, EMBA, and PhD levels. He has developed many business cases, clinical studies, and simulation models, which illustrate complex financial decisions. He is active in executive education and has managed open and in-company programs in emerging markets, and provides consulting advice to global companies related to corporate finance and managerial decision-making. 

Professor Cronqvist's current research projects involve understanding behaviors and biases of investors and corporate managers. His teaching projects involve “blended learning” in business education and developing a behavioral finance course. 

Research Interests

Behavioral finance; and corporate finance

Featured Publications

  • Shaped by their daughters: Executives, female socialization, and corporate social responsibility, with Frank Yu, 2016, Forthcoming Journal of Financial Economics.

    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.

    Genetics, homeownership, and home location choice, with Florian Münkel and Stephan Siegel, 2014, Journal of Real Estate Finance and Economics 48, 79-111.

    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 and corporate leverage, with Anil K. Makhija and Scott E. Yonker, 2012, Journal of Financial Economics 103, 20-40.

    Estimating the effects of large shareholders using a geographic instrument, with Bo Becker and Rüdiger Fahlenbrach, 2011, Journal of Financial and Quantitative Analysis 46, 907-942.

    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.

    Why agency costs explain diversification discounts, with Peter Högfeldt and Mattias Nilsson, 2001, Real Estate Economics 29, 85-126.

Teaching and Professional Experience

  • Director, Business and Economics PhD Programs, University of Miami School of Business Administration, 2016 - Present
  • Professor, Finance, University of Miami School of Business Administration, 2015 - Present
  • Professor, Finance, Zhongkun Group Chair, China Europe International Business School, 2013 - 2015
  • Associate Professor, Financial Economics, McMahon Family Chair, Corporate Finance, George R. Roberts Fellow, Claremont McKenna College Robert Day School of Economics and Finance, 2010 - 2013
  • Assistant Professor, Financial Economics, Claremont McKenna College Robert Day School of Economics and Finance, 2008 - 2010
  • Research Affiliate, Swedish House of Finance and Institute for Financial Research, 2004 - Present
  • Assistant Professor, Finance, Ohio State University Fisher College of Business, 2004 - 2008

Degrees

  • Ph.D., Finance, University of Chicago Booth School of Business, 2005
  • M.S., Business, Economics, Stockholm School of Economics, 1997

Honors and Awards

  • Provost’s Research Award, University of Miami, 2017
  • Best Paper Award in Finance, Accounting & Finance Association of Australia and New Zealand, 2016
  • Outstanding Paper Award in category “Applied Corporate Finance,” Midwest Finance Association’s Annual Meeting, 2015
  • CEIBS Research Excellence Award, 2014
  • Outstanding Paper Award, National Taiwan University International Conference on Finance, 2012
  • Best Paper Award in category “Innovative Thinking – Thinking Out of the Box,” American Real Estate Society’s Annual Meeting, 2012
  • Faculty Research Award of the Betty F. Elliott Initiative for Academic Excellence awarded annually by the College of Business at the University of Michigan-Dearborn, 2011
  • 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, 2010
  • Yihong Xia Best Paper Award, China International Conference in Finance, 2010
  • Best Paper Award, Arison School of Business, Interdisciplinary Center (IDC), Rothschild Caesarea Center Annual Conference on “Recent Advances in Financial Economics Research”, 2010
  • Pace Setters Outstanding Research Award, Ohio State University, Fisher College of Business, 2007
  • CIBER Global Competence Award, 2007 - 2008
  • Best Paper Award, Financial Manage- ment Association’s Annual European Meeting, 2006
  • Research Award, Family Owned Business Institute, Grand Valley State University, 2005
  • Fellowship, The Sweden-America Foundation, 2003 - 2004
  • American Finance Association’s travel grant for Ph.D. students to participate in the annual meeting, 2002
  • Dr. Marcus Wallenberg’s scholarship for Ph.D. studies in finance in the U.S., 2001 - 2003
  • Russell Sage Foundation’s award for Ph.D. students to participate in the Summer Institute in Behavioral Economics at University of California - Berkeley, 2002
  • Research grant, Torsten och Ragnar Söderberg Foundations, 2001
  • Summer research grant, Center for Research in Securities Prices (CRSP), University of Chicago Graduate School of Business, 2000
  • Fellowship, University of Chicago Graduate School of Business, 1999 - 2003
  • Award for Most Outstanding Master’s Thesis in Finance, Stockholm School of Economics, 1997

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Henrik  Cronqvist

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