Henrik  Cronqvist

Henrik Cronqvist

Vice Dean, Faculty and Research, Director, PhD Programs, and Professor, Finance

Biography

Henrik Cronqvist is Professor of Finance at University of Miami Business School, where he conducts interdisciplinary research and teaches finance and management. He is also Vice Dean for Faculty and Research and Director of PhD Programs. Previously, he served as Chair of the Department of Finance.

Professor Cronqvist is an internationally-known scholar in the field of behavioral finance, with a specialization in the study of the behavior of corporate executives and investors. He has published extensively in top-journals in economics, including the American Economic Review and the Journal of Political Economy, and in finance, including the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He serves as an Associate Editor of the Review of Financial Studies, one of the top finance journals. 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 extensively in print and electronic media, including The Wall Street Journal, Harvard Business Review, Financial Times, The Economist, The New York Times, BusinessWeek, Forbes, and CNBC.

Professor Cronqvist 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. He has developed many business cases and simulation models, which illustrate complex managerial decisions, and has led many blended and experiential education initiatives. 

Prior to joining Miami Business School in 2015, Professor Cronqvist served as the Zhongkun Group Chair at China Europe International Business School (CEIBS), China’s top-ranked business school. Previously, 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 Fisher College of Business Pace Setter Award for Excellence in Research. He has been a Visiting Professor at Yale University and University of California - Irvine.

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. 

Research Interests

Behavioral finance; Social finance; Corporate finance

Featured Publications

  • “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.

    “Languages and corporate savings behavior,” with Shimin Chen, Serene Ni, and Frank Zhang,
    2017, Journal of Corporate Finance 46, 320–341.

    “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 leverage 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.
    (Lead article.)

    “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.)

    “Why agency costs explain diversification discounts: Evidence from real estate corporations,”
    with Peter Högfeldt, and Mattias Nilsson, 2001, Real Estate Economics 29, 85–126

Teaching and Professional Experience

  • Vice Dean, Faculty and Research, University of Miami Business School, 2018 - Present
  • Chair, Department of Finance, University of Miami Business School, 2017 - 2018
  • Director, PhD Programs, University of Miami Business School, 2016 - Present
  • Professor, Finance, University of Miami Business School, 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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