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.
Behavioral finance; and corporate finance
“When nudges are forever: Inertia in the Swedish premium pension plan,” with Richard H.
Thaler and Frank Yu, 2018, Forthcoming American Economic Review.
“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
