Darrell Duffie

Professor, Finance

Darrell Duffie

The Adams Distinguished Professor of Management and Professor of Finance

Senior Fellow, Stanford Institute for Economic Policy Research
Professor of Economics (by courtesy), School of Humanities and Sciences
Senior Fellow (by courtesy), Hoover Institution
R. Michael and Mary Shanahan Faculty Fellow for 2021–22
Academic Area:

Research Statement

Darrell Duffie’s research interests include over-the-counter markets, banking, financial stability, credit risk, valuation and hedging of derivative securities, financial market infrastructure, the term structure of interest rates, financial innovation, security design, market design, and fintech payments.

Bio

Darrell Duffie is the The Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business. He is a fellow and member of the Council of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. Duffie was the 2009 president of the American Finance Association. In 2014, he chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. Duffie’s recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

Academic Degrees

  • PhD, Stanford University, 1984
  • MEc, University of New England, 1980
  • BScE, University of New Brunswick, 1975

Professional Experience

  • Independent Director on the Board of Dimensional Funds, 2019-2021
  • Member of the Board of Directors of Moody's Corporation, 2008-2018
  • Chair, Market Participants Group on Reference Rate Reform, 2013-14

Awards and Honors

  • Senior Fellow, Stanford Institute for Economic Policy Research
  • Senior Fellow (by courtesy), Hoover Institution
  • Stephen A. Ross Prize in Financial Economics, 2014, 2021
  • Amundi Pioneer Prize, The Journal of Finance, 2017
  • Elected Fellow, American Academic of Arts and Sciences, 2007
  • Clarendon Lecturer in Finance, Oxford University, 2004
  • Financial Engineer of the Year, International Association of Financial Engineering, 2003
  • Distinguished Teacher Award, Doctoral Program, Graduate School of Business, Stanford University, 2003
  • NYSE Prize for equity research, Western Finance Association, 2002

Publications

Journal Articles

Books

Working Papers

Stanford Case Studies

Conferences, Talks & Speaking Engagements

Darrell Duffie exposes the tri-party repo system as one of the most dangerous weak points in the US financial system, and explains how to fix it.

Stanford GSB Affiliations

Service to the Profession

  • Fellow and Member of Council, Econometric Society, 1997-present
  • Research Associate, National Bureau of Economic Research, 1997-present

In the Media

Insights by Stanford Business

School News