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Paul Pfleiderer

Paul   Pfleiderer
Professor, Finance
Paul Pfleiderer
C.O.G. Miller Distinguished Professor of Finance
Senior Associate Dean for Academic Affairs
Professor of Law (by courtesy), School of Law
Academic Area: 
Finance

Research Statement

Paul Pfleiderer’s early research was primarily focused on issues arising in financial markets when traders are asymmetrically informed. In pursuing that research he developed theoretical models that analyze how information is incorporated in prices through trading and how information flows determine trading volume. He also analyzed how information is sold to investors when the value of the information is reduced the more widely it is disseminated. In other research he studied problems involved in measuring active funds’ performance, contracting concerns in venture financing, and policy issues related to disclosure requirements. His most recent research addresses issues in corporate governance and the regulation of banks and other financial institutions.

Research Interests

  • Market microstructure
  • Asset allocation
  • Corporate governance
  • Regulation of financial institutions

Bio

Paul Pfleiderer received BA, MPhil, and PhD degrees from Yale University, all in the field of economics. He has been teaching at Stanford since 1981. His research, much of which has been jointly pursued with Anat Admati, another professor of finance at the GSB, is generally concerned with issues that arise when agents acting in financial markets are differentially informed. His current research concerns corporate governance. In addition to his academic research, Professor Pfleiderer has consulted for various corporations and banks and has been involved in developing risk models and optimization software for use by portfolio managers.

Academic Degrees

  • PhD in Economics, Yale University, 1982
  • MPhil in Economics, Yale University, 1979
  • BA, Yale University, 1976

Academic Appointments

  • At Stanford University since 1981.

Publications

Journal Articles

Anat R. Admati, Peter Conti-Brown, Paul Pfleiderer. UCLA Law Review. 2012, Vol. 59, Issue 4, Pages 853-913.
Anat R. Admati, Paul Pfleiderer. Review of Financial Studies. 2009, Vol. 22, Pages 2245-2285.
Anat R. Admati, Paul Pfleiderer. International Economic Review. 2004, Vol. 45, Issue 2, Pages 467-498.
Anat R. Admati, Paul Pfleiderer. Review of Financial Studies. 2000, Vol. 13, Issue 3, Pages 479-519.
Anat R. Admati, Paul Pfleiderer. The Journal of Business. 1997, Vol. 70, Issue 3, Pages 323-350.
Anat R. Admati, Paul Pfleiderer, Josef Zechner. Journal of Political Economy. 1994, Vol. 102, Issue 6, Pages 1097-1130.
Anat R. Admati, Paul Pfleiderer. Journal of Finance. 1994, Vol. 49, Issue 2, Pages 371–402.
Anat R. Admati, Paul Pfleiderer. The New Palgrave Dictionary of Money and Finance. Palgrave Macmillan, 1993.
Anat R. Admati, Paul Pfleiderer. The New Palgrave Dictionary of Money and Finance. Palgrave Macmillan, 1993.
Anat R. Admati, Paul Pfleiderer. Review of Financial Studies. 1991, Vol. 4, Issue 3, Pages 443-481.
Anat R. Admati, Paul Pfleiderer. Econometrica. 1990, Vol. 58, Issue 4, Pages 901-928.
Anat R. Admati, Paul Pfleiderer. Review of Financial Studies. 1989, Vol. 2, Pages 189–223.
Anat R. Admati, Paul Pfleiderer. Review of Financial Studies. 1988, Vol. 1, Issue 1, Pages 3-40.
Anat R. Admati, Paul Pfleiderer. American Economic Review. 1988, Vol. 78, Issue 2, Papers and Proceedings of the One-Hundredth Annual Meeting of the American Economic Association, Pages 96–103.
Anat R. Admati, Paul Pfleiderer. Journal of Economic Theory. 1987, Vol. 43, Issue 1, Pages 76-115.
Anat R. Admati, Paul Pfleiderer. Journal of Economic Theory. 1986, Vol. 39, Issue 2, Pages 400–438.
Anat R. Admati, Sudipto Bhattacharya, Paul Pfleiderer, Stephen A. Ross. Journal of Finance. 1986, Vol. 41, Issue 3, Pages 715-730.
Anat R. Admati, Paul Pfleiderer. Journal of Economic Theory. 1985, Vol. 35, Issue 1, Pages 191–195.

Working Papers

The Leverage Ratchet Effect | PDF
Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig , Paul Pfleiderer, December 22013
Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Expensive | PDF
Anat R. Admati, Peter M. DeMarzo, Martin Hellwig, Paul Pfleiderer, October 222013
Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium
Anat R. Admati, Paul Pfleiderer, Josef Zechner1992
Sunshine Trading and Financial Market Equilibrium
Anat R. Admati, Paul Pfleiderer1990
Selling and Trading on Information in Financial Markets
Anat R. Admati, Paul Pfleiderer1987
Direct and Indirect Sale of Information
Anat R. Admati, Paul Pfleiderer1986
On Timing and Selectivity
Anat R. Admati, Paul Pfleiderer, Stephen Ross, Sudipto Bhattachary1986
Viable Allocations of Information in Financial Markets
Anat R. Admati, Paul Pfleiderer, William F. Sharpe1986
A Monopolistic Market for Information
Anat R. Admati, Paul Pfleiderer1985
The Value of Information in Speculative Trading | PDF
Anat R. Admati, Paul Pfleiderer1984
A Note on Performance Evaluation | PDF
Paul Pfleiderer, Sudipto Bhattacharya1983
Delegated Portfolio Management
Paul Pfleiderer, Sudipto Bhattacharya1983

Courses Taught

Degree Courses

2014-15

The Critical Analytical Thinking (CAT) seminar helps develop and hone the skills needed to analyze complex issues, to formulate well-reasoned arguments and to evaluate others’ arguments. In sections of 18 students or less, you will analyze,...

Need approval from sponsoring faculty member and GSB Registrar.

Doctoral Practicum in Teaching

Doctoral Practicum in Research

2013-14

This course covers strategic and tactical asset allocation in investment portfolios as well as specific asset and manager selection issues. We consider challenges that are unique to the various asset classes that comprise broad-based portfolios,...

In 2001, Jim O'Neil of Goldman Sachs wrote a research note which underscored the importance of so-called Emerging Markets to a well-balanced investment portfolio. Still today, most investors have little or no investment exposure beyond North...

2012-13

The Critical Analytical Thinking (CAT) course provides a setting for students to further develop and hone the skills needed to analyze complex issues and make forceful and well-grounded arguments. In 16-18 person sections, you will analyze,...

2011-12

The Critical Analytical Thinking (CAT) course provides a setting for students to further develop and hone the skills needed to analyze complex issues and make forceful and well-grounded arguments. In 16-18 person sections, you will analyze,...

Stanford Case Studies

Citadel Capita (A) Managing for Opportunity and the Unexpected | F287A
William Meehan, Paul Pfleiderer, Debra McCoy2013
Citadel Capital (B): Managing for Opportunity and the Unexpected | F287
William F. Meehan III, Paul C. Pfleiderer, Debra McCoy2013
IFC and Emerging Market Private Equity | F288
William Meehan III, Paul Pfleiderer, Michael Kennedy, Debra McCoy2013
Leopard Capital, Private Equity in Cambodia | F279
Michael Kennedy, Debra McCoy, William Meehan III, Sheila Melvin, Paul Pfleiderer2013
Managing for Value at the Global Environment Fund | F285
Michael Kennedy, Debra McCoy, William Meehan III, Paul Pfleiderer2013
Asia Alternatives, Approaching the Frontier | F278
William Meehan III, Paul Pfleiderer, Michael Kennedy, Debra McCoy, Sheila Melvin2012
Standard Chartered Private Equity Africa, Value at the Frontier | F280
William Meehan III, Paul Pfleiderer, Michael Kennedy, Debra McCoy2012
A Note on the Involvement of U.S. Commercial Banks in Venture Capital | SM26
Paul Pfleiderer, Thomas Hellmann1996
Liz Claiborne, Inc. | F255
Anat R. Admati, Paul Pfleiderer, George Noroian1995

In the Media

TechCrunch, September 11, 2012
In TechCrunch, Paul Pfleiderer says the "the answer is clearly, 'No.'"
Stanford Business School Research in Behavioral Finance: Where Stock Market Psychology and Pricing Intersect
Business Wire, February 2002