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Paul Pfleiderer

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

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


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.


Journal Articles

Anat R. Admati, Peter Conti-Brown, Paul Pfleiderer. UCLA Law Review. 2012, Vol. 59, Issue 4, Pages 853-913.

Working Papers

The Leverage Ratchet Effect | PDF
Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig, Paul Pfleiderer, September 22015
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

Courses Taught

Degree Courses


Doctoral Practicum in Teaching

Doctoral Practicum in Research


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,...


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...

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
Zephyr Peacock India: Perfectly Diligent | F283
William Meehan, Paul Pfleiderer, Sheila Melvin, Debra McCoy2013
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

Insights by Stanford Business

October 29, 2013
A finance professor says big banks need tougher capital regulations — for our sake, and for theirs.
January 28, 2013
How, and why, Stanford's Anat Admati took on the banking system.
May 14, 2012
Why bankers like leverage — and what that could mean for the global financial system.
June 1, 2011
Boston Fed CEO Eric Rosengren says money market mutual funds are vulnerable to the European debt crisis.
September 1, 2010
A finance professor says raising bank capital requirements would produce widespread social benefits as well.
December 1, 2001
The emerging field of behavioral finance analyzes how deviations from standard rational assumptions may have important effects on stock prices.
September 1, 1996
Two scholars say it's time to ask if the people investing your money are properly motivated.

School News

September 5, 2011
"Finance is becoming increasingly integrated with economics, and is drawing more widely from other disciplines," observes Singleton.