Anat R. Admati

Professor of Economics (by courtesy), School of Humanities and Sciences
Senior Fellow, Stanford Institute for Economic Policy Research
Charles and Melissa Froland Faculty Fellow for 2020–2021
Academic Area: 

Additional Administrative Titles

Director, Corporations and Society Initiative


Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, a director of the Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. Admati’s current research, teaching, and advocacy focus on the complex interactions between business, law, and policy with focus on governance and accountability.

Since 2010, Admati has been active in the policy debate on financial regulations. She is the coauthor, with Martin Hellwig, of the award-winning and highly acclaimed book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It (Princeton University Press, 2013). In 2014, she was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers.

Admati holds BSc from the Hebrew University; MA, MPhil, and PhD from Yale University; and an honorary doctorate from University of Zurich. She is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a member of the FDIC’s Systemic Resolution Advisory Committee, a former member of the CFTC’s Market Risk Advisory Committee, and a former visiting scholar at the International Monetary Fund.

Academic Degrees

  • PhD, Yale University, 1983
  • MA, Yale University, 1981
  • BSc, Hebrew University, Jerusalem, 1979

Academic Appointments

  • George G.C. Parker Professor of Finance and Economics, Stanford GSB, 2009–present.
  • Joseph McDonald Professor of Finance and Economics, Stanford GSB, 2000–2009
  • Professor by Courtesy, Department of Management Science and Engineering and Department of Economics, Stanford University, 2004–present
  • Visiting Professor of Economics, Tel-Aviv University, Economics, 1997–1998
  • Professor of Finance and Economics, Stanford GSB, 1992–2000
  • Associate Professor of Finance and Economics, Stanford GSB, 1986–1992
  • Visiting Associate Professor of Finance, Tel-Aviv University, Recanati School of Management, 1989–1990
  • Assistant Professor of Decision Sciences, Stanford GSB, 1983–1986

Awards and Honors

  • Robert & Marilyn Jaedicke Faculty Fellow for 2015–2016
  • Michelle R. Clayman Faculty Fellow, Stanford GSB, 2013–2014
  • Fellow of the Econometric Society, 2004–present
  • Alfred A. Sloan Research Fellowship, September 1987–September 1989
  • Batterymarch Fellowship, July 1987–July 1988
  • Prize for the best paper in the first volume of the Review of Financial Studies, for "A Theory of Intraday Trading Patterns: Volume and Price Variability" (with Paul Pfleiderer), 1987
  • Q-Group grant (with Paul Pfleiderer), 1989
  • Co-winner of NYSE Prize for the. Best Paper in the RFS-WFA-NYSE Market Microstructure Symposium, 1990 for "Sunshine Trading and Financial Market Equilibrium" (with Paul Pfleiderer)
  • Runner up for the Barclays Global Investors/Michael Brennan prize for the Best Paper in Volume 13 of the Review of Financial Studies, 2001, for "Forcing Firms to Talk: Financial Disclosure Regulation and Externalities" (with Paul Pfleiderer)
  • Board of Directors, American Finance Association, 1995–1998
  • Robert M. and Anne T. Bass Fellowship, AY 1990–1991
  • James and Doris McNamara Fellowship, Stanford GSB, AY 1993–1994
  • NSF grant, 1993–1995 (with Paul Pfleiderer)
  • Business School Trust Fellowship, Stanford Graduate School of Business, 2004–2005, 2009–2010, 2011–2012


Journal Articles

Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig, Paul Pfleiderer. The Journal of Finance. February 2018, Vol. 73, Issue 1, Pages 145-198.
Anat R. Admati. Journal of Economic Perspectives. July 2017, Vol. 31, Issue 3, Pages 131-150.
Anat R. Admati. National Institute Economic Review. February 2016, Vol. 235, Issue 1, Pages R4-R14.
Anat R. Admati. Journal of Legal Studies . 2014, Vol. 43, Issue 3, Pages s35 - s61.
Anat R. Admati. North Carolina Banking Institute. November 2013, Vol. 18, Pages 71-81.
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. Journal of Economic Literature. December 2000, Vol. 38, Issue 4, Pages 936-991.
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, Motty Perry. Review of Economic Studies. 1991, Vol. 58, Issue 2, Pages 259-276.
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. Frontiers of Modern Financial Theory: Volume 2 (Financial Markets and Incomplete Information). Rowman and Littlefield Publishers, 1989, Pages 139–152.
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, Motty Perry. Review of Economic Studies. 1987, Vol. 54, Issue 3, Pages 345-364.
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. Econometrica. 1985, Vol. 53, Issue 3, Pages 629-657.
Anat R. Admati, Paul Pfleiderer. Journal of Economic Theory. 1985, Vol. 35, Issue 1, Pages 191–195.
Anat R. Admati, Stephen A. Ross. Journal of Business. 1985, Vol. 58, Issue 1, Pages 1-26.


Anat R. Admati, Martin Hellwig Princeton: Princeton University Press, 2013.

Book Chapters

Anat R. Admati, Martin F. Hellwig. CIGI Press. October 15, 2019.
Anat R. Admati. Just Financial Markets? Finance in a Just Society. Oxford University Press, 2017, Pages Ch 13.
Anat R. Admati. Progress and Confusion: The State of Macroeconomic Policy. Cambridge : MIT Press, 2016, Pages 61-72.
Anat R. Admati, Peter M. DeMarzo, Martin Hellwig, Paul Pfleiderer. Central Banks at a Crossroads: Europe and Beyond. London: Anthem Press, 2014, Pages 33-50.

Other Publications

Anat R. Admati. Stanford Social Innovation Review. December 2019, Vol. Winter 2020.

Working Papers

Towards a Better Financial System | PDF
Anat R. Admati, January 52020
The Parade of Bankers’ New Clothes Continues: 34 Flawed Claims Debunked | PDF
Anat R. Admati, Martin F. Hellwig, August 2019
Does Debt Discipline Bankers? An Academic Myth About Bank Indebtedness | PDF
Anat R. Admati, Martin F. Hellwig, February 182013


Degree Courses


There is a growing sense that both capitalism and democracy are in crisis. How do power structures in the private and public sectors determine economic and political outcomes? Is the focus on financial metrics and markets to blame for the eroding...


There is a growing sense that both capitalism and democracy are in crisis. Is the ¿financialization¿ of the economy to blame for undermining trust in corporations and governments? This interdisciplinary course explores these issues by focusing on...

Stanford Case Studies

Liz Claiborne, Inc. | F255
Anat R. Admati, Paul Pfleiderer, George Noroian1995

Conferences, Talks, and Speaking Engagements

Stanford University Affiliations

Service to the Profession

  • FDIC Systemic Resolution Advisory Committee
  • CFTC Market Risk Advisory Committee
  • Founding Member, President, Foundation for the Advancement of Research in Financial Economics, 2006-present
  • Fellow, The Econometric Society, 2005-present
  • Advisory Board Member, Journal of Financial Markets, 1998-present
  • Associate Editor, Journal of Finance, 1990-present
  • Associate Editor, Review of Financial Studies, 1987-1991

In the Media

Bloomberg Businessweek, January 9, 2020
Stanford News, December 16, 2019
Bloomberg Surveillance Radio, July 19, 2019
Investigative Reporting Workshop, June 19, 2019
The New York Times, March 20, 2019
Financial Times, March 19, 2019
Forbes, November 28, 2018
Wall Street Journal, July 5, 2016
Bloomberg, June 30, 2016
Business World Online, June 8, 2016
Project Syndicate, June 6, 2016
Foreign Policy, May 19, 2016
The Washington Post, April 22, 2016
ABC News Australia, April 19, 2016
The call for a royal commission into banking has put the spotlight on the role of financial regulators. Anat Admati, a US based expert on financial regulation told the New York Times last week, 'The main obstacle to financial reform is the lack of political will. To fix banking, we must hold policymakers who fail to protect us, accountable.'
KQED-Forum, May 21, 2015
Five of the world's largest banks including JPMorgan Chase and Citigroup will pay fines totaling $5.7 billion for manipulating foreign exchange rates. Four of the banks will plead guilty to U.S. criminal charges for their operation of a self-described "cartel" which regulators say defrauded consumers, investors and institutions around the world. We look at the settlement and its implications for future regulation of the global foreign exchange market.
Time 100 most influential people list, April 15, 2015
World Economic Forum, February 22, 2014
At the 2014 World Economic Forum, a Stanford GSB finance professor discussed actions to improve the safety of the international financial system.
The New York Times, September 25, 2013
Writing in the New York Times, the finance professor says five years after Lehman Brothers' collapse, the global financial system is still no safer.
Project Syndicate, February 17, 2013
Anat Admati discusses why the global financial system remains "distorted and dangerous."
Washington Post, December 9, 2012
Anat Admati assesses what President Obama must do now.
Reuters, April 14, 2012
In a Reuters oped, Professor Anat Admati argues that bank dividend payouts to shareholders expose "the economy to unnecessary risks without valid justification."
Bloomberg, November 20, 2011
New York Times, 12 7, 2010
The Huffington Post, 12 4, 2010

Insights by Stanford Business

October 8, 2020
Friedman’s credo that corporations should focus only on maximizing shareholder value rests on assumptions that are “far from true in the real world.”
March 26, 2020
An open letter drafted by Stanford professors says the coronavirus stimulus package should benefit workers — not corporations and their wealthy shareholders.
February 14, 2020
We don’t have to choose between capitalism and socialism. What we need is a system in which corporations can thrive without distorting the economy — or democracy itself.
December 6, 2019
Stanford GSB professors recommend the books they’re most likely to give as presents over this year’s holiday season.
July 12, 2019
Anat R. Admati explains why our financial system still struggles with misconduct.
July 2, 2019
Escape the heat with books recommended by Stanford business professors.
April 24, 2019
Facebook’s loudest critic says social media profits by manipulating consumers.
March 15, 2019
Expert panelists put corporate wrongdoing in its broader context.
December 17, 2018
The health company’s plummet carries valuable lessons for Silicon Valley.
September 14, 2018
Stanford GSB faculty suggest books and articles related to the theme.
August 6, 2018
The rise of institutional investors threatens competition, hurts consumers, and might qualify as a new kind of monopoly.
December 5, 2017
15 Stanford business professors recommend books for those long winter nights.
November 30, 2017
In an era of “toothless” rules, the best fix might be as simple as paying congressional staffers more.
August 14, 2017
A Stanford professor skewers a few fallacies often advanced by politicians and regulators.
July 25, 2017
A federal judge says fear of prison is the best way to deter bad behavior.
August 30, 2016
Stanford GSB professors suggest articles and books related to the concept of “equity.”
June 17, 2016
Banks are not alone when it comes to being overleveraged.
December 19, 2015
Explore Stanford Business stories from 2015, including pieces on technology, finance, and work-life balance.
June 17, 2015
A bank CEO explains what finance, food and climate change have to do with charitable giving.
May 19, 2015
A scholar and a former regulator both warn that safeguards are lacking to prevent another financial crisis.
April 24, 2014
Recently named to Time magazine’s list of the 100 most influential people, the Stanford professor discusses her impact on global finance.
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.
September 1, 1996
Two scholars say it's time to ask if the people investing your money are properly motivated.

School News

July 17, 2019
A new Stanford GSB course probes the online world’s growing problems and potential remedies.
June 20, 2018
With the Corporations and Society Initiative, Anat R. Admati hopes to make Stanford GSB a better citizen of the world.
October 6, 2017
What do an adman and an investigative reporter have to teach us about corporations and society? Visiting experts challenge assumptions.
April 17, 2015
New elective course encourages students to think about the broader implications of finance.