Anat R. Admati

The George G.C. Parker Professor of Finance and Economics

Professor of Economics (by courtesy), School of Humanities and Sciences
Senior Fellow, Stanford Institute for Economic Policy Research
Academic Area:

Additional Administrative Titles

Faculty Director, Corporations and Society Initiative


Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford Graduate School of Business and a senior fellow at Stanford Institute for Economic Policy Research. Her disciplinary interests lie in the interaction of business, law and policy, and specifically governance and accountability mechanisms in the private sector and in government. Admati is also Faculty Director of the Corporations and Society Initiative at the GSB, whose mission is to raise awareness and increase understanding of the complex interactions among people, corporations and governments.

Since 2010, Admati has been engaged in the policy debates around the globe related to financial regulations and corporate accountability. Her insights have been featured in media outlets, including the New York Times, Washington Post, Wall Street Journal, Bloomberg, the Financial Times, CNN, and PBS. In 2014, Admati 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 has written academic papers on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. She is the co-author, 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 Press 2013). A 10th anniversary update will be published in 2023.

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 former member of the FDIC’s Systemic Resolution Advisory Committee, the CFTC’s Market Risk Advisory Committee, and 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, 2000–09
  • 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, 1997–98
  • 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, 1983–86

Awards and Honors

  • Charles and Melissa Froland Faculty Fellow for 2020–21
  • Robert & Marilyn Jaedicke Faculty Fellow for 2015–16
  • Michelle R. Clayman Faculty Fellow, Stanford GSB, 2013–14
  • 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, 1995–98
  • Robert M. and Anne T. Bass Fellowship, AY 1990–91
  • James and Doris McNamara Fellowship, Stanford GSB, AY 1993–94
  • NSF grant, 1993–1995 (with Paul Pfleiderer)
  • Business School Trust Fellowship, Stanford Graduate School of Business, 2004–2005, 2009–2010, 2011–12


Journal Articles

Anat R. Admati
Oxford Review of Economic Policy
November 8, 2021 Vol. 37 Issue 4 Pages 678–689
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
Anat R. Admati, Paul Pfleiderer
The New Palgrave Dictionary of Money and Finance
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
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)
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
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 University Press

Book Chapters

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

Working Papers

Anat R. Admati January 5, 2020
Anat R. Admati, Martin F. Hellwig February 18, 2013

Academic Publications

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

Stanford Case Studies

Anat R. Admati, Paul Pfleiderer, George Noroian

Conferences, Talks & Speaking Engagements

Stigler Center, Chicago Booth School of Business | May 28, 2019

Anat Admati exposes the flaws in the banking system that could trigger another financial collapse, and lays out a plan to fix it in her new book “The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It.”

Stanford GSB 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

Insights by Stanford Business

December 05, 2023
New ideas never go out of season.
July 11, 2023
In this episode, Anat Admati explains why we can’t build trust without a solid foundation of rules.
May 24, 2023
Union advocate says organizing efforts shouldn't be seen as disloyal.
May 01, 2023
From VC and ESG to China and crypto — the topics and trends that professors are watching most closely.
March 15, 2023
Four finance professors talk about the ongoing risks banks face and the consequences of backstopping uninsured deposits.
October 27, 2022
Five lessons in five minutes: Anat Admati and Robert E. Siegel, on leaders’ roles in creating trustworthy institutions and markets.
February 02, 2021
A Stanford conference explores the many ways that corporate leaders wield power over government.
October 08, 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 06, 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 02, 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 06, 2018
The rise of institutional investors threatens competition, hurts consumers, and might qualify as a new kind of monopoly.
December 05, 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 01, 2011
Boston Fed CEO Eric Rosengren says money market mutual funds are vulnerable to the European debt crisis.
September 01, 2010
A finance professor says raising bank capital requirements would produce widespread social benefits as well.
September 01, 1996
Two scholars say it's time to ask if the people investing your money are properly motivated.

School News

April 22, 2024
A new program opens Stanford GSB to undergraduates for the first time.
October 25, 2023
In Washington and around the globe, faculty are helping policymakers untangle knotty problems.
October 09, 2023
Students flock to initial offerings this fall.
December 06, 2022
Articles, videos, and podcasts that capture great teaching and memorable lessons.
April 25, 2022
A new course pushes students (and instructors and guests) to question their assumptions and confront real-world challenges.
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 06, 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.