Finance

Faculty in the finance area at the Cornell SC Johnson College of Business advance cutting‑edge research while preparing students at the undergraduate, graduate and executive levels for leadership in global financial markets. The area includes 24 tenure‑track faculty members and eight teaching faculty from industry, with internationally recognized expertise in derivatives, market microstructure, corporate finance and asset management. Finance faculty also advise regulators and policymakers and have held leadership roles in the American Finance Association, Western Finance Association and Financial Management Association.

Faculty scholarship is recognized through award‑winning publications in leading finance journals and presentations at top conferences. In the classroom, finance faculty are equally distinguished, earning numerous teaching awards and building lasting mentoring relationships with students. Through research, teaching, consulting and board service, faculty bring theory and practice together, giving students the tools to tackle real‑world financial challenges throughout their careers.

Jawad M. Addoum
Dake Family Associate Professor in Applied Economics and Management
Warren B. Bailey
Professor; Co-Editor, Journal of Financial Services Research
Noémie Bucourt
Assistant Professor
Linda Canina
Georges C. and Marian St. Laurent Professor of Applied Business Management; Academic Director of the Center for Hospitality Research
David B. Capaldi
Visiting Lecturer
Steve Carvell
Robert A. Beck Professor of Hospitality Financial Management; Area Chair for Finance
N. Vera Chau
Visiting Assistant Professor
Paul Clancy
Visiting Senior Lecturer
Will Cong (on leave)
Rudd Family Professor of Management; Academic Director of Fintech at Cornell Initiative; Department Editor, Management Science
Adrian Aycan Corum
Assistant Professor
Dragana Cvijanovic
HVS Professor of Hotel Finance and Real Estate
Antonio DeSpirito
Visiting Lecturer
AJ Edwards
Visiting Lecturer
Maryam Farboodi
Associate Professor
Minmo Gahng
Assistant Professor
Guido Grobbink
Visiting Professor of Practice
Ming Huang
Professor
Xing Huang
Associate Professor
Robert A. Jarrow
Ronald P. and Susan E. Lynch Professor of Investment Management; IAFE Senior Fellow, International Association of Financial Engineers
Lawrence Jin
Associate Professor
Andrew Karolyi
Professor; Charles Field Knight Dean of the Cornell SC Johnson College of Business; Fellow of the Academy, International Academy of Management
Peng (Peter) Liu
Singapore Tourism Board Distinguished Professor in Asian Hospitality Management; Academic Director for Cornell-Peking MMH and MBA; Faculty Research Director, Cornell SC Johnson Center for Real Estate and Finance; Deputy Area Chair of the Applied Economics and Policy Area; Editor, Journal of Real Estate Portfolio Management
Tianshu Lyu
Assistant Professor
Christopher Meredith
Visiting Senior Lecturer
Pamela C. Moulton
Associate Professor
Justin Murfin
Associate Professor
David Ng
Professor; Geller Family Faculty Fellow, Cornell University
Maureen O'Hara
Professor Emeritus
Drew David Pascarella
Associate Teaching Professor
Kelly E. Posenau
Assistant Professor
Barry Ridings
Visiting Senior Lecturer
Gideon Saar
Harold Bierman, Jr. Distinguished Professor of Management
Mark Sirower
Visiting Lecturer
Oksana Smirnova
Assistant Professor
Scott D. Stewart
Clinical Professor; Academic Co-Director of the Parker Center for Investment Research
Robert T. Symington
Visiting Senior Lecturer
Xi Yang
Assistant Teaching Professor
Mao Ye
Dr. Philip and Rosalyn Baron Professor of Management
Cynthia Yin
Assistant Professor
Scott Yonker
Lewis H. Durland Professor of Management

Finance publications

2025 publications and forthcoming

Matthew Baron and Isaac Green, “The Aftermath of Credit Booms: Evidence from Credit Ceiling Removals,” Journal of Financial and Quantitative Analysis (forthcoming).
Franck Bancel, Dejan Glavas and G. Andrew Karolyi, “Do ESG Factors Influence Firm Valuations? Evidence from the Field,” Financial Review, vol. 60, no. 4 (2025): 1191–1223.
Sean Cao, G. Andrew Karolyi, William Xiong and Hui Xu, “Biodiversity Entrepreneurship,” Review of Finance (forthcoming).
Lin William Cong, G. Andrew Karolyi, Ke Tang and Weiyi Zhao, “Crypto Value, Factor Pricing, and Market Segmentation,” Management Science (forthcoming).
Francisco Gomes, Cameron Peng, Oksana Kabakova and Ning Zhu, “Reaching for Yield: Evidence from Households,” Journal of Financial Economics, vol. 168 (2025): 104057.
Robin Greenwood, Samuel Hanson and Lawrence Jin, “Reflexivity in Credit Markets,” Journal of Finance (forthcoming).
Robert Jarrow, “Digital Assets, Bubbles, and Derivative Prices,” Review of Derivatives Research, vol. 28, no. 3 (2025): 13.
Robert Jarrow, “Optimal Strategies for Digital Assets with No Fundamental Value,” Journal of Portfolio Management, vol. 52, no. 1 (2025): 44–51.
Wei Jiang, G. Andrew Karolyi and David Ng, “Country Rotation and International Mutual Fund Performance,” Journal of Financial and Quantitative Analysis, vol. 60, no. 8 (2025): 3866–3898.
G. Andrew Karolyi, Rose Liao and Gilberto Loureiro, “How Extraordinary Are U.S. Serial Acquirers?” Critical Finance Review (forthcoming).
Yan Li, David Ng and Bhaskaran Swaminathan, “Is the Value Premium Dead? Forecasting Value–Growth Cycles with the Implied Value Premium,” Journal of Financial and Quantitative Analysis (forthcoming).
Christopher Schwarz, Brad Barber, Xing Huang, Philippe Jorion and Terrance Odean, “The ‘Actual Retail Price’ of Equity Trades,” Journal of Finance, vol. 80, no. 5 (2025): 2507–2541.

2024 publications

Jawad Addoum, Piet Eichholtz, Eva Steiner and Erkan Yönder, “Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy,” Real Estate Economics, vol. 52, no. 3 (2024): 687–713.
Jawad Addoum, Stefanos Delikouras, Da Ke and George Korniotis, “Industry Clusters and the Geography of Portfolio Choice,” Journal of Financial and Quantitative Analysis, vol. 59, no. 3 (2024): 1031–1063.
Isha Agarwal and Matthew Baron, “Inflation and Disintermediation,” Journal of Financial Economics, vol. 160 (2024): 103902.
Warren Bailey, Xiaping Cao, Zhenyi Yang and Sili Zhou, “Who Leads and Who Follows? The Cross-Border Peer Effect in Investment by Chinese and U.S. Firms,” Journal of International Economics, vol. 147 (2024): 103875.
Warren Bailey, Gulnur Muradoglu, Ceylan Onay and Kate Phylaktis, “Foreign Investors, Firm-Level Productivity, and European Economic Integration,” Journal of Corporate Finance, vol. 85 (2024): 102564.
Brad Barber, Xing Huang, Philippe Jorion, Terrance Odean and Christopher Schwarz, “A (Sub)penny for Your Thoughts: Tracking Retail Investor Activity in TAQ,” Journal of Finance, vol. 79, no. 4 (2024): 2403–2427.
Karen Grigorian and Robert Jarrow, “Filtration Reduction and Incomplete Markets,” Frontiers of Mathematical Finance, vol. 3, no. 1 (2024): 78–105.

2023 publications

Jawad Addoum, David Ng and Ariel Ortiz‑Bobea, “Temperature Shocks and Industry Earnings News,” Journal of Financial Economics, vol. 150, no. 1 (2023): 1–45.
Xing Huang, Zoran Ivković, John Jiang and Isabel Wang, “Angel Investment and First Impressions,” Journal of Financial Economics, vol. 149, no. 2 (2023): 161–178.
Robert Jarrow, Simon Kwok, “Futures Contract Collateralization and Its Implications,” Journal of Empirical Finance, vol. 74 (2023): e101422.
Robert Jarrow and Yuxuan Liu, “Asset Price Bubbles, Wealth Preserving, Dominating, and Replicating Trading Strategies,” Frontiers of Mathematical Finance, vol. 2, no. 1 (2023): 33–55.
Robert Jarrow and Siguang Li, “Interest Rate Swaps: A Comparison of Compounded Daily Versus Discrete Reference Rates,” Review of Derivatives Research, vol. 26, no. 1 (2023): 1–21.
Robert Jarrow and Siguang Li, “Media Trading Groups and Short Selling Manipulation,” Quantitative Finance, vol. 23, nos. 7–8 (2023): 1035–1052.
Robert Jarrow and Xiaoying Liu, “Portfolio Optimization in the Presence of Asset Price Bubbles,” Annals of Operations Research (2023).
Robert Jarrow and Yildiray Yildirim, “Inflation‑Adjusted Bonds, Swaps, and Derivatives,” Annual Review of Financial Economics, vol. 15 (2023): 449–471.
Robert Jarrow, “The No‑Arbitrage Pricing of Non‑Traded Assets,” Annals of Finance, vol. 19, no. 3 (2023): 401–418.
G. Andrew Karolyi, John Sedunov and Alvaro Taboada, “Cross‑Border Bank Flows and Systemic Risk,” Review of Finance, vol. 27, no. 5 (2023): 1563–1614.
G. Andrew Karolyi and John Tobin‑de la Puente, “Biodiversity Finance: A Call for Research Into Financing Nature,” Financial Management, vol. 52, no. 2 (2023): 231–251.
Gideon Saar, Jian Sun, Ron Yang and Haoxiang Zhu, “From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity?” Review of Financial Studies, vol. 36, no. 2 (2023): 678–732.