Asaf Manela

Associate Professor of Finance

Asaf Manela

Asaf Manela

Asaf Manela joined the Olin Business School in 2011. He received his PhD in Finance and an MBA from the University of Chicago in June 2011. He holds a BA in Economics and Computer Science from Boston University. Professor Manela conducts theoretical and empirical research in finance. His current work focuses on asset pricing, financial intermediation, machine learning, text analysis, and information economics.

Area of Expertise

Business And Government, Asset Pricing, Finance/Investments, Financial Economics, Option Pricing, Banking and Financial Institutions, Business And Government

Education

  • MBA 2011, University of Chicago, Booth School of Business
  • Ph D 2011, University of Chicago, Booth School of Business
  • BA 2005, Boston University

Awards/Honors

  • Ph. D. in Finance studies fellowship, GSB 2006-2010, University of Chicago
  • Phi Beta Kappa
  • Named for World's Best 40 Business School Professors Under 40, Poets & Quants, 2014
  • Best Paper Award, Financial Research Association Meetings, 2013
  • Fischer Black Fellow, 2011
  • Katherine Dusak Miller Ph. D. Fellowship, 2010
  • The Arnold Zellner Doctoral Prize, 2009
  • Winner of Best Paper Award in Accounting, Economics and Finance, London Business School, 2008
  • CRSP Paper Award, GSB, University of Chicago, 2007

Teaching Interests

Finance/Investments - Asset Pricing; Finance/Investments - Financial Economics; Finance/Investments - Investment/Security Pricing/Portfolio Theory; Finance/Investments - Option Pricing

Research Interests

Asset Pricing, Financial Intermediation, Machine Learning, Text Analysis, Information Economics

Selected Publications

  • "Intermediary asset pricing: New evidence from many asset classes", Journal of Financial Economics, Issue 1, 1--35, with Zhiguo He, Bryan Kelly, 2017
  • "News Implied Volatility and Disaster Concerns", Journal of Financial Economics, Issue 1, 137-162, with Alan Moreira, 2017
  • "Business News and Business Cycles", Journal of Finance, Issue 5, 3105–3147, with Leland Bybee, Bryan Kelly, Dacheng Xiu, 2024
  • "Information Acquisition in Rumor-Based Bank Runs", Journal of Finance, Issue 3, 1113-1158, with Zhiguo He, 2016
  • "The Shadow Cost of Bank Capital Requirements", Review of Financial Studies, Issue 7, 1780-1820, with Roni Kisin, 2016
  • "The Value of Diffusing Information", Journal of Financial Economics, Issue 1, 181-199, 2014
  • "Estimating the Value of Information", Review of Financial Studies, Issue 3, 951-991, with Ohad Kadan, 2019
  • "Liquidity and the Strategic Value of Information", Review of Finance, with Ohad Kadan
  • "The Partisanship of Financial Regulators", Review of Financial Studies, Issue 11, 4373-4416, with Joseph Engelberg, Matthew Henriksson, Jared Williams, 2023

Contact

Asaf Manela