Philip Dybvig

Boatmen's Bancshares Professor of Banking and Finance and Economic Sciences Laureate

Philip Dybvig

Philip Dybvig

Philip H. Dybvig is best known for his paper, Diamond-Dybvig [1983]. The Diamond-Dybvig model shows how banks serve the economy by creating liquidity, and how this liquidity creation subjects the banks to runs if there is not any deposit insurance or other protection. Dybvig previously taught at Princeton University and was tenured at Yale University. He has published two textbooks and more than 35 articles in leading journals. He has consulted for government, organizations, and individuals.

Area of Expertise

Business And Government, Banking and Financial Institutions, Corporate Finance, Corporate Governance, Business Education, Banking and Financial Institutions, Business And Government, Business Education, Corporate Finance, Corporate Governance

Education

  • Ph D 1979, Yale University
  • MA 1978, Yale University
  • MPhil 1978, Yale University
  • BA 1976, Indiana University

Academic/Professional Activities

  • Other, Review of Financial Studies
  • Other, Journal of Economic Theory
  • Other, Finance and Stochastics

Awards/Honors

  • Sveriges Riksbank Prize in Economic Sciences in Honor of Alfred Nobel, 2022
  • Common Fund Prize, Commonfund Institute, 1996
  • Graham & Dodd Scroll for Excellence in financial writing, AIMR , 1996
  • Sloan Research Fellowship, 1986

Research Interests

Banking, corporate finance, financial markets, asset pricing, fixed-income securities, industrial organization, porfolio management

Personal Interests

Professor Dybvig's leisure time is spent playing and composing music, cooking, playing taijiquan, and lifting weights.

Selected Publications

  • "Consensus on Diverse Corporate Boards ", Review of Financial Studies, 715-747, with Nina Baranchuk, 2009
  • "Mean-Variance Portfolio Rebalancing With Transaction Costs", with Luca Pezzo
  • "The Fallacy of Large Numbers, and a Defense of Diversified Active Managers", Journal of Applied Finance , 2005
  • "Employee Reload Options: Pricing, Hedging, and Optimal Exercise ", Review of Financial Studies, Issue 145-171, with Mark Loewenstein, 2003
  • "Pricing Long Bonds: Pitfalls & Opportunities ", Financial Analysts Journal, 32-39, 1996
  • "Duesenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living", Review of Economic Studies, 287-313, 1995
  • "Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market", Review of Financial Studies, 67-88, 1988
  • "Bank Runs, Deposit Insurance, and Liquidity", Journal of Political Economy, 401-419, 1983

Contact

Philip Dybvig