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Philip H. Dybvig Dean

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Prof. Philip H. Dybvig, Dean of Institute of Financial Studies (IFS)


Bio

Philip H. Dybvig is an American economist. He is the Boatmen's Bancshares Professor of Banking and Finance at the Olin Business School of Washington University in St. Louis. Dybvig specializes in Asset Pricing, Investments, and Corporate Governance. He was formerly a professor at Yale University, and assistant professor at Princeton University. Dybvig was president of the Western Finance Association from 2002 to 2003, and has been editor or associate editor of multiple journals, including the Review of Financial Studies, Journal of Economic Theory, Finance and Stochastics, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, and Review of Financial Studies. Dybvig is known for his work with Douglas Diamond on the Diamond–Dybvig model of bank runs.


Educational Background

Yale University: PhD in Economics, December 1979, chairman: Stephen A. Ross

Yale University: MA and MPhil in Economics, December 1978

University of Pennsylvania: student in the Economics PhD program, 1976-1977

Indiana University: BA, double major in Math and Physics, May 1976


Area of Research

Banking, corporate finance, financial markets, asset pricing, fixed income securities, industrial organizations and portfolio management, etc. 


Honors

Chinese Central Government Friendship Award, 2014

Fellow of the Financial Theory Group, 2014-

Sichuan Golden Peak Award, 2013

China Thousand-person program, 2012-

Economic Theory Fellow, 2011-

Chengdu Jinsha Friendship Award, 2011

Changjiang Scholar, 2011-

Midwest Finance Association Distinguished Scholar, 2003

Common Fund Prize, 1996

Graham and Dodd Scroll for excellence in financial writing awarded by the AIMR, 1996

Batterymarch Research Fellowship, 1982-1983

Sloan Research Fellowship, 1986-1988


Published Articles and Other Short Pieces

"The Contributions of Stephen A. Ross to Financial Economics," with Stephen Brown, William Goetzmann, and Jonathan Ingersoll, Annual Review of Financial Economics, forthcoming.

"What Steve Ross Taught Me about Contracting," Journal of Portfolio Management 44, 2018, 35-41.

"On Investor Preferences and Mutual Fund Separation," with Fang Liu, Journal of Economic Theory 174, 2018, 224-260.

"Screening of Possibly Incompetent Agents," with Nina Baranchuk, Economics Letters 135, 2015, 15-18.

"The New Risk Management: the Good, the Bad, and the Ugly," (updated version) with Pierre Jinghong Liang and William J. Marshall, Review of the Federal Reserve Bank of Saint Louis 95, 2013, 273-291.

"Verification Theorems for Investments Problems with and without Endogenous Retirement," with Hong Liu, Mathematics of Operations Research, 36, 2011, 620-635.

"Increases in Risk Aversion and the Distribution of Portfolio Payoffs," with Yajun Wang, Journal of Economic Theory 147, 2012, 1222-46.

"Renegotiation-proof Contracting, Disclosure, and Incentives for Efficient Investment," with Nina Baranchuk and Jun Yang, Journal of Economic Theory 145, 2010, 1805-1836.

"Lifetime Consumption and Investment: Retirement and Constrained Borrowing," with Hong Liu, Journal of Economic Theory 145, 2010, 885-907.

"Portfolio Performance and Agency," with Heber Farnsworth and Jennifer Carpenter, Review of Financial Studies 23, 2010, 1-23.

"Consensus in Diverse Corporate Boards," with Nina Baranchuk, Review of Financial Studies 22, 2009, 715-747.

"The Fallacy of Large Numbers, and a Defense of Diversified Active Managers," Journal of Applied Finance 15, 2005.

"Arbitrage, State Prices, and Portfolio Theory," with Stephen A. Ross, in George Constantinides and René Stulz, ed., Handbook of the Economics of Finance, 2003.

"Employee Reload Options: Pricing, Hedging, and Optimal Exercise," with Mark Loewenstein, Review of Financial Studies 16, 2003, 145-171.

"The Cost and Duration of Cash-Balance Pension Plans," with David T. Brown and William J. Marshall, Financial Analysts Journal, November-December 2001, 50-62.

"Bias of Damage Awards and Free Options in Securities Litigation," with Ning Gong and Rachel Schwartz, Journal of Financial Intermediation 8, 2000, 149-68.

"Empty Promises and Arbitrage," with Greg Willard, Review of Financial Studies 12, 1999, 807-834.

"Portfolio Turnpikes," with Chris Rogers and Kerry Back, Review of Financial Studies 12, 1999, 165-195.

"Using Asset Allocation to Protect Spending," Financial Analysts Journal, January-February 1999, 49-62.

"Going to Extremes: Correcting Simulation Bias in Exotic Option Valuation," with David Beaglehole and Guofu Zhou, Financial Analysts Journal, January-February 1997, 62-68.

"Recovery of Preferences from Observed Wealth in a Single Realization," with Chris Rogers, Review of Financial Studies 10, 1997, 151-174.

"The New Risk Management: the Good, the Bad, and the Ugly," with Bill Marshall, Review of the Federal Reserve Bank of Saint Louis, November/December 1997, 9-21.

"Bond and Bond Option Pricing Based on the Current Term Structure," 1997, Mathematics of Derivative Securities, Michael A. H. Dempster and Stanley Pliska, eds., Cambridge University Press.

"Pricing Long Bonds: Pitfalls and Opportunities," with Bill Marshall, Financial Analysts Journal, January-February 1996, 32-39.

"Long Forward and Zero-Coupon Rates Can Never Fall," with Jonathan Ingersoll and Stephen Ross, Journal of Business 69, 1996, 1-25.

"Duesenberry's Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living" Review of Economic Studies 62, 1995, 287-313.

"Discussion of `Improving Bankruptcy Procedure' by Philippe Aghion, Oliver Hart, and John Moore," Washington University Law Quarterly 72, 1994, 873-877.

"What is the Fed's Decision Problem?" Review of the Federal Reserve Bank of Saint Louis 76:2 , 1994, 213-215.

"Warranties, Durability, and Maintenance: Two-sided Moral Hazard in a Continuous-Time Model," with Nancy Lutz, Review of Economic Studies 60, 1993, 575-597.

"Remarks on Banking and Deposit Insurance," Review of the Federal Reserve Bank of Saint Louis 75:1, 1993, 21-24.

"Riskless Asset," a contribution to The New Palgrave Dictionary of Money and Finance 3, New York: Stockton Press, 1992, 372-373.

"Bank Runs," a contribution to The New Palgrave Dictionary of Money and Finance 1, New York: Stockton Press, 1992, 171-173.

"Hedging Nontraded Wealth: When is there Separation of Hedging and Investment?" in Hodges, S. D. (Ed) Options: Recent Advances in Theory and Practice 2, 1992, Manchester University Press.

"Capital Structure and Dividend Irrelevance with Asymmetric Information," with Jaime Zender, Review of Financial Studies 4, 1991, 201-219.

"Nonnegative Wealth, Absence of Arbitrage, and Feasible Consumption Streams," with Chi-fu Huang, Review of Financial Studies 1, 1988, 377-401.

"Book Review of Security Markets: Stochastic Models by Darrell Duffie," Review of Financial Studies 1, 1988, 329-330.

"Distributional Analysis of Portfolio Choice," Journal of Business 61, 1988, 369-393.

"Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market," Review of Financial Studies 1, 1988, 67-88.

"Arbitrage," with Stephen Ross, a contribution to The New Palgrave: a Dictionary of Economics 1, New York: Stockton Press, 1987, 100-106.

"Tax Clienteles and Asset Pricing," with Stephen Ross, Journal of Finance 41, 1986, 751-762.

"The Empirical Implications of the Cox, Ingersoll, Ross Theory of the Term Structure of Interest Rates," with Stephen Brown, Journal of Finance 41, 1986, 617-630.

"Banking Theory, Deposit Insurance, and Bank Regulation," with Douglas Diamond, Journal of Business 59, 1986, 55-68.

"Yes, the APT is Testable," with Stephen Ross, Journal of Finance 40, 1985, 1173-1188.

"The Analytics of Performance Measurement Using a Security Market Line," with Stephen Ross, Journal of Finance 40, 1985, 401-416.

"Differential Information and Performance Measurement Using a Security Market Line," with Stephen Ross, Journal of Finance 40, 1985, 383-399.

"Acknowledgement: Kinks on the Mean-Variance Frontier," Journal of Finance 40, 1985, 345.

"Short Sales Restrictions and Kinks on the Mean Variance Frontier," Journal of Finance 39, 1984, 239-244.

"An Explicit Bound on Individual Assets' Deviations from APT Pricing in a Finite Economy," Journal of Financial Economics 12, 1983, 483-496.

"Bank Runs, Deposit Insurance, and Liquidity," with Douglas W. Diamond, Journal of Political Economy 91, 1983, 401-419.

"Recovering Additive Utility Functions," International Economic Review 24, 1983, 379-396.

"An Alternative Characterization of Decreasing Absolute Risk Aversion," with Stephen Lippman, Econometrica 51, 1983, 223-224.

"Recovering Preferences from Preferences over Nominal Gambles," Journal of Economic Theory 28, 1982, 354-360.

"Duality, Interest Rates, and the Theory of Present Value," Journal of Economic Theory 30, 1983, 98-114.

"Adoption Externalities as Public Goods," with Chester Spatt, Journal of Public Economics 20, 1983, 231-247.

"Portfolio Efficient Sets," with Stephen Ross, Econometrica 50, 1982, 1525-1546.

"Mean-variance Theory in Complete Markets," with Jonathan Ingersoll, Journal of Business 55, 1982, 233-251.

"Recovering Cardinal Utility," with Heraklis Polemarchakis, Review of Economics Studies 48, 1981, 159-166.

"Present Values and Internal Rates of Return," with Stephen Ross and Chester Spatt, Journal of Economic Theory 23, 1980, 66-81.

"Duesenberry"s Ratcheting of Consumption: Optimal Dynamic Consumption and Investment Given Intolerance for any Decline in Standard of Living," Review of Economic Studies, 1995

"Inefficient Dynamic Portfolio Strategies, or How to Throw Away a Million Dollars in the Stock Market," Review of Financial Studies, 1988

"Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, with D. Diamond, 1983


Contact

Institute of Financial Studies, Southwestern University of Finance & Economics

No 55, Guanghuacun Street, Chengdu 610074, China

Phone: +86 (028) 87099043

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