Photo of Michael Lee

Michael Lee

Research Interests: corporate finance, financial markets, financial institutions

Links: CV, Job Market Paper

Contact Information

Address: 2420A Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104
Mobile: 215-528-3871


I am on the job market and will be available for interviews at the 2016 ASSA meetings in San Francisco.


Address: 3620 Locust Walk, 2420A Steinberg-Dietrich Hall, Philadelphia, PA 19104
Phone: 215-528-3871

Research interest

Corporate Finance, Financial Markets, Financial Institutions


JOB Market Paper

"Uncertain Booms and Fragility"

I develop a framework of the build-up and outbreak of financial crises in an asymmetric information setting. In equilibrium, two distinct economic states arise endogenously: normal times periods of modest investment, and booms periods of expansionary investment. Normal times occur when the intermediary sector realizes moderate investment opportunities. Booms occur when the intermediary sector realizes many investment opportunities, but also occur when it realizes very few opportunities. As a result, investors face greater uncertainty in booms. During a boom, subsequent arrival of negative information about an intermediary asset results in large downward shifts in investors confidence about the underlying quality of long-term assets. A crisis of confidence ensues. Investors collectively force costly early liquidation of the intermediated assets and move capital to safe assets, in a flight-to-quality episode. 


work in progress

"Connecting with Co-Workers: The Value of Within-Firm Networks," with Jessica Jeffers

"Intermediary Risk-Taking and Capital Market Externalities," with Robert Marquez and Bilge Yilmaz



  • Winner of LinkedIn Economic Graph Challenge, 2015
  • Wharton Finance Doctoral Fellowship, 2015
  • Mack Institute for Innovation Management Research Fellowship, 2015
  • Jacob Levy Equity Management Research Fellowship, 2015
  • Dean's Fellowship for Distinguished Merit, University of Pennsylvania, 2011-2015



Bilge Yilmaz (Chair)
Wharton Private Equity Professor of Finance  
The Wharton School
University of Pennsylvania
(215) 898-1163 
Ervin Miller-Arthur M. Freedman Professor of Finance     
The Wharton School
University of Pennsylvania
(215) 898-4378 
Assistant Professor of Finance
The Wharton School
University of Pennsylvania
(215) 473-8831 




Awards And Honors

  • Jacob Levy Equity Management Center for Quantitative Financial Research Grant, 2015
  • Mack Institute for Innovation Management Research Fellowship, 2015
  • Wharton Finance Doctoral Fellowship, 2015-2016
  • Winner of LinkedIn Economic Graph Challenge, 2015
  • Univ. of Penn Dean's Fellowship for Distinguished Merit, 2011-2015