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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
Email: mijlee@wharton.upenn.edu
Mobile: 215-528-3871

Overview

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



CONTACT INFORMATION

Address: 3620 Locust Walk, 2420A Steinberg-Dietrich Hall, Philadelphia, PA 19104
E-mail: mijlee@wharton.upenn.edu
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

 

AWARDS, FELLOWSHIPS, and grants

 

References

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

 

 

 

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