Photo of Alex Edmans

Alex Edmans

Associate Professor of Finance

Research Interests: corporate governance, executive compensation, mergers and acquisitions, behavioral finance

Links: CV, Personal Website

Contact Information

Address: 2460 Steinberg-Dietrich Hall, Philadelphia, PA 19104
Email: aedmans@wharton.upenn.edu
Office: (215) 746-0498

Overview

Education

PhD, Massachusetts Institute of Technology, 2007; BA, University of Oxford, 2001

Other Current Academic Positions

Faculty Research Fellow, NBER Corporate Finance, 2011-

Research Associate, European Corporate Governance Institute, 2011-

Visiting Scholar, Philadelphia Fed, 2010-

Associate Editor, Review of Financial Studies, 2011-

Associate Editor, Financial Management, 2011-

Associate Editor, Journal of Financial and Quantitative Analysis, 2012-

Career and Recent Professional Awards; Teaching Awards

FIR-PRI Prize for Finance and Sustainability, 2011

Rising Star in Corporate Governance, 2011

Distinguished Referee Award, Review of Financial Studies, 2009

Finalist, Smith-Breeden Prize for Best Paper in the Journal of Finance, 2007

Moskowitz Prize for Best Paper in Socially Responsible Investing, 2007

Wharton MBA Excellence in Teaching Award, 2011

Wharton MBA Core Teaching Award, 2008, 2009

Wharton MBA Core Curriculum Award (“Goes Above and Beyond the Call of Duty”), 2008, 2009, 2010, 2011

Wharton MBA Core Curriculum Award (“Tough, But We’ll Thank You In Five Years”), 2009

Keynote Speaker, Wharton Welcome Weekend 2009

MIT Graduate Teaching Award, 2007

MIT Sloan Outstanding Teaching Assistant of the Year, 2005

Industry Experience

Summer Associate, Morgan Stanley Fixed Income, 2004; Financial Analyst, Morgan Stanley Investment Banking, 2001-03

Research


  • Doron Levit, Alex Edmans, Devin Reilly (Work In Progress), Governance and Comovement Under Common Ownership.  Abstract
  • Alex Edmans, Vivian Fang, Emanuel Zur (Working), The Effect of Liquidity on Governance.
  • Alex Edmans, Itay Goldstein, Wei Jiang (2012), The Real Effects of Financial Markets: The Impact of Prices on Takeovers, Journal of Finance
  • Alex Edmans, Xavier Gabaix (2011), Tractability in Incentive Contracting, Review of Financial Studies, 102 (1), 81 - 101.  Abstract
  • Alex Edmans, Xavier Gabaix, Tomasz Sadzik, Yuliy Sannikov (2011), Dynamic CEO Compensation, Journal of Finance
  • Alex Edmans (2011), Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices, Journal of Financial Economics, 101 (3), 621 - 640.  Abstract
  • Alex Edmans (2011), Short-Term Termination Without Deterring Long-Term Investment: A Theory of Debt and Buyouts, Journal of Financial Economics, 24 (9), 2865 - 2894.  Abstract
  • Alex Edmans, Xavier Gabaix (2011), The Effect of Risk on the CEO Market, Review of Financial Studies, 24 (8), 2822 - 2863.  Abstract
  • Jack Bao, Alex Edmans (2011), Do Investment Banks Matter For M&A Returns?, Review of Financial Studies, 24 (7), 2286 - 2315.  Abstract
  • Alex Edmans, Gustavo Manso (2011), Governance Through Trading and Intervention: A Theory of Multiple Blockholders, Review of Financial Studies, 24 (7), 2395 - 2428.  Abstract
  • Alex Edmans, Qi Liu (2011), Inside Debt, Review of Finance, 15 (1), 75 - 102. doi: 10.1093/rof/rfq008.    Abstract
  • Alex Edmans, Xavier Gabaix, Augustin Landier (2009), A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium, Review of Financial Studies, 22 (12), 4881 - 4917.  Abstract
  • Alex Edmans (2009), Blockholder Trading, Market Efficiency, and Managerial Myopia, Journal of Finance, 64 (6), 2481 - 2513.  Abstract
  • Alex Edmans, Diego García, Øyvind Norli (2007), Sports Sentiment and Stock Returns, Journal of Finance, 62 (4), 1967 - 1998.  Abstract

Awards And Honors

  • MBA Excellence in Teaching Award, 2011
  • Rising Star in Corporate Governance, 2011
  • Best Paper Award, Financial Research Association, 2009
  • Distinguished Referee Award, Review of Financial Studies, 2009
  • Finalist, Helen Kardon Moss Anvil Award for Best MBA Professor, 2008-2010
  • MBA Core Curriculum Award ("Goes Above and Beyond the Call of Duty"), 2008-2011
  • MBA Core Curriculum Award ("Tough, But We'll Thank You in Five Years"), 2008
  • MBA Core Teaching Award, 2008-2009
  • MIT Graduate Teaching Award, 2007
  • Moskowitz Prize for Best Paper in Socially Responsible Investing, 2007
  • MIT Sloan Outstanding Teaching Assistant of the Year, 2005

In The News

Knowledge @ Wharton

Courses

Previous

  • FNCE604 - Preparation Course for the Corporate Finance (FNCE 612) Placement Exam

    This course is intended for those students wishing to prepare for the Placement Exam into FNCE612. The FNCE612 course will fullfill the core requirement in financial analysis in half a semester, instead of the usual full semester in the FNCE 611 course. Only the students with some prior knowledge of financial analysis (either by course work or by practical experience), or with some strong analytical backgrounds should consider taking this course and the Placement Exam. Together FNCE 604 and FNCE 612 form the foundation for subsequent courses in corporate finance, security analysis, investments, and speculative markets. Their purpose is to develop a framework for analyzing a firm's investment and financing decisions. FNCE 604 will provide an introduction to present value and capital budgeting techniques under certainty. The FNCE 612 course will start where FNCE 604 stops, and will cover capital budgeting techniqes under uncertainty, asset valuation, the operation and efficiency of capital markets, and the optimal capital structure of the firm

  • FNCE612 - Accelerated Corp Finance

    This course is intended for students with prior knowledge of finance or with strong analytical backgrounds. Together with the pre-term preparation course (FNCE604), it forms the foundation for subsequent courses in corporate finance, corporate valuation, investments, and financial derivatives. Its purpose is to develop a framework for analyzing a firm's investment and financial decisions. This course will start where FNCE 604 ends. More precisely, it will provide an introduction to capital budgeting techniques under uncertainty, asset valuation, the operation and efficiency of capital markets, the optimal capital structure and dividend policy of the firm and options. In short, it will cover all the topics of a typical semester-long finance introduction class in six weeks. This course assumes that students are familiar with the material covered in FNCE 604. As a result, it is only available to those students who successfully passed the Finance Placement Exam at the end of the pre-term. This course is not suitable for students new to finance and with limited analytical backgrounds. This course is hard. The pace is fast and it requires a major investment of time and effort outside class.