philip h. dybvig: curriculum vitae
philip h. dybvig: curriculum vitae
philip h. dybvig
boatmens bancshares professor of banking and finance
washington university in saint louis
curriculum vitae: november, 2006
olin school of business
campus box 1133
one brookings drive
saint louis, mo 63130-4899
815-642-4318 (fax) --
phild@dybfin.wustl.edu -- http://dybfin.wustl.edu
personal
2348 s 9th st
st louis, mo 63104
314-398-3196 (voice) -- 815-642-4318 (fax) -- http://phildybvig.com
united states citizen, born 5/22/55
divorced; children are
megan, born 7/26/81; jordan, born 10/06/83; and shannon, born
5/12/87
experience
washington university: boatmen's bancshares professor of
banking and finance, olin school of business, september
1990-present, john e. simon professor of finance, olin school
of business, january 1989-september 1990, visiting professor
july 1988-december 1988
yale university: professor of finance and economics, school
of management and department of economics, and a member of the
cowles foundation, july 1986-december 1988, associate professor
of finance, school of management, july 1984-june 1986,
assistant professor of finance, school of management, july
1981-june 1984
princeton university: assistant professor of economics,
january 1980-june 1981
yale university: postdoctoral fellow and part-time lecturer,
cowles foundation, fall 1979
bell laboratories (murray hill): consultant, summer 1977
various: computer programmer, summers 1975 (air force
avionics laboratory, wpafb), 1976 (systems research
laboratories, dayton, ohio)
indiana university: instructor, honors physics labs,
1974-1976
education
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
honors
sloan research fellowship, 1986-1988
batterymarch research fellowship, 1982-1983
common fund prize, 1996
graham and dodd scroll for excellence in financial writing
awarded by the aimr, 1996
midwest finance association distinguished scholar, 2003
professional service and activities
president of the western finance association 2002-2003, program chair 2001-2002, vice president 2000-2001
past editor of the review of financial
studies
associate editor of the journal of applied finance
(formerly financial practice and education) and the
journal of economic theory.
past associate editor of finance and stochastics,
the journal of finance,
the journal of financial intermediation,
the journal of financial and quantitative analysis,
and the review of financial studies
referee for many journals, the nsf, and association
meetings
financial consultant
textbooks
personal computing for managers, redwood city,
ca: scientific press, 1986.
the lotus tutorial, redwood city, ca:
scientific press, 1987.
published articles and other short
pieces
``present values and internal rates of return,'' with
stephen ross and chester spatt, journal of economic
theory 23, 1980, 66-81.
``recovering cardinal utility,'' with heraklis
polemarchakis, review of economics studies
48, 1981, 159-166.
``mean-variance theory in complete markets,'' with jonathan
ingersoll, journal of business
55, 1982, 233-251.
``portfolio efficient sets,'' with stephen ross,
econometrica 50, 1982, 1525-1546.
``adoption externalities as public goods,'' with chester
spatt, journal of public economics
20, 1983, 231-247.
``duality, interest rates, and the theory of present
value,'' journal of economic theory
30, 1983, 98-114.
``recovering preferences from preferences over nominal
gambles,'' journal of economic theory
28, 1982, 354-360.
``an alternative characterization of decreasing absolute
risk aversion,'' with stephen lippman,
econometrica 51, 1983,
223-224.
``recovering additive utility functions,''
international economic review 24,
1983, 379-396.
``bank runs, deposit insurance, and liquidity,'' with
douglas w. diamond, journal of political economy
91, 1983, 401-419.
``an explicit bound on individual assets' deviations from
apt pricing in a finite economy,'' journal of financial
economics 12, 1983, 483-496.
``short sales restrictions and kinks on the mean variance
frontier,'' journal of finance
39, 1984, 239-244.
``acknowledgement: kinks on the mean-variance frontier,''
journal of finance 40, 1985,
345.
``differential information and performance measurement using
a security market line,'' with stephen ross, journal of
finance 40, 1985, 383-399.
``the analytics of performance measurement using a security
market line,'' with stephen ross, journal of
finance 40, 1985, 401-416.
``yes, the apt is testable,'' with stephen ross,
journal of finance 40, 1985,
1173-1188.
``banking theory, deposit insurance, and bank regulation,''
with douglas diamond, journal of business
59, 1986, 55-68.
``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.
``tax clienteles and asset pricing,'' with stephen ross,
journal of finance 41, 1986,
751-762.
``arbitrage,'' with stephen ross, a contribution to
the new palgrave: a dictionary of economics
1, new york: stockton press, 1987,
100-106.
``inefficient dynamic portfolio strategies, or how to throw
away a million dollars in the stock market,'' review of
financial studies 1, 1988, 67-88.
``distributional analysis of portfolio choice,''
journal of business 61, 1988,
369-393.
``book review of security markets: stochastic
models by darrell duffie," review of financial
studies 1, 1988, 329-330.
``nonnegative wealth, absence of arbitrage, and feasible
consumption streams,'' with chi-fu huang, review of
financial studies 1, 1988, 377-401.
``capital structure and dividend irrelevance with asymmetric
information,'' with jaime zender, review of financial
studies 4, 1991, 201-219.
``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.
``bank runs,'' a contribution to the new palgrave
dictionary of money and finance 1, new
york: stockton press, 1992, 171-173.
``riskless asset,'' a contribution to the new palgrave
dictionary of money and finance 3, new
york: stockton press, 1992, 372-373.
``remarks on banking and deposit insurance,'' review
of the federal reserve bank of saint louis
75:1, 1993, 21-24.
``warranties, durability, and maintenance: two-sided moral
hazard in a continuous-time model,'' with nancy lutz,
review of economic studies 60,
1993, 575-597.
``what is the fed's decision problem?'' review of the
federal reserve bank of saint louis
76:2 , 1994, 213-215.
``discussion of `improving bankruptcy procedure' by philippe
aghion, oliver hart, and john moore,'' washington
university law quarterly 72, 1994,
873-877.
``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.
``long forward and zero-coupon rates can never fall,'' with
jonathan ingersoll and stephen ross, journal of
business 69, 1996, 1-25.
``pricing long bonds: pitfalls and opportunities,'' with
bill marshall, financial analysts journal,
january-february 1996, 32-39.
``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.
``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.
``recovery of preferences from observed wealth in a single
realization,'' with chris rogers, review of financial
studies 10, 1997, 151-174.
``going to extremes: correcting simulation bias in exotic
option valuation,'' with david beaglehole and guofu zhou,
financial analysts journal, january-february 1997,
62-68.
``using asset allocation to protect spending,''
financial analysts journal, january-february 1999,
49-62.
``portfolio turnpikes,'' with chris rogers and kerry back,
review of financial studies 12,
1999, 165-195.
``empty promises and arbitrage,'' with greg willard,
review of financial studies 12,
1999, 807-834.
``bias of damage awards and free options in securities
litigation,'' with ning gong and rachel schwartz, journal
of financial intermediation 8, 2000,
149-68.
``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.
``employee reload options: pricing, hedging, and optimal
exercise,'' with mark loewenstein, review of financial
studies 16, 2003, 145-171.
``arbitrage, state prices, and portfolio theory,'' with
stephen a. ross, in george constantinides and rené
stulz, ed., handbook of the economics of finance,
2003.
``the fallacy of large numbers, and a defense of diversified
active managers,'' journal of applied finance
15, 2005.
active working papers
``portfolio performance and agency,'' with heber farnsworth
and jennifer carpenter
``lifetime consumption and investment: retirement and
constrained borrowing,'' with hong liu
``mean-variance rebalancing strategies''
``consensus in diverse corporate boards,'' with nina baranchuk
``disclosure and investment,'' with nina baranchuk and jun yang
inactive working papers
``microfoundations of wage rigidity and unemployment,'' with
gerald jaynes.
``output supply, employment, and intra-industry wage
dispersion,'' with gerald jaynes.
``does it pay to maintain a reputation?'' with chester
spatt.
``wasteful `competition.' ''
``a practical framework for capital budgeting of projects
having uncertain returns.''
``private information and security prices: a non-walrasian
rational expectations model,'' with gordon sick.
``recovering von neumann-morgenstern utility functions from
the acceptance frontier,'' with william thomson.
``a positive wealth constraint precludes arbitrage profits
(e.g. from doubling) in the black-scholes model.''
``some new tools for testing market efficiency and measuring
mutual fund performance.''
``multiperiod recoverability: an application of a result of
cox and leland.''
``agency and the market for portfolio managers: the
principle of preference similarity,'' with chester spatt.
``change of measure and asset pricing: theory and
applications.''
``increases in risk aversion and portfolio choice in a
complete market.''
``revealed preference for uncertain consumption.''
``on the existence of optimal portfolios in complete
markets,'' with kerry back.
``correlated nontrading'' (preliminary notes)
``exploration of interest rate data'' (preliminary
notes)
``endogenous liquidity,'' with anjolein schmeits
``financial contracting and concentration of operational
control,'' with yu wang
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