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Darrell Duffie
Darrell Duffie
Professor, Finance
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DarrellDuffie
The Dean Witter Distinguished Professor of Finance
Professor of Economics (by courtesy), School of Humanities and Sciences
Senior Fellow, Stanford Institute for Economic Policy Research
Academic Area: 
Finance

Research Statement

Darrell Duffie’s research interests include over-the-counter markets, banking, financial risk management, credit risk, valuation and hedging of derivative securities, financial market infrastructure, the term structure of interest rates, financial innovation, security design (including legal treatments at failure resolution), and market design. Recently, Duffie has focused on how capital moves from one segment of asset markets to another, and the implications of imperfect trading opportunities for asset price behavior, especially in over-the-counter markets.

Bio

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business. He is a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody’s Corporation since 2008. Duffie was the 2009 president of the American Finance Association. In 2014, he chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. Duffie’s recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

Academic Degrees

  • PhD, Stanford University, 1984
  • MEc, University of New England, 1980
  • BScE, University of New Brunswick, 1975

Academic Appointments

  • At Stanford since 1984
  • Lecturer, University of New Brunswick, 1978-1979

Professional Experience

  • Chair, Market Participants Group on Reference Rate Reform, 2013-14
  • Member of the Board of Directors of Moody's Corporation, 2008-date

Awards and Honors

  • Shanahan Family Faculty Fellow, Stanford Graduate School of Business, 2014-2015
  • Elected Fellow, American Academic of Arts and Sciences, 2007
  • Clarendon Lecturer in Finance, Oxford University, 2004
  • Financial Engineer of the Year, International Association of Financial Engineering, 2003
  • Distinguished Teacher Award, Doctoral Program, Graduate School of Business, Stanford University, 2003
  • NYSE Prize for equity research, Western Finance Association, 2002

Publications

Journal Articles

Dynamic Directed Random Matching
Darrell Duffie, Lei Qiao, Yeneng Sun. Journal of Economic Theory. March 2018, Vol. 174, Pages 124-183.
Corporate Credit Risk Premia
Darrell Duffie, Antje Berndt, Rohan Douglas, Mark Ferguson. Review of Finance, forthcoming. 2018.
Benchmarks in Search Markets
Darrell Duffie, Piotr Dworczak, Haoxiang Zhu. Journal of Finance. October 2017, Vol. 72, Issue 5, Pages 1983-2044.
Size Discovery
Darrell Duffie, Haoxiang Zhu. Review of Financial Studies. April 2017, Vol. 30, Issue 4, Pages 1095-1150.
Financial Regulatory Reform After the Crisis: An Assessment
Darrell Duffie. Forthcoming, Management Science. 2017.
Funding Value Adjustments
Darrell Duffie, Leif Andersen, Yang Song. Journal of Finance, forthcoming. 2017.
Central Clearing and Collateral Demand
Darrell Duffie, Martin Scheicher, Guillaume Vuillemey. Journal of Financial Economics. May 2015, Vol. 116, Issue 2, Pages 237-256.
Information Percolation in Segmented Markets
Darrell Duffie, Semyon Malamud, Gustavo Manso. Journal of Economic Theory. 2015, Vol. 158.
Reforming LIBOR and Other Financial Market Benchmarks
Darrell Duffie, Jeremy C. Stein. Journal of Economic Perspectives. 2015, Vol. 29, Issue 2, Pages 191-212.
Challenges to a Policy Treatment of Speculative Trading Motivated by Differences in Beliefs
Darrell Duffie. Journal of Legal Studies. June 2014, Vol. 43, Issue S2, Pages 173-182.
Capital Mobility and Asset Pricing
Darrell Duffie, Bruno Strulovici. Econometrica. November 2012, Vol. 80, Issue 6, Pages 2469-2509.
The exact law of large numbers for independent random matching
Darrell Duffie, Yeneng Sun. Journal of Economic Theory. May 2012, Vol. 147, Issue 3, Pages 1105-1139.
Does a Central Clearing Counterparty Reduce Counterparty Risk?
Darrell Duffie, Haoxiang Zhu. The Review of Asset Pricing Studies. July 2011, Vol. 1, Issue 1, Pages 74-95.
Presidential Address: Asset Price Dynamics with Slow-Moving Capital
Darrell Duffie. The Journal of Finance. August 2010, Vol. 65, Issue 4, Pages 1237-1267.
The Relative Contributions of Private Information Sharing and Public Information Releases to Information Aggregation
Darrell Duffie, Semyon Malamud, Gustavo Manso. Journal of Economic Theory. July 2010, Vol. 145, Issue 4, Pages 1574-1601.
Information Percolation
Darrell Duffie, Gaston Giroux, Gustavo Manso. American Economic Journal: Microeconomics. February 2010, Vol. 2, Issue 1, Pages 100-111.
Asset-Pricing Dynamics with Slow Moving Capital
Darrell Duffie. Journal of Finance. 2010, Vol. 65, Issue 4, Pages 1237-1267.
The Failure Mechanics of Dealer Banks
Darrell Duffie. Journal of Economic Perspectives. 2010, Vol. 24, Issue 1, Pages 51-72.
Frailty Correlated Default
Darrell Duffie, Andreas Eckner, Guillaume Horel, Leandro Saita. Journal of Finance. October 2009, Vol. LXIV, Issue 5, Pages 2089-2123.
Information Percolation with Equilibrium Search Dynamics
Darrell Duffie, Semyon Malamud, Gustavo Manso. Econometrica. September 2009, Vol. 77, Issue 5, Pages 1513-1574.
Common Failings: How Corporate Defaults Are Correlated
Darrell Duffie, Sanjiv R. Das, Nikunj Kapadia, Leandro Saita. Journal of Finance. February 2007, Vol. LXII, Issue 1, Pages 93-117.
Existence of Independent Random Matching
Darrell Duffie, Yeneng Sun. The Annals of Applied Probability. 2007, Vol. 17, Issue 1, Pages 386-419.
Information Percolation in Large Markets
Darrell Duffie, Gustavo Manso. American Economic Review: Papers and Proceedings, 2007. 2007, Pages 203-209.
Multi-period corporate default prediction with stochastic covariates
Darrell Duffie, Leandro Saita, Ke Wang. Journal of Financial Economics. 2007, Vol. 83, Pages 635-665.
Systemic Illiquidity in the Federal Funds Market
Darrell Duffie, Adam B. Ashcraft. American Economic Review: Papers and Proceedings, 2007. 2007, Vol. 97, Pages 221-225.
Valuation in Over-the-Counter Markets
Darrell Duffie, Nicolae Garleanu, Lasse Heje Pedersen. The Review of Financial Studies. 2007, Vol. 20, Pages 1865-1900.
Over-The-Counter Markets
Darrell Duffie, Nicolae Gârleanu, Lasse Heje Pedersen. Econometrica. 2005, Vol. 73, Issue 6, Pages 1815–1847.
Estimation of Continuous-Time Markov Processes Sampled at Random Time Intervals
Darrell Duffie, Peter Glynn. Econometrica. November 2004, Vol. 72, Issue 6, Pages 1773-1808.
Large portfolio losses
Darrell Duffie, Amir Dembo, Jean-Dominique Deuschel. Finance and Stochastics. 2004, Vol. 8, Pages 3-16.
Affine Processes and Applications in Finance
Darrell Duffie, D. Filipovic, W. Schachermayer. The Annals of Applied Probability. August 2003, Vol. 13, Issue 3, Pages 984-1053.
Liquidation Risk
Darrell Duffie, Alexandre Ziegler. Financial Analysts Journal. 2003, Vol. May/June, Pages 42-51.
Market Pricing of Deposit Insurance
Darrell Duffie, Robert Jarrow, Amiyatosh Purnanandam, Wei Yang. Journal of Financial Services Research. 2003, Vol. 24, Issue 2/3, Pages 93-119.
Modeling Sovereign Yield Spreads: A Case Study of Russian Debt
Darrell Duffie, Lasse Heje Pedersen, Kenneth J. Singleton. Journal of Finance. 2003, Vol. 58, Issue 1, Pages 119-159.
Securities Lending, Shorting, and Pricing
Darrell Duffie, Nicolae Garleanu, Lasse Heje Pedersen. Journal of Financial Economics. November 2002, Vol. 66, Issue 2-3, Pages 307-339.
Universal State Prices and Asymmetric Information
Darrell Duffie, Rui Kan. Journal of Mathematical Economics. September 2002, Vol. 38, Issue 1-2, Pages 191-196.
Floating-Fixed Credit Spreads
Darrell Duffie, Jun Liu. Financial Analysts Journal. May 2001, Vol. 57, Issue 3, Pages 76-87.
Term Structures of Credit Spreads with Incomplete Accounting Information
Darrell Duffie, David Lando. Econometrica. May 2001, Vol. 69, Issue 3, Pages 633-664.
Analytical Value-at-Risk with Jumps and Credit Risk
Darrell Duffie, Jun Pan. Finance and Stochastics. April 2001, Vol. 5, Issue 2, Pages 155-180.
Risk and Valuation of Collateralized Debt Obligations
Darrell Duffie, Nicolae Garleanu. Financial Analysts Journal. January 2001, Vol. 57, Issue 1, Pages 41-59.
Transform Analysis and Asset Pricing for Affine Jump-Diffusions
Darrell Duffie, Jun Pan, Kenneth J. Singleton. Econometrica. 2000, Vol. 68, Issue 6 , Pages 1343 - 1376.
Credit Swap Valuation
Darrell Duffie. Financial Analysts Journal. January 1999, Vol. 55, Issue 1, Pages 73-87.
A Liquidity-Based Model of Security Design
Peter M. DeMarzo, Darrell Duffie. Econometrica. 1999, Vol. 67, Issue 1, Pages 65–99.
Modeling Term Structures of Defaultable Bond Yields
Darrell Duffie, Kenneth J. Singleton. Review of Financial Studies. 1999, Vol. 12, Issue 4, Pages 687-720.
Hedging in Incomplete Markets with HARA Utility
Darrell Duffie, Wendell Fleming, H. Mete Soner, Thaleia Zariphopoulou. Journal of Economic Dynamics and Control. May 1997, Vol. 21, Issue 4-5, Pages 753-782.
An Econometric Model of the Term Structure of Interest Rate Swap Yields
Darrell Duffie, Kenneth J. Singleton. Journal of Finance. April 1997, Vol. 52, Issue 4, Pages 1287-1321.
A Term Structure Model with Preferences for the Timing of the Resolution of Uncertainty
Darrell Duffie, Mark Schroder. Economic Theory. January 1997, Vol. 9, Issue 1, Pages 3-22.
Recursive Valuation of Defaultable Securities and the Timing of the Resolution of Uncertainty
Darrell Duffie, Mark Schroder, Costis Skiadas. The Annals of Applied Probability. November 1996, Vol. 6, Issue 4, Pages 1075-1090.
Swap Rates and Credit Quality
Darrell Duffie, Ming Huang. The Journal of Finance. July 1996, Vol. 51, Issue 3, Pages 921-949.
Special Repo Rates
Darrell Duffie. The Journal of Finance. June 1996, Vol. 51, Issue 2, Pages 493-526.
Asset Pricing with Heterogeneous Consumers
Darrell Duffie, George Constantinides. Journal of Political Economy. April 1996, Vol. 104, Issue 2, Pages 219-240.
A Yield-Factor Model of Interest Rates
Darrell Duffie, Rui Kan. Mathematical Finance. 1996, Vol. 6, Issue 4, Pages 379-406.
Efficient Monte Carlo Estimation of Security Prices
Darrell Duffie, Peter Glynn. The Annals of Applied Probability. November 1995, Vol. 5, Issue 4, Pages 897-905.
Black's Consol Rate Conjecture
Darrell Duffie, Jin Ma, Jiongmin Yong. The Annals of Applied Probability. May 1995, Vol. 5, Issue 2, Pages 356-382.
Corporate Incentives for Hedging and Hedge Accounting
Darrell Duffie, Peter M. DeMarzo. Review of Financial Studies. 1995, Vol. 8, Issue 3, Pages 743-771.
Stationary Markov Equilibria
Darrell Duffie, J. Geanakoplos, A. Mas-Colell, A. McLennan. Econometrica. July 1994, Vol. 62, Issue 4, Pages 745-781.
Continuous Time Security Pricing: A Utility Gradient Approach
Darrell Duffie, Costis Skiadas. Journal of Mathematical Economics. March 1994, Vol. 23, Issue 2, Pages 107-131.
Efficient and Equilibrium Allocations with Stochastic Differential Utility
Darrell Duffie, Pierre-Yves Geoffard, Costis Skiadas. Journal of Mathematical Economics. March 1994, Vol. 23, Issue 2, Pages 133-146.
Arbitrage Pricing of Russian Options and Perpetual Lookback Options
Darrell Duffie, J. Michael Harrison. The Annals of Applied Probability. August 1993, Vol. 3, Issue 3, Pages 641-651.
Optimal Investment with Undiversifiable Income Risk
Darrell Duffie, Thaleia Zariphopoulou. Mathematical Finance. April 1993, Vol. 3, Issue 2, Pages 135-148.
Simulated Moments Estimation of Markov Models of Asset Prices
Darrell Duffie, Kenneth J. Singleton. Econometrica. 1993, Vol. 61, Issue 4, Pages 929-952.
Pricing Continuously Resettled Contingent Claims
Darrell Duffie, Richard Stanton. Journal of Economic Dynamics and Control. July 1992, Vol. 16, Issue 3-4, Pages 561-573.
Stochastic Differential Utility
Darrell Duffie, Larry Epstein, Costis Skiadas. Econometrica. March 1992, Vol. 60, Issue 2, Pages 353.
From Discrete to Continuous Time Finance: Weak Convergence of the Financial Gain Process
Darrell Duffie, Philip Protter. Mathematical Finance. January 1992, Vol. 2, Issue 1, Pages 1-15.
Asset Pricing with Stochastic Differential Utility
Darrell Duffie. Review of Financial Studies. 1992, Vol. 5, Issue 3, Pages 411-436.
Corporate Financial Hedging with Proprietary Information
Darrell Duffie, Peter M. DeMarzo. Journal of Economic Theory. April 1991, Vol. 53, Issue 2, Pages 261-286.
PDE Solutions of Stochastic Differential Utility
Darrell Duffie, Pierre-Louis Lions. Journal of Mathematical Economics. April 1991, Vol. 21, Issue 6, Pages 577-606.
Mean-Variance Hedging in Continuous Time
Darrell Duffie, Henry R. Richardson. The Annals of Applied Probability. February 1991, Vol. 1, Issue 1, Pages 1-15.
Optimal Hedging and Equilibrium in a Dynamic Futures Market
Darrell Duffie, Matthew O. Jackson. Journal of Economic Dynamics and Control. February 1990, Vol. 14, Issue 1, Pages 21-33.
Transactions Costs and Portfolio Choice in a Discrete-Continuous Time Setting
Darrell Duffie, Tong-sheng Sun. Journal of Economic Dynamics and Control. February 1990, Vol. 14, Issue 1, Pages 35-51.
Money in General Equilibrium Theory
Darrell Duffie. Handbook of Monetary Economics. 1990, Vol. 1, Pages 81-100.
The Consumption-Based Capital Asset Pricing Model
Darrell Duffie, William Zame. Econometrica. November 1989, Vol. 57, Issue 6, Pages 1279.
Optimal Innovation of Futures Contracts
Darrell Duffie, Matthew O. Jackson. Review of Financial Studies. 1989, Vol. 2, Issue 3, Pages 275-296.
An Extension of the Black-Sholes Model of Security Valuation
Darrell Duffie. Journal of Economic Theory. October 1988, Vol. 46, Issue 1, Pages 194-204.
Stochastic Equilibria with Incomplete Financial Markets
Darrell Duffie. Journal of Economic Theory. April 1987, Vol. 41, Issue 2, Pages 405-416.
Multiperiod Security Markets with Differential Information: Martingales and Resolution Times
Darrell Duffie, Chi-fu Huang. Journal of Mathematical Economics. September 1986, Vol. 15, Issue 3, Pages 283-303.
Stochastic Equilibria: Existence, Spanning Number, and the 'No Expected Financial Gain From Trade' Hypothesis
Darrell Duffie. Econometrica. September 1986, Vol. 54, Issue 5, Pages 1161-1183.
Equilibrium in incomplete markets: II: Generic existence in stochastic economies
Darrell Duffie, Wayne Shafer. Journal of Mathematical Economics. June 1986, Vol. 15, Issue 3, Pages 199-216.
Competitive Equilibria in General Choice Spaces
Darrell Duffie. Journal of Mathematical Economics. 1986, Vol. 15, Issue 1, Pages 1-23.
Equilibrium in Incomplete Markets: I. A Basic Model of Generic Existence
Darrell Duffie, Wayne Shafer. Journal of Mathematical Economics. December 1985, Vol. 14, Issue 3, Pages 285-300.
Implementing Arrow-Debreu Equilibria By Continuous Trading of Few Long-Lived Securities
Darrell Duffie, Chi-fu Huang. Econometrica. November 1985, Vol. 53, Issue 6, Pages 1337-1356.

Books

Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets
Darrell Duffie Princeton: Princeton University Press, 2012.
Measuring Corporate Default Risk
Darrell Duffie Princeton and Oxford: Oxford University Press, 2011.
How Big Banks Fail and What to Do About It
Darrell Duffie Princeton: Princeton University Press, 2010.
The Squam Lake Report: Fixing the Financial System
Darrell Duffie, Kenneth R. French, Martin N. Bailey, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Anil K. Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein, Rene M. Stulz Princeton: Princeton University Press, 2010.
Credit Risk
Darrell Duffie, Kenneth J. Singleton Princeton: Princeton University Press, 2003.
Dynamic Asset Pricing Theory
Darrell Duffie Princeton: Princeton University Press, 2001.
Futures Markets
Darrell Duffie Englewood Cliffs: Prentice-Hall, 1989.
Security Markets: Stochastic Models
Darrell Duffie Boston: Academic Press, 1988.

Working Papers

Augmenting Markets with Mechanisms | PDF
Darrell Duffie, Samuel Antill, December 132017
Resolution of Failing Central Counterparties | PDF
Darrell Duffie, December 172014
Robust Benchmark Design | PDF
Darrell Duffie, Piotr Dworczak2014
Replumbing Our Financial System: Uneven Progress | PDF
Darrell Duffie, January 2013
Redesigning Credit Derivatives to Better Cover Sovereign Default Risk
Darrell Duffie, Mohit Thukral, May 32012
Market Making Under the Proposed Volcker Rule | PDF
Darrell Duffie, January 162012
Systemic Risk Exposures: A 10-by-10-by-10 Approach | PDF
Darrell Duffie, August 2011
Policy Perspectives on OTC Derivatives Market Infrastructure | PDF
Darrell Duffie, Ada Li, Theo Lubke2010
The Theory of Value in Security Markets
Darrell Duffie1990
Intertemporal Arbitrage and the Markov Valuation of Securities | PDF
Darrell Duffie1989
Equilibrium and the Role of the Firm in Incomplete Markets | PDF
Darrell Duffie1986
On the Term Structure of Interest Rates | PDF
Darrell Duffie1986
Stochastic Production-Exchange Equilibria | PDF
Darrell Duffie1986
Price Operators: Extensions, Potentials, and the Markov Valuation of Securities | PDF
Darrell Duffie1985

Teaching

Degree Courses

2017-18

FINANCE 121: Undergraduate Finance Research and Discussion Seminar

This seminar is designed to provide some experience with research methods and topics in finance, and to assist undergraduates with career interests in financial research, whether academic or not, with preparation for those careers. The seminar...

FINANCE 320: Debt Markets

This course is intended for those who plan careers that may involve debt financing for their businesses or other investments, or involve trading or investing in debt instruments and their derivatives, including money-market instruments including...

FINANCE 377: China's Financial System

This course is a survey of China's financial system, including its banking industry, monetary policy structure, and financial markets (bonds, derivatives, equities, foreign exchange, alternative asset management, and related markets). The goal is...

FINANCE 622: Dynamic Asset Pricing Theory

This course is an introduction to multiperiod models in finance, mainly pertaining to optimal portfolio choice and asset pricing. The course begins with discrete-time models for portfolio choice and security prices, and then moves to a continuous...

2016-17

FINANCE 121: Undergraduate Finance Research and Discussion Seminar

This seminar is designed to provide some experience with research methods and topics in finance, and to assist undergraduates with career interests in financial research, whether academic or not, with preparation for those careers. The seminar...

FINANCE 320: Debt Markets

This course is intended for those who plan careers that may involve debt financing for their businesses or other investments, or involve trading or investing in debt instruments and their derivatives, including money-market instruments including...

FINANCE 377: China's Financial System

This course is a survey of China's financial system, including its banking industry, monetary policy structure, and financial markets (bonds, derivatives, equities, foreign exchange, alternative asset management, and related markets). The goal is...

FINANCE 622: Dynamic Asset Pricing Theory

This course is an introduction to multiperiod models in finance, mainly pertaining to optimal portfolio choice and asset pricing. The course begins with discrete-time models for portfolio choice and security prices, and then moves to a continuous...

Stanford Case Studies

Emergence of Default Swap Index Products | F268
J.Duffie, Erin Yurday2004
Risk at Freddie Mac | F270
J. Duffie, Erin Yurday2004
Structured Credit Index Products and Default Correlation | F269
J. Duffie., Erin Yurday2003

Conferences, Talks, and Speaking Engagements

Service to the Profession

  • Fellow and Member of Council, Econometric Society, 1997-present
  • Research Associate, National Bureau of Economic Research, 1997-present

In the Media

A Bloomberg Essay on the Form of Bank Capital Regulations
Bloomberg View, January 7, 2014
Interview
The Region, Federal Reserve Bank of Minneapolis, June 2012
After MF Global: How to Protect Customers' Cash (with Joseph Grundfest)
Financial Times, December 6, 2011

Insights by Stanford Business

writtenWhat to Read over the Holidays
December 5, 2017
15 Stanford business professors recommend books for those long winter nights.
writtenThe 100-Trillion-Dollar Question
November 21, 2017
It’s time to replace LIBOR, the beleaguered benchmark that determines adjustable interest rates. But how?
writtenDarrell Duffie: China’s Risky Effort to Prop Up Stocks
July 10, 2015
The country could be creating false confidence that hurts the market later.
videoDarrell Duffie: Are China’s Financial Markets Opening Up?
May 11, 2015
A professor of finance explores the burgeoning economy and its opportunities for further growth.
videoDarrell Duffie: Understanding China’s Financial System
April 27, 2015
A finance professor says doing business on a global scale requires understanding what makes China tick.
writtenShould Financial Speculators Be Stopped?
January 26, 2015
Stanford’s Darrell Duffie squares off against the new prohibitionists.
writtenDarrell Duffie: Why LIBOR Manipulation Poses an Ongoing Risk
September 10, 2014
A finance professor explains what it will take to fix the problem.
writtenDarrell Duffie: Big Risks Remain In the Financial System
May 13, 2013
A Stanford theoretician of financial risk looks at how to fix the "pipes and valves" of modern finance.
writtenMyron Scholes and Darrell Duffie Assess the Fallout in Cyprus
March 19, 2013
Two scholars explain what could happen next in Nicosia — and the rest of Europe.
writtenDarrell Duffie: Managing Risk of Credit Default Swaps
May 18, 2012
A Stanford research team proposes changes to control investor exposure to sovereign default risk.
writtenEuropean Union Likely to Avoid Economic Disaster But Still Needs Reform
February 10, 2012
Europe's banks also need to shore up their capital, not just borrow liquidity, say three experts on international finance.
writtenDarrell Duffie: How Should We Interpret the Volcker Rule?
January 17, 2012
A scholar proposes alternative capital requirements for banks to eliminate potential unintended consequences of financial reform.
writtenStanford Finance Forum Debates Bank Capital and Equity Levels
June 1, 2011
Boston Fed CEO Eric Rosengren says money market mutual funds are vulnerable to the European debt crisis.
writtenPanel: A Sobering Look at Today's Federal Debt
January 1, 2011
Economics experts from Stanford GSB and beyond explain why there are no easy solutions to the estimated $14 trillion debt.
writtenHow Big Banks Fail and What to Do about It
July 1, 2010
A finance professor says putting the financial system in order depends on understanding of how big banks can go from weakness to sudden failure.
writtenStanford Professors Assess Landmark SEC-Goldman Suit
April 1, 2010
Two Stanford finance experts distinguished between ethical and legal issues in an analysis of the Securities and Exchange Commission's lawsuit against Goldman Sachs.
writtenCredit Default Swap Clearing Plan Won't Work
April 1, 2009
A finance professor explores a regulation of credit default swaps.
writtenShort Selling May Affect Stock and Bond Prices
November 1, 2001
A finance scholar explores short selling's impact on markets, including when it's thwarted.
writtenTax Shield May Make Convertible Bonds Attractive
November 1, 2001
Research suggests that companies are issuing these newly popular securities with more than raising capital in mind.
writtenUsing Hedge Funds as Alternative Investment Vehicles
November 1, 2001
A seminar provides an inside look at hedge fund managers' strategic challenges, and why the offset risk can be attractive to investors.

School News

written2009 Silver Apple Honors Darrell Duffie
October 1, 2009
The finance professor was honored with the annual award during fall 2009 Stanford GSB alumni weekend activities.
writtenFeinberg, Duffie, and Kasznik Honored as Distinguished Teachers
June 2, 2003
A "command performer," "master of asset pricing," and a professor who creates a safe environment for learning are recognized by Stanford GSB students.

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