Alex Edmans
Alex Edmans is professor of finance at London Business School[1] and the current Mercers' School Memorial Professor of Business at Gresham College.[2]. Since 2017 he has been the Managing Editor of the Review of Finance, the leading academic finance journal in Europe.[3] He gave the TED talk What to Trust in a Post-Truth World, on confirmation bias and the importance of being discerning with evidence, which has been viewed 1.8 million times.
Edmans' research is on corporate governance, executive pay, responsible business, and behavioral finance, and has been cited over 10,000 times.[4]. Key findings of his research include the following:
- In corporate governance he has studied the role of blockholders (large shareholders) in disciplining management, in particular through "exit" - walking away from underperforming companies.[5]
- His executive pay research, often co-authored with Xavier Gabaix, demonstrates that pay structures are much more important than the level of pay in creating value.[6] In particular, long-term horizons are critical to encourage long-term behavior by management;[7]; when CEOs are about to sell their shares, they cut investment[8].
- In responsible business, his research showed how companies listed in the "100 Best Companies to Work For in America" delivered stock returns that beat their peers by 2.1-3.5% per year over a 26-year period.[9].
- In behavioral finance, he showed that national stock market indices fall significantly after international sporting defeats, most notably elimination from the World Cup. This research contradicts the Efficient-market hypothesis.[10].
References
- ↑ "Alex Edmans". London Business School. Retrieved 2020-11-08.
- ↑ "Professor Alex Edmans". www.gresham.ac.uk. Retrieved 2020-11-08.
- ↑ "Review of Finance". Oxford Academic. Retrieved 2020-11-08.
- ↑ "Alex Edmans - Google Scholar". Google Scholar. Retrieved 2020-11-08.
- ↑ Edmans, Alex (2009). Blockholder trading, market efficiency, and managerial myopia. Journal of Finance 64, 2481-2513.
- ↑ Edmans, Alex and Xavier Gabaix (2011). Tractability in incentive contracting. Review of Financial Studies 24, 2865-2894.
- ↑ Edmans, Alex, Xavier Gabaix, Tomasz Sadzik, and Yuliy Sannikov (2012). Dynamic CEO compensation. Journal of Finance 67, 1603-1647.
- ↑ Edmans, Alex (2017). Equity vesting and investment. Review of Financial Studies 30, 2229-2271.
- ↑ Edmans, Alex (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics 101, 621-640.
- ↑ Edmans, Alex, Diego Garcia and Oyvind Norli (2007). Sports sentiment and stock returns. Journal of Finance 62, 1967-1998.
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