Ulrike Malmendier
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Ulrike M. Malmendier (born 1973) is a German economist who is currently a professor of economics and finance at the
University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California) is a public university, public land-grant university, land-grant research university in Berkeley, California. Established in 1868 as the University of Californi ...
. Her work focuses on
behavioral economics Behavioral economics studies the effects of psychological Psychology is the scientific study of mind and behavior. Psychology includes the study of conscious and unconscious phenomena, including feelings and thoughts. It is an acad ...
,
corporate finance Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and anal ...
, and
law and economics Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economics, Economic concepts are used to explain the effec ...
. In 2013, she was awarded the Fischer Black Prize by the
American Finance Association The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the ''Journal of Finance ''The Journal of Finance'' is a ...
. IDEAS lists her as among the top 5% most cited economists and as among the top 100 young economists who started publishing 15 years ago. Her work on behavioral biases in financial markets has been featured in publications including
The Economist ''The Economist'' is a British weekly newspaper printed in Paper size#Demitab, demitab format and Electronic publishing, published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in Lo ...
,
Investors Chronicle The ''Investors Chronicle'' is a weekly magazine in the United Kingdom for private investors and is published by the ''Financial Times'' Group. The magazine publishes articles about global markets and sectors, and news on corporate actions such ...
,
The Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its The Wall Street Journal Asia, ...
,
the New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...
, Barron's,
The Boston Globe ''The Boston Globe'' is an American daily newspaper founded and based in Boston, Massachusetts. The newspaper has won a total of #Pulitzer, 27 Pulitzer Prizes, and has a total circulation of close to 300,000 print and digital subscribers. ''The B ...
,
Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and ma ...
, and
The New Yorker ''The New Yorker'' is an American weekly magazine featuring journalism, commentary, criticism, essays, fiction, satire, cartoons, and poetry. Founded as a weekly in 1925, the magazine is published 47 times annually, with five of these issues ...
. She has been profiled in
The American Magazine ''The American Magazine'' was a periodical publication founded in June 1906, a continuation of failed publications purchased a few years earlier from publishing mogul Miriam Leslie. It succeeded ''Frank Leslie's Popular Monthly'' (1876–1904), ' ...
and
The Chronicle of Higher Education ''The Chronicle of Higher Education'' is a newspaper and website that presents news, information, and jobs for college and Faculty (academic staff), university faculty and student affairs professionals (staff members and administrators). A subscr ...
.


Education


Career

Malmendier was born in 1973 in
Cologne Cologne ( ; german: Köln ; ksh, Kölle ) is the largest city of the German western States of Germany, state of North Rhine-Westphalia (NRW) and the List of cities in Germany by population, fourth-most populous city of Germany with 1.1 m ...
, then in
West Germany West Germany is the colloquial term used to indicate the Federal Republic of Germany (FRG; german: Bundesrepublik Deutschland , BRD) between its formation on 23 May 1949 and the German reunification through the accession of East Germany on 3 O ...
. After high school, Malmendier trained as a bank clerk, then studied Economics on a
Studienstiftung The German Academic Scholarship Foundation (German: , or ''Studienstiftung'' for short) is Germany's largest and most prestigious scholarship foundation. According to its statutes, it supports "the university education of young people who, on ac ...
scholarship. She earned a Ph.D. in law from the
University of Bonn The Rhenish Friedrich Wilhelm University of Bonn (german: Rheinische Friedrich-Wilhelms-Universität Bonn) is a public research university located in Bonn, North Rhine-Westphalia, Germany. It was founded in its present form as the ( en, Rhine U ...
in 2000 and a Ph.D. in business economics from
Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston Boston (), officially the City of Boston, is the capital city, state capital and List of municipalities in M ...
in 2002; her Harvard doctoral thesis was ''Behavioral approaches to contract theory and corporate finance''.
Andrei Shleifer Andrei Shleifer ( ; born February 20, 1961) is a Russian-American Russian Americans ( rus, русские американцы, r=russkiye amerikantsy, p= ˈruskʲɪje ɐmʲɪrʲɪˈkant͡sɨ) are Americans of full or partial Russians, Russian ...
served as Malmendier's adviser at Harvard.RePEc Genealogy Page for Ulrike Malmendier
/ref> She worked as an assistant professor of finance at
Stanford University Stanford University, officially Leland Stanford Junior University, is a Private university, private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. S ...
from 2002 to 2006. During that time she held visiting positions at the
University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...
and
Princeton University Princeton University is a private university, private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial Colleges, fourth-oldest ins ...
. Malmendier moved to Berkeley in 2006 where she earned tenure in 2008. She currently is a research associate at the
National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic ...
, research affiliate at the
Centre for Economic Policy Research The Centre for Economic Policy Research (CEPR) is an independent, non‐partisan, pan‐European non‐profit organisation. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in e ...
, and faculty research fellow at the
Institute for the Study of Labor The IZA - Institute of Labor Economics (german: Forschungsinstitut zur Zukunft der Arbeit), until 2016 referred to as the Institute of the Study of Labor (IZA), is a private, independent economic research institute and academic network focused o ...
. She was named Alfred P. Sloan Research Fellow (2010-2012), and she received several Citations of Excellence by Emerald for her research (2009, 2006). In August 2022 Malmendier was appointed by the German government for a five-year term as one of the five economic experts (known as the ''Five Sages'') who make up the German Council of Economic Experts. In October 2022 she was a member of a panel which met in Berlin to discuss the reconstruction of
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the List of European countries by area, second-largest European country after Russia, which it borders Russia–Ukraine border, to the east and northeast. Ukraine ...
.


Work

Malmendier's work focuses on behavioral economics, corporate finance, and law and economics. She has conducted extensive research on CEO overconfidence where she found that overconfident CEOs invested too much money in their companies and pursued destructive
acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a ...
more frequently than other managers. She has explored how behavioral biases affect financial decision-making in other contexts. Malmendier has found that people who lived through the Great Depression remain more frugal throughout their lives, a majority of people overestimate how often they will visit the gym, and that security analysts distort recommendations for profit. Malmendier has also done research into the origin of shareholder companies. She has examined an early form of shareholder company in ancient Rome called the societas publicanorum.


Honors and awards

In 2013, she won the prestigious Fischer Black Prize, presented biennially by the
American Finance Association The American Finance Association (AFA) is an academic organization whose focus is the study and promotion of knowledge of financial economics. It was formed in 1939. Its main publication, the ''Journal of Finance ''The Journal of Finance'' is a ...
for significant original research in finance. In 2019 she was awarded the Gustav Stolper Prize by the German
Verein für Socialpolitik The Verein für Socialpolitik (), or the German Economic Association, is an important society of economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also ...
. In 2021 she was named a
Fellow of the Econometric Society In the scientific discipline of economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Ec ...
.


Personal life

Malmendier is married to fellow Berkeley economics professor
Stefano DellaVigna Stefano DellaVigna (born June 19, 1973) is an Italian economist and the Daniel E. Koshland, Sr. Distinguished Professor of Economics and Professor of Business Administration at the University of California, Berkeley. Born in Como, Italy, he emigra ...
.Sobieralski, Casondra
Economizing Time: Economics Power Couple Ulrike Malmendier and Stefano DellaVigna offer Words of Wisdom on Balancing Career and Family
Institute of Economic and Business Research. Fall 2008. Accessed Aug 11, 2012.


References


External links



at the University of California Berkeley
Ulrike's Malmendier's CV
{{DEFAULTSORT:Malmendier, Ulrike 21st-century American economists American women economists Haas School of Business faculty 1973 births Living people Harvard Business School alumni University of Bonn alumni Fellows of the American Academy of Arts and Sciences Fellows of the Econometric Society German emigrants to the United States German women economists Writers from Cologne Stanford University Graduate School of Business faculty 21st-century American women