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PRIMARY/SECONDARY FIELDS2012-2013Job Market Candidatesby FieldApplied EconometricsApplied MacroeconomicsApplied Microeconomics / Price TheoryAsset PricingBehavioral EconomicsComputational EconomicsCorporate Finance / Entrepreneurial FinanceDevelopmentEconometricsAGAN, Amanda Y. S P P S X X XBARANOV, Victoria S P P S S X X XBERNAL-VERDUGO, Lorenzo Ernesto P S P P S P S X X XCHAI, Hua P S S P P X X XCOOKSON, J. Anthony S S P P P X X XDRAUTZBURG, Thorsten S P S P S S P X XFERRI, Mickey A. P P S X X XGENSOWSKI, Miriam S S P P X X XGOLDEN, Hays S P S S S S X X XKOZAK, Serhiy P S S S P P X X XLAM, Chungsang (Tom) P P S S S X X XLIEBER, Ethan M. J. S S P P S S X X XMADANIZADEH, Seyed Ali S S S P S P P X XMANO, Rui S P P P S S X XNIESSNER, Marina P P S P X X XNOZAWA, Yoshio S P P S X XOBERFIELD, Ezra S P S P X X XPALHARES, Diogo S P S S P S X X XPÉREZ CERVANTES, Fernando Diego P P P P S X X XPILOSSOPH, Laura P S S P P X X XRAMSEY, Daniel S S P P S X X XRAVAL, Devesh R. P P P S P X X XSANTAMARIA, Martin I. P S S P P S X X XSHIN, Chae Hee S S P P P X X XSMITH, David A. P S P P X X XSPENKUCH, Jörg L. S S P P X XTURLEY, Ty S S P S P P S X X XWELLER, Brian S P S P S X XEconomic Theory / Mathematical EconEducation / Public PolicyEnvironmental/ Natural Resource/ Urban EconomicsExperimental EconomicsFamily EconomicsFinance / Financial EconomicsGrowthHealth EconomicsIndustrial Organization / Theory of the Firm / ProductivityInternational EconomicsLabor / Human CapitalLaw & Economics / Political EconomyMacroeconomics / Money & BankingPublic Finance / Public SectorSports EconomicsPrivate SectorPublic SectorAcademic Sector

Amanda Y. Agan1255 S. State Street #1202 home.uchicago.edu/~aaganChicago, IL 60605aagan@uchicago.eduTel: (312) 445-0861Education Ph.D. Economics, University of Chicago Exp. June 2013M.A. Economics, University of Chicago 2009B.S., summa cum laude, Economics, George Mason University 2006FieldsLabor Economics, Economics of Education, Law and EconomicsFellowships American Education Research Association Dissertation Grant 2012-2013and Grants Department of Labor Employment and Training Research Paper Grant 2012University of Chicago Fellowship 2007-2012IHS Humane Studies Fellowship 2007Job MarketPaperPublicationsWorking PapersProfessionalActivitiesTeachingAssistant“The Benefits of Community College Education”Today, a majority of postsecondary students are enrolled in community colleges. Communitycolleges provide several programs: transfer to 4-year college, vocational training, and remediationand developmental coursework. Their existence allows for several different paths to and through“college”. I determine the returns to these different paths and decisions using data from theNational Longitundal Survey of Youth 1979 (NLSY79). I consider benefits in terms of wages in alife-cycle context to calculate internal rates of returns, present values, and look at differences inwage growth by paths. I then take on a more comprehensive view of the returns to communitycolleges by analyzing the different missions of community colleges separately. For this secondpart of the paper I supplement the analysis in the NLSY79 with additional data from the NLSY97,the Beginning Postsecondary Students Survey, and the Census to give a comprehensive analysisof the costs and benefits to each program.“Sex Offender Registries: Fear without Function?” Journal of Law and Economics. February2011. 54(1): 207-239“What are Private Governments Worth” (with Alexander Tabarrok) Regulation. Fall 2005.28(3): 14-17 (non-refereed)“Starting at Community College First: Heterogeneity in Outcomes”“Using Experiments to Screen for Social Programs: Theory and Empirical Evidence” withAmee Kamdar, Steven Levitt, and John List“Non-Cognitive Skills and Crime”“The Effect of Sex Offender Registration Policies on Plea Bargaining”Presentations: (2012) Illinois Economic Association Annual Meeting(2011) UC Santa Cruz, IZA Conference: Cognitive and Non-Cognitive Skills, Midwest EconomicAssociation Annual Meeting, Advances with Field Experiments(2010) American Economic Association Annual Meeting (also organized session), SpencerConference: Beyond Correlation in the Study of Personality(2009) Applications of Economics Workshop (UChicago)Referee: Journal of Political Economy, Journal of Housing EconomicsEconometrics A (Fox, B.A.), Elements of Economic Analysis I (Hubbard, B.A.) Life CycleDynamics and Inequality (Heckman, Ph.D.), Social Dynamics and Inequality (Durlauf, Ph.D.)References James J. Heckman (chair) jjh.info@uchicago.edu 773-702-3478Steven Durlauf sdurlauf@ssc.wisc.edu 608-263-3859Robert LaLonde r-lalonde@uchicago.edu 773-834-3440

VICTORIA BARANOVContact Information:home.uchicago.edu/~vbaranov910 W Lake Street, Apt 5S vbaranov@uchicago.eduChicago, IL 60607Mobile: 215-421-7059_______________________________________________________________________________________________EDUCATION Ph.D. in Economics, University of Chicago Expected June 2013B.A. in Economics & Mathematics (summa cum laude), Barnard College 2007FIELDSRESEARCHPAPERSPRIMARY: Development, Behavioral EconomicsSECONDARY: Health Economics, Economics and Psychology, Applied Microeconomics“The Impact of AIDS Treatment on Savings and Human Capital Investment in Malawi”with Hans-Peter Kohler (Job Market Paper)Antiretroviral therapy (ART), a treatment that significantly delays the onset of AIDS, hasrecently become available throughout many African countries, rapidly reversing thedownward trend in life expectancy due to AIDS. Economic theory predicts that a longer lifeexpectancy increases the value of long-term investments. This paper uses spatial andtemporal variation in ART availability in Malawi to evaluate the impact of ART provision onsavings and human capital investment. We find that ART has large and significant impactson savings behavior and child expenditures, particularly for schooling and medical expenses.Additionally, grade attainment and health improve for the sample of the respondents'children near ART. The magnitudes of the response imply that the marginal effect ofsubjective life expectancy on years of schooling is 0.1.“The Indirect Impact of Antiretroviral Therapy” with Daniel Bennett and Hans-Peter KohlerIn response to AIDS mortality in Sub-Saharan Africa, international donors have collaboratedwith many national governments to provide free antiretroviral therapy (ART) to people withHIV. We explore the impact of this decline in objective mortality on subjective perceptionsof mortality risk, as well as mental health, and agricultural labor supply output. Through adifference-in-difference identification strategy, we find that ART availability substantiallyreduces subjective mortality risk and improves mental health, including among HIV-negativerespondents in rural Malawi. People allocate significantly more time to subsistence maizecultivation and increase maize output. These results show a novel link between mortalityconditions and economic development through the channel of mental health.FELLOWSHIPS Exchange Scholar, Harvard and Institute for Quantitative Social Science 2010-2011HONORS, National Science Foundation Graduate Research Fellowship 2008& AWARDS University of Chicago Fellowship for Graduate Study 2008Phi Beta Kappa, Barnard College 2007Beinecke Scholarship for Graduate Study 2006Hirschorn Scholarship for outstanding students in economics, Barnard College 2006C.V. Starr Scholarship, Barnard College 2006-2007RELEVANT Research Assistant to Professor Tarek Hassan (Chicago Booth) 2009-2010POSITIONS Research Associate at the Federal Reserve Bank of New York 2007-2008TEACHING INSTRUCTOR: Microeconomic Issues in Development (Scheduled for Spring 2013)EXPERIENCE TA: Introduction to Microeconomics (undergraduate, Victor Lima, 2012); IntermediateMacroeconomics (undergraduate at Harvard, David Laibson and Philippe Aghion, 2011);Microeconomic Issues in Development (undergraduate, Benjamin Moll, 2010)PRESENTATIONSNortheast Universities Economic Development Consortium (Dartmouth 2012); AppliedMicroeconomics Seminar at University of Chicago (Fall 2011, Spring 2012)REFERENCES Emily Oster (chair) 773-702-8350 emily.oster@chicagobooth.eduSteven Levitt 773-834-1862 slevitt@uchicago.eduHoyt Bleakley 773-834-2192 bleakley@uchicago.edu

LORENZO ERNESTO BERNAL-VERDUGO1607 E 50 th Pl, Apt 11A home.uchicago.edu/~lebernal/Chicago IL, 60615lebernal@uchicago.eduCitizenship: Mexican (F1 Visa) +1 (773) 408 3050EDUCATION Ph.D. Economics University of Chicago June 2013 (Expected)(Job Market Paper: “Bank Financial Distress and Firm Performance”)M.A. Economics University of Chicago June 2010B.A. Economics ITAM (Mexico) May 2007FIELDSPUBLICATIONSWORKINGPAPERSWORK INPROGRESSPRESENTATIONSACADEMICEXPERIENCEPROFESSIONALEXPERIENCEAWARDS,FUNDING, ANDHONORSREFEREEINGPrimary: Applied Macroeconomics, Money & Banking, International Trade & Finance, Theory ofthe Firm & Productivity.Secondary: Unemployment, Financial Economics, Political Economy.“Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and DynamicEffects” (with D. Furceri and D. Guillaume). Comparative Economic Studies Vol. 54: 251–273(2012).“Multifactor Productivity and its Determinants: An Empirical Analysis for MexicanManufacturing” (with H. Salgado-Banda). Journal of Productivity Analysis Vol. 36(3): 293-308(2011).“Translog Cost Functions and Economies of Scale in Mexican Manufacturing” (with H. Salgado-Banda). El Trimestre Económico Vol. LXXVII (3), No. 307 (2010).“Stochastic Production Frontiers and Technical Efficiency in Mexican Manufacturing”. La Gacetade Economía Vol. 26 (2009).“Crises, Labor Market Policy, and Unemployment” (with D. Furceri and D. Guillaume). IMFWorking Paper No. 12/65. Revise and resubmit at Journal of Comparative Economics.“The Dynamic Effect of Social and Political Instability on Output: The Role of Reforms” (with D.Furceri and D. Guillaume), manuscript, IMF (2012).“Why Parties? The Logic of Opposition Party Formation and Endurance in AuthoritarianSettings” (with J. A. Hernández-Company), manuscript, University of Chicago (2012).“Housing and Asset Prices in a Production Economy”, manuscript, U. of Chicago (2011).“Why Parties? The Logic of Opposition Party Formation and Endurance in AuthoritarianSettings”, 70th Annual Midwest Political Science Association Conference, 2012.“Multifactor Productivity and its Determinants: An Empirical Analysis for MexicanManufacturing”, 2006 LACEA Annual Meeting.Lecturer. Undergraduate Intermediate and Advanced Macroeconomics (2010).Teaching Assistant. Intermediate Macroeconomics; Topics on Latin American Economies.Research Assistant. Center for Economic Research (ITAM, Mexico, 2003 – 2004).Summer Internship Program. Financial Stability Division, Bank of Mexico, 2012.Fund Internship Program. Middle East and Central Asia Department (MCD), IMF, 2011.Research Analyst. Economic Research Division, Bank of Mexico, 2005 – 2007.Henry Morgenthau Fellowship, The University of Chicago, 2012 – 2013.XXIII Tlacaélel National Prize for Economics BA thesis, Third place. Mexico, 2008.SEP Fellowship (Mexican Ministry of Education) for graduate studies abroad, 2008 – 2012.CONACYT Fellowship for graduate studies in Economics, 2007 – 2012.Referee: El Trimestre Económico, Journal of Productivity Analysis.Editorial Board: Gaceta de Economía (2003 – 2007).REFERENCES Prof. Harald Uhlig (Chair) huhlig@uchicago.edu +1 (773) 702 3877Prof. Casey Mulligan c-mulligan@uchicago.edu +1 (773) 702 6576Prof. Erik Hurst erik.hurst@chicagobooth.edu +1 (773) 834 4073Dr. Davide Furceri dfurceri@imf.org +1 (202) 623 7000

Hua Chai2000 N Adams St., Apt 502Arlington, VA 22201Phone: (773)351-2146E-mail: huachai@uchicago.eduWeb: http://home.uchicago.edu/∼huachai/Citizenship: China, F-1 visaEducationFieldsJob MarketPaperWorkingPaperRefereeingUniversity of Chicago, Department of EconomicsPh.D. in EconomicsJune 2013(expected)University of Chicago, M.A. in Economics 2008Peking University, Beijing, China, M.A. in Economics 2007Fudan University, Shanghai, China, B.A. in Economics 2004International Trade, Macroeconomics, International Finance“Unbalanced Trade, Misallocation and China’s TFP”China has registered a huge trade surplus for much of the past decade, which has been driven, inlarge part, by the Chinese government’s accumulation of foreign exchange reserves. Conventionalwisdom holds that this policy-induced trade surplus represents a source of inefficiency. This paperargues that the conventional view overlooks a positive effect of running a trade surplus on ChineseTFP, which is based on two observations: (1) China’s tradable sector is dominated by privateenterprises while a strong presence of state-owned enterprises still exists in the non-tradable sector;(2) China’s institutional “state favoritism” grants preferential treatments to the state sector at theexpense of the private sector. These facts imply that there exists misallocation of resources betweenthe tradable and non-tradable sectors. Running a trade surplus may improve allocative efficiencyby inducing more resources to be allocated to the tradable sector. I quantify this positive effectby introducing distortions into a two-country Eaton-Kortum model of international trade and findthat the positive TFP effect roughly offsets the negative effect associated with the conventionalview.“Reserve Accumulation, Capital Controls and Upstream Capital Flows ”“Technology Diffusion and International Trade”Journal of Political Economy, China Economic QuarterlyPresentations Midwest Macroeconomics Meetings (2012)Midwest Economic Association Annual Meeting (2012)International Economics Working Group, University of Chicago (2012, 2011)TeachingAssistanceHonors andAwardsMacroeconomics III (PhD, Robert Shimer, Spring 2009)Macroeconomics II (PhD, Nancy Stokey, Winter 2008)Introduction to International Economics (Undergraduate, Samuel Kortum, Winter 2010)Elements of Economic Analysis III, IV (Intermediate macro, undergraduate, various lecturers,2010, 2009)Margaret G. Reid Memorial Fund Dissertation Fellowship, University of Chicago (2012)Lee Prize for Best Core Exam in Macroeconomics, University of Chicago (2008)Social Science Fellowship, University of Chicago (2009–2012)Japan-IMF Scholarship for Advanced Studies (2007–2009)”May 4th” Scholarship for Academic Excellence, Peking University (2006)Employment International Monetary Fund, Washington D.C., summer intern (2010)SkillsLanguageMatlab, Mathematica, Stata, LaTeX, MS OfficeChinese (native), English (fluent)References Samuel Kortum samuel.kortum@yale.edu (203)432-6217Robert E. Lucas Jr. relucas@uchicago.edu (773)702-8179Ralph Ossa ralph.ossa@chicagobooth.edu (773)702-8907

J. ANTHONY COOKSON5346 South Cornell Apt 1104 cookson@uchicago.eduChicago, IL 60615www.tonycookson.com(406) 560-4907EDUCATIONUniversity of Chicago Chicago, IL 2008-2013Ph.D. Economics (2013; expected), M.A. Economics (2011)Montana State University Bozeman, MT 2001-2008M.S. Statistics (2008), M.S. Applied Economics (2006), B.S. Economics (2004)RESEARCH INTERESTSIndustrial Organization, Corporate Finance, Applied Econometrics, Property Rights, Law and EconomicsJOB MARKET PAPER“Anticipated Entry and Entry Deterrence: Evidence from the American Casino Industry.”Using a novel data set on planned entry into the American casino industry to evaluate strategic entry deterrence, I find thatincumbent firms respond to the threat of entry by expanding capacity, and that these strategic investments are effective indeterring actual entry. Specifically, a standard deviation increase in incumbent casino capacity leads to 47 percent morefailed plans for entry, ceteris paribus. Using a stock market event study to quantify the benefit of entry deterrence, I estimatethat a failure of an entry plan increases incumbent firm value by 10.4 to 13.3 percentage points. Additionally, I find thatincumbents that increase capacity during a rival’s planning stage retain a larger share of loyal customers. This findingsuggests that strategic investments by incumbents can increase patron loyalty, which increases the likelihood that theplanned entry will be deterred. Apart from providing credible evidence on entry deterrence and its form, this paperprovides new empirical evidence on how the capital structure of firms relates to economic activity. In particular,incumbents that are highly leveraged tend to expand capacity less in response to a planned entry announcement by apotential entrant, which suggests that highly leveraged firms engage in less aggressive competitive behavior.REFEREED JOURNAL ARTICLES“Institutions and Casinos: An Empirical Analysis of the Location of Indian Casinos.” The Journal of Law and Economics. Vol. 53, No.4 (November 2010), pp. 651-687.WORKING PAPERS“Direct and Indirect Effects of Judicial Institutions: Evidence from American Indian Reservations.” August 2012. Under Review.“The Determinants of Bank Mergers: A Revealed Preference Analysis.” (with Oktay Akkus and Ali Hortacsu). October 2012.TEACHING EXPERIENCELecturer. University of Chicago. Honors Econometrics (Spring 2011, Winter 2012). Montana State University. IntermediateMicroeconomics (2007-2008), and Introductory Statistics (2006-2007)Teaching Assistant. Econometrics, Mathematical Economics, Introduction to Microeconomics, IntermediateMicroeconomics, Intermediate Macroeconomics, and Cost Benefit Analysis.PRESENTATIONSUniversity of Chicago: Applied Microeconomics Working Group (2012), Industrial Organization Working Group (2012),Industrial Organization Lunch (2010, 2011). Montana State University Economics Seminar Series (2006, 2012). RonaldCoase Institute Workshop: Los Baños, Philippines (2008). Citadel Investment Group (Consulting Presentation, 2011).PROFESSIONAL ACTIVITIESReferee for Journal of Comparative Economics and Public Choice. Member of American Economic Association.MISCELLANEOUS OTHER WRITING / MEDIA“Notes for Honors Econometrics.” Lulu Publishing. Self-Published Manuscript [7 October 2012].“Semiparametric-Trees with an Application to Modeling Daily Wildfire Costs” (with Patty Gude and Mark Greenwood), inpreparation for submission to Statistical Analysis and Data Mining.“Intromediate Microeconomics.” Lulu Publishing. Self-Published Manuscript [25 August 2008].“Intromediate Microeconomics: Online Video Tutorials for Intro-to-Intermediate Microeconomics.” YouTube Video Series. AvailableOnline: www.youtube.com/intromediateecon [Total Video Views: 1.1 million]REFERENCESAli Hortaçsu (773) 702-5841 hortacsu@uchicago.eduChad Syverson (773) 702-7815 chad.syverson@chicagobooth.eduDennis Carlton (773) 702-6694 dennis.carlton@chicagobooth.eduGregor Matvos (773) 834-3188 gregor.matvos@chicagobooth.edu

THORSTEN DRAUTZBURG780 S Federal St, Apt. 1208Chicago, IL 60605Citizenship: Germany (J-1 Visa)Phone: +1 312 513 6608E-mail: tdrautzburg@uchicago.eduWeb: http://home.uchicago.edu/~tdrautzburg/EDUCATION Ph.D., M.A. in Economics University of Chicago, USA June 2013 [Expected]M.Sc. in Applied Economics University of Essex, UK September 2007B.A. (honors) in Economics University of Hamburg, Germany September 2005FIELDSPrimary: Macro, FinanceSecondary: Applied Econometrics, Computational Economics, Entrepreneurship, GrowthJOB MARKET PAPER Entrepreneurial tail risk: implications for employment dynamicsEntrepreneurs are subject to idiosyncratic tail risk. Since new businesses are crucial foremployment dynamics in the US, changes in this risk have important macroeconomic effects. Iestimate tail risk using micro data on the size distribution of new businesses and their exit rates.The paper distinguishes upside and downside tail risk and analyzes its effects in a tractabledynamic general equilibrium of entrepreneurship. At the heart of the model is the decision ofpotential entrepreneurs whether to start a new business in the face of uninsurable productivityrisk. Applied to US time series data, estimates suggest that higher upside risk explains much ofthe high job creation in the late 1990ies. In contrast, less upside risk and more downside riskcontributes significantly to the low employment at new businesses from 2007 to 2010.SECONDARY PAPERLECTURINGTEACHING ANDRESEARCHASSISTANCEHONORS ANDAWARDSPROFESSIONALSERVICESFiscal Stimulus and Distortionary Taxation (with Harald Uhlig)We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Actof 2009. We extend the benchmark Smets-Wouters New Keynesian model, allowing for creditconstrainedhouseholds, the zero lower bound, government capital and distortionary taxation.The posterior yields modestly positive short-run multipliers around 0.52 and modestly negativelong-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given tocredit-constrained households, the duration of the zero lower bound and the capital. Thestimulus results in negative welfare effects for unconstrained agents. The constrained agentsgain if they discount the future substantially.Macroeconomics II (BA, Spring 2013 [Scheduled])Empirical Macro III (PhD, Winter 2011, Lars Hansen / Harald Uhlig)Empirical Macro II (PhD, Spring 2011, Lars Hansen / John Cochrane)Price Theory I & II (PhD, Fall 2010 & Winter 2011, Gary Becker / Kevin Murphy)Empirical Analysis II (PhD, Winter 2010, Lars Hansen / Harald Uhlig)Empirical Analysis I (PhD, Fall 2009 & Fall 2010, Susanne Schennach / Harald Uhlig)Research assistant to Harald Uhlig (since 2009)Federal Reserve Bank of Kansas City Dissertation Internship (2012)University of Chicago Prize for Most Helpful Core TA (2010)University of Chicago Lee Prize for best macro field exam (joint winner, 2010)University of Chicago Fellowship (2008—2013)University of Essex prizes for best economics M.Sc. dissertation and M.Sc. exams (2007)Referee: Review of Economic StudiesDiscussant: 2012 AEA meetings, “Fiscal Policy and the 'Great Recession' in the Euro Area”Presentations: Federal Reserve Bank of Kansas City, University of Chicago Money andBanking workshop (scheduled), Federal Reserve Bank of Chicago (scheduled)WORK EXPERIENCE Junior consultant: German Institute for Economic Research (2008)Intern: Volkswagen de México (2002, 2003), Alfred Engelmann de México (2004)REFERENCES Harald Uhlig (chair) 773-702-2417Lars Hansen 773-834-4199Tarek Hassan 773-834-3291Ralph Koijen 773-834-4199huhlig@uchicago.edulhansen@uchicago.eduTarek.Hassan@chicagobooth.eduRalph.Koijen@chicagobooth.edu

MICKEY A FERRI8 East 9th St. Apt 2306 • Chicago, IL 60605 • mickeyferri@gmail.com • (773)896-6828 • www.mickeyferri.comEDUCATIONUniversity of Chicago, Ph.D. in Economics, June, 2013 (expected)2007-Present Dissertation: “Rent, Buy, or Pirate: Consumer Preferences in the Movie Industry” Fields: Industrial Organization, Applied Microeconomics, Sports EconomicsTufts University, B.A. , May, 2007 2003-2007 Triple Majors: Mathematics, Quantitative Economics, and Computer Science Summa Cum Laude, Dean’s List all semesters, highest thesis honorsJOB MARKET PAPERMovie Consumption Preferences: The Effectiveness of Redbox and Netflix WindowsThe movie industry has been in turmoil for several years, as distributors try to profit from new legalmethods of movie consumption and dissuade consumers from illegal consumption. Threatened by low pricedrentals and increasing online options, DVD and Blu-ray sales have been falling every year since 2007. Inthis paper, I consider how a windowing strategy of delaying low priced rentals affects DVD sales and higherpriced rentals. I make use of exogenous variation in Redbox and Netflix availability, and show that whenmovies are not available on Netflix and Redbox during the first four weeks of release, DVD sales are unaffected.Furthermore, higher priced rentals increase, and many consumers time-shift their consumption andwait until week five or later for a Redbox or Netflix rental. Together, these findings imply that consumerpreferences for renting vs. buying outweigh the decay in utility from postponing consumption, and that thewindowing strategy yields higher industry profits.WORKING PAPER A Detailed Look Inside the Illegal Movie MarketI construct a novel dataset on illegal movie downloads using data from thepiratebay.org (16 months),torrentz.eu (16 months), google trends (7 years), alexa.com (4 years), and various other sources. I presentdaily estimates of the supply, demand, and quantity downloaded on a per-title basis. Using the megauploadshutdown as a one-time shock to illegal streaming supply and exogenous variation in title availability, Iestimate the effect of illegal downloading and streaming on box office, DVD, and rental revenues.SELECTED FELLOWSHIPS, HONORS, AND AWARDS (7 OF 12 TOTAL) Margaret G. Reid Fellowship, UChicago, 2012-13 (full tuition + stipend) for consumption research Presidential Fellowship, University of Chicago, 2007-2012 (full tuition + annual stipend) Alumni Association Senior Award, Tufts University, 2007 (awarded to 12 seniors for outstanding leadershipand academic excellence - most prestigious award at Tufts) Class of 1942 Prize Scholarship, Tufts University, 2007 (awarded to two seniors who are ”most likely tobecome outstanding university teachers, counselors, or administrators”) Phi Beta Kappa: Delta (Tufts) Chapter of Massachusetts, 2006 (one of 11 juniors selected - top 1%) Lewis F. Manly Memorial Prize, Tufts University, 2006 (awarded to one undergraduate who combines arecord of academic excellence with superior athletic performance) Mickey Lione Fund Scholarship, 2003 (awarded to one student at Stamford High School for leadership,academic success, and athletic achievements)TEACHING AND COACHING EXPERIENCETeaching Assistant, University of Chicago, Department of Economics2009-Present Taught 9 courses, including Industrial Organization (3 times) and Public Finance (3 times) Mentored 5 undergraduates to write senior theses in economics and apply to Ph.D. programs Pioneered the use of group business proposals as final projects for Industrial OrganizationTeaching Assistant, University of Chicago, Booth School of Business 2009-2011 Taught Introduction to Microeconomics 3 times and emphasized real-world examples for MBAsSprints Coach, University of Chicago Men’s and Women’s Varsity Track 2007-2009 Designed and incorporated training and testing programs for sprinters, jumpers, and hurdlers Initiated the use of videotaping, resistance training, and relaxation exercisesREFERENCES AND DISSERTATION COMMITTEEAli Hortacsu (Chair) 773-834-1482 hortacsu@uchicago.eduChad Syverson 773-702-7815 chad.syverson@chicagobooth.eduSteven Levitt 773-834-1862 slevitt@uchicago.eduPradeep Chintagunta 773-702-8015 pradeep.chintagunta@chicagobooth.edu

MIRIAM G ENSOWSKI5455 S. Blackstone Ave #3B, Chicago, IL 60615 - (773) 357-6474 - gensowski@uchicago.edu - www.gensowski.comE DUCAT I ON Ph.D. Economics University of Chicago exp. June 2013M.A. Economics University of Chicago 2008M.A. Int. Economic Studies Maastricht University, The Netherlands 2006Master Studies, Erasmus Sciences Po (IEP), Paris, France 2004-05FIELDSJ OB M A RKETPA PERWO RK I NP ROGRESSHONORS A N DAWA R DST E AC HINGLabor Economics, Applied Econometrics, Economics of Education, Personality Economics“Personality, IQ, and Lifetime Earnings”Talented individuals are seen as drivers of long-term growth, but what makes them realizetheir full potential? In this paper, I show that lifetime earnings of high-IQ men and women aresubstantially influenced by their personality traits, in addition to intelligence. Personality traitsdirectly affect men’s earnings, where the effects only develop fully after age 30 and increase ineducation. Personality and IQ also influence earnings indirectly through education, which hassizeable positive rates of return for men in this sample. For women, born early in the 20th century,returns to education past a bachelor’s degree are reduced through worse marriage prospects,which offset gains to education in terms of own earnings. The causal effect of education isidentified through matching on detailed background information. This paper complements thewell-established results regarding the role of education and personality traits in explaining lifeoutcomes of disadvantaged children, by demonstrating that they also account for considerablevariation in lifetime productivity at the opposite end of the ability distribution.“Skills, Occupational Choice, and Educational Attainment”This paper proposes a model of educational choice in which the formation of wage expectationsaccounts for anticipated occupational choices as well as education levels. Characterizingoccupations as bundles of tasks, these are explicitly linked to multi-dimensional abilities andpersonality traits which are measured in the Project Talent data that I augment with informationfrom the Dictionary of Occupational Titles. The importance of skills is then contrasted with theinfluence of parental background and credit constraints in this mutually dependent decision.“Reanalyzing the Effects of Chicago Child-Parent Centers with a Focus on NeighborhoodQuality” with Maryclare Griffin and James J. Heckman.Theodore W. and Esther Schultz Economics Fellowship, University of Chicago 2012–13Social Sciences Tuition Scholarship, University of Chicago 2007–12IZA Affiliate, Institute for the Study of Labor, Bonn, Germany since 2011Teaching Assistant, University of ChicagoLife Cycle Dynamics and Inequality (Ph.D. course): James J. Heckman 2010Analysis of Microdata I,II,III (Ph.D.): J. Grogger, D. Black, J. Heckman, R. LaLonde 2010Introduction to Microeconomics, Macroeconomics (B.A.): Allen Sanderson 2009-11Lecturer, Maastricht University: Macro, Int. Economic Relations, Sociology (B.A.) 2006E MPLOYMENT Research Assistant to Prof. J. Heckman, Economics Research Center, Chicago 2006-07Intern, French Economic Observatory OFCE, Nice, France with Prof. J. Gaffard 2005Intern, Economics Department, Dekabank, Frankfurt/Main, Germany 2004P R E SENTA-T I ONSL A NGUAGES2012: ASSA/AEA, Chicago (also organized session); Schumpeter Seminar, Humboldt University,Berlin; 2011: EALE, Paphos, Cyprus; IZA European Summer School in Labor Economics,Germany; Development & Utilization of Human Resources Seminar, Maastricht University;IZA Workshop on Cognitive and Non-Cognitive Skills, Bonn; 2010: ZEW Research Seminar,Mannheim; Applied Economics and Econometrics Seminar, University of Mannheim.German (native), French (fluent), Spanish (proficient reading/listening)R E FERENCES James J. Heckman (chair) jjh.info@uchicago.edu (773) 702-3478Steven N. Durlauf sdurlauf@ssc.wisc.edu (608) 263-3859Gary S. Becker gbecker@uchicago.edu (773) 702-8191

HAYS GOLDEN6128 S. University Ave. Apt. 2 Chicago, IL 60637(617) 816-4782 hgolden@uchicago.edu home.uchicago.edu/hgoldenEDUCATION Ph.D. Economics, University of Chicago, expected June 2013M.A. Economics, University of Chicago, 2009B.A. Economics (with Honors), B.Sc. Mathematics with Specialization in Economics,University of Chicago, 2006FIELDSJOB MARKETPAPERRESEARCHIN PROGRESSApplied Microeconomic Theory, Industrial Organization, Labor Economics, GameTheoryAssortative Mating and Childhood AutismI use CDC microdata to find strong support for theories that autism isgenetically linked to formal thinking ability (systemizing). I develop a model ofgenes and assortative mating which shows that small changes in sorting onsystemizing could have large impacts on the size of the autistic population, andpresent data on changes in actual sorting.Mixing in the LabMany experimental tests of mixed strategy equilibria check if play is seriallyuncorrelated. I show that if players are uncertain about whether the other’splay is correlated, serially correlated play can exist in equilibrium.Social Networks and Illegal Drugs (with D. Strachan and G. Ulyssea)Uses transaction data from a grower and retailer of marijuana to see how clientsocial networks and other factors affect his pricing behavior.TEACHING TA, Human Capital (graduate), Gary Becker, Spring 2010EXPERIENCE TA, Price Theory III (graduate), Roger Myerson, Spring 2010TA, Price Theory II (graduate), Hugo Sonnenschein, Winter 2010TA, Price Theory I (graduate), Gary Becker and Kevin Murphy, Autumn 2009TA, Price Theory III (graduate), Hugo Sonnenschein and Philip Reny, Spring 2009TA, Empirical Analysis III (graduate), Ali Hortacsu and Derek Neal, Spring 2009TA, Intro. to Industrial Organization (undergraduate), Ali Hortacsu, Winter 2009RESEARCH Research Associate, Becker Center, Chicago, IL, July 2006 – July 2007EXPERIENCEFull-time for Steven Levitt at what is now the Becker-Friedman InstituteRA, Ali Hortacsu, 2004 – 2005RA, Austan Goolsbee, 2003AWARDS Bradley Fellow, 2008 - 2009Lee Prize in Microeconomics (highest grade on microeconomics core exam), 2008Theodore W. and Esther Schultz Fellowship, 2012REFEREEREFERENCESJournal of Political Economy, Journal of Law and EconomicsGary Becker (Chair), gbecker@uchicago.eduSteven Levitt, slevitt@uchicago.eduKevin Murphy, murphy@chicagobooth.eduRoger Myerson, rmyerson@uchicago.edu

Serhiy Kozak5400 S Harper Ave, Unit 1103 serhiy.kozak@chicagobooth.eduChicago, IL 60615http://home.uchicago.edu/skozakPhone: (773) 270-0017Citizenship: UkraineEDUCATIONUniversity of Chicago, Booth School of Business and Department of Economics 2008 2013Ph.D. in Financial EconomicsCERGE-EI, Charles University, Prague, Czech Republic 2006 2008M.A. in EconomicsLviv National University, Lviv, Ukraine 2000 2005B.Sc., M.Sc. in Applied Mathematics and Computer ScienceFIELDS Asset pricing, nancial economics, macroeconomics, computational economicsJOB MARKET PAPER Joint Dynamics of Bond and Stock ReturnsThe correlation between stock and long-term default-free real bond returns predictably varies with thebusiness cycle both in magnitude and sign. Bonds can therefore be persistently good or bad hedges againstthe stock market risk and thus likely to command a negative or positive risk premium respectively. I proposea DSGE model consistent with this fact. The correlation between stock and real bond returns and realbond risk premium are pro-cyclical and both change signs. The two main mechanisms are ight-to-safety an increase in the demand for low-risk assets, and aggregate rebalancing a market clearing induced comovementin bond and stock prices due to a non-zero supply of underlying technologies. Flight-to-safety isgenerated by shocks to the risk aversion within the Epstein-Zin-Weil preferences. Aggregate rebalancing relieson time variation in the relative shares of two distinct physical technologies with adjustment costs: one withriskless capital, another with risky. Finally, bond risk premia are decomposed into two main components:ight-to-safety hedging and aggregate rebalancing risk.WORKING PAPER Linking Cross-Sectional and Aggregate Expected Returns (with Shri Santosh)We propose a one state variable ICAPM that rationalizes the size, value, and momentum anomalies observedin stock returns. Our main insight is that dierential covariance with news about future market discountrates drives the observed cross-sectional variation in expected returns. We nd that in response to an increasein expected future market discount rates, small, growth, and recent losers company stocks outperform large,value, and recent winner stocks, respectively. Our interpretation is that such an increase in discount ratesrepresents bad news for the representative investor, increasing his marginal utility of wealth. We furthershow that ignoring this state variable leads to drastic underestimation of the equilibrium price of level riskmeasured using bond returns. An augmented model which adds a level factor jointly prices both stock andbond returns.TEACHING EXPERIENCET.A. Numerical Methods in Economics (Econ. PhD), Prof. Kenneth Judd 2010 2012T.A. Mathematical Models for Option Pricing (Booth MBA), Prof. Pietro Veronesi 2011T.A. Fixed Income Asset Pricing (Booth MBA), Prof. John Heaton 2011WORK AND RESEARCH EXPERIENCEResearch Assistant to Lars Peter Hansen, Gregor Matvos, Steven Davis 2010 2011Software Engineer, Eleks Software Ltd., Lviv, Ukraine 2000 2006HONORS AND AWARDSStevanovich Fellowship 2012CRSP Summer Paper Award 2009University of Chicago Presidential Fellowship 2008 2012REFERENCESLars Peter Hansen (Co-Chair)Pietro Veronesi (Co-Chair)John CochraneStefano Gigliolhansen@uchicago.edupietro.veronesi@chicagobooth.edujohn.cochrane@chicagobooth.edustefano.giglio@chicagobooth.edu(773) 702-8170(773) 702-6348(773) 702-3059(773) 834-1957

CHUNGSANG (TOM) LAM1451 E 55th Street Apt 622NChicago IL 60615(773) 510-9809E-mail: tomlam@uchicago.eduWebsite: http://home.uchicago.edu/~tomlamEducation University of Chicago, Ph.D in Economics June 2013Dissertation: Essays on Education Economics(expected)University of Chicago, M.A. in Economics 2008University of Hong Kong, M.Phil in Economics 2005University of Hong Kong, Bachelor of Economics and Finance 2003Research Fields Primary Fields: Economics of Network, Education, Applied EconometricsSeconodary Fields: Labor/Human Capital, Family EconomicsJob MarketPaperWork inProgressTeachingExperienceResearchAssistanceHonors andAwardsProgrammingSkillsLanguages”Estimating Various Kinds of Peer Effects on Academic Performance”This paper applies an econometric model of peer effect with consideration of peer selectionproblem. I design a network centric survey and conduct the survey in secondary schools inHong Kong. I estimate peer effects on academic performance for various kinds of networks,such as friendship, study group (using common hobbies as an instrument) and seatingproximity (using height difference as an instrument). Empirical results show that friendshipand study group are endogenously formed networks which leads to overestimation of peereffects in traditional exogenous network model. All investigated networks show positivepeer effects but the effect for Seating Proximity is relatively weaker. Peers also affecteach other through particular mental abilities or personality traits. Smart studymatesand conscientious friends positively affect a students mathematics score, but conscientiousstudymates and smart friends do not. This paper shows that understanding the formationof different networks is important in peer effect estimation.”Estimating Peer Effect Through an Endogenous Network” (with TszKin JulianChan)”The Effect of Family Background on Education Effectiveness”Lecturer:Elements of Economic Analysis I (Intermediate Microeconomics) 2009Teaching Assistant:Elements of Economic Analysis I, Victor Lima 2009Elements of Economic Analysis I, Devon Haskell 2009James Heckman University of Chicago 2008-2011Wing Suen University of Hong Kong 2007William Chan University of Hong Kong 2005-2006Esther & T.W. Schultz Fellowship University of Chicago 2011-2013Provost’s Summer Fellowship University of Chicago 2009C++, Ruby, Perl, Stata, REnglish, ChineseReferences James Heckman (Chair) jheckman@uchicago.edu (773) 702-3478Steven Durlauf sdurlauf@ssc.wisc.edu (608) 263-3859Brent Hickman hickmanbr@uchicago.edu (773) 702-3578

Department of EconomicsUniversity of Chicago1126 E. 59th StreetChicago, Illinois 60637Ethan M.J. LieberPhone: (773) 208-2712elieber@uchicago.eduhttp://home.uchicago.edu/~elieberCitizenship: USEducation Ph.D. Economics, University of Chicago, Expected June 2013M.A. Economics, University of Chicago, 2008B.A. Economics, University of Chicago, 2004Research FieldsJob MarketPaperPublications &WorkingPapersResearch inProgressAwardsTeachingExperienceHealth economics, industrial organization, public economics, and applied econometrics"Health Insurance Reduces Search and Search Reduces Prices: Evidence from a Firmthat Provides Price Information"In standard markets, consumer search forces firms to compete with each other. Previousresearchers have suggested that health care markets are different, that health insurance reducessearch and, consequently, that some firms are able to charge high prices. However, they havenot had the data necessary to test these theories. After formalizing the intuition in anequilibrium price dispersion model, I use a unique dataset obtained from Compass ProfessionalHealth Services—a private firm that consumers contact for health care price information—totest if health insurance reduces search and if search reduces prices. A change in the set ofavailable health plans provides an exogenous reduction in consumers' insurance coverage thatinduces consumers to search more. Then, using variation only in when consumers were firstable to contact Compass, I show that search reduced the price paid for care, effectively movingconsumers from the 90th percentile of the price distribution to the median. Combining theestimates implies that the change in the set of available insurance plans reduced the averageprice by 2.8 percent."Online vs. Offline Competition" with Chad Syverson in M. Peitz and J. Waldfogel (eds.),Oxford Handbook of the Digital Economy, Oxford University Press, 2012."Did WebMD Replace the Doctor? Online Health Information and the Demand for Physicians'Services""Medical Malpractice Reform, the Supply of Physicians, and Adverse Selection""Private vs. Social Incentives to Search in Health Care: Evidence from a Field Experiment""Who Benefits from Home Health Care Subsidies?" with Lee Lockwood (Northwestern)"Does Price Transparency in Health Care Increase Prices? Evidence from New Hampshire"with Tyler Brannen (New Hampshire Department of Insurance)Beryl W. Sprinkel Research Award; Henry Morgenthau, Jr. Memorial Dissertation Fellowship;NIA Pre-doctoral Fellowship; University of Chicago FellowshipPreceptor: Honors Economics Workshop, 2009Teaching Assistant: Human Capital (PhD) 2009; Microeconomics, 2008 and 2012Work History Research Associate, Becker Center on Chicago Price Theory, 2004-2006References Steven D. Levitt (Chair) (773) 702-6576 slevitt@uchicago.eduEmily Oster (773) 702-8350 emily.oster@chicagobooth.eduChad Syverson (773) 702-7815 chad.syverson@chicagobooth.edu

In the name of AllahSeyed Ali Madanizadeh401 E 32 nd st., # 1609 Email: seyedali@uchicago.edu Web:http://home.uchicago.edu/~seyedaliChicago, IL, 60616,USA Phone: 650-714-2313 Citizenship: Iranian (F1 Visa)EducationFieldsJob MarketPaperUniversity of Chicago: Phd in EconomicsStanford University: MS in Computational Mathematical EngineeringSharif University of Technology: MS in Electrical Engineering Communication SystemsSharif University of Technology: BS in Electrical Engineering2007-20122005-20072004-20052000-2004International Trade & Growth, Macroeconomic-Dynamics, Monetary Economics, Computational Economics“Skill Specialization and the Effect of International Trade on the Wage Premium”What explain the worldwide increase in the skill premium following the International trade integration? Thispaper offers a new thoery to address this question by presenting and testing a new empirically consistentframework of firm organization. In this model, I show how trade liberalization will results in reallocation of highskilled workers within an industry toward more productive firms and exporters, by inducing the firms to choose ahigher degree of worker specialization within each skill group, reduce their marginal costs and become more skillintensive. Then I show how these organizational changes in the firms will affect aggregate skill intensity and skillpremium in a general equilibrium setting. Then I show how the models assumption and predictions are consistentwith many salient features of the data. Finally, I calibrate my model to Mexican data to quantify the extent inwhich it can explain the rise in the skill premium after trade liberalization.Publication Effects of Transportation and Built Environment on General Health and Obesity, with A. Mohammadian & A.Samimi, Transportation Research Part D 14(1): 67-71, 2009.Signal Detection using the Correlation Coefficient in Fractal Geometry, with M Nayebi, Radar 2007 conferenceWorkingPapersRefereeingConferenceTeachingTeachingAssistanceResearchAssistanceHonors andAwardReferencesPower to Choose: An Analysis of Consumer Behavior in Texas Retail Electricity Market, with Prof. A Hortacsu& Prof. S. PullerLaffer curve revisit in a Heterogeneous agent model, with Prof. Harald UhligInternational Trade Elasticity Puzzle & Dynamic market penetration.Sluggish Response to Trade Barrier Reductions, with Hosein JoshaghaniIran’s Subsidies Reform: a DSGE model, with Hosein JoshaghaniJournal of Political EconomyHand Foundation, Midwest Econ. Theory and Int. Trade, Midwest Economics Association, Illinois Econ.AssociationThe elements of Economics IV (Intermediate Macro)The elements of Economics II (Intermediate Micro)Quantitative methods in International Trade (PhD course) : Prof. Samuel KortumThe elements of Economics II (Intermediate Micro): Prof. Sebastian Gay, Prof. Victor LimaThe elements of Economics III& IV (Introductory & Intermediate Macro): Prof. BondarenkoMoney and Banking’: Prof. Peter BondarenkoIntroduction to Econometrics: Prof. Sebastian GayTime Series Econometrics: Prof. Peter BondarenkoIntroduction to Industrial Organization: Prof. Ali HortacsuProfessor James HeckmanProfessor Francesco TrebbiProfessor Ali HortacsuProfessor Samuel KortumProfessors Chang-Tai Hsieh &Ralph OssaProfessor Harald UhligEsther and T.W. Schultz Endowment Fund Dissertation Fellowship, University of ChicagoGraduate Fellowship in Economics, University of ChicagoHAND Research Foundation FellowshipThe Third Prize, 9th International Mathematical Competition for University Students, PolandBronze Medal, 41st International Mathematical Olympiad (IMO), South KoreaGold Medal, 17th National Mathematical Olympiad, IranBronze Medal, 16th National Mathematical Olympiad, IranProfessor Samuel KortumProfessor Thomas ChaneyProfessor Ralph OssaProfessor Nancy Stokeykortum@uchicago.eduthomas.chaney@gmail.comRalph.Ossa@chicagobooth.edunstokey@uchicago.edu201020102009,20102010, 20102008-2012201120102009200920072007,20102007-201120092011-201220122012-20132008-20112007-20082002200019991998+1-203-432-6217+33-5-6112-8544+1-773-702-8907+1-773-702-0915

RUI MANOAddress: 5200 S. Blackstone Ave, Apt 1210 - Chicago, IL 60615 ■ Url: https://sites.google.com/site/ruimanoTel: +1 (773) 289-6004 ■ Email: rmano@uchicago.eduEDUCATIONEXP2013 PhD in Economics, UNIVERSITY OF CHICAGO2009 MA in Economics, UNIVERSITY OF CHICAGO2007 MSc in Economics, UNIVERSIDADE NOVA DE LISBOA Awards: “Amélia de Mello”, Best Student2006 BSc in Economics, UNIVERSIDADE NOVA DE LISBOA 2004 Socrates-Erasmus Exchange Program, WIRTSCHAFTSUNIVERSITÄT WIEN Awards: Erasmus Scholarship, “Francisco José Barosa”, “Boston Consulting Group”RESEARCHExchange Rates upon a Sovereign Default (Job Market Paper)Carry Trade: Beyond the Forward Premium Puzzle (with Tarek Hassan)Default Premium (with Luis Catao and Ana Fostel)WORK EXPERIENCE2012 Summer Intern, INTERNATIONAL MONETARY FUND, RESEARCH DEPT.2006-07 Associate Consultant, THE BOSTON CONSULTING GROUP2005 Summer Associate Consultant, THE BOSTON CONSULTING GROUPTEACHING & RESEARCH POSITIONS AT UNIVERSITY OF CHICAGO2009-12 Lecturer: BA Finance (Investments) W12TA: PhD Monetary Economics I F10 | Empirical Asset Pricing W11 | BA Macro I S10MBA Futures, Forwards, Options, Swaps W11|EMBA(London) Macro S11,S12FINM Math. Foundations of Option Pricing F11,F12 |FX/Fixed Income W12RA: for Fernado Alvarez and Tarek HassanLATEST AWARDS & SCHOLARSHIPS2012-13 Esther and T.W. Schultz Dissertation Fellowship, University of Chicago2012-13 Henry Morgenthau Jr. Dissertation Fellowship, University of Chicago2012 Exceptional Service to the Executive MBA Program Award, Booth School of Business2012 Outstanding Teaching Assistant Award – Voted Best London EMBA TA2011 Summer Fellowship for work on “CT: Beyond the FPP”, Fama-Miller Center2011 Exceptional Service to the Executive MBA Program Award, Booth School of Business2008-12 Portuguese Government Doctoral Scholarship for studies at the University of Chicago2008-12 Tuition Award from The Division of Social Sciences, University of ChicagoPRESENTATIONS IN CONFERENCES2011 “Financial Regulation and Risk Management”, Deutsche Bank-Chicago Booth SymposiumPUBLICATIONS & ARTICLES“The US Current Account Deficit: Smoothly Along the Adjustment Path” in Bank I Kredyt,nr. 11-12 2007, National Bank of Poland – MSc in Economics Thesis at UNLOTHER SKILLSLanguage: Fluent Portuguese and English, Good Spanish, Average French, Basic GermanSoftware: Office, Matlab, STATA, LaTeX, Mathematica, Datastream, Bloomberg, GFDREFERENCESFernando Alvarez f-alvarez1@uchicago.edu 773-834-1482John Cochrane john.cochrane@chicagobooth.edu 773-919-3257Tarek Hassan tarek.hassan@chicagobooth.edu 617-571-4669Ralph Koijen ralph.koijen@chicagobooth.edu 773-834-4199October 2012

MARINA NIESSNER1126 E. 59 th StreetChicago, IL 60637Citizenship: USAmarinak@uchicago.eduhttp://home.uchicago.edu/~marinakCell phone: 773-209-9977EDUCATIONPh.D. in EconomicsM.A. in EconomicsB.A. Economics and StatisticsUniversity of ChicagoUniversity of ChicagoUniversity of Chicagoexpected 201320092005AREAS OFINTERESTJOB MARKETOTHER PAPERSDisclosure Strategy and Financial Reporting, Insider Trading, Behavioral Finance, EmpiricalAsset PricingWhy Managers Time Information Disclosure: Evidence from Form 8-K FilingsI use a novel dataset of Forms 8-K filed with the SEC to show that managers time disclosureof negative information, especially before they trade on their own account. I find thatmanagers are more likely to disclose negative information on Fridays, before nationalholidays, and after the market closes. The disclosure timing is concentrated among smallerfirms, firms with more retail investors, and firms with lower analyst coverage. I then showthat returns temporary under-react to news disclosed on Fridays. Managers take advantageof this under-reaction when selling shares on their own account. They are twice as likely todisclose negative news on a Friday if they are planning to sell shares in the three weeksfollowing the announcement. Finally, I show that Google searches for the company’s ticker,and trading volume are lower if the information is disclosed on a Friday.Earnings Announcements and Insider TradingReturn Predictability among Close CompetitorsTEACHINGASSISTANTSHIPSEmpirical Asset Pricing (MBA)Introduction to Labor Economics (BA)Introduction to Econometrics (BA)Pay and Performance (BA)Investments (MBA)Financial Instruments (MBA)Prof. Tobias MoskowitzProf. Andrew ZuppanProf. Sebastian GayProf. Kathryn IerulliProf. Tobias MoskowitzProf. George Constantinides201120102010201020092009RESEARCHEXPERIENCERA for Prof. Tobias MoskowitzSummer AnalystFulltime Research AssociateRA for Prof. Atif MianUniversity of ChicagoAQR Capital ManagementBecker Center on Price TheoryUniversity of Chicago2008-201020082005-20072003-2004PRESENTATIONS London Business School Trans-Atlantic Doctoral Conference 2012REFEREE WORKJournal of Political Science, Journal of Accounting ResearchAWARDS ANDFELLOWSHIPSHenry Mogenthau Fellowship, University of ChicagoSocial Sciences Division Scholarship, University of Chicago2012-20132007-2012REFERENCESTobias Moskowitz (chair)Amit SeruDouglas Skinnertobias.moskowitz@chicagobooth.eduamit.seru@chicagobooth.edudouglas.skinner@chicagobooth.edu773-834-2757773-834-2767773-702-7137

Yoshio Nozawa5807 S Woodlawn Avenue (PhD Program Office) ynozawa@chicagobooth.eduChicago, IL 60637http://home.uchicago.edu/~ynozawa/Phone: 312-371-6144Citizenship: JapanEducation University of Chicago, Booth School of Business and Department of Economics June 2013Ph.D. in Finance and Economics(expected)M.B.A. with high honors June 2009University of Tokyo, Japan, B.A. in International Relations March 2002FieldsJob Market PaperAsset Pricing, Financial Economics“Corporate Bond Premia”I show that a simple two factor model consisting of the first two principal components of the excess returns oncorporate bond portfolios sorted on spread can explain 91% of the variation in expected excess returns oncorporate bonds both over time and in the cross section. I use the parametric characteristic-based asset pricingtest which allows one to test the model with the variation in bond premia associated with multiple characteristicsat the individual security level. The two factor model does well regardless of the choice of characteristics usedfor the test.Working Papers “Comovements During Disaster: Cross-industry Study During the 2008 Financial Crisis (2011)”Honors andAwardsResearchAssistanceTeachingAssistanceLee Prizes for the best Econometrics and Macroeconomics Core Exams 2010-2011Bradley Fellow 2010-2011CRSP Summer Paper Award 2010Booth School of Business Student Fellowship 2009-2012CRSP Award for Excellence in Finance (best MBA student in finance) 2009Hikida Ross Alumni Recognition Award 2008Development Bank of Japan Overseas Study Scholarship 2007-2009Ranked #1 in Economics / Japan’s Class 1 Public Servant Exam (out of 2,129) 2001Oshima Ikueikai Scholarship 1997-2001Professor Cochrane, 2009Topics in Empirical Finance (PhD), Professor Hansen / Professor Heaton, 2012Asset Pricing (PhD), Advanced Investments (MBA Asset Pricing), Professor Cochrane, 2008-2012Investments (MBA), Professor Rosu, 2009Employment Analyst, Development Bank of Japan 2002-2007References John H. Cochrane (Chair) john.cochrane@chicagobooth.edu (773) 702-3059Lars P. Hansen lhansen@uchicago.edu (773) 702-8170Ralph S.J. Koijen ralph.koijen@chicagobooth.edu (773) 834-4199Pietro Veronesi pietro.veronesi@chicagobooth.edu (773) 702-6348

EZRA OBERFIELD1255 S. State Street #1202 http://sites.google.com/site/ezraoberfieldChicago, IL 60605ezraoberfield@gmail.comTel: (917) 232-7317Education Ph.D. Economics, University of Chicago 2010M.A. Economics, University of Chicago 2006B.A. Mathematics, Economics, cum laude, Yale University 2003Employment Federal Reserve Bank of Chicago, Economist 2010 - presentFieldsJob MarketPaperFirm Dynamics, Productivity, Macroeconomics, Growth“Business Networks, Production Chains, and Productivity: A Theory of Input-OutputArchitecture,” (Revise and Resubmit, Econometrica)This paper develops a theory of the formation and evolution of chains of production. Entrepreneurssearch for production techniques that use alternative sets of inputs, which are in turn produced byother entrepreneurs. The value of a technique depends both on its inherent productivity and on the costof associated inputs; when producing, each entrepreneur selects the technique that delivers the bestcombination. These choices collectively determine the economy's equilibrium input-output structure.As new techniques are discovered, entrepreneurs substitute across suppliers in response to changinginput prices. Despite the network structure, the model is analytically tractable, allowing for sharpcharacterizations of aggregate productivity and cross-sectional patterns. The key determinant ofaggregate productivity is how frequently the lower-cost firms are selected as suppliers. When the shareof intermediate goods in production is high, star suppliers emerge endogenously, increasingconcentration in sales of intermediate goods and raising aggregate output.Publications “Productivity and Misallocation During a Crisis: Evidence from the Chilean Crisis of 1982,”Review of Economic Dynamics, Forthcoming“Commodity Money with Frequent Search,” with Nicholas Trachter, Journal of Economic Theory,Forthcoming“Optimal Taxation over the Life Cycle,” with Aspen Gorry, Review of Economic Dynamics, 2012WorkingPapers“Micro Data and the Macro Elasticity of Substitution,” with Devesh RavalAwards and Esther and T.W. Schultz Fellowship, University of Chicago 2010Fellowships Margaret G. Reid Memorial Fellowship, University of Chicago 2009Lee Prize, highest score on Capital Theory/Money & Banking Field Exam 2007Lee Prize, highest score on Price Theory Core Exam 2006Teaching andResearchAssistanceProfessionalActivitiesTA: Labor and Macroeconomics (Shimer, B.A., 2007); Price Theory I, IIA (Becker, Murphy, Ph.D.,2007-08); Dynamic Contracts (Fuchs, Ph.D., 2008); Price Theory IIB (Myerson, Ph.D., 2008);Macroeconomics I (Bondarenko, BA, 2008); Monetary Economics I (Alvarez, Ph.D., 2009)RA: Shimer (2006-07); Fuchs (2007); Alvarez & Shimer (2008)Presentations: 2012: University of Houston; 2011: NBER Summer Institute (Growth), Notre Dame,Penn State, UC Santa Cruz, EIEF, UChicago, Minneapolis Fed, SED; 2010: Chicago Fed; 2009:SED, UChicago, Midwest Macro Meetings; 2008: Econometric Society NASMReferee: JPE, Theoretical Economics, BEJ Macro, Economic Perspectives of the FRB of ChicagoReferences Robert Shimer (chair) robert.shimer@gmail.com (773) 702-9015Fernando Alvarez f-alvarez1@uchicago.edu (773) 834-1482Nancy Stokey n-stokey@uchicago.edu (773) 702-8490

Diogo PalharesUniversity of Chicago - Booth School of Business 1-773-456-56955807 S. Woodlawn Ave. dpalhares@chicagobooth.eduChicago, IL 60637http://home.uchicago.edu/~dpalharesEDUCATIONUniversity of Chicago, Booth School of Business and Department of EconomicsPh.D. joint degree in Economics and Finance, expected June 2013Pontificia Universidade Catolica do Rio de Janeiro (PUC-RIO), BrazilM.A. in Economics, August 2008RESEARCH INTERESTS:Empirical and theoretical asset pricing.WORKING PAPERS:Maturity of Cash Flows and Expected Returns in Credit Markets (Job Market Paper)I study the returns of portfolios of Credit Default Swaps of different maturities but the same volatility. I findthat average returns decrease with maturity. This variation in expected returns is captured by betas with respectto a factor: a portfolio that sells short-maturity CDSs and buys longer-maturity ones. During good times, thisportfolio is a hedge to increases in credit spreads, but it becomes vulnerable to increases in credit spreads in badtimes. Accordingly, a model that allows for time-varying risk premia for spread shocks goes a long way inexplaining the cross-sectional variation in returns by maturity. These results are consistent with a structuralmodel of credit risk featuring quickly decaying shocks to firm value volatility and countercyclical defaultboundaries.TEACHING EXPERIENCE:PhD classes: “Theory of Financial Decisions II”, T.A. for Pr. Douglas Diamond and Pr. Raghuram Rajan (2010,2011) “Theory of Financial Decisions I”, T.A. for Pr. Eugene Fama (2010)MBA classes: “Corporate Finance for Executives”, T.A. for Pr. Douglas Skinner (2011) “Portfolio Management ”, T.A. for Pr. Lubos Pastor (2011) “Investments”, T.A. for Pr. Bryan T. Kelly (2011)HONNORS AND AWARDS: Stevanovich Fellowship in Quantitative Finance, 2012. FAPERJ Fellowship for top 3 students in Economics, 2007-2008.REFERENCES:John Cochrane (Chair)AQR Capital Management DistinguishedService Professor of FinanceBooth School of BusinessUniversity of Chicago(773) 702 3059john.cochrane@chicagobooth.eduRalph KoijenAssociate Professor of FinanceBooth School of BusinessUniversity of Chicago(773) 834-4199Ralph.Koijen@ChicagoBooth.eduLars Peter HansenDavid Rockefeller Distinguished Service ProfessorUniversity of Chicago(773) 702-8170lhansen@uchicago.eduĽuboš PástorCharles P. McQuaid Professor of FinanceBooth School of BusinessUniversity of Chicago(773)834-4080Lubos.Pastor@chicagobooth.edu

email: fernandoperez@uchicago.edumobile: 312-860-2244website: http://home.uchicago.edu/~fernandoperezPérez Cervantes, Fernando DiegoHome Address: 233 E Wacker Drive Apt 211Chicago, IL 60601EDUCATIONPh.D. Economics, The University of Chicago2013 (expected)M.A. Economics, The University of Chicago 2009B.Sc. Economic Theory, ITAM (Mexico City) 2006B.Sc. Applied Mathematics, ITAM 2006RESEARCH AND TEACHING INTERESTSPrimary: International Trade, Growth, Computational Economics, Urban EconomicsSecondary: Environmental Economics, Macroeconomics, Financial MathematicsJOB MARKET PAPERRailroads and Economic Growth: A Trade Policy ApproachWas the railroad network of the 19th Century in the United States output maximizing? I estimate technology parameters inevery U.S. county by using a simple structural trade model; Census data of output and population; computational-imageprocessedgeographic and topographic features of the U.S. territory and railroad construction data from the 19th Century;and an iterative fixed-point algorithm to predict the effect of railroads in the economy and suggest where the railroadsshould have been built if the only objective was to increase real output. My suggested railroads would have increased realoutput by 12%. Allowing for responses on migration the result improves to 15%. I find that the U.S. government shouldnot have built what became the Union Pacific Railroad until the year 1890. I also conclude that the direction of technologydiffusion was independent of the direction of migration.PUBLICATIONS"Trade and Carbon Taxes" (with Joshua Elliott, Ian Foster, Samuel Kortum, Todd Munson, and David Weisbach) AmericanEconomic Review Papers and Proceedings 100, May 2010HONORS AND AWARDSFrancis William Immasche Endowment Fund Economics Dissertation Fellowship 2012-2013Theodore W. and Esther Schultz Economics Dissertation Fellowship 2011-2012University of Chicago Unendowed Fellowship 2009-2012Beca Raúl Baillères de Excelencia Académica ITAM 2000-2005Beca Miguel Mancera ITAM 2000-2005WORKING EXPERIENCEREFEREE The Journal of Political EconomyLECTURER International Banking and Finance (student evaluations 4.92/5) 2012TEACHER Graduate Courses. Department of Mathematics, The University of Chicago.ASSISTANTRESEARCHASSISTANTNumerical Methods for Option PricingMathematical Foundations of Option PricingStatistical Risk ManagementStochastic CalculusPortfolio Risk ManagementEconomics of Asset PricingProf. Roger LeeProf. Roger LeeProf. Jostein PaulsenProf. Greg LawlerProf. Jon FryeMark HendricksProfessor Samuel Kortum, Department of Economics (2009-2010)Professor Ethan Bueno de Mesquita, Harris School of Public Policy (2008)2010-20112010-20122009-20112011-201220092011-2012OTHER ACTIVITIES2009 Institute on Computational Economics (Argonne National Laboratory and Booth School of Business)REFERENCESSamuel S. Kortum (chair) samuel.kortum@yale.edu (203) 432-6217Robert E. Lucas, Jr. relucas@uchicago.edu (773) 702-8191Thomas Chaney thomas.chaney@gmail.com +33 561 12 85 44

Laura Pilossoph910 West Lake Street, #5SChicago, IL 60607Citizenship: U.S.Alpilossoph@uchicago.eduhttp://home.uchicago.edu/~lpilossoph(917) 751-5573EDUCATION Ph.D. Economics, University of Chicago Expected June 2013B.A. Economic Theory and Mathematics, New York University 2007FIELDSJOB MARKETPAPERWORKINGPAPERSHONORSAND AWARDSTEACHINGPRESENTA-TIONSLANGUAGESPrimary: Labor Economics, Macroeconomics, Applied MacroeconomicsSecondary: Growth, International TradeA Multisector Equilibrium Search Model of Labor ReallocationThis paper develops a tractable multisector equilibrium search model of labor reallocationthat lends itself to a wide range of questions in disaggregated labor markets.Each sector operates with a frictional labor market, but is linked to other sectorsthrough costly labor mobility. Workers optimally choose their sector in response toindividual taste shocks as well as stochastic sectoral productivity shocks. Qualitatively,it follows that gross worker flows exceed net worker flows. If sectors havedifferent cyclical sensitivities to aggregate shocks, the flow of workers into cyclicallymore sensitive sectors increases during booms while the flow of workers into cyclicallyless sensitive sectors increases during recessions, producing a relatively acyclicmover rate in the aggregate. I use the model to measure how much unemploymentin the 2008 recession stemmed from labor reallocation resulting from the asymmetricshock experienced in construction. I estimate the model parameters using the SimulatedMethod of Moments and recover the implied sectoral shocks consistent withsectoral employment dynamics using the model’s first order approximation around itsdeterministic steady state. I find that labor reallocation of construction workers toother sectors of the economy plays a small role in observed aggregate unemploymentin the 2008 recession, but a larger role in accounting for the observed increase inunemployment in construction over the same time period.A Model of Screening and Hiring Subsidies For The Long-Term Unemployed(with Gregor Jarosch)William Rainey Harper Dissertation Fellowship, University of Chicago 2012-2013Presidential Fellowship, University of Chicago 2007-2012Robert Bruce Dow Memorial Award, New York University 2007Honors Day Scholar, New York University 2007Trustee Scholar, New York University 2003-2007Micro Data for Macro Models, Ph.D, Erik Hurst (2009); Macroeconomics, M.B.A,Erik Hurst (2009) ; Macroeconomics II, Undergraduate, Thomas Chaney (2010); Microeconomics,Undergraduate, John List, (2010); Macroeconomics, M.B.A, JenniferLa’O (2012)Chicago Fed Midwest Search and Matching Workshop, EconCon 2012, Capital TheoryWorking Group, Applied Macro Theory Working GroupEnglish (native), Hebrew (conversant), Italian (intermediate), German (beginner),Spanish (beginner)REFERENCES Veronica Guerrieri (773) 834-7834 vguerrie@ChicagoBooth.eduErik Hurst (co-chair) (773) 834-4073 erik.hurst@chicagobooth.eduRafael Lopes de Melo (773) 702-3877 lopesdemelo@uchicago.eduRobert Shimer (co-chair) (773) 702-9015 robert.shimer@gmail.com

DANIEL RAMSEY3317 N Seminary Ave, Apt C2 dramsey@uchicago.eduChicago, IL 60657http://home.uchicago.edu/~dramsey773-559-5262EDUCATIONFIELDSJOB MARKETPAPERWORKINGPAPERTEACHINGAND WORKEXPERIENCEHONORS ANDAWARDSREFERENCESPh.D., M.A. in Economics University of Chicago Expected June 2013A.B. in Economics Harvard University 2004Labor Economics, Economics of Education, Public EconomicsFinancial Barriers and College AttainmentCollege attainment is correlated with higher wages, job quality, overall well-being, and otherpositive outcomes. It is a puzzle why many high school graduates attain little or no collegeeducation. One common answer is financial barriers. To assess their importance, I study alarge set of laws that changed student loan access, family income, and college costs. Theselaws treated different families in different ways, based on their family structure, size, state andincome. I focus on Guaranteed Student Loans, Pell Grants, Aid to Families with DependentChildren, and Social Security. I use a Fixed Effects Instrumental Variables approach and havethree main findings. First, I find that very few students were deterred solely by creditconstraints. Second, I find an insignificant effect of AFDC and Social Security income onattendance. Third, I find that attendance changes by 1.0 - 1.2 percentage points per $1000 inannual student subsidies, which is about one-third as high as prior consensus estimates. I donot find significantly different effects of the Pell, AFDC and Social Security student benefits,despite interesting differences in program features. I estimate that the student benefit programsspent about $40,000 per student induced to attend.Financial Incentives and High School DropoutHigh school dropouts experience low wages, job instability, and other negative outcomes.Financial incentives are one policy option to reduce dropout. In this paper, I study the AFDCand Social Security programs, which pay benefits to qualified age 18 dependents conditionalon their school attendance. The Social Security benefits can exceed $1000 per month forattending high school.Lecturer, Intermediate Microeconomics University of Chicago 2010Teaching Assistant, Microeconomics University of Chicago 2008Research Assistant for Jeff Liebman National Bureau of Economic Research 2005-2006Research Analyst Council of Economic Advisors 2004-2005Director of Advertising Sales Let’s Go Publications 2003-2004AERA Dissertation Grant 2012U.S. Department of Education IES Fellowship 2006-2011Bruce Meyer (Chair) bdmeyer@uchicago.edu 773-702-2712Derek Neal n9na@uchicago.edu 773-702-8166Stephen Raudenbush sraudenb@uchicago.edu 773-834-1904

Website: http://www.devesh-raval.comMobile Phone: (804) 305-0116Personal Email: devesh.raval@gmail.comDevesh R. RavalEducation Ph.D in Economics University of Chicago 2011M.A. in Economics University of Chicago 2007B.A. in Economics and Math University of Virginia 2005ResearchInterestsProfessionalExperienceIndustrial Organization, Macroeconomics, Applied EconometricsAmazon.comSenior EconomistOct 2012 – presentEconomist May 2011 – Sept 2012University of Chicago 2007 – 2011Research Assistant for Ali HortacsuJob MarketPaperWorking PapersInvitedPresentationsHonors andAwardsMicro Data and the Macro Elasticity of Substitution (Joint with Ezra Oberfield)We study the implications of microeconomic heterogeneity for the aggregate productionfunction. We show that the aggregate elasticity of substitution between capital and laborcan be expressed as a simple function of plant level structural parameters and sufficientstatistics for plant heterogeneity. This allows for a new approach to estimating the aggregateelasticity using microeconomic data and allows us to examine how the aggregate elasticityvaries over time or across countries. We then use plant level data from the Census ofManufactures to construct an aggregate elasticity of substitution for the manufacturingsector. Our preferred estimate indicates an aggregate elasticity of approximately 0.7 in1987; we find that the aggregate elasticity rises across time in the US and is higher in lessdeveloped countries. Lastly we measure the bias of aggregate technical change using ourestimates of the aggregate elasticity, and assess the sources of the bias using the micro data.Non Neutral Technology and the Microeconomic Production Function (Under Submission)2011: CES-Census, Duke, Fed Board, Midwest Econ Assn, NBER Summer Institute,Simon Fraser, Western Ontario, World Bank (Macro and Growth)2012: Ifo Conference on Macroeconomics and Survey Data, CES Census Research Conference,Econometric Society North American Summer Meetings, University of WashingtonFrancis William Immasche Dissertation Fellowship 2010-2011Esther and T.W. Schultz Dissertation Fellowship 2009-2010Lee Prize for Best Econometrics Core Exam 2006National Science Foundation Graduate Research Fellowship 2005-2008Awarded Highest Distinction in Economics BA, UVA 2005Outstanding Student Award in Economics, UVA 2005Elzinga Scholarship for Academic Excellence, UVA 2004TeachingExperienceUniversity of WashingtonCo-Lecturer, Applied Econometrics (2nd Year PhD) Fall 2011University of ChicagoLecturer, Honors Econometrics (B.A.) Spring 2010Teaching AssistantTopics in Econometrics (PhD), Azeem Shaikh Winter 2009Cross Section Econometrics (PhD), Ali Hortacsu and Derek Neal Spring 2008Time Series Econometrics (PhD), Lars Hansen Winter 2007References Ali Hortacsu, University of Chicago 773-702-5841 hortacsu@uchicago.eduChad Syverson, Chicago Booth 773-702-7815 syverson@uchicago.eduHarry J. Paarsch, Amazon.com 206-495-2981 HJPaarsch@gmail.com

MARTIN I. SANTAMARIA5465 S. Ingleside Ave. 3W, Chicago, IL 60615 msantama@uchicago.eduPhone: 1-773-816-7797http://home.uchicago.edu/~msantamaEducation Ph.D. in Economics University of Chicago Expected June 2013M.A. in Economics University of Chicago 2006B.A. in Economics Buenos Aires 2001FieldsJob MarketPaperWork inProgressGame Theory, Experimental Economics, Network Economics, Applied Microeconomics,Development, Computational Economics, Theory of the Firm.“On the Probability of Existence of Stable Networks”We are interested in explaining network formation. A network formation problem (NFP) isdefined by a “defeated relation” over the set of all possible networks with n nodes and a(feasible) “deviation graph” defining which networks are feasible deviations from each other forthis particular NFP. A network is said to be stable if it defeats all other comparable networks. Inthis paper we provide for different assumptions about the deviation structure a measure of howlikely it is for a random network formation problem that stable networks fail to exist. Weconsider the problem where given a network g the set of networks comparable to g is arbitraryand derive a formula relating graph theoretic properties of the deviation graph to the probabilitythat a stable network exists. Then we derive exact asymptotic formulas for “one link” deviationgraph, arbitrary regular deviation graphs where all networks have the same number of feasibledeviations and for defeated relations on finite sets with the same regularity property.2012, “Linked Bargaining: An Experimental Test of the Sonnenschein-Jackson Theorem”(Joint with H.Sonnenschein and O.Al-Ubaydli).2005, “Homotopy Continuation Methods: An Algorithm for the Fixed Point and NewtonHomotopy Methods with Some Examples”. (Joint with Ricardo Mayer and FrancescoDecarolis).Lectureships Elements of Economic Analysis IV (Intermediate Macro) 2011Elements of Economic Analysis I (Consumer Theory) 2010Elements of Economic Analysis III (Intermediate Macro) 2009Elements of Economic Analysis II (Theory of the Firm) 2008References Hugo F. Sonnenschein hfsonnen@uchicago.edu 773-702-2417Roger B. Myerson rmyerson@uchicago.edu 773-702-6576Balasz Szentes b.szentes@lse.ac.uk.edu 44-207-849-4913Victor O. Lima vlima@uchicago.edu 773-834-6672

CHAE HEE SHIN1401 E.55 th St. 913N E-mail: chaehee@uchicago.eduChicago, IL 60615 Web: http://home.uchicago.edu/~chaehee/Citizenship: Republic of Korea (F1 Visa) Phone: (773) 569-6450EDUCATION Ph.D. in Economics, The University of Chicago June 2013 (Expected)B.A. in Economics (summa cum laude), Seoul National University 2006FIELDSJOB MARKETPAPEREmpirical industrial organization, Corporate finance, International economics“The Supply Side of Diversification: Evidence From Global Entry Patterns of EquityMutual Funds”If individuals prefer diversification, why don't mutual funds invest everywhere? Based ondistinct global entry patterns of U.S.-based mutual fund families, this paper studies whatdetermines their foreign entry decisions. In a model of demand and supply for mutual funds,individual investors choose among a variety of funds offered by mutual fund families thatdetermine the price of their fund and foreign entries, given fixed costs of foreign investment.This structural model enables identification of the gain and the cost of foreign entry trade-off.Controlling for the gains from entry, the estimated fixed costs show that a small amount of costcan explain non-entries of mutual fund families into many countries. Moreover, variables such asmutual fund family's years in the industry, destination country's distance from the U.S., theamount of bilateral trade, stock market turnover ratio and investor protection index, and themutual fund family's entry into countries in the similar region make good predictions of the fixedcosts, matching up to 62% of the observed entries and non-entries.PUBLICATIONS "Is an Automaker's Road to Bankruptcy Paved with Customers' Beliefs?" (with Ali Hortaçsu,Gregor Matvos, Chad Syverson, and Sriram Venkataraman). American Economic ReviewPapers and Proceedings 101(3): 93–97, 2011.TEACHING Teaching AssistantAND Econometrics B 2010, 2011RESEARCH Elements of Economic Analysis–1 2009EXPERIENCE Introduction to Microeconomics 2009History of Money 2008Research Assistant to Ali Hortaçsu 2009 – 2011HONORS Homer and Alice Hanson Jones Scholarship / Margaret G. Reid 2012 – 2013ANDMemorial Fund Dissertation FellowshipAWARDS Samsung Scholarship 2007 – 2012Humane Studies Fellowship 2010 – 2011TS Kim Memorial Scholarship (Seoul National University) 2007Financial Award (Merit-based, Seoul National University) 2004 –2006The Korea Foundation for Advanced Studies Scholarship 2003 –2006PRESENT-ATIONS2012 Midwest Economics Association Annual Meeting, Western Economics AssociationInternational 87th Annual Conference, IO Lunch (The University of Chicago Booth School ofBusiness), Finance Brown Bag* (The University of Chicago Booth School of Business),Federal Reserve Bank of Chicago**ScheduledREFERENCES Ali Hortaçsu (Chair) (773) 702-5841 hortacsu@uchicago.eduSamuel S. Kortum (203) 432-6217 samuel.kortum@yale.eduJuhani T. Linnainmaa (773) 834-3176 juhani.linnainmaa@chicagobooth.eduTarek Alexander Hassan (773) 834-7834 tarek.hassan@chicagobooth.edu

David A. SmithPhone: (909) 896-1551http://home.uchicago.edu/~davidsmithDavid.Smith@uchicago.edu 222 E. Pearson St., Apt. 1504, Chicago, IL 60611EducationUNIVERSITY OF CHICAGO, Chicago, IL2009-PresentPh.D. in EconomicsJune 2013 (expected)M.A. in Economics 2012Job Market Paper: “The Effects of Minimum Resale Price Maintenance on Prices and Output” (with Alex MacKay)This paper analyzes the empirical effects of minimum resale price maintenance (RPM) across a broad variety of household goods.Using state-by-state variation in antitrust law in the wake of the 2007 Leegin Supreme Court decision, we find that prices increasedin states where minimum RPM is treated under the rule of reason. Moreover, we find evidence supporting procompetitive theoriesof minimum RPM, as price increases were more often combined with quantity increases. We perform a welfare analysis, and weconclude that minimum RPM was welfare-enhancing for consumers in the rule of reason states.Fields of Specialization: Law & Economics, Industrial Organization, Financial Economics, Forensic EconomicsPOMONA COLLEGE, Claremont, CA 2002-2006OXFORD UNIVERSITY, Oxford, England Fall 2004B.A. in Economics and Philosophy, with distinctionAcademic Experience• Lecturer: Microeconomics 2: Theory of the Firm (undergraduate) – expected, Winter 2013• Teaching Assistant: Microeconomics 2 (undergraduate); Intro to Microeconomics (undergraduate); Statistics (MBA)• Presentations: Illinois Economic Assoc. Annual Meeting (2012); Eastern Economic Assoc. Conference (2008)Publications• Smith, Stan V.; Smith, David A.; and Uhl, Stephanie R. (2011) “Credit damage: Causes, Consequences andValuation,” Forensic Rehabilitation & Economics 4(1): 27-32• Smith, David A.; Smith, Stan V.; and Uhl, Stephanie R. (2010) “Estimating the Value of Family HouseholdManagement Services: Approaches and Markups,” Forensic Rehabilitation & Economics 3(2): 85-94• Smith, Stan V.; Zaloshnja, Eduard; Miller, Ted; Smith, David A.; and Spicer, Rebecca S. (2008) "Jury Verdicts inDrunken Driving Cases," Review of Law & Economics 4(1): 475-498Professional ExperienceL.E.K. CONSULTING, SUMMER CONSULTANT, Chicago, IL Summer 2010• Managed team of two associates in the valuation of a public company• Assessed and researched targets for acquisition by a major food mill distributorANALYSIS GROUP INC., SENIOR ANALYST, Boston, MA January 2008 – June 2009• Assisted in preparing billion-dollar damage assessments for expert testimony in litigation• Developed complex financial modeling of credit card partnership agreements for antitrust class action lawsuits• Modeled economic and financial debt market events using econometric specifications for damage estimates• Analyzed and reported market trends and other factors in connection with multibillion-dollar mergersJPMORGAN SECURITIES INC., ANALYST, SECURITIZED PRODUCTS GROUP, New York, NY July 2006 – December 2007• Managed and assisted in marketing over $40 billion in aircraft, auto, government and equipment securitiestransactions as a member of asset-backed securities team• Stratified collateral, modeled loss and delinquency performance of managed portfolios, and assisted in presentingthese results to rating agencies and investors• Provided structural optimizations, comparable transaction analysis, and market updates for new and existing clients;produced and presented marketing materials to clientsInterests and Activities• Technical: Proficient in Stata, Matlab, SAS, MS Office, Spanish (conversational)• Interests: Hiking, ethical and legal theory, yoga, Ayn Rand and Kurt Vonnegut novelsReferencesSteven Levitt (773) 834-1862 slevitt@uchicago.eduDennis Carlton (773) 702-6694 dennis.carlton@chicagobooth.eduChad Syverson (773) 702-7815 chad.syverson@chicagobooth.edu

JÖRG L. SPENKUCH1607 E 50th Pl #2DChicago, IL 60615Citizenship: Germany (F-1 Visa)Phone: (773) 451-5577Email: jspenkuch@uchicago.eduWeb: http://home.uchicago.edu/~jspenkuch/EDUCATION Ph.D. Economics, University of Chicago 2008 – 2013 (expected)M.A. Economics, University of Chicago 2008 – 2009B.A. Economics, University of St. Gallen (Switzerland) 2004 – 2007B.A. Business Administration, University of St. Gallen (Switzerland) 2004 – 2007FIELDSJOB MARKETPAPERPolitical Economy, Labor Economics“On the Extent of Strategic Voting”Abstract: Social scientists have long speculated about individuals' tendencies to manipulate elections by misrepresenting theirpreferences. The fact that preference orderings are generally unobserved, however, has made it very difficult to documentstrategic behavior empirically. Exploiting the incentive structure of Germany's voting system to solve the fundamentalidentification problem, this paper estimates the extent of strategic voting in large, real-world elections. Evidence from reducedform as well as structural methods indicates that almost one third of voters abandons their most preferred candidate if she is notin contention for victory. Tactical behavior has a non-trivial impact on individual races. However, as one aggregates acrossdistricts, these distortions partially offset each other, resulting in considerably more modest effects on the aggregate distributionof seats.PUBLICATIONS Fryer, R.G., L. Kahn, S.D. Levitt, and J.L. Spenkuch (2012). “The Plight of Mixed-Race Adolescents,” Review ofEconomics and Statistics, 94(3): 621–634.Spenkuch, J.L. (2012). “Moral Hazard and Selection Among the Poor: Evidence from a Randomized Experiment,”Journal of Health Economics, 31(1): 72–85.WORKINGPAPERSHONORS ANDAWARDSRESEARCHEXPERIENCETEACHINGEXPERIENCEACADEMICTALKSREFEREEING“Please Don’t Vote for Me: Strategic Voting in a Natural Experiment with Perverse Incentives”“The Manipulation of Children’s Preferences, Old Age Support, and Investment in Children’s Human Capital”(with G. Becker and K. Murphy), revision requested from Journal of Political Economy“Racial Disparities in Job Finding and Offered Wages” (with R. Fryer and D. Pager)“A Roy Model of Social Interactions” (with S. Cicala and R. Fryer)“The Protestant Ethic and Work: Micro Evidence from Contemporary Germany”“Understanding the Impact of Immigration on Crime,” revision requested from American Law and Economics ReviewData Acquisition and Travel Grant, Beryl W. Sprinkel Fund, University of Chicago 2011 – 2012Best Paper Award, RGS Doctoral Conference 2011Social Sciences Fellowship, University of Chicago 2010 – 2013ERP-Scholarship, German National Academic Foundation 2009 – 2011Sherwin Rosen Fellowship, University of Chicago 2009 – 2010Opportunity Fellowship, University of Chicago 2008 – 2009Fellowship, German National Academic Foundation 2006 – 2009Research Assistant to Prof. G. Becker, University of Chicago 2010 – 2012Research Assistant to Prof. S. Levitt, University of Chicago 2008 – 2009Research Assistant to Prof. R. Fryer, Harvard University 2006 – 2008Lecturer, “The Economics of Discrimination” (graduate), short course at RWI Essen 2011Teaching Assistant to Prof. G. Becker, “Human Capital” (graduate) 2011Teaching Assistant to Prof. S. Levitt, “Intro to Doing Empirical Microeconomic Research” (graduate) 2011, 2012Teaching Assistant to Prof. S. Levitt, “The Economics of Crime” (undergraduate) 2010, 2011Calvó-Armengol Prize Workshop (Barcelona GSE), North American Summer Meeting of the Econometric Society,RGS Doctoral Conference, RWI Essen, TU Dortmund, University of Chicago, University of Wisconsin –WhitewaterAmerican Law and Economics Review, Economics of Education Review, Journal of Economic Behavior & Organization, Journal ofEconomic Psychology, Journal of the European Economic Association, Journal of Political Economy, and Social ProblemsREFERENCES Prof. Steven Levitt, University of Chicago slevitt@uchicago.edu (773) 834 - 1862Prof. Gary Becker, University of Chicago gbecker@uchicago.edu (773) 702 - 8191Prof. Roland Fryer, Harvard University rfryer@fas.harvard.edu (617) 495 - 9592Prof. Roger Myerson, University of Chicago rmyerson@uchicago.edu (773) 834 - 9071

TY TURLEY+1-773-954-6181 1126 E. 59th Streetturley@uchicago.edu http://home.uchicago.edu/~turley Chicago, IL 60637EDUCATION PhD in Economics University of Chicago 2013MSc in Economics (with Merit) London School of Economics 2007BA in Economics, Russian (Magna cum Laude) Brigham Young University 2005FIELDSJOB MARKETPAPERExperimental, Environmental, Development, Behavioral, Political Economy“When Economics Meets Hierarchy: A Field Experiment on the Workings ofthe Invisible Hand” (with M. Voors, A. Kontoleon, E. Bulte, and J. List)Seminal work within experimental economics has shown the remarkable tendency for experimental trading markets toconverge to neoclassical predictions. Yet, the extent to which neoclassical competitive market theory explains theequilibrating forces operating in extra-lab markets remains under-researched. In this study, we depart from the traditionalexperimental investigation of neoclassical competitive theory by using the tools of experimental economics in the field. Ourlaboratory mimics a market in rural Sierra Leone, a region characterized by low levels of market integration and high levelsof personalized trade. When participants interact with co-villagers, efficiency levels are much lower than found in the extantliterature. By introducing treatments that increase anonymity between traders, we show that social hierarchies play asignificant role in dampening efficiency. High-status individuals, when trading with their co-villagers, reduce overallefficiency by paying too much for items traded in the experiment. Upon eliminating status-related concerns, we find thatoverall efficiency levels approach those found in previous studies.PUBLICATIONSRESEARCH INPROGRESSWORKEXPERIENCE“Behavior in context-free experiments is not predictive of behavior in the field:Evidence from public good experiments in rural Sierra Leone,” Economic Letters,2012 (with Voors, Bulte, Kontoleon and List)“Using Artefactual Field Experiments to Learn about the Incentives for SustainableForest Use in Developing Economies,” AER:PP, 2011 (with Voors, Bulte, Kontoleonand List)“Elite Capture under Conditional versus Unconditional Aid Transfers”; “Constraintson Resource Allocation among Georgian IDPs”; “Status and Lying”; “DemocraticElections, Enfranchisement, and Social Preferences: Experiments in the Middle East”Impact Evaluation Consultant, World Bank (2012-present); CEO, HEAL Foundation,India (2004-2009); Research Assistant, Becker Center, U of C (2008); ResearchAssistant, BYU, Ghana (2006); Writer, Combat Films & Research (2005-2006)LECTURING Experimental Economics ISET, Tbilisi State University, masters 2012POSITIONS Intermediate Microeconomics University of Chicago, undergrad 2009TEACHINGPOSITIONS2012: Psych & Econ (D. Laibson, Harvard, undergrad); 2011: Micro Theory(E. Glaeser, Harvard, undergrad); World Econ History, J. Robinson, Harvard,undergrad); 2009: Urban Economics (N. Baum-Snow, Chicago, masters); GameTheory (E. Bueno de Mesquita, Chicago, masters); 2007: Intro Econometrics (C.Dougherty, LSE, undergrad); 2002: Intermed Micro (L. Lefgren, BYU, undergrad)PRESENTATIONS 2013 (planned): ASSA; 2012: BIOECON Conference, Cambridge University;2011: International Experimental Science Association Conference; ASSAHONORS ANDAWARDS2012: Schultz Dissertation Fellowship; NSF Dissertation Completion Grant;Tobin Project Fellow; 2011: US State Department Title VIII Grant;2007: LSE Outstanding Graduate Teaching Award; 2006: Earhart FellowshipREFERENCES Prof. John List jlist@uchicago.edu 773-702-2417Prof. Erwin Bulte erwin.bulte@wur.nl +31-317-485-286Prof. Steven Levitt slevitt@uchicago.edu 773-834-1862

BRIAN WELLER5345 S. Harper Ave., Apt. 409 Email: bweller@chicagobooth.eduChicago, IL 60615 Web: http://home.uchicago.edu/~bweller/Phone: 216-469-2610 Personal: American citizen; DOB: September 1986EDUCATION University of Chicago, Booth School of Business and Department of Economics June 2013 (expected)Ph.D. in Economics and FinanceThesis Title: “High Frequency Intermediation”Harvard University, A.B., Applied Math with Secondary Field in Economics, magna cum laude 2009FIELDSJOB MARKETPAPERPUBLICATIONSWORKINGPAPERSAsset pricing, financial economics (primary); market microstructure, corporate finance (secondary)“High Frequency Intermediation”I introduce speed heterogeneity among market makers as a central feature of intermediation in assetmarkets. The resulting speed hierarchy (1) explains cross-sectional variation in market maker spreads,volumes, and profits; (2) generates large inter-market maker volumes and long chains of intermediariesbetween terminal sellers and buyers; and (3) may increase short-run intermediation capacity whilediminishing long-run capacity via a welfare-reducing speed arms race. Using unique audit-trail data fromthe Commodity Futures Trading Commission, I find a ten rank speed improvement is associated with upto a 0.2 basis point reduction in spreads, a factor of 3.5 increase in passive volume, and a growth of 34%in profits, in line with model predictions. Additionally, I document prevalent intermediation chainsrequiring as many as 12 market makers and several hours to transfer assets from sellers to buyers,suggesting liquidity demands are long-lived and delinked from realized trading volumes.“Public Policy and Saving for Retirement: The ‘Autosave’ Features of the Pension Protection Act of2006”, with John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian in Better LivingThrough Economics, 2010.“Price Transparency and Price Discriminating Noisy Rational Expectations Equilibria”I introduce price opacity and market power into the noisy rational expectations equilibrium (NREE) ofGrossman and Stiglitz (1980). I characterize the resulting price discriminating noisy rational expectationsequilibrium (PD-NREE) and derive analytic expressions for price levels, sensitivity to information, andinformativeness. Price transparency increases price responsiveness to information and informativeness butresults in increased average prices for less informed agents in the presence of price discrimination. Iconclude by mapping the PD-NREE and NREE models to the corporate bond market to evaluate pricediscovery and distributional consequences of a transaction price dissemination system (TRACE).TEACHING AND Portfolio Management (MBA, Lubos Pastor); Investments II (MBA, John Heaton) 2012RESEARCH Investments I (MBA, Tobias Moskowitz); Empirical Asset Pricing (MBA, Tobias Moskowitz) 2011ASSISTANCE Investments (MBA, Lubos Pastor) 2010Research Assistant to Professor Tobias Moskowitz 2009PRESENTATIONS Trans-Atlantic Doctoral Conference (LBS) 2012HONORS AND John and Serena Liew PhD Fellowship 2011-2013AWARDS Lynde and Harry Bradley Foundation Fellowship 2011-2012Center for Research in Security Prices Summer Research Award 2010Phi Beta Kappa 2008WORK Commodities Futures Trading Commission, Consultant to the Office of the Chief Economist 2011-2012EXPERIENCE Paragon Castle Corporation, High Frequency Research Consultant 2009Citadel Investment Group, L.L.C., Investment and Trading Analyst Program Summer Intern 2008FDO Partners, L.L.C., Quantitative Analyst Intern 2006REFERENCES John H. Cochrane (Co-Chair) john.cochrane@chicagobooth.edu 773-702-3059Tobias J. Moskowitz (Co-Chair) tobias.moskowitz@chicagobooth.edu 773-834-2757Lubos Pastor lubos.pastor@chicagobooth.edu 773-834-4080Bryan T. Kelly bryan.kelly@chicagobooth.edu 773-702-8359

THE UNIVERSITY OF CHICAGODepartment of Economics1126 E. 59 th StreetChicago, Illinois60637