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Matthew Spiegel

Matthew Spiegel

Professor of Finance

Matthew Spiegel's research ranges widely with publications in the areas of market microstructure, asset pricing, real estate, corporate finance, and experimental economics. His theoretical work has helped to explain stock market volatility, what factors lead to market breakdowns and how mergers within an industry impact the new firm’s competitors over time. His empirical work has included the development of statistical methods that can estimate the impact of local characteristics on housing returns and for identifying when and if a particular mutual fund will generate above market returns. These articles have won the ANBAR Management Intelligence Citation of Excellence, the Michael Brennan Best Paper Award, and the Ross Best Paper Award.  In 2015 his overall body of work was recognized with Eastern Finance Association’s Distinguished Scholar Award. 

Matthew Spiegel has recently turned his attention to the impact of the COVID-19 related social and business restrictions on the U.S. The database collection effort has produced the most world’s most detailed documentation of orders by county. Summaries of the collected data can be found at

Matthew Spiegel is the former president and prior to that vice president of the Society for Financial Studies. He was the Society's advisory chair for its annual Finance Cavalcade conference from 2011 to 2017 and is the advisory chair for the first Asia-Pacific Finance Cavalcade conference in 2017. He was the executive editor of the Review of Financial Studies from 2005 to 2011. Prior to joining Yale University Professor Spiegel held academic posts at the Haas School of Business at the University of California-Berkeley and before that Columbia University. He is a former co-editor and founder of the Journal of Financial Markets, a former associate editor of the Review of Financial Studies, and a past member of the Nasdaq Economic Advisory Board.


  • PhD, Princeton University, 1987
  • BA, University of California, Berkeley, 1982



  • Doctor of Laws honoris causa, University College Dublin, 2017
  • Keynote speaker Society for Financial Studies North American Cavalcade conference, 2017
  • Ross Best Paper award for "Patterns in Cross Market Liquidity", 2009
  • President, Society for Financial Studies, 2014-Present
  • Vice President, Society for Financial Studies, 2011 to 2014
  • Michael Brennan Best Paper Award for the paper "Portfolio Performance Manipulation and Manipulation-proof Performance Measures," co-authored with William Goetzmann, Jonathan Ingersoll Jr., and Ivo Welch, 2008, Review of Financial Studies, 2007
  • Keynote speaker, Caesarea Center Conference on Private Equity, 2008
  • Inaugural Challenge Article in Finance Research Letters: "Patterns in Cross Market Liquidity", 2008
  • Keynote speaker, New York City Triple Crown Conference, 2007
  • Keynote speaker, European meeting of the Financial Management Association, 2003
  • Director, Western Finance Association, 2001
  • Post-Doctoral Honoree, Weimer School, 2000
  • Citation of Excellence, ANBAR Management Intelligence, 1998
  • Member, American Finance Association's Nominations Committee, 1998
  • Schwabacher Fellowship, Haas Executive Committee, 1995 to 1996