Bernard Herskovic

Bernard Herskovic is an assistant professor of finance with broad interests in financial economics, economic theory and macroeconomics. The native Brazilian’s most recent research shows that changes in input-output network are sources of systematic risk reflected in equilibrium asset prices. This work is the starting point for future research projects that apply network theory into asset pricing and financial economics. His other papers cover a wide range of disciplines, from idiosyncratic volatility of stock returns to endogenous network formation in an environment of information acquisition.

As a Ph.D. candidate, he developed and taught a summer course for economics majors at New York University that focused on international trade and finance. That experience, combined with his graduate training as a teaching assistant, primed him for his current position at Anderson. He applies the same dedication to teaching as he does to his research: "I try to be as mathematically precise as possible when describing concepts in class, but keeping the underlying intuition in mind."

Research Interests

• Asset Pricing, Networks, Economic Theory, Macroeconomics

Courses

• Investment Management for full-time MBA and Fully Employed MBA programs

Education

• Ph.D. Economics, 2015, New York University
• M.A. Economics, 2010, Pontifícia Universidade Católica do Rio de Janeiro
• B.A. Economics, 2008, Universidade Federal de Minas Gerais

Publications and Accepted Papers

1. “OTC Intermediaries” (with Andrea Eisfeldt, Sriram Rajan, and Emil Siriwardane) Conditionally Accepted at Review of Financial Studies
   
2. “Firm Volatility in Granular Networks” (with Bryan Kelly, Hanno Lustig and Stijn Van Nieuwerburgh)
   Journal of Political Economy, November 2020, Vol. 128(11), pp. 4097–4162
3. “Acquiring Information Through Peers” (with Jo˜ao Ramos)
   American Economic Review, July 2020, Vol. 110(7), pp. 2128–52
4. “Networks in Production: Asset Pricing Implications”
   Journal of Finance, August 2018, Vol. 73 (4), pp.1785-1818.
5. “The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications” (with Bryan Kelly, Hanno Lustig and Stijn Van Nieuwerburgh)
   Journal of Financial Economics, February 2016, Vol. 119 (2), pp. 249–283