David Matsa
Professor of Finance at Kellogg School of Management
Schools
- Kellogg School of Management
Links
Biography
Kellogg School of Management
David Matsa is an Associate Professor of Finance at the Kellogg School of Management at Northwestern University, where he teaches corporate finance in the MBA program, and a Research Associate at the National Bureau of Economics Research. Professor Matsa’s research focuses on connections between business and financial strategy and emphasizes the importance of labor market frictions in the corporate environment. His recent research examines optimal corporate capital structure determination, concentrating on various strategic motivations vis-à-vis the firm’s workforce, and on the role of managerial preferences in firms’ labor market and other strategies, including workforce hiring and downsizing decisions.
Professor Matsa received his Ph.D. in Economics from the Massachusetts Institute of Technology. Prior to graduate study, he worked as a consultant at McKinsey & Company.
Education
- PhD, 2006, Economics, Massachusetts Institute of Technology
- BS, 2000, Mathematics, Massachusetts Institute of Technology
- BS, 2000, Economics, Massachusetts Institute of Technology
Academic Positions
- Professor, Finance, Kellogg School of Management, Northwestern University, 2018-present
- Associate Professor, Finance, Kellogg School of Management, Northwestern University, 2013-2018
- Research Associate, National Bureau of Economic Research, 2014-present
- Affiliate, Center for Applied Microeconomics, 2015-present
- Affiliate, Center for the Study of Industrial Organization, 2008-present
- Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 2006-2013
Awards
- Certificate of Impact Teaching Award, Kellogg School of Management, Contemporary Issues in Business & Society, 2018
- Top-40 Professor Under 40, Poets&Quants, 2017
- IRRC Institute Investor Research Award, 2014
- Certificate of Impact Teaching Award, Kellogg School of Management, Contemporary Issues in Finance, 2014
- Certificate of Impact Teaching Award, Kellogg School of Management, Corporate Finance, 2014
- Marshall Blume Prize in Financial Research, Honorable Mention, The Wharton School, University of Pennsylvania, 2012
- Marshall Blume Prize in Financial Research, Honorable Mention, The Wharton School, University of Pennsylvania, 2011
- NYU Glucksman Award for the Best Paper in Finance, 2010-2011
- CRA International Award for the Best Corporate Finance Paper at the Western Finance Association Meeting, 2009
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Cases
Matsa, David A.. 2007. Does Malpractice Liability Keep the Doctor Away? Evidence from Tort Reform Damage Caps. Journal of Legal Studies. 36(2): S143-S182.
Many U.S. states limit awards for non-economic damages in malpractice cases. Proponents often argue that such tort reform increases physician supply and access to care. However, the degree to which marginal changes in malpractice liability affect physician supply is theoretically ambiguous. If patients bear the full incidence of cost changes and market demand is inelastic, then tort reform will not affect physicians' net income or location decisions. I use county-level, specialty-specific annual counts of physicians from 1970 to 2000 to estimate the effect of damage caps on physician supply. The results suggest that caps do not affect physician supply for the average resident of states adopting reforms. On the other hand, caps appear to increase the supply of frontier rural, specialist physicians by 10-12 percent. This is likely because rural doctors face greater uninsured litigation costs and a more elastic demand for medical services.
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