David Matsa

Professor of Finance at Kellogg School of Management

Schools

Kellogg School of Management

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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