Norman Schürhoff

Norman Schürhoff is Full Professor in the Department of Finance at HEC Lausanne, University of Lausanne, and holds a Swiss Finance Institute Senior Chair.

He obtained his PhD in Financial Economics from Carnegie Mellon University. Prof. Schürhoff’s work has been published in the top academic journals in finance. He received several prestigious publication awards. His main research interests lie in capital markets and corporate finance: over-the-counter markets, financial intermediation, capital structure dynamics, corporate governance, sovereign debt pricing, news and social media, and supply chain finance have attracted his research curiosity in recent years. He has international collaborations with prestigious research institutions and regulatory bodies on various topics concerning the functioning of financial markets.

Education

• Doctor of Philosophy (Ph.D.) Carnegie Mellon University - Tepper School of Business (1999 — 2004)
• Master's degree Carnegie Mellon University - Tepper School of Business (1998 — 1999)
• Master's degree Karlsruhe Institute of Technology (KIT) (1995 — 1999)
• Visiting Scholar Vanderbilt University - Owen Graduate School of Management (1997 — 1997)
• Bachelor's degree Karlsruhe Institute of Technology (KIT) (1993 — 1995)

Companies

• Professor of Finance University of Lausanne (2009)
• Director of the Institute of Banking and Finance UNIL - Université de Lausanne (2016 — 2018)
• Senior Chair SFI Swiss Finance Institute (2010 — 2018)
• Visiting Scholar University of California, Berkeley, Haas School of Business (2015 — 2016)
• Visiting Scholar University of California, Berkeley, Haas School of Business (2009 — 2010)
• Assistant Professor of Finance UNIL - Université de Lausanne (2004 — 2009)

Working papers

• The Cost Burden of Negotiated Sales Restrictions: A Natural Experiment Using Heterogeneous State Laws (with Darío Cestau, Richard C. Green and Burton Hollifield)
• Relationship Trading in OTC Markets (with Terrence Hendershott, Dan Li and Dmitry Livdan)
• Variance risk, financial intermediation, and the cross-section of expected option returns (with Alexandre Ziegler)

Publications

• Dealer Networks (with Dan Li), Journal of Finance forthcoming
• Agency Conflicts Around the World (with Erwan Morellec and Boris Nikolov), Review of Financial Studies forthcoming
• Are Institutions Informed About News? (with Terrence Hendershott and Dmitry Livdan), Journal of Financial Economics 117(2), 2015, 249–287
• Rating-Based Investment Practices and Bond Market Segmentation (with Zhihua Chen, Aziz A. Lookman and Duane J. Seppi; Editor’s Choice; RAPS Best Paper Award 2015), Review of Asset Pricing Studies 4(2), 2014, 162-205
• Valuing Lead Time (with Suzanne de Treville, Isik Bicer, Valérie Chavez-Demoulin, Verena Hagspiel, Christophe Tasserit, Stefan Wager), Journal of Operations Management 32(6), 2014, 337–346
• Optimal Sourcing and Lead-Time Reduction under Evolutionary Demand Risk (with Suzanne de Treville, Lenos Trigeorgis, Benjamin Avanzi), Production and Operations Management 23(12), 2014, 2103–2117
• Tax-subsidized underpricing: The market for Build America Bonds (with Dario Cestau and Richard C. Green), Journal of Monetary Economics 60(5), 2013, 593–608
• Corporate Governance and Capital Structure Dynamics (with Erwan Morellec and Boris Nikolov), The Journal of Finance 67(3), 2012, 803–848
• Corporate Investment and Financing under Asymmetric Information (with Erwan Morellec), Journal of Financial Economics 99(2), 2011, 262–288
• Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall? (with Richard C. Green and Dan Li; Smith Breeden Prize 2010 Distinguished Paper), The Journal of Finance 65(5), 2010, 1669-1702
• Dynamic Investment and Financing under Personal Taxation (with Erwan Morellec), Review of Financial Studies 23(1), 2010, 101-146
• Financial Intermediation and the Costs of Trading in an Opaque Market (with Richard C. Green and Burton Hollifield), Review of Financial Studies 20(2), 2007, 275-314
• Dealer Intermediation and Price Behavior in the Aftermarket for New Bond Issues (with Richard C. Green and Burton Hollifield), Journal of Financial Economics 86(3), 2007, 643-682