Valentin Haddad

Profile photo of Valentin Haddad
“It fascinates me to look at the world as a rich and complex place with all its human interactions, and try to find an organized way to study it — to understand the forces that animate it.”
 

Assistant Professor of Finance

(310) 825-1814, Entrepreneurs Hall C-419

Areas of Expertise

  • Asset Pricing
  • Financial Institutions
  • Macroeconomics

About

 

Biography

Valentin Haddad is an assistant professor of finance at UCLA Anderson School of Management and a research fellow for the National Bureau of Economic Research’s asset pricing program. He joined the faculty from Princeton University.

Initially pursuing an education in science as an undergraduate in his native France, Haddad found his way to economics and was immediately convinced of the fit. “I responded to finance as a field of economics that combined sophisticated theory with a very practical, real-world-oriented approach,” he says. “It’s an area where quantitative methods are necessary, but so is an acute understanding of how people and institutions interact in the marketplace.”

Haddad’s research interests are in asset pricing and macroeconomics with financial frictions. He has looked at how financial institutions trade and manage risk, and how their practices affect market prices and the economy — and found that that “a lot of what we thought was obvious is not.” He recently studied life insurance company investments: “Traditionally,” he says, “we would teach students that they invest in treasuries in order not to take any risk. My coauthors and I found out that their investments do not look like this at all, that they are actually quite risky. The risk is there for a good reason: to engage in profitable long-term asset management.”

Haddad earned a joint Ph.D. in economics and finance from the University of Chicago Booth School of Business and Department of Economics and an MBA from the University of Chicago Booth School of Business. “I firmly believe that various fields of economics have a lot to teach each other,” he says. “There is so much cross-fertilization between the business world and the academic world. The people surrounding me have always been the platform pushing me forward. And Anderson is definitely a place where everybody tries to push each other forward.”

 

Education

Ph.D. Economics and Finance, 2012, University of Chicago

MBA, 2012, University of Chicago Booth School of Business

B.Sc., M.Sc. Applied Mathematics and Economics, 2008, Ecole Polytechnique, France

 

Publications

Buyout Activity: the Impact of Aggregate Discount Rates (with Erik Loualiche and Matthew Plosser), Forthcoming, Journal of Finance



Working Papers

Concentrated Ownership and Equilibrium Asset Prices, Revise and Resubmit, Review of Economic Studies

Information Aversion (with Marianne Andries), Revise and Resubmit, American Economic Review

Detail Disagreement and Innovation Booms (with Paul Ho and Erik Loualiche), Draft available upon request

The Banking View of Bond Risk Premia (with David Sraer)

Asset Insulators (with Gabriel Chodorow-Reich and Andra Ghent)

The Federal Reserve and Market Confidence (with Nina Boyarchenko and Matthew Plosser), Federal Reserve Bank of New York Staff Report 773



In Progress

Safe Assets (with Markus Brunnermeier)

Predicting Multiple Returns (with Serhiy Kozak and Shrihari Santosh)