Mark J. Garmaise

Profile photo of Mark J. Garmaise
“My favorite part of teaching is asking a student a question who doesn’t have the immediate answer and then walking the student down the path until he or she achieves the “Aha!” insight. That’s a beautiful moment.”
 

Professor of Finance; Robert D. Beyer '83 Term Chair in Management

Phone: (310) 794-4118

Areas of Expertise

  • Financial Contracting
  • Corporate Finance
  • Entrepreneurship
  • Real Estate
  • Banking

About

 

Biography

Mark Garmaise graduated magna cum laude from Harvard University with an AB in Mathematics and Philosophy before receiving his Ph.D. in Finance from Stanford GSB in 1998. He was appointed assistant professor at Chicago Booth and later joined UCLA Anderson as a visiting assistant professor in the finance area in 2001. He was promoted to associate professor of finance with tenure in 2008 and to full professor this year. He has also served as dean of the Full-time MBA program between 2014 and 2015.

As a corporate finance scholar, Garmaise has focused his academic research on using empirical data to investigate the effects of asymmetric information and incomplete contracting as they relate to real estate markets and entrepreneurial firms. Although the theory of asymmetric information and incomplete contracting is well-developed, there has been little research into the empirical identification of cause and effect in markets. With careful and ingenious data analysis, his papers have made valuable contributions in these important but neglected areas.

Garmaise's primary research interests are in the areas of corporate finance, real estate, entrepreneurship and banking. He is an award-winning instructor and highly respected authority on finance, venture capital and private equity. With his co-author Tobias Moskowitz, he received the 2004 BGI Brennan Award for the best paper published and the 2005 BGI Brennan Runner-up Award for the best paper published, both in the Review of Financial Studies.

Garmaise teaches the core corporate finance course and an elective on venture capital and private equity. He has been recognized with numerous awards and has published in numerous journals, including the Review of Financial Studies, the Journal of Finance and the Quarterly Journal of Economics.

 

Education

Ph.D. Finance, 1998, Stanford University

A.B. Mathematics and Philosophy, Magna Cum Laude 1994, Harvard College

 

Selected Publications

Mark J. Garmaise. (March 2008). Production in Entrepreneurial Firms: The Effects of Financial Constraints on Labor and Capital. Review of Financial Studies, 21.2, pp. 543-577.

Mark J. Garmaise and Tobias Moskowitz. (April 2009). Catastrophic Risk and Credit Markets. Journal of Finance, 64.2, pp.657-707.

Mark J. Garmaise and Gabriel Natividad. (June 2010). Information, the Cost of Credit and Operational Efficiency: An Empirical Study of Microfinance. Review of Financial Studies, 23.6, pp. 2560-2590.

Mark J. Garmaise. (August 2011). Ties that Truly Bind: Non-competition Agreements, Executive Compensation and Firm Investment. Journal of Law, Economics, and Organization, 27.2, pp. 376-425.

Mark J. Garmaise and Gabriel Natividad. (August 2013). Cheap Credit, Lending Operations and International Politics: The Case of Global Microfinance. Journal of Finance, 68.4, pp. 1551-1576.

Mark J. Garmaise. The Attractions and Perils of Flexible Mortgage Lending. Review of Financial Studies, forthcoming.

Mark J. Garmaise. Borrower Misreporting and Loan Performance. Journal of Finance, forthcoming.

 

Working Papers

Mark J. Garmaise and Gabriel Natividad. Spillovers in Local Banking Markets.

Mark J. Garmaise and Gabriel Natividad. Slippery Slope or Wake-up Call? Negative Credit Risk Rating Shocks for Consumers.

 

Recognition

2006 Eric and “E” Juline Excellence in Research Award

2007 Citibank Teaching Award for most outstanding MBA teacher

2009 Fully Employed MBA Teaching Excellence Award

2011 Full-time MBA Teaching Excellence Award

2012 Neidorf Decade Teaching Award.