Andrea L. Eisfeldt is the Laurence D. and Lori W. Fink Endowed Chair in Finance and a professor of finance at UCLA Anderson, where she’s been teaching since arriving in 2010 as visiting associate professor.
“UCLA has an amazing history and tradition in finance, and I think that’s a huge draw because it’s a foundation we’re always drawing on,” Eisfeldt says about coming to UCLA Anderson from Northwestern University’s Kellogg School of Management, where she was associate professor with tenure.
She returned to UCLA Anderson in 2015 as director of the school’s Fink Center for Finance & Investments after spending two years as chief economist at Structured Portfolio Management, a fixed-income and mortgage-backed securities hedge fund in Connecticut. There, she conducted research on mortgages, interest rates, real estate and volatility strategies. She says taking the two-year leave offered her practical industry experience.
“It’s fun,” says Eisfeldt. “It’s good to get your feet wet in what you’re researching and teaching.”
Eisfeldt’s research over the years has focused on macroeconomics and finance, specifically the dynamics of market liquidity and the effects of financial frictions on investment. Her papers have earned the Smith Breeden Distinguished Paper prize in 2004, the Jensen Prize (second place) in 2008, and the Smith Breeden First Place Paper award in 2013. She has also been awarded research grants by the National Science Foundation and the Banque de France.
Her latest research looks at complex assets and tries to understand why complex securities tend to have higher average returns. “What is it about them that keeps the potential number of people who manage them small, and the returns large?” she asks. Another paper Eisfeldt is currently working on explores why over-the-counter derivatives trading is such a concentrated market and, among other things, why dealers earn such high intermediation profits. Additional ongoing research focuses on measuring credit risk using equity markets.
Eisfeldt holds editorial roles at the American Economic Journal: Macroeconomics and the Journal of Monetary Economics, is president of the Macro Finance Society, and is a research associate at the National Bureau of Economic Research in its corporate finance, asset pricing and economic fluctuations and growth programs.
Ph.D. Economics, 2000, University of Chicago
M.A. Economics, 2000, University of Chicago
B.S. Economics, 1994, University of Illinois, Urbana-Champaign