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Portrait image for Tyler Muir

Tyler Muir

Associate Professor of Finance
“Selling stocks in volatile times actually appears to be a good idea based on the data, even though conventional investment wisdom tells us it is better to ride out the storm.”
(310) 825-9072
Areas of Expertise:
  • Asset Pricing
  • Financial Intermediaries
  • Liquidity


Assistant Professor of Finance Tyler Muir’s main research interests are at the intersection of asset pricing, financial intermediaries and financial crises. “I’m interested in the role financial institutions play in financial markets and how this may change over time as things like financial regulation change,” he says.

His recent work has focused on how the health of the financial sector affects variation in asset prices. Muir finds that an intermediary-based asset pricing model can help explain returns across assets previously considered anomalies. He has also examined the behavior of asset prices during financial crises using historical data over 150 years and 14 countries, and documented substantial declines in stock and bond prices, even relative to the declines in macroeconomic fundamentals.

Muir’s co-authored study on volatility received media attention for its findings that, contrary to conventional wisdom and practices, it pays to get out of the stock market in times of turbulence. “In these really volatile times, we find that investors’ future returns aren’t actually any higher than they are in normal times,”
Muir told CNBC. “Our standard notion that high risk is equated with higher reward doesn’t seem to be true.”

Muir received his Ph.D. in finance from the Kellogg School of Management and his B.A. in mathematics from UC Berkeley. He was awarded the 2015 Amundi Smith Breeden Distinguished Paper Prize for research published in the Journal of Finance. He joined UCLA Anderson from the faculty of Yale School of Management.

He enjoys traveling and outdoor activities, including winter surfing off snow-covered beaches — which he expects he won’t find in Southern California.



Ph.D. Finance, 2013, Northwestern University
B.A. Mathematics, 2008, University of California, Berkeley



Tobias Adrian, Erkko Etula, Tyler Muir. December 2014. Financial Intermediaries and the Cross Section of Asset Returns. Journal of Finance. [Web Appendix]

Andrea Eisfeldt, Tyler Muir. December 2016. Aggregate Issuance and Savings Waves. Journal of Monetary Economics.

Tyler Muir. Financial Crises and Risk Premia. Quarterly Journal of Economics, Forthcoming.

Tyler Muir, Alan Moreira. Volatility Managed Portfolios. Journal of Finance, Forthcoming.


Working Papers

Gary Gorton, Tyler Muir. Mobile Collateral vs. Immobile Collateral. Media Coverage: Bloomberg.

Tobias Adrian, Evan Friedman, Tyler Muir. The Cost of Capital of the Financial Sector.

Arvind Krishnamurthy, Tyler Muir. How Credit Cycles across a Financial Crisis

Alan Moreira, Tyler Muir. How Should Investors Respond to Increases in Volatility?



Tracy Alloway. June 1, 2016. “From One Collateral Shortage to the Next.” Bloomberg Markets.

Mark Hulbert. May 18, 2016. “Sell on the panic!” USA Today.

Alex Rosenberg. March 23, 2016. “When markets get scary, panicking is smart: Yale profs.” CNBC.

Brian Sullivan. March 21, 2016. “When volatility rises, is panicking wise?” CNBC Trading Nation.

John Authers. March 9, 2016. “Re-assessing the classic risk-return trade off.” Financial Times.