Ulrike Malmendier
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Ulrike Malmendier

Ulrike Malmendier (born 1973) is a professor of economics and finance at the University of California Berkeley. Her work focuses on behavioral economics, corporate finance, and law and economics. In 2013, she was awarded the Fischer Black Prize by the American Finance Association.[2]

IDEAS lists her as among the top 5% most cited economists and as among the top 100 young economists who started publishing 15 years ago.[3][4] In the New York Times, David Leonardt named Malmendier as one of the 13 young economists who are the future of the field.[5] Her work on behavioral biases in financial markets has been featured in publications including The Economist,[6]Investors Chronicle,[7]the New York Times,[8]Barron's,[9]The Boston Globe,[10]Bloomberg,[11] and The New Yorker.[12] She has been profiled in The American Magazine[13] and The Chronicle of Higher Education.[14]


Places of Education[15]
University Degree
University of Bonn BA, Economics
University of Bonn BA equivalent, Law
University of Bonn MA, Economics
University of Bonn PhD, Law
Harvard University AM, Business Economics
Harvard University PhD, Business Economics


Malmendier earned a PhD in law from the University of Bonn in 2000 and a PhD in business economics from Harvard University in 2002. Andrei Shleifer served as Malmendier's adviser at Harvard.[16] She worked as an assistant professor of finance at Stanford University from 2002 to 2006. During that time she held visiting positions at the University of Chicago and Princeton University. Malmendier moved to Berkeley in 2006 where she earned tenure in 2008. She currently is a research associate at the National Bureau of Economic Research, research affiliate at the Centre for Economic Policy Research, and faculty research fellow at the Institute for the Study of Labor. In 2013, she won the prestigious Fischer Black Prize, presented biennially by the American Finance Association for significant original research in finance. She was named Alfred P. Sloan Research Fellow (2010-2012), and she received several Citations of Excellence by Emerald for her research (2009, 2006). [17]

Positions Held[18]
Position Location Years
Assistant Professor of Finanace Stanford Graduate School of Business 2002-2006
Faculty Research Fellow, Labor Economics NBER 2004- 2009
Assistant Professor of Economics UC Berkeley 2006-2008
Faculty Research Fellow, Corporate Finance NBER 2006-2009
Associate Professor of Economics (with tenure) University of California, Berkeley 2008-2012
Associate Professor of Finance (with tenure) HAAS School of Business 2010- 2012
Faculty Research Fellow Institute for the Study of Labor (IZA) 2005- present
Affiliate CESifo 2006- present
Research Affiliate, Labour Economics CEPR 2006-present
Research Affiliate, Financial Economics Centre for Economic Policy Research (CEPR) 2007- present
Research Associate , Corporate Finance and Labor Economics National Bureau of Economic Research (NBER) 2009- present
Professor of Economics University of California Berkeley 2012-present
Professor of Finance HAAS School of Business 2012-present
Professor HAAS 2010- present


Malmendier's work focuses on behavioral economics, corporate finance, and law and economics. She has conducted extensive research on CEO overconfidence where she found that overconfident CEOs invested too much money in their companies and pursued destructive acquisitions more frequently than other managers.[19][20]

She has explored how behavioral biases affect financial decision-making in other contexts. Malmendier has found that people who lived through the Great Depression remain more frugal throughout their lives, a majority of people overestimate how often they will visit the gym, and that security analysts distort recommendations for profit.[21][22][23]

Malmendier has also done research into the origin of shareholder companies. She has examined an early form of shareholder company in ancient Rome called the societas publicanorum.[24]

Personal life

Malmendier is married to fellow Berkeley economics professor Stefano DellaVigna.[25]


  1. ^ RePEc Genealogy Page for Ulrike Malmendier
  2. ^ http://www.afajof.org/details/page/2866291/Fischer-Black-Prize.html[permanent dead link]
  3. ^ Ulrike Malmendier at IDEAS. Accessed Aug 11, 2012.
  4. ^ Top Young Economists as of July 2012. Accessed Aug 11, 2012.
  5. ^ Leonhardt, David (2007-01-10). "The future of economics isn't so dismal" (PDF). New York Times. Archived from the original (PDF) on 2012-02-16. Retrieved . Cite uses deprecated parameter |dead-url= (help)
  6. ^ The Bonds of Time. The Economist. Jan 8, 2009. Accessed Aug 19, 2012.
  7. ^ Dillow, Chris. Over-confidence & investment. Investors Chronicle. Dec 13, 2010. Accessed Aug 19, 2012.
  8. ^ Hulbert, Mark. Measuring C.E.O.'s on the Hubris Index. May 22, 2005. Accessed Aug 19, 2012.
  9. ^ Epstein, Gene. Stock Boosters Still Rule the Street. Nov 26, 2007. Accessed Aug 19, 2012.
  10. ^ Shea, Christopher. eBay-nomics. June 10, 2007. Accessed Aug 19, 2012.
  11. ^ Kahneman, Daniel. Bias, Blindness and How We Truly Think. Oct 24, 2011. Accessed Aug 19, 2012.
  12. ^ Surowiecki, James. Local Zeroes. Mar 28, 2005. Accessed Aug 19, 2012.
  13. ^ Scordo, Lizbeth. The Young Economist Archived 2012-07-20 at the Wayback Machine. Nov 17, 2006. Accessed Aug 19, 2012.
  14. ^ Smallwood, Scott. An Economist Zeroes In on Corporate Hubris. Sept 13, 2002. Accessed Aug 19, 2012.
  15. ^ "Ulrike Malmendier | Faculty Directory | Berkeley-Haas". facultybio.haas.berkeley.edu. Retrieved .
  16. ^ RePEc Genealogy Page for Ulrike Malmendier
  17. ^ "Ulrike Malmendier | Department of Economics". www.econ.berkeley.edu. Retrieved .
  18. ^ "Ulrike Malmendier | Faculty Directory | Berkeley-Haas". facultybio.haas.berkeley.edu. Retrieved .
  19. ^ Malmendier, Ulrike; Tate, Geoffrey (2008). "Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction". Journal of Financial Economics. 89 (1): 20-43. doi:10.1016/j.jfineco.2007.07.002.
  20. ^ Malmendier, Ulrike; Tate, Geoffrey (2005). "CEO Overconfidence and Corporate Investment". Journal of Finance. 60 (6): 2661-2700. CiteSeerX doi:10.1111/j.1540-6261.2005.00813.x.
  21. ^ Dellavigna, Stefano; Malmendier, Ulrike (2006). "Paying Not to Go to the Gym". American Economic Review. 96 (3): 694-719. doi:10.1257/aer.96.3.694.
  22. ^ Malmendier, Ulrike; Nagel, Stefan (2011). "Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?" (PDF). Quarterly Journal of Economics. 126 (1): 373-416. doi:10.1093/qje/qjq004.
  23. ^ Malmendier, Ulrike; Shanthikumar, Devin (2014). "Do Security Analysts Speak in Two Tongues?". Review of Financial Studies. 27 (5): 1287-1322. CiteSeerX doi:10.1093/rfs/hhu009.
  24. ^ Malmendier, Ulrike (2009). "Law and Finance 'at the Origin'". Journal of Economic Literature. 47 (4): 1076-1108. CiteSeerX doi:10.1257/jel.47.4.1076.
  25. ^ Sobieralski, Casondra. Economizing Time: Economics Power Couple Ulrike Malmendier and Stefano DellaVigna offer Words of Wisdom on Balancing Career and Family. Institute of Economic and Business Research. Fall 2008. Accessed Aug 11, 2012.

External links

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