Scott Weisbenner

Scott Weisbenner

William G. Karnes Professor in Mergers and Acquisitions

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Contact

4031 Business Instructional Facility

515 Gregory Drive

Champaign, IL 61820

217-333-0872

weisbenn@illinois.edu

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Educational Background

  • Ph.D., Economics, Massachusetts Institute of Technology, 1999
  • B.A., Economics and Mathematics, University of Wisconsin at Madison, 1995

Positions Held

  • William G. Karnes Professor in Mergers and Aquisitions, University of Illinois at Urbana-Champaign, 2016 to present
  • Professor of Finance, University of Illinois, 2011-2016
  • Visiting Professor of Finance, Nanyang Technological University, 2010
  • Research Associate, National Bureau of Economic Research (NBER), 2009 to present
  • A.J. Pasant Professor of Finance, Michigan State University, 2009
  • Visiting Professor of Finance, City University of Hong Kong, 2009
  • Visiting Professor of Finance, Massey University, 2009
  • Associate Professor of Finance, University of Illinois, 2007-2011
  • Faculty Research Fellow, National Bureau of Economic Research (NBER), 2002-2009
  • Assistant Professor of Finance, University of Illinois, 2000-2007
  • Economist, Federal Reserve Board of Governors, 1999-2000

Recent Publications

  • Dimmock, S., Gerken, W., Ivkovich, Z., & Weisbenner, S. (2018). Capital Gains Lock-In and Governance Choices. Journal of Financial Economics, 127 (1), 113-135.
  • Brown, J., Farrell, A., & Weisbenner, S. (2016). Decision-Making Approaches and the Propensity to Default: Evidence and Implications. Journal of Financial Economics, 121 (3), 477-495.

Other Publications

Articles

  • Brown, J., Ivkovich, Z., & Weisbenner, S. (2015). Empirical Determinants of Intertemporal Choice. Journal of Financial Economics, 116 (3), 473-486.
  • Brown, J., & Weisbenner, S. (2014). Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan. Journal of Public Economics, 116 35-46.
  • Brown, J., & Weisbenner, S. (2014). Defined Contribution Plans as a Foundation for Retirement Security. The Journal of Retirement, 1 (4), 22-45.
  • Brown, J., Dimmock, S., Kang, J., & Weisbenner, S. (2014). How University Endowments Respond to Financial Market Shocks: Evidence and Implications. American Economic Review, 104 (3), 931-962.
  • Brown, J., & Weisbenner, S. (2013). The Distributional Effects of the Social Security Windfall Elimination Provision. Journal of Pension Economics and Finance, 12 (4), 415-434.
  • Almeida, H., Campello, M., Laranjeira, B., & Weisbenner, S. (2012). Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis. Critical Finance Review, 1 (1), 3-58.
  • Becker, B., Ivkovich, Z., & Weisbenner, S. (2011). Local Dividend Clienteles. Journal of Finance, 66 (2), 655-684.
  • Brown, J., Coile, C., & Weisbenner, S. (2010). The Effect of Inheritance Receipt on Retirement Decisions. Review of Economics and Statistics, 92 (2), 425-434.
  • Ivkovich, Z., & Weisbenner, S. (2009). Individual Investor Mutual-Fund Flows. Journal of Financial Economics, 92 (2), 223-237.
  • Ivkovich, Z., Sialm, C., & Weisbenner, S. (2008). Portfolio Concentration and the Performance of Individual Investors. Journal of Financial and Quantitative Analysis, 43 (3), 613-656.
  • Brown, J., Ivkovich, Z., Smith, P., & Weisbenner, S. (2008). Neighbors Matter: Causal Community Effects and Stock Market Participation. Journal of Finance, 63 (3), 1509-1531.
  • Brown, J., Liang, N., & Weisbenner, S. (2007). Individual Account Investment Options and Portfolio Choice: Behaviorial Lessons from 401 (k) Plans. Journal of Public Economics, 91 (10), 1992-2013.
  • Brown, J., Liang, N., & Weisbenner, S. (2007). Executive Financial Incentives and Payout Policy: Evidence from the 2003 Dividend Tax Cut. Journal of Finance, 62 (4), 1935-1965.
  • Ivkovich, Z., & Weisbenner, S. (2007). Information Diffusion Effects in Individual Investors' Common Stock Purchases: Covet Thy Neighbors' Investment Choices. Review of Financial Studies, 20 1327-1357.
  • Brown, J., Liang, N., & Weisbenner, S. (2006). 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers. Journal of Public Economics, 90 1315-1346.
  • Ivkovich, Z., & Weisbenner, S. (2005). Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments. Journal of Finance, 60 (1), 267-306.
  • Ivkovich, Z., Poterba, J., & Weisbenner, S. (2005). Tax-Motivated Trading by Individual Investors. American Economic Review, 95 (5), 1605-1630.
  • Weisbenner, S., & Poterba, J. (2003). Inter-Asset Differences in Effective Estate Tax Burdens. American Economic Review, 93 (2), 360-365.
  • Weisbenner, S. (2002). Do Pension Plans with Participant Investment Choice Teach Households to Hold More Equity? Journal of Pension Economics and Finance, 1 (3), 223-248.
  • Weisbenner, S., & Poterba, J. (2001). Capital Gains Tax Rules, Tax-Loss Trading, and Turn-of-the Year Returns. Journal of Finance, 56 (1), 353-368.

Book Chapters

  • Brown, J., Dimmock, S., & Weisbenner, S., Jeffrey R. Brown and Caroline M. Hoxby (Ed.) (2015). The Supply and Demand for Charitable Donations to Higher Education How the Financial Crisis and Great Recession Affected Higher Education ( pp. 151-174). Chicago, IL: University of Chicago Press.
  • Brown, J., & Weisbenner, S., Jeffrey R. Brown, Jeffrey Liebman, and David Wise (Ed.) (2009). Who Chooses Defined Contribution Plans? Social Security Policy in a Changing Environment ( pp. 131-161). Chicago, IL: University of Chicago Press.
  • Brown, J., & Weisbenner, S., David A. Wise (Ed.) (2004). Intergenerational Transfers and Savings Behavior. Perspectives on the Economics of Aging ( pp. 181-201). Chicago, IL: University of Chicago Press.
  • Weisbenner, S., & Poterba, J., William G. Gale, James R. Hines, and Joel Slemrod (Ed.) (2001). The Distributional Burden of Taxing Estates and Unrealized Capital Gains at Death. Rethinking Estate and Gift Taxation ( pp. 422-449). Brookings Institution.

Presentations

  • Weisbenner, S. (2016). Conference presentation. Annual Conference on Corporate Finance - Olin Business School, Washington University in St. Louis.
  • Weisbenner, S. (2016). Invited talk. Shanghai Advanced Institute of Finance (SAIF) Seminar.
  • Weisbenner, S. (2015). Invited talk. UC-Irvine Seminar.
  • Weisbenner, S. (2013). Finance Down Under Conference: Building on the Best from the Cellars of Finance. Duisenberg Shool of Finance - Tinbergen Institute, Oregon, Toronto.
  • Weisbenner, S. (2012). Conference Presentation. WFA Meetings, Western Finance Association.
  • Weisbenner, S. (2012). Invited talk. 1st Luxembourg Asset Management Summit.
  • Weisbenner, S. (2012). Invited talk. DePaul University / Federal Reserve Bank of Chicago Seminar.
  • Weisbenner, S. (2012). Invited talk. University of Miami Seminar.
  • Weisbenner, S. (2012). Invited talk. Drexel University Seminar.
  • Weisbenner, S. (2012). Invited talk. West Virginia University Seminar.
  • Weisbenner, S. (2012). Presentation. Australasian Finance and Banking Conference.
  • Weisbenner, S. (2011). Conference presentation. EFA Meetings, European Finance Association.
  • Weisbenner, S. (2011). Conference presentation. Korea America Finance Association Meetings.
  • Weisbenner, S. (2011). Invited talk. Korea Advanced Institute of Science and Technology (KAIST) Seminar.
  • Weisbenner, S. (2011). Invited talk. Hebrew University Seminar.
  • Weisbenner, S. (2011). Invited talk. Aalto University Seminar.
  • Weisbenner, S. (2011). Invited talk. Korea University Seminar.
  • Weisbenner, S. (2011). Invited talk. Tel Aviv University Seminar.
  • Weisbenner, S. (2011). Invited talk. Maastricht University Seminar.
  • Weisbenner, S. (2011). Presentation. MSU Federal Credit Union Conference, Michigan State University.
  • Weisbenner, S. (2010). Invited talk. University of Hong Kong Seminar.
  • Weisbenner, S. (2010). Invited talk. Singapore Management University Seminar.
  • Weisbenner, S. (2010). Invited talk. Chinese University of Hong Kong Seminar.
  • Weisbenner, S. (2010). Invited talk. Nanyang Technological University Seminar.
  • Weisbenner, S. (2010). Invited talk. Stockholm School of Economics Seminar.
  • Weisbenner, S. (2010). Invited talk. Hong Kong University of Science and Technology Seminar.
  • Weisbenner, S. (2009). Invited talk. City University of Hong Kong Seminar.
  • Weisbenner, S. (2009). Invited talk. City University of Hong Kong Seminar.
  • Weisbenner, S. (2009). Invited talk. Massey University Seminar.
  • Weisbenner, S. (2009). Invited talk. Florida State University Beach Conference.
  • Weisbenner, S. (2009). Invited talk. Victoria University of Wellington Seminar.
  • Weisbenner, S. (2009). Invited talk. University of Hong Kong Seminar.
  • Weisbenner, S. (2009). Presentation. International Conference on Corporate Finance.
  • Weisbenner, S. (2008). Invited talk. Nanyang Technological University Seminar.
  • Weisbenner, S. (2008). Invited talk. University of Texas Seminar.
  • Weisbenner, S. (2008). Invited talk. Singapore Management University Seminar.
  • Weisbenner, S. (2008). Invited talk. Hong Kong University of Science and Technology Seminar.
  • Weisbenner, S. (2008). Presentation. FIRS 3rd Biannual Conference, Financial Intermediation Research Society.
  • Weisbenner, S. (2008). Presentation. Chicago Quantitative Alliance Conference.
  • Weisbenner, S. (2007). Conference presentation. AEA Meetings, American Economic Association.
  • Weisbenner, S. (2007). Invited talk. Michigan State University Seminar.
  • Weisbenner, S. (2007). Invited talk. University of Notre Dame Seminar.
  • Weisbenner, S. (2007). Invited talk. Imperial College Seminar.
  • Weisbenner, S. (2007). Presentation. China International Conference in Finance.
  • Weisbenner, S. (2007). Presentation. Wharton Household Portfolio Choice and Financial Decision-Making Annual Conference, University of Pennsylvania.
  • Weisbenner, S. (2006). Conference presentation. AFA Meetings, American Finance Association.
  • Weisbenner, S. (2006). Invited talk. Trans-Atlantic Public Economics Seminar.
  • Weisbenner, S. (2006). Presentation. Caesarea Center 3rd Annual Conference, IDC Herzliya.
  • Weisbenner, S. (2006). Presentation. Annual Conference of the Social Security Retirement Research Consortium.
  • Weisbenner, S. (2005). Tax-Motivated Trading by Individual Investors. Wharton School.
  • Weisbenner, S. (2005). 401(k) Matching Contributions in Company Stock--Costs and Benefits for Firms and Workers. American Economic Association Meetings.
  • Weisbenner, S. (2005). Conference presentation. AEA Meetings, American Economic Association.
  • Weisbenner, S. (2005). Conference presentation. Wharton Household Portfolio Choice and Financial Decision-Making Annual Conference, University of Pennsylvania.
  • Weisbenner, S. (2005). Conference presentation. People & Money: The Human Factor in Financial Decision-Making Annual Conference, DePaul University.
  • Weisbenner, S. (2005). Neighbors Matter: The Geography of Stock Market Participation. DePaul University/Chicago Fed.
  • Brown, J., Ivkovich, Z., Smith, P., & Weisbenner, S. (2004). The Geography of Stock Market Participation: The Influence of Communities and Local Firms. Western Finance Association Annual Meetings, 2011.
  • Ivkovich, Z., Poterba, J., & Weisbenner, S. (2004). Tax-Loss Trading by Individual Investors: New Evidence from Brokerage Accounts. American Economic Association Meetings.
  • Weisbenner, S. (2004). Conference presentation. AEA Meetings, American Economic Association.
  • Ivkovich, Z., & Weisbenner, S. (2003). Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments. Western Finance Association Annual Meetings, 2011.
  • Weisbenner, S. (2003). Conference presentation. AEA Meetings, American Economic Association.
  • Weisbenner, S. (2003). Conference presentation. AFA Meetings, American Finance Association.
  • Weisbenner, S. (2003). Conference presentation. WFA Meetings, Western Finance Association.
  • Weisbenner, S. (2003). Conference presentation. NBER Public Economics Meetings, National Bureau of Economic Research.
  • Weisbenner, S. (2003). Inter-Asset Differences in Effective Estate Tax Burdens. American Economic Association Meetings.
  • Weisbenner, S. (2003). Investor Behavior and Purchase of Company Stock in 401(k) Plans-the Importance of Plan Design. American Finance Association Meetings.
  • Ivkovich, Z., & Weisbenner, S. (2002). Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments. University of Illinois.
  • Weisbenner, S. (2002). Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play? National Forum on Corporate Finance.
  • Weisbenner, S. (2002). Conference presentation. AFA Meetings, American Finance Association.
  • Weisbenner, S. (2002). Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play? American Finance Association Meetings.
  • Weisbenner, S. (2002). Presentation. National Forum on Corporate Finance, The University of Texas at Austin.
  • Weisbenner, S. (2001). Is a Bird in Hand Worth More than a Bird in the Bush? Intergenerational Transfers and Savings Behavior. NBER Aging Conference.
  • Weisbenner, S. (2001). Conference presentation. AEA Meetings, American Economic Association.
  • Weisbenner, S. (2001). Presentation. NBER Aging Conference, National Bureau of Economic Research.
  • Weisbenner, S. (2001). Taxing Estate and Unrealized Capital Gains at Death. American Economic Association Meetings.
  • Weisbenner, S. (2000). Taxing Estates and Unrealized Capital Gains at Death. Brookings/University of Michigan's Office of Tax Policy Research.
  • Weisbenner, S. (2000). Presentation. Rethinking Estate and Gift Taxation Conference, Brookings / University of Michigan.
  • Weisbenner, S. (1999). Invited talk. Fordham University Seminar.
  • Weisbenner, S. (1999). Invited talk. Federal Reserve Bank of New York Seminar.
  • Weisbenner, S. (1999). Invited talk. Federal Reserve Board Seminar.
  • Weisbenner, S. (1999). Invited talk. Columbia Business School Seminar.
  • Weisbenner, S. (1999). Invited talk. University of Illinois Seminar.
  • Weisbenner, S. (1998). Capital Gains Tax Rules, Tax-Loss Trading, and Turn-of-the-Year Returns. American Finance Association Meetings.
  • Weisbenner, S. (1998). Conference presentation. AFA Meetings, American Finance Association.

Working Papers

  • Dimmock, S., Huang, J., & Weisbenner, S. Give Me Your Tired, Your Poor, Your High-Skilled Labor: H-1B Lottery Outcomes and Entrepreneurial Success.
  • Huang, J., Pollet, J., & Weisbenner, S. The Impact of Seeking Prestige: Corporate Decisions Around the Fortune 100 Threshold.
  • Weisbenner, S., & Liang, N. Who Benefits from a Bull Market? An Analysis of Employee Stock Option Grants and Stock Prices.
  • Weisbenner, S. Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play.

Honors and Awards

  • Research Associate National Bureau of Economic Research (NBER), 2009 to present
  • N/A Nominated by the College of Business for the Campus Excellence in Graduate and Professional Teaching Award, 2010, 2011, 2016, 2017, 2018
  • Selected to List of Teachers Rated as Excellent University of Illinois, 2002-2018
  • N/A Received the highest Coursera-user ratings of any MOOC (Massive Open Online Course) offered by the College of Business for my courses Investments I and II, 2017
  • N/A Received the first and second highest Coursera-user ratings of any MOOC (Massive Open Online Course) offered by the College of Business for my courses Investments II and I, respectively, 2016
  • N/A Received highest Coursera-user ratings of any MOOC (Massive Open Online Course) offered by the University of Illinois, 2015, 2016
  • James F. Towey Faculty Fellow University of Illinois, 2009-2016

Grants

  • , Can Procrastination Explain the Power of Defaults? Evidence from Retirement Plan Decisions, Social Security Administration through the NBER Retirement Research Center, 2013
  • , Pathways to Regret, Social Security Administration through the NBER Retirement Research Center, 2011
  • , The Determinants and Downsides of Default Behavior, Social Security Administration through the NBER Retirement Research Center, 2010
  • , Cash Now or More Cash Later: An Analysis of Retiree Debt Repayment Choices in Croatia, Social Security Administration through the NBER Retirement Research Center, 2009
  • , The Investment Behavior of State Pension Plans, Social Security Administration through the NBER Retirement Research Center, 2008
  • , Individual Investors' Mutual Fund Share Selling Decisions, University of Illinois Campus Research Board, 2005
  • , Portfolio Concentration and the Performance of Individual Investors, BSI Gamma Foundation, 2005
  • , Company Stock in in 401-k Plans-The Influence of Plan Characteristics, University of Illinois Campus Research Board, 2002

Service

  • Ad Hoc Reviewer, AEJ: Policy, AER, Economic Letters, Finance Research Letters, Financial Management, JHR, JF, JFE, JFI, JFQA, JLE, JPubE, Management Science, NTJ, QJE, Research Grants Council of Hong Kong, REStat, RFS, 2000 to present
  • Discussant, University of Kentucky Finance Conference, 2017
  • Associate Editor, Management Scicence, 2014-2017
  • Conference Program Committee, Texas AIM Investor Conference, 2016
  • Discussant, Society of Financial Studies (SFS) Cavalcade, 2015, 2016
  • Conference Program Committee, Miami Behavioral Finance Conference, 2010-2016
  • Conference Program Committee, WFA Meetings, 2008, 2010-2016
  • Conference Program Committee, Finance Down Under Conference, 2015
  • Conference Program Committee, EFA Meetings, 2013-2015

Research Interests

Weisbenner's research studies household portfolio decisions and the financial and operational decisions made by corporate executives and other institutional managers. It draws on a number of different identification strategies and data sets to provide insights on these issues, often with implications for broader questions in finance and economics. To answer the questions posed by his research, Professor Weisbenner uses variation in the conditions facing households and institutions by geography, changes to tax and other policy parameters, and financial shocks.

Courses

  • Investments (FIN 511) Introduction to investment analysis, including the theory and implementation of portfolio theory; empirical evidence on the performance of financial assets; evaluation of portfolio investment strategies; and the extension of diversification to international markets.
  • Advanced Corporate Finance (FIN 521) Addresses both the theoretical and applied aspects of firms' financing decisions; topics include capital structure and cost of capital theories; mergers, acquisitions and leveraged buyouts; options, warrants, and convertibles; venture capital and initial public offerings; and pensions.
  • Behavioral Finance (FIN 568) There is increasing evidence that the financial decisions of at least some investors are affected by various behavioral biases that do not follow from traditional portfolio choice models. This course will highlight and analyze key findings from this research and consider implications of this observed behavior for individual investors and money managers. The results are also of interest for managers of firms and human resource departments. 2 graduate hours. No professional credit.

Contact

4031 Business Instructional Facility

515 Gregory Drive

Champaign, IL 61820

217-333-0872

weisbenn@illinois.edu

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