Niels J. Gormsen
Niels Joachim Gormsen is a Neubauer Family Assistant Professor of Finance and Asness Junior Faculty Fellow at the University of Chicago Booth School of Business. His main area of research is financial economics with a particular focus on the behavior of stock prices. He is the recipient of the AQR Top Finance Graduate award in 2018. His research has been published in top academic journals such as the Journal of Finance and the Journal of Financial economics, and it has been covered in a variety of media outlets such as Financial Times, Forbes, and the Wall Street Journal. Gormsen earned a PhD in financial economics, an MSc in advanced economics and finance, and a BSc in international business all from Copenhagen Business School. Outside of academia, Gormsen enjoys sailing. In 2011, he won the Youth World Championship in the Olympic 49er dinghy.
ESG, Corporate Governance & Future of the Firm
Public’s Perception of Large Corporations Has Direct Impact on the Public Support of Corporate Bailouts
A new Stigler Center working paper finds that the likelihood of someone signing an online petition or contacting their US senators to...
Commentary
How to Interpret Financial Market Movements to Predict the Impact of Coronavirus on GDP
Equity markets in the EU and US dropped by as much as 30 percent, which means that investors have revised downward their estimate of...
Latest news
Regulation
Why Have Uninsured Depositors Become De Facto Insured?
Due to a change in how the FDIC resolves failed banks, uninsured deposits have become de facto insured. Not only is this dangerous for risk in the banking system, it is not what Congress intends the FDIC to do, writes Michael Ohlrogge.
Antitrust and Competition
Merger Law Reaches Acquirer Incentives and Private Equity Strategies
Steven C. Salop argues that Section 7 of the Clayton Act prohibits mergers in which the acquiring firm’s unilateral incentives and business strategy are likely to lessen market competition.
Antitrust and Competition
Tim Wu Responds to Letter by Former Agency Chief Economists
Former special assistant to the president for technology and competition policy Tim Wu responds to the November 27 letter signed by former chief economists at the Federal Trade Commission and Justice Department Antitrust Division calling for a separation of the legal and economic analysis in the draft Merger Guidelines.
Book Reviews
Can the Public Moderate Social Media?
ProMarket student editor Surya Gowda reviews the arguments made by Paul Gowder in his new book, The Networked Leviathan: For Democratic Platforms.
Income Inequality
Uninhibited Campaign Donations Risks Creating Oligarchy
In new research, Valentino Larcinese and Alberto Parmigiani find that the 1986 Reagan tax cuts led to greater campaign spending from wealthy individuals, who benefited the most from this policy. The authors argue that a very permissive system of political finance, combined with the erosion of tax progressivity, created the conditions for the mutual reinforcement of economic and political disparities. The result was an inequality spiral hardly compatible with democratic ideals.
ESG, Corporate Governance & Future of the Firm
Did the Meme Stock Revolution Actually Change Anything?
Many financial commentators thought that the surge of retail investors participating in the stock market, the most notable of whom boosted “meme stocks” like GameStop, would democratize corporate governance and improve prosocial firm behavior, including the promotion of environmental, social, and governance (ESG) goals. In new research, Dhruv Aggarwal, Albert H. Choi, and Yoon-Ho Alex Lee find evidence that the exact opposite took place.
Antitrust and Competition
The Kroger-Albertsons Merger Will Not Help Grocery Competition
Kroger and Albertsons say they need to merge to compete with Walmart. Claire Kelloway argues that what they really want is Walmart’s monopsony power, and permitting mergers on these grounds will only harm suppliers, workers, and consumers.
