Waseda Institute for Advanced Study (WIAS)早稲田大学 高等研究所


Markus Pudelko

visiting_m_pudelkoMarkus Pudelko
Professor of International Business, • Tübingen University

Research Topics

Career Opportunities for Japanese Women Working for Foreign Subsidiaries

Education and Academic Employment

1994 Diplom-Kaufmann (Masters in Business Studies)University of Cologne
1994 M.S. Management, Cornell University
1994 – 1996 B.Econ. International Finance, Beijing University
2000 B.Econ. International Finance, Beijing University
2000 B.Econ. International Finance, Beijing University
2001 – 2006 B.Econ. International Finance, Beijing University
2006 – 2007 B.Econ. International Finance, Beijing University
2007 – 2009 B.Econ. International Finance, Beijing University
2008 – 2009 B.Econ. International Finance, Beijing University
2009 – B.Econ. International Finance, Beijing University
2011 – B.Econ. International Finance, Beijing University
2012 – B.Econ. International Finance, Beijing University

Research Fields of Interest

  • Behavioral Finance
  • Asset Pricing
  • Global Financial System
  • Law and Finance
  • Financial Markets in Greater China Region

Selected Publications

Academic Publiations

  1. “Rain or Shine? Where is the Weather Effect”, 2005, (with William Goetzmann), European Financial Management, 11-5, 559-578
  2. “The Costs of Bankruptcy”, 2006, (with Arturo Bris and Ivo Welch), Journal of Finance, 61-3, 1253-1305.
  3. “Up Close and Personal: An Individual Level Analysis of the Disposition Effect”, 2006, (with Ravi Dhar), Management Science, 52-5, 726-740.
  4. “Are All Individual Investors Created Equal? Evidence from Individual Investor Trading around Securities Litigation Events”, 2006, (with Paul Griffin), Journal of Contemporary Accounting and Economics, 2-2, 123-50, lead article.
  5. “Efficiency and the Bear: Short Sales and Markets around the World”, 2007, (with Arturo Bris and William Goetzmann), Journal of Finance, 62-3, 1029-79.
  6. “China and the World Financial Markets 1870-1930: Modern Lessons from Historical Globalization”, 2007, (with William Goetzmann and Andrey Ukhov), Economic History Review, 60-2, 267-312.
  7. “The Cost of Owning Employer Stocks: Lessons from Taiwan”, 2008, (with Yi-Tsung Lee and Yu-Jane Liu), Journal of Financial and Quantitative Analysis, 43-3, 717-40.
  8. “Do Retail Traders Move the Market?”, 2008, (with Brad Barber and Terrance Odean), Review of Financial Studies, 22-1, 151-86.
  9. “Do Individual Investors Learn from their Trading Experience?”, 2009, (with Gina Nicolosi and Liang Peng), Journal of Financial Markets, 12-3, 317-36.
  10. “Does Bank Ownership Increase Firm Value? Evidence from China”, 2009, (with Xiaochi Lin and Yi Zhang), Journal of International Money and Finance, 28, 720-37.
  11. “Systematic Noise”, 2009, (with Brad Barber and Terrance Odean), Journal of Financial Markets, 12, 547-69.
  12. “Does a Bayesian Approach Generate Robust Forecasts? Evidence from Applications in Portfolio Investment Decisions”, 2010, (with Chih-Ling Tsai and Hansheng Wang), Annals of the Institute of Statistical Mathematics, 62-1, 109-16.
  13. “Saving your Home in Chapter 13 Bankruptcy” 2010, (with Michelle White), Journal of Legal Studies, 39-1, 33-61.
  14. “Prior Consequences and Subsequent Risk Taking: New Field Evidence from the Taiwan Futures Exchange”, 2010, (with Yu-Jane Liu, Chih-Ling Tsai, Ming-Chun Wang), Management Science, 56-4, 606-20.
  15. “Individual Investors and Local Bias”, 2010, (with Mark Seasholes), Journal of Finance, 65-5, 1987-2010.
  16. “Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence” 2010, (with Paul Griffin). Journal of Contemporary Accounting and Economics, 6, 1-17.
  17. “Household Consumption and Personal Bankruptcy”, 2011, Journal of Legal Studies, 40-1, 1-37 (Lead Article).
  18. “Bank ownership and executive perquisites: New evidence from an emerging market”, 2011, (with Wei Luo and Yi Zhang), Journal of Corporate Finance, 17-2, 352-70.
  19. “Did Bankruptcy Reform Contribute to the Mortgage Crisis?”, 2011, (with Wenli Li and Michelle White), American Economic Journal: Economic Policy, 3-4, 123-47.
  20. “Does the Location of a Stock Exchange Matter? A Within-Country Analysis”, 2011, (with Li Liao, Zhisheng Li, Weiqiang Zhang),Pacific Basin Finance Journal, forthcoming.
  21. “Investing in What you Know: The Case of Individual Investors and Local Stocks, 2012, (with Mark Seasholes), Journal of Investment Management, forthcoming.
  22. “Exercise to Lose Money: Irrational Exercise Behavior from the Chinese Warrants Market”, (with Li Liao, Zhisheng Li, Weiqiang Zhang), Journal of Futures Markets, (conditional acceptance).
  23. “Financial Distress without Bankruptcy: The Experience of China”, (with Joseph P.H. Fan, and Jun Huang), Journal of Corporate Finance, (conditional acceptance).

Publications in Book Chapter Contributions

  1. “Short Sales in Global Perspective”, 2004, (with Arturo Bris and William Goetzmann), 323-43, Short Selling (edited by Frank Fabozzi), Wiley & Sons, 2004.
  2. “The Chinese Bond Market: Historical Lessons, Present Challenges, and Future Perspectives”, 2008, (with Haizhou Huang), inChina’s Financial Sector Development and Regulatory Reform: challenges and Opportunities, The Milken Institute Series on Financial Innovation and Economic Growth (edited by James R. Barth and John A. Tatom).
  3. “Individual Investor Trading”, 2010, in Behavioral Finance (Robert W. Kolb Series in Finance), 523-37, edited by H. Kent Baker and John R. Nofsinger, John Wiley & Sons, Inc., New Jersey.
  4. “Global Financial Integration and the Role of America: International Imbalances and the U.S. Responses”, 2011, in “Re-Developing America”, edited by Aniket Shar and Joel Colombano, University of Pennsylvania Press, forthcoming.
  5. “Discussions: The Corporate Savings Puzzle in China: A Comparative Perspective”, 2011, in “Capitalizing China”, edited by Joseph Fan, Bernard Young, and Randall Morck, National Bureau of Economic Research, forthcoming.


2012-present Member, Global Agenda Council (Fiscal Sustainability), World Economic Forum
2012 Best Paper Award, China International Finance Research Conference
2011 CHIA-LU WU Best Paper Award, 19th SFM Conference, Taiwan
2010 TCFA-CICC Best Paper Award on Chinese Financial Market
2008 Best Paper Award, Emerging Market Group/CASS Conference
2007 Chiang Ching-Kuo Research Grant, Taiwan
2007 TCFA-CICC Best Paper Award on Chinese Financial Market (runner up)
2006, 2008 TCFA_CICC Best Paper Award (honorary mention)
2006 The Sandell Grant on Retirement Research, U.S. Social Security Administration
2006 Best Paper Award, Journal of Contemporary Accounting and Economics
2005 BSI Gamma Foundation Research Grant
2005 Best Paper Award, China International Finance Research Conference (1st place)
2004 New Faculty Research Grant, UC Davis
2004 Best Paper Award (runner up), European Finance Association
2001-2002 Graduate Fellow, Pierson College, Yale University
2002 McKinsey & Company (Greater China) Ph.D. Insight Program
2000-2003 Senator, Graduate and Professional Student Senate, Yale University
1999-2003 Yale Fellowship
1997-1999 Cornell Fellowship
1993-1997 Various Awards and Fellowship, Beijing University

Other Interests

  • Tennis
  • Yoga
  • Travel
  • Movies

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