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Alex Edmans

Professor of Finance

BA (Oxford University), PhD (MIT – Fulbright Scholar)

Professor Alex Edmans specialises in corporate finance (corporate governance, executive compensation, mergers and acquisitions, long-term investment/growth/innovation), behavioural finance and corporate social responsibility. His research has been published in leading journals such as the American Economic Review, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He is Editor of the Review of Finance. 

Alex’s research has been covered by the Wall Street Journal, The Economist, Financial Times, New York Times, and The Times. He has appeared on Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports.  Alex co-led a session on behavioural economics at the 2014 World Economic Forum in Davos and gave a TEDx talk on “The Social Responsibility of Business”.  He is a Wall Street Journal  “Expert” and runs a blog, “Access to Finance”, that aims to make complex finance topics accessible to a general audience. 

Alex has been awarded the Moskowitz Prize for Socially Responsible Investing, the FIR-PRI prize for Finance and Sustainability, and the Spängler IQAM prize for best paper in the Review of Finance (runner-up); was a finalist for the Smith-Breeden Prize for best paper in the Journal of Finance; and was named a Rising Star of Corporate Governance by Yale University. 

At LBS, Alex won the MBA Class of 2016 teaching award for the highest-rated professor school-wide (voted by the first year class). Prior to LBS, he was a tenured professor at Wharton, where he won fourteen teaching awards in six years and was the MBA programme’s highest-rated finance professor. Prior to academia, he worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York).


Executive compensation: a modern primer

Edmans A; Gabaix A

Journal of Economic Literature 2016 Forthcoming

Real costs of financial efficiency when some information is soft

Edmans A; Heinle M S; Huang C

Review of Finance 2016 Forthcoming


Feedback effects, asymmetric trading, and the limits to arbitrage

Edmans A; Goldstein I; Jiang W

American Economic Review 2015 Vol 105:12 p 3766-3797


Blockholders and corporate governance

Edmans A

Annual Review of Financial Economics 2014 Vol 6 p 23-50


The effect of liquidity on governance

Edmans A; Fang VW; Zur E

Review of Financial Studies 2013 Vol 26:6 p 1443-1482


Dynamic CEO compensation

Edmans A; Gabaix X; Sadzik T; Sannikov Y

Journal of Finance 2012 Vol 67:5 p 1603-1647

The link between job satisfaction and firm value, with implications for corporate social responsibility

Edmans A

Academy of Management Perspectives 2012 November Vol 26:4 p 1-19

The real effects of financial markets

Bond P; Edmans A; Goldstein I

Annual Review of Financial Economics 2012 October Vol 4 p 339-360

The real effects of financial markets: The impact of prices on takeovers

Edmans A; Goldstein I; Jiang W

Journal of Finance 2012 Vol 67:3 p 933-971


Do investment banks matter for M&A returns

Bao J; Edmans A

Review of Financial Studies 2011 July Vol 24:7 p 2286-2315

Does the stock market fully value intangibles

Edmans A

Journal of Financial Economics 2011 September Vol 101:3 p 621-640

Governance through trading and intervention: A theory of multiple blockholders

Edmans A; Manso G

Review of Financial Studies 2011 July Vol 24:7 p 2395-2428

Inside debt

Edmans A; Liu Q

Review of Finance 2011 January Vol 15:1 p 75-102

Short-term termination without deterring long-term investment: a theory of debt and buyouts

Edmans A

Journal of Financial Economics 2011 October Vol 102:1 p 81-101

The effect of risk on the CEO market

Edmans A; Gabaix X

Review of Financial Studies 2011 August Vol 24:8 p 2822-2863

Tractability in incentive contracting

Edmans A; Gabaix X

Review of Financial Studies 2011 September Vol 24:9 p 2865-2894


A multiplicative model of optimal CEO incentives in market equilibrium

Edmans A; Gabaix X; Landier A

Review of Financial Studies 2009 Vol 22:12 p 4881-4917

Blockholder trading, market efficiency and managerial myopia

Edmans A

Journal of Finance 2009 December Vol 64:6 p 2481-2513

Is CEO pay really inefficient? A survey of new optimal contracting theories

Edmans A; Gabaix X

European Financial Management 2009 June Vol 15:3 p 486-496


Sports sentiment and stock returns

Edmans A; García; Norli Ø

Journal of Finance 2007 August Vol 62:4 p 1967-1998

Equity vesting and investment

Edmans A; Fang V; Lewellen K

Working Paper

Financing through asset sales

Edmans A; Mann W


Governing multiple firms

Edmans A; Levit D; Reilly D


Informativeness principle under limited liability

Chaigneau P; Edmans A; Gotlieb D

Working Paper

Source of information in prices and investment-price sensitivity

Edmans A; Jayaraman S; Schneemeier J

Working Paper

Strategic news releases in equity vesting months

Edmans A; Goncalves-Pinto L; Wang Y; Xu M

Working Paper

The generalized informativeness principle

Edmans A; Chaigneau P; Gottlieb D

Working Paper

Value of information for contracting

Chaigneau P; Edmans A; Gottlieb D

Working Paper


Contracting with Synergies

Edmans A; Goldstein I; Zhu J

Corporate Finance

  • C111 MBA Core Course in Corporate Finance


  • C111 MBA Core Course in Corporate Finance

  • E478 Elective Course in Incentives in Organisations

Research Awards

  • Best Paper Award, Financial Research Association, 2009 and Finalist, Harvard Business Review/McKinsey "Management Innovation of the Year" 2012 for "Dynamic CEO Compensation."

  • Rising Star in Corporate Governance, 2011.

  • One of the 50 Best Inventions of 2010 by Time Magazine for "The Responsible Homeowner Reward: An Incentive-Based Solution to Strategic Mortgage Default."

  • Moskowitz Prize for Best Paper in Socially Responsible Investing, 2007 and FIR-PRI Prize for Best Paper in Finance and Sustainability, 2011 for "Does the Stock Market Fully Value Intangibles?"

  • Dorinda and Mark Winkeman Distinguished Scholar, 2009.

  • Honourable Mention, Terker Prize in Investment Research, 2009.

  • 1st Place, NYU Glucksman Prize for Best Working Paper in Finance for "Tractability in Incentive Contracting" 2008/9.

  • Smith-Breeden Prize for Best Paper in the Journal of Finance and Best Paper Award at Caesarea Center 3rd Annual Conference for "Sports Sentiment and Stock Returns" 2007.

  • Goldman Sachs & Co. Research Fellowship, 2007-14.

  • Runner-Up, Spaengler IQAM Prize for Best Paper in the Review of Finance and McGraw-Hill/Irwin Best Paper in Corporate Finance Award, FMA, for "Inside Debt" 2006.

Teaching Awards

  • Wharton MBA Excellence in Teaching Award (2010, 2012, 2013) 

  • Wharton MBA Core Teaching Award (2007, 2008) 

  • Wharton MBA Core Curriculum Award (“goes above and beyond the call of duty”) (2007, 2008, 2009, 2010, 2012, 2013) 

  • Wharton MBA Core Curriculum Award (“tough, but we’ll thank this professor in 5 years”) (2008, 2013) 

  • WhartonMBA Teaching Commitment and Curricular Innovation Award (2012)

  • MIT Graduate Teaching Award, 2006-7 

  • MIT Sloan Outstanding Teaching Assistant of the Year, 2004-5

Research Interest

  • Corporate finance (corporate governance, executive compensation, mergers and acquisitions)
  • Behavioural finance
  • Corporate social responsibility