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Ralph Koijen

Professor of Finance

MA (Tilburg), PhD (Tilburg)

On Leave of Absence

Professor Ralph SJ Koijen’s areas of expertise include investments, insurance markets, and financial econometrics. In addition to being Professor of Finance at London Business School (LBS), he is a Research Fellow of the Network for Studies on Pensions, Ageing and Retirement.

Before joining LBS, Ralph was a visiting assistant professor of finance at New York University’s Stern and an assistant and associate professor of finance at the University of Chicago’s Booth School of Business. 

Ralph's research has been published in leading journals, such as The Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, and the American Economic Review. He has also given numerous seminars worldwide.


Financial health economics

Koijen R; Philipson T J; Uhlig H

Econometrica 2016 Vol 84:1 p 195-242

Health and mortality delta: Assessing the welfare costs of household insurance choice

Koijen R; Van Nieuwerburgh S; Yogo M

Journal of Finance 2016 Vol 71:2 p 957-1010

Reinforcing the Eurozone and protecting and open society

Corsetti G; Feld L; Koijen R; Reichlin L; Reis R; Rey H; Mauro B

CEPR Press, 2016

Shadow insurance

Koijen R; Yogo M

Econometrica 2016 Vol 84:3 p 1265-1287


The cost of financial frictions for life insurers

Koijen R; Yogo M

American Economic Review 2015 Vol 105:1 p 445-475


Decentralized asset and liabilty management

Binsbergen J H V; Brandt M W; Koijen R S J

Book Chapter: In Winston, K Scherer B eds., The Oxford Handbook of Quantitative Asset Management, OUP, 2014

The cross-section of managerial ability, incentives, and risk preferences

Koijen RSJ; Lustig H; Van Nieuwerburgh S

Journal of Finance 2014 Vol 69:3 p 1051-1098


Equity yields

Van Binsbergen JH; Hueskes W; Koijen RSJ; Vrugt EB

Journal of Financial Economics 2013 Vol 110:3 p 503-519


On the timing and pricing of dividends

Van Binsbergen J; Brandt M; Koijen RSJ

American Economic Review 2012 June Vol 102:4 p 1596-1618

The term structure of interest rates in a DSGE model with recursive preferences

Van Binsbergen J H; Fernandez-Villaverde J; Koijen R S J; Rubio-Ramirez J

Journal of Monetary Economics 2012 Vol 59:7 p 634-648


Optimal annuity risk management

Koijen RSJ; Nijman TE; Werker BJM

Review of Finance 2011 Vol 15:4 p 799-833

Predictability of returns and cash flows

Koijen RSJ; Van Nieuwerburgh S

Annual Review of Financial Economics 2011 December Vol 3 p 467-491


When can life-­cyle investors benefit from time-varying bond risk premia?

Koijen RSJ; Nijman TE; Werker BJM

Review of Financial Studies 2010 Vol 23:2 p 741-780

Long run risk, the wealth-consumption ratio, and the temporal pricing of risk

Koijen RSJ; Justig H; Van Nieuwerburgh S; Verdelhan A

American Economic Review 2010 May Vol 100:2 p 552-556

Predictive regressions: A present-value approach

Van Binsbergen JH; Koijen RSJ

Journal of Finance 2010 August Vol 65:4 p 1439-1471


Momentum and mean-­reversion in strategic asset allocation

Koijen R S J; Rodriguez J C; Sbuelz A

Management Science 2009 July Vol 55:7 p 1199-1213

Mortgage timing

Koijen R S J; Van Hemert O; Van Nieuwerburgh S

Journal of Financial Economics 2009 August Vol 93:2 p 292-324


Optimal decentralized investment management

Jules H. Van Binsbergen; Michael W. Brandt; Ralph S. J. Koijen

Journal of Finance 2008 Vol 63:4 p 1849-1895

On the timing and pricing of dividends: reply

van Binsbergen J H; Koijen R

Social Sciences Research Network

Quantitative easing in the Euro area: the dynamics of risk exposures and the impact on asset prices

Koijen R; Koulischer F; Nguyen B; Yogo M

Social Sciences Research Network

The cross-­section and time-­series of stock and bond returns

Koijen R; Lustig H; Van Nieuwerburgh S

Working Paper


Koijen R; Moskowitz T; Pedersen L; Vrugt E

Working Paper

Financial Health Economics

Philipson T; Koijen R; Uhlig H

Shadow Insurance

Koijen R; Yogo M

Survey expectations of returns and asset pricing puzzles

Koijen R; Schmeling M; Vrugt E

IFA Working Paper


The cost of financial frictions for life insurers

Koijen RSJ; Yogo M

NBER Working Paper


  • E490 Elective Course in Banks and Financial Institutions


  • PhD Course in Financial Economics II: Empirical Finance

Research and Awards

  • Banque de France - Toulouse School of Economics Junior Prize in Monetary Economics and Finance, 2014.

  • Best Masters in Finance Teaching Award at London Business School, 2014.

  • ERC grant (EUR 1.1 M), 2013.

  • 2012 Roger F. Murray Prize of the Q-Group – Third Prize (Health and Mortality Delta) 2012.

  • Review of Financial Studies Distinguished Referee Award, 2012.

  • Utah Winter Finance Conference Best Paper Prize, 2012.

  • Finalist 2010 Smith-Breeden prize for Best Paper in the Journal of Finance, 2011.

  • Swiss Finance Institute 2010 Outstanding Paper Award,  2010.

  • Netspar Research Grant (Health and Longevity paper), 2009.

  • 2008 Roger F. Murray Prize of the Q-Group - Second Prize (Job Market paper), 2009.

  • KVS Award for the Best Doctoral Thesis in economics in the Netherlands of the academic years, 2006-2007 and 2007-2008.

    Goldman Sachs Asset Management Award for the Best Paper in empirical investments at the 2008 Western Finance Association conference (Predictive Regressions paper), 2008.

  • Invited to “New Stars in Finance Conference” 2008

  • Junior Extramural Fellow, Tilburg University, CentER, 2008.

  • Netspar Research Fellow, 2008.

  • Glucksman Institute Research Prize – First Prize (Mortgage Timing paper), 2008.

  • International Center for Pension Management (ICPM), Canada (Toronto), 2007 Grant, with J.H. van Binsbergen and M.W. Brandt ($ 50,000)

  • Federal Deposit Insurance Corporation (FDIC), United States (Washington DC), 2007 Grant, with O. Van Hemert and S. Van Nieuwerburgh ($ 10,000)

  • NWO, The Netherlands (The Hague), 2006 Grant (EUR 3,000) 

  • Observatoire de l’Epargne Européenne (OEE), France (Paris) 2006 Grant, with Th.E. Nijman and BJM Werker (EUR 30,000)

Research Interests

  • Empirical and theoretical asset pricing
  • Macro-finance
  • Insurance and health markets
  • Financial econometrics