David A. Matsa
Alan E. Peterson Distinguished Professor of Finance
Professor of Finance
David Matsa is the Alan E. Peterson Distinguished Professor of Finance at the Kellogg School of Management, Northwestern University, and a Research Associate at the National Bureau of Economics Research.
He has published widely in finance and economics. Much of his research focuses on connections between the labor and financial markets from both corporate and household perspectives. On the corporate side, he studies how human capital affects firms’ evaluation and funding of investment projects. And on the household side, he studies how job and financial market instability affect worker’s financial resilience, where they work, and how they live. Professor Matsa’s recent research on corporate governance examines the determinants and effect of gender diversity among corporate directors and executives. His articles have appeared in leading journals, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Finance, and many others.
On the Kellogg faculty since 2006, Professor Matsa teaches corporate finance and a seminar on business & society in Kellogg’s MBA program. He has served on the editorial board of the Journal of Finance and has received numerous research and teaching awards. Professor Matsa worked as a consultant at McKinsey & Company and received his Ph.D. in Economics from the Massachusetts Institute of Technology.
- Corporate Finance
- Corporate Governance
- Labor Economics
- Industrial Organization
- Regulation
- Corporate Finance
- Corporate Governance
- Business & Society
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PhD, 2006, Economics, Massachusetts Institute of Technology
BS, 2000, Mathematics, Massachusetts Institute of Technology
BS, 2000, Economics, Massachusetts Institute of Technology -
Alan E. Peterson Distinguished Professor, Finance, Kellogg School of Management, Northwestern University, 2022-present
Research Associate, National Bureau of Economic Research, 2014-present
Affiliate, Center for Applied Microeconomics, 2015-present
Affiliate, Center for the Study of Industrial Organization, 2008-present
Professor, Finance, Kellogg School of Management, Northwestern University, 2018-2022
Associate Professor, Finance, Kellogg School of Management, Northwestern University, 2013-2018
Assistant Professor, Finance, Kellogg School of Management, Northwestern University, 2006-2013 -
Federal Trade Commission, 1999
McKinsey & Company, 2000-2001 -
John L. Weinberg/IRRCi Research Award, Semi-Finalist, John L. Weinberg Center for Corporate Governance, 2021
Certificate of Impact Teaching Award, Kellogg School of Management, Contemporary Issues in Business & Society, 2018
Top-40 Professor Under 40, Poets&Quants, 2017
IRRC Institute Investor Research Award, 2014
Certificate of Impact Teaching Award, Kellogg School of Management, Contemporary Issues in Finance, 2014
Certificate of Impact Teaching Award, Kellogg School of Management, Corporate Finance, 2014
Marshall Blume Prize in Financial Research, Honorable Mention, The Wharton School, University of Pennsylvania, 2012
Marshall Blume Prize in Financial Research, Honorable Mention, The Wharton School, University of Pennsylvania, 2011
NYU Glucksman Award for the Best Paper in Finance, 2010-2011
CRA International Award for the Best Corporate Finance Paper at the Western Finance Association Meeting, 2009 -
Associate Editor, Journal of Finance, 2018-2022
Managerial Finance II (FINCX-441-0)
Managerial Finance II analyzes corporate financial decisions. Topics include market efficiency, capital structure, dividend and stock repurchase policy, and firms’ use of options and convertible securities.
Managing Firms for Shareholders and Society: Thought Leadership Seminar (FINC-484-5)
This course will use a roundtable discussion format to facilitate an in-depth exploration of shareholder capitalism and its effects on society. Drawing on business and legal cases, academic research, and news articles from the popular press, we will begin by debating a central question in corporate governance: should creating value for shareholders be the firm's only objective? The class will explore major business and societal issues such as corporate decisions to lay off employees, gender diversity in corporate leadership, and growing inequality. Students will also lead discussions about topics they choose from the current events of the week. Class sessions consist almost entirely of class discussion with no lectures from the professor. Assignments include homework due before each class session, group work, and a final paper.
Finance II (FINC-431-0)
Finance II: Corporate Finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion international conglomerate or a three-person start up. You will learn how to answer the three fundamental question of corporate finance: (1) Capital structure or the funding decision: which source(s) of capital should you use to fund the firm's project? (2) Capital budgeting or the investment decision: which projects should you invest in? (3) Dividend decision: how should you deploy the capital that the project returns?
We will cover the three fundamental methods for valuing projects and firms: discounted cash flow (or net present value), real options, and multiples analysis. The class begins with a theoretical framework. The world of finance is very complex. Without a logical structure that you can use to frame and answer questions, you will rapidly become lost and will be unable to defend your position. The theoretical framework is valuable, however, only if you can use it to examine real world decisions. Thus the majority of class time will be devoted to applying the logical framework.
This course is important for anyone who plans to run a firm or a division, who hopes to be involved in the investment or funding decisions of the firm, who plans to work for a service provider who will assist the firm in analyzing these decisions (e.g., banking and consulting), or who plans to invest in firms or advise clients who will invest in firms. Even if you initially specialize in a different functional area, you want to understand how the finance function works. The most brilliant idea isn't useful if you cannot get it funded.
Recommended Prerequisites: ACCT-430 and MECN-430
