hero image
Adair Morse  - Haas School of Business, University of California, Berkeley. Berkeley, CA, US

Adair Morse Adair Morse

Associate Professor | Soloman P. Lee Chair in Business Ethics | Haas School of Business, University of California, Berkeley

Berkeley, CA, UNITED STATES

Areas of Expertise (6)

Household Finance Entrepreneurship Corruption & Governance Asset Management Development Tax Policy in Greece

About

Adair Morse is Associate Professor of Finance at Berkeley Haas and a Fellow at the Berkeley Center for Law and Business. She holds a PhD in finance from the Ross School of Business at the University of Michigan and master’s degrees in statistics and agricultural economics from Purdue University. She began her career as an entrepreneur in Poland.

Morse has taught New Venture Finance, Global Entrepreneurial Finance, and Entrepreneurial Finance and Private Equity at Berkeley Haas and the University of Chicago's Booth School of Business. Her research covers the areas of household finance, impact investing, entrepreneurship, corruption, and asset management. Recent work has been instrumental in redirecting the debate on tax reform in Greece. Her work on fraud helped to shape the bounty provisions in the Dodd Frank law of financial reform. A number of papers on household finance and corruption appear in the Journal of Finance and Journal of Financial Economics, where she has won, respectively, the Brattle Prize and the Jensen Prize (second prize) for the best paper in Corporate Finance.

Education (4)

Ross School of Business, University of Michigan: PhD, Finance

Purdue University: MS, Agricultural Economics

Purdue University: MS, Statistics

Colgate University: BA

Honors & Awards (4)

New Zealand Finance Meeting - 2nd Best Paper

2018

RAFI Best Paper Award for ESG

2018
Runner-up
The RAFI Best Paper Award for ESG-related research, sponsored by RAFI Indices, LLC, recognizes creative and impactful research that advances the investment industry’s understanding of the Environmental, Social, and Governance (ESG) criteria utilized in sustainable, responsible, and impact investing strategies.

European Finance Association Prize

2012
CommonFund Best Paper relevant to Endowment and Foundation Asset Management

Journal of Financial Economics Jensen Prize for Corporate Finance and Organizations

2009
Winner of 2nd Prize

Selected External Service & Affiliations (3)

  • 2012 – present, Faculty Research Fellow, National Bureau of Economic
  • 2012 – present, Small and Medium Enterprise Affiliate, Innovations for Poverty Action (IPA)
  • 2012 – present, Member of Working Group on Behavioral Economics and Consumer Finance, Alfred P. Sloan Foundation and the Russell Sage Foundation

Positions Held (1)

At Haas since 2012

2016 – present, Associate Professor of Finance, Haas School of Business
2013 – 2016, Assistant Professor of Finance, Haas School of Business
2012 – 2013, Visiting Assistant Professor of Finance, Haas School of Business
2012 – 2013, Associate Professor of Finance, Booth School of Business, University of Chicago
2007 – 2012, Assistant Professor of Finance, Booth School of Business, University of Chicago

Media Appearances (15)

Bad, biased, and unethical uses of AI

The Enterprisers Project  online

2019-08-29

Looking at cases of unethical uses of AI can help managers avoid pitfalls. One such case was studied by Assoc. Prof. Adair Morse, Soloman P. Lee Chair in Business Ethics; Prof. Nancy Wallace, the Lisle and Roslyn Payne Chair in Real Estate Capital Markets; and Prof. Richard Stanton, Kingsford Capital Management Chair in Business. In looking at online housing lenders, they found that even if the people writing the algorithms intended to create neutral systems, they've ended up discriminating against minority borrowers.

view more

Can algorithms be racist? Trump’s housing department says no

Reveal  online

2019-08-05

A new rule would would make it nearly impossible for banks, landlords, or insurance companies to be sued when their algorithms result in people of color being disproportionately denied housing. But algorithms aren't necessarily unbiased. Research by Assoc. Prof. Adair Morse, Prof. Nancy Wallace, and Prof. Richard Stanton has found that online lenders habitually charged borrowers of color higher interest rates than white borrowers with similar credit profiles.

view more

Sustainable finance goes to business school

Wall Street journal  online

2019-06-10

Berkeley Haas is giving students hands-on experience with the Haas Socially Responsible Investment Fund, which students have managed since 2007. And interest by students in socially responsible investment only continues to rise, according to Assoc. Prof. Adair Morse.

view more

Berkeley Haas’s Morse: FinTech Also Practices Housing Discrimination

Poets & Quants  online

2019-05-06

Assoc. Prof. Adair Morse of the Haas Finance Group, Prof. Richard Stanton, Kingsford Capital Management Chair in Business, and Prof. Nancy Wallace, Professor and Chair of the Real Estate Group, found that fintech lenders who use algorithms to determine mortgages are just as bad as traditional mortgage operations in discriminating against African American and Hispanic loan-seekers.

view more

Digital mortgages are here, but some buyers are hesitant to use them. Here's what you should know.

Chicago Tribune  online

2019-01-23

Algorithmic bias has replaced human bias in lending, according to research by Assoc. Prof. Adair Morse of the Haas Finance Group.

view more

Say goodbye to all that paperwork: Digital mortgages have arrived

Washington Post  online

2019-01-17

Work by Assoc. Prof. Adair Morse of the Haas Finance Group has raised questions about statistical discrimination and pricing disparities. “Our results tell us that lenders have pricing schemes that enable them to charge higher interest, and thus take higher profits from minorities," she said.

view more

Online lending hasn't removed discrimination, study shows

CNBC  online

2018-11-27

A study by Assoc. Prof. Adair Morse, Prof. Richard Stanton, and Prof. Nancy Wallace, found that both online and face-to-face lenders charge higher interest rates to black and Latino borrowers.

view more

How some algorithm lending programs discriminate against minorities

NPR Morning Edition  radio

2018-11-24

Washington Post columnist Michelle Singletary discusses work by Assoc. Prof. Adair Morse, Prof. Richard Stanton, and Prof. Nancy Wallace, that found a bias in lending: for people with similar qualifications applying for home loans, race did play a factor.

view more

A little oil, a little Brexit and some puppets

Marketplace  radio

2018-11-16

Work by Assoc. Prof. Adair Morse, Prof. Richard Stanton, Kingsford Capital Management Chair in Business, and Prof. Nancy Wallace, Lisle and Roslyn Payne Chair in Real Estate Capital Markets, has found that there's bias in lending: for people with similar qualifications applying for home loans, race did play a factor.

view more

Even machines are discriminating against black and Latino homebuyers

Washington Post  online

2018-11-15

Research by Assoc. Prof. Adair Morse, Prof. Richard Stanton, Kingsford Capital Management Chair in Business, and Prof. Nancy Wallace, Lisle and Roslyn Payne Chair in Real Estate Capital Markets, has found that even with automation, mortgage bias exists.

view more

Are you a minority borrower? You might want to think twice about using an online lender.

Washington Post  online

2018-11-14

It’s not just bank loan officers with racial biases who discriminate against black and Latino borrowers. Computer algorithms do, too. That's the groundbreaking conclusion of Berkeley Haas researchers who found that both online and face-to-face lenders make 11% to 17% higher profits off black and Latino borrowers. The study was co-authored by Assoc. Prof. Adair Morse, Prof. Richard Stanton, and Prof. Nancy Wallace of Haas, along with Prof. Robert Bartlett of Berkeley Law.

view more

Haas pilots impact investing practicum

Poets & Quants  online

2018-06-16

The eight-week investing session called on eight full-time MBA students to solve problems for companies like Patagonia’s Tin Shed Ventures and the SF Foundation. The session was co-taught by Adj. Prof. Nora Silver, faculty director of the Center for Social Sector Leadership, and Assoc. Prof. Adair Morse of the Haas Finance Group.

view more

How fintech lenders give mortgage borrowers an edge

MarketWatch  online

2018-04-17

Research by Assoc. Prof. Adair Morse, Prof. Richard Stanton, Kingsford Capital Management Chair in Business, and Prof. Nancy Wallace, Lisle and Roslyn Payne Chair in Real Estate Capital Markets, has found that even with automation, mortgage bias exists.

view more

Apparently we can let the stock market fight climate change

Wired  

2018-03-08

Finance researchers and analysts have considering how (and whether) to integrate environment, social, and governance factors, or ESG, into investment planning. Adair Morse, an associate professor with the Haas Finance Group, says the environmental part of the equation is a challenge because, despite various projects to mandate environmental disclosures and to try to collate that data into useful metrics, those metrics are still hard to come by.

view more

Can banking be Uber-ed?

The Christian Science Monitor  online

2016-09-15

But those types of obstacles aren’t necessarily a bad thing, says Adair Morse, business professor at University of California in Berkeley. “Imagine an online bank that’s not regulated; how would you know when you put your deposits in there that the bank is not going to keep your money?” she points out.

view more

Selected Papers & Publications (6)

Stock Returns over the FOMC Cycle Journal of Finance

Adair Morse, Anna Cieslak and Annette Vissing-Jorgensen

2018

view more

Executive Lawyers: Gatekeepers or Strategic Officers Journal of Law and Economics

Adair Morse, Wei Wang and Serena Wu

2016

view more

Trickle-Down Consumption Review of Economics and Statistics

Adair Morse and Marianne Bertrand

2016

view more

Measuring Income Tax Evasion using Bank Credit: Evidence from Greece Quarterly Journal of Economics

Adair Morse, Nikolaos Artavanis and Margarita Tsoutsoura

2016

view more

Peer-to-Peer Crowdfunding: Information and the Potential for Disruption in Consumer Lending Annual Review of Financial Economics

Adair Morse

2015

view more

Compensation Rigging by Powerful CEOs: A Reply and Cross-Sectional Evidence Critical Finance Review

Adair Morse, Vikram Nanda, and Amit Seru

2013

view more

Teaching (1)

Courses

Global Entrepreneurial Finance
Entrepreneurial Finance and Private Equity

Contact