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Annette Vissing-Jørgensen - Haas School of Business, University of California, Berkeley. Berkeley, CA, US

Annette Vissing-Jørgensen Annette Vissing-Jørgensen

Professor | Chair, Haas Finance Group | Arno A. Rayner Chair in Finance and Management | Haas School of Business, University of California, Berkeley



Areas of Expertise (4)

Monetary Policy

Returns to Entrepreneurial Investment

Stock Market Participation

Househould Consumption and Portfolio Choice


Annette Vissing-Jorgensen holds the Arno A. Rayner Chair in Finance and Management and serves as chair of the Finance Group at Berkeley Haas. Her research focuses on empirical asset pricing, monetary policy, household finance, and entrepreneurship, and it spans both asset pricing and corporate finance.

She is a research associate in the NBER's Asset Pricing program, Monetary Economics program, and Economic Fluctuations and Growth program and is a Research Fellow in the CEPR's Financial Economics program. She is an Associate Editor of the Journal of Finance and a Director of both the American Finance Association and the European Finance Association.

Education (3)

MIT: PhD, Economics

University of Warwick, England: MSc, Economics

University of Aurhus, Denmark: BA, Economics

Honors & Awards (7)

Director, American Finance Association

Elected 2010, 2012

Director, European Finance Association

Elected 2013

Nominated for Journal of Finance Smith Breeded Prizee

Nominated for the paper “Long–Run Stockholder Consumption and Asset Returns” 2010

Winner, Argentum Prize for Best Symposium Paper on Private Equity and Funds of Private Equity

European Finance Association 2009

Journal of Finance Brattle Prize (Distinguished Paper)

Awarded for the paper “Testing Agency Theory With Entrepreneur Effort and Wealth” 2005

Chair’s Core Teaching Award, Kellogg


Chair’s Core Teaching Award, Kellogg


Selected External Service & Affiliations (7)

  • Associate Editor, Journal of Finance
  • Director, American Finance Association
  • Director, European Finance Association
  • Faculty Research Fellow/Research Associate, National Bureau of Economic Research
  • Fellow, Centre for Economic Policy Research
  • Member of the Scientific Advisory Board of the Norwegian Finance Initiative
  • Goldman Sachs Fellowship for writing paper on ECB policies.

Positions Held (1)

At Haas since 2012

2021 - present, Chair, Finance Group, Haas School of Business 2013 – present, Professor of Finance, Haas School of Business 2012 – 2013, Visiting Professor of Finance, Haas School of Business 2010 – 2012, Professor of Finance, Kellogg School of Management, Northwestern University 2006 – 2012, Associate Professor of Finance, Kellogg School of Management, Northwestern University 2002 – 2006, Assistant Professor of Finance, Kellogg School of Management, Northwestern University

Media Appearances (8)

Yes, the ‘Fed Put’ Really Does Exist. That Could Be Bad News for Bulls.

Barron's  online


Analysts and Fed watchers have been speculating for years about the existence of the so-called "Fed put"—the Federal Reserve’s supposed commitment to ease monetary policy whenever the stock market suffers significant losses. New research by Prof. Annette Vissing-Jørgensen, the Arno A. Rayner Chair in Finance and Management, has found compelling evidence of the Fed put’s existence that dates back to the mid-1990s.

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The ‘Fed Put’ Hurts Annuities—and Retirees

Retirement Income Journal  online


This month, Anna Cieslak of The Fuqua School of Business at Duke and Annette Vissing-Jorgensen of California-Berkeley’s Haas School of Business published a paper on Fed policy up to 2016 in the article, “The Economics of the Fed Put” (NBER Working Paper 26894).

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Fed Arms Race to Facebook: Themes That Have Economists Buzzing

Bloomberg  online


University of California Berkeley professor Annette Vissing-Jorgensen took a look at what she called “the communications arms race” among Fed policy makers. She argued in a paper that Fed officials compete for the attention of financial markets because those who succeed in moving the markets’ policy expectations gain the upper hand in policy making.

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Cacophonie financière

Lëtzebuerger Journal  online


La professeure du Haas School of Business, University of California, Berkeley, Annette Vissing-Jorgensen était l’invitée jeudi soir de la Luxembourg School of Finance lors de la 8e édition du Luxembourg Asset Management Summit.

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The Fed Put Is Far Away

The Wall Street Journal  online


'Investors think the Federal Reserve is waiting with a net below the stock market, and chances are they are right. The only problem is that the net is far below where stocks are now.'

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California Today: How a Market Tumble Affects California

The New York Times  online


'In an interview on Tuesday afternoon, Annette Vissing-Jorgensen, a professor of finance at the University of California, Berkeley’s Haas School of Business, put the market decline in context for the Golden State.'

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Five Must-Read Studies From the Big Economics Confab: Eco Pulse

Bloomberg  online


'Stock returns are a statistically more powerful predictor of the Fed lowering rates than standard macroeconomic releases, Duke University’s Anna Cieslak and University of California at Berkeley’s Annette Vissing-Jorgensen find. “Consistent with the Fed put, the number of negative stock market mentions—but not the number of positive stock market mentions—has significant explanatory power for target changes over the 1994–2008 period,” they write.'

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The long arm of the Fed

The Economist  online


“Stock Returns over the FOMC Cycle”, by Anna Cieslak, Duke University; Adair Morse, University of California, Berkeley, and National Bureau of Economic Research (NBER); and Annette Vissing-Jorgensen, University of California, Berkeley, NBER and the Centre for Economic and Policy Research'

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Selected Papers & Publications (5)

Stock Returns Over the FOMC Cycle

Social Science Research Network

Anna Cieslak, Adair Morse, Annette Vissing-Jorgensen


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ECB Policies Involving Government Bond Purchases: Impact and Channels

Review of Finance

Arvind Krishnamurthy, Stefan Nagel, Annette Vissing-Jorgensen


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The impact of Treasury Supply on Financial Sector Lending and Stability

Journal of Financial Economics

Arvind Krishnamurthy, Annette Vissing-Jorgensen


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The Ins and Outs of LSAPs

Kansas City Federal Reserve Symposium on Global Dimensions of Unconventional Monetary Policy

Annette Vissing-Jorgensen, Arvind Krishnamurthy


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Informational Hold-Up and Performance Persistence in Venture Capital

Review of Financial Studies

Annette Vissing-Jorgensen, Yael Hochberg, Alexander Ljungqvist


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Teaching (1)

Core Finance

MBA 203