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David Sraer - Haas School of Business, University of California, Berkeley. Berkeley, CA, US

David Sraer David Sraer

Associate Professor | James J. and Marianne B. Lowry Chair in Business | Haas School of Business, University of California, Berkeley



Areas of Expertise (4)

Corporate Finance

Behavioral Finance


Entrepreneurship and Venture Capital


Berkeley Haas Associate Professor David Sraer received his BS in applied mathematics and economics from École Polytechnique in France in 2001 and his PhD in economics from the Toulouse School of Economics in 2007. He is currently an associate editor for the Journal of Finance and a research associate at the National Bureau of Economic Research. Before coming to Berkeley Haas, he was an Assistant Professor of economics at Princeton University, where he was awarded the Jacob Viner preceptorship.

Education (4)

Toulouse School of Economics: PhD, Economics

Ecole des Hautes Etudes en Sciences Sociales: MA, Economics

Ecole Nationale de la Statistique et de l’Administration Economique: MA, Statistics and Economics

Ecole Polytechnique: BA, Applied Mathematics and Economics

Honors & Awards (7)

Berkeley Haas "Club 6" member

Awarded to faculty members with a mean teaching score of at least six on a seven-point scale. 2017, 2018

Brattle Prize in Corporate Finance Distinguished Paper


TCW Best Paper Award at the 2014 China International Conference in Finance

“Housing Collateral and Entrepreneurship” 2014

Jacob Viner University Preceptor at Princeton University

2013 - 2016

Spaengler IQAM Prize for Best Paper published in the Review of Finance

“Bottom-up Corporate Governance” 2013

TCW Best Paper Award at the 2012 China International Conference in Finance

“Speculative Betas" 2012

Louis Bachelier Prize for best paper in Finance

“Financial Risk Management: When does Independence Fail?” 2011

Selected External Service & Affiliations (3)

  • Faculty Research Fellow, National Bureau of Economic Research
  • Research Associate, Center for Economic Policy Research
  • Associate Editor, Journal of Finance

Positions Held (1)

At Haas since 2014

2014 – present, Assistant Professor of Finance, Haas School of Business 2014 – present, Assistant Professor of Economics, UC Berkeley, Economics Department 2009 – 2014, Assistant Professor of Economics, Princeton University

Media Appearances (3)

The best way to get Americans back to work faster

CNN  online


We cannot simply "flatten the curve" for long enough that it becomes safe for everyone to go back to work at once, Assoc. Prof. David Sraer, the James J. and Marianne B. Lowry Chair in Business, co-writes in this op-ed.

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Profitable Wobble

Institutional Money (German link)  online


Research by Assoc. Prof. David Sraer and Lecturer Eric Reiner has found that bad news, unlike previously thought, has implications over the medium term for the market.

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Private Equity Doesn't Deserve Its Bad Reputation

Bloomberg  online


"A 2011 study by economists Quentin Boucly, David Sraer, and David Thesmar looked at 839 leveraged buyouts in France. Three years after the deals, the buyout targets saw their profitability increase relative to a control group of similar companies. But this profitability didn’t come from downsizing -- the buyout targets also grew faster than their peers, and they invested more..."

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Working Papers (7)

The Aggregate Cost of Systematic Forecast Errors

D. Sraer, Yueran Ma, and David Thesmar 2018

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A Sufficient Statistics Approach for Aggregating Firm-Level Experiments

D. Sraer and D. Thesmar 2018

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Aggregate Effects of Collateral Constraints

R&R at Journal of Finance

D. Sraer, S. Catherine, T. Chaney, Z. Huang, and D. Thesmar

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The Banking View of Bond Risk Premia

R&R at Journal of Finance

D. Sraer and V. Haddad

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Bank Exposure to Interest-Rate Risk and the Transmission of Monetary Policy

D. Sraer, M. Gomez, D. Thesmar, and A. Landier

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The Risk-Shifting Hypothesis

R&R at Management Science

D. Sraer, A. Landier, and D. Thesmar

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Can Unemployment Insurance Spur Entrepreneurial Activity?

R&R at Journal of Finance

D. Sraer, J. Hombert, A. Schoar, and D. Thesmar

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Selected Papers & Publications (9)

Inflation Bets on the Long Bond

The Review of Financial Studies

H. Hong, D. Sraer, J. Yu


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Banking Integration and House Price Comovement

Journal of Financial Economics

D. Sraer, A. Landier, D. Thesmar


Housing Collateral and Entrepreneurship

Journal of Finance

D. Sraer, M. Schmalz and D. Thesmar


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Speculative Betas

Journal of Finance

D. Sraer, H. Hong


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Are Retail Traders compensated for Liquidity Provision?

Journal of Financial Economics

D. Sraer, J.N. Barrot and R. Kaniel


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Quiet Bubbles

Journal of Financial Economics

Hong, H. and Sraer, D


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The Collateral Channel: How Real Estate Shocks affect Corporate Investment

American Economic Review

Chaney, T., Sraer, D. and Thesmar, D


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Individual Investors and Volatility

Journal of Finance

Foucault, T., Sraer, D. and Thesmar, D.J.


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Growth LBOs

Journal of Financial Economics

Boucly, Q., Sraer, D. and Thesmar, D.


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Teaching (3)

Behavioral Finance

MBA, MFE, and Undergrads

MFE 230S

Behavioral finance and inefficient markets


Introduction to Finance