Research

Markets, investors,
and how price informs.

Theoretical, empirical, and computational work on institutional investors and asset management, index investing and ETFs, early-stage financing and IPOs, taxes and retirement planning, and FinTech.

David C. Brown

Published & forthcoming

ETF Arbitrage, Non-Fundamental Demand and Return Predictability
with Shaun W. Davies & Matthew Ringgenberg · Review of Finance, 2021
★ Editor's Choice Lead Article · Spängler/IQAM Runner-up
Financing Efficiency of Securities-Based Crowdfunding
with Shaun W. Davies · Review of Financial Studies, 2020
Tax Uncertainty and Retirement Savings Diversification
with Scott Cederburg & Michael O'Doherty · Journal of Financial Economics, 2017
★ TIAA Paul A. Samuelson Award
Moral Hazard in Active Asset Management
with Shaun W. Davies · Journal of Financial Economics, 2017
Dominated ETFs
with Scott Cederburg & Mitch Towner · forthcoming, Critical Finance Review

Working papers

Off Target: On the Underperformance of Target Date Funds
with Shaun W. Davies · media coverage in the Wall Street Journal & The Street
Target Date Fund Glide Paths
with Shaun Davies & Austin Sobotka
On the Origins of IPO Profits
with Sergei Kovbasyuk & Tamara Nefedova
Investing in Security Price Informativeness: The Role of IPO Underpricing
NASDAQ OMX Ph.D. Dissertation Grant

Recognition

Research honors

  • TIAA Paul A. Samuelson Award (2018)
  • WU Gutmann Center Best Discussant Prize (2017)
  • McGraw-Hill/Irwin Distinguished Paper Award, SWFA (2013)
  • Finance Theory Group member (2019–)

Selected media

Wall Street Journal · Financial Times · Bloomberg · Forbes · Consumer Reports · The Street · Rational Reminder Podcast