Anat R. Admati

The George G.C. Parker Professor of Finance and Economics
Professor of Economics (by courtesy), School of Humanities and Sciences
Senior Fellow, Stanford Institute for Economic Policy Research
Senior Fellow (by courtesy), Freeman Spogli Institute for International Studies
Susan Ford Dorsey Faculty Fellow for 2024–2025
Academic Area:
Anat R. Admati

Bio

Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford Graduate School of Business and a senior fellow at Stanford Institute for Economic Policy Research. Her disciplinary interests lie in the interaction of business, law and policy, and specifically governance and accountability mechanisms in the private sector and in government. Admati is also Faculty Director of the Corporations and Society Initiative at the GSB, whose mission is to raise awareness and increase understanding of the complex interactions among people, corporations and governments.

Since 2010, Admati has been engaged in the policy debates around the globe related to financial regulations and corporate accountability. Her insights have been featured in media outlets, including the New York Times, Washington Post, Wall Street Journal, Bloomberg, the Financial Times, CNN, and PBS. In 2014, Admati was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers.

Admati has written academic papers on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It (Princeton Press 2013). A 10th anniversary update will be published in 2023.

Admati holds BSc from the Hebrew University, MA, MPhil, and PhD from Yale University and an honorary doctorate from University of Zurich. She is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a former member of the FDIC’s Systemic Resolution Advisory Committee, the CFTC’s Market Risk Advisory Committee, and visiting scholar at the International Monetary Fund.

Stanford GSB Affiliations

Academic Degrees

  • PhD, Yale University, 1983
  • MA, Yale University, 1981
  • BSc, Hebrew University, Jerusalem, 1979

Academic Appointments

  • George G.C. Parker Professor of Finance and Economics, Stanford GSB, 2009–present.
  • Professor by Courtesy, Department of Management Science and Engineering and Department of Economics, Stanford University, 2004–present
  • Joseph McDonald Professor of Finance and Economics, Stanford GSB, 2000–09
  • Professor of Finance and Economics, Stanford GSB, 1992–2000
  • Visiting Professor of Economics, Tel-Aviv University, Economics, 1997–98
  • Associate Professor of Finance and Economics, Stanford GSB, 1986–92
  • Visiting Associate Professor of Finance, Tel-Aviv University, Recanati School of Management, 1989–90
  • Assistant Professor of Decision Sciences, Stanford GSB, 1983–86

Awards and Honors

  • Fellow of the Econometric Society, 2004–present
  • Charles and Melissa Froland Faculty Fellow, 2020–21
  • Robert & Marilyn Jaedicke Faculty Fellow, 2015–16
  • Michelle R. Clayman Faculty Fellow, Stanford GSB, 2013–14
  • Business School Trust Fellowship, Stanford Graduate School of Business, 2004–2005, 2009–2010, 2011–12
  • Runner up for the Barclays Global Investors/Michael Brennan prize for the Best Paper in Volume 13 of the Review of Financial Studies, for “Forcing Firms to Talk: Financial Disclosure Regulation and Externalities” (with Paul Pfleiderer), 2001
  • Board of Directors, American Finance Association, 1995–98
  • NSF grant (with Paul Pfleiderer), 1993–95
  • James and Doris McNamara Fellowship, Stanford GSB, AY 1993–94
  • Robert M. and Anne T. Bass Fellowship, AY 1990–91
  • Co-winner of NYSE Prize for the. Best Paper in the RFS-WFA-NYSE Market Microstructure Symposium, for “Sunshine Trading and Financial Market Equilibrium” (with Paul Pfleiderer), 1990
  • Q-Group grant (with Paul Pfleiderer), 1989
  • Alfred A. Sloan Research Fellowship, 1987–89
  • Batterymarch Fellowship, 1987–88
  • Prize for the best paper in the first volume of the Review of Financial Studies, for “A Theory of Intraday Trading Patterns: Volume and Price Variability” (with Paul Pfleiderer), 1987

Service to the Profession

    • FDIC Systemic Resolution Advisory Committee
    • CFTC Market Risk Advisory Committee
    • Founding Member, President, Foundation for the Advancement of Research in Financial Economics, 2006-present
    • Fellow, The Econometric Society, 2005-present
    • Advisory Board Member, Journal of Financial Markets, 1998-present
    • Associate Editor, Journal of Finance, 1990-present
    • Associate Editor, Review of Financial Studies, 1987-1991

    Journal Articles

    Anat R. Admati
    Oxford Review of Economic Policy
    November 8, 2021 Vol. 37 Issue 4 Pages 678–689
    Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig, Paul Pfleiderer
    The Journal of Finance
    February 2018 Vol. 73 Issue 1 Pages 145-198
    Anat R. Admati
    Journal of Economic Perspectives
    July 2017 Vol. 31 Issue 3 Pages 131-150
    Anat R. Admati
    National Institute Economic Review
    February 2016 Vol. 235 Issue 1 Pages R4-R14
    Anat R. Admati
    Journal of Legal Studies
    2014 Vol. 43 Issue 3 Pages s35 - s61
    Anat R. Admati
    North Carolina Banking Institute
    November 2013 Vol. 18 Pages 71-81
    Anat R. Admati, Peter Conti-Brown, Paul Pfleiderer
    UCLA Law Review
    2012 Vol. 59 Issue 4 Pages 853-913
    Anat R. Admati, Paul Pfleiderer
    Review of Financial Studies
    2009 Vol. 22 Pages 2245-2285
    Anat R. Admati, Paul Pfleiderer
    International Economic Review
    2004 Vol. 45 Issue 2 Pages 467-498
    Anat R. Admati
    Journal of Economic Literature
    December 2000 Vol. 38 Issue 4 Pages 936-991
    Anat R. Admati, Paul Pfleiderer
    Review of Financial Studies
    2000 Vol. 13 Issue 3 Pages 479-519
    Anat R. Admati, Paul Pfleiderer
    The Journal of Business
    1997 Vol. 70 Issue 3 Pages 323-350
    Anat R. Admati, Paul Pfleiderer, Josef Zechner
    Journal of Political Economy
    1994 Vol. 102 Issue 6 Pages 1097-1130
    Anat R. Admati, Paul Pfleiderer
    Journal of Finance
    1994 Vol. 49 Issue 2 Pages 371–402
    Anat R. Admati, Paul Pfleiderer
    The New Palgrave Dictionary of Money and Finance
    1993
    Anat R. Admati, Paul Pfleiderer
    The New Palgrave Dictionary of Money and Finance
    1993
    Anat R. Admati, Motty Perry
    Review of Economic Studies
    1991 Vol. 58 Issue 2 Pages 259-276
    Anat R. Admati, Paul Pfleiderer
    Review of Financial Studies
    1991 Vol. 4 Issue 3 Pages 443-481
    Anat R. Admati, Paul Pfleiderer
    Econometrica
    1990 Vol. 58 Issue 4 Pages 901-928
    Anat R. Admati, Paul Pfleiderer
    Review of Financial Studies
    1989 Vol. 2 Pages 189–223
    Anat R. Admati
    Frontiers of Modern Financial Theory: Volume 2 (Financial Markets and Incomplete Information)
    1989 Pages 139–152
    Anat R. Admati, Paul Pfleiderer
    Review of Financial Studies
    1988 Vol. 1 Issue 1 Pages 3-40
    Anat R. Admati, Paul Pfleiderer
    American Economic Review
    1988 Vol. 78 Issue 2, Papers and Proceedings of the One-Hundredth Annual Meeting of the American Economic Association Pages 96–103
    Anat R. Admati, Motty Perry
    Review of Economic Studies
    1987 Vol. 54 Issue 3 Pages 345-364
    Anat R. Admati, Paul Pfleiderer
    Journal of Economic Theory
    1987 Vol. 43 Issue 1 Pages 76-115
    Anat R. Admati, Paul Pfleiderer
    Journal of Economic Theory
    1986 Vol. 39 Issue 2 Pages 400–438
    Anat R. Admati, Sudipto Bhattacharya, Paul Pfleiderer, Stephen A. Ross
    Journal of Finance
    1986 Vol. 41 Issue 3 Pages 715-730
    Anat R. Admati
    Econometrica
    1985 Vol. 53 Issue 3 Pages 629-657
    Anat R. Admati, Paul Pfleiderer
    Journal of Economic Theory
    1985 Vol. 35 Issue 1 Pages 191–195
    Anat R. Admati, Stephen A. Ross
    Journal of Business
    1985 Vol. 58 Issue 1 Pages 1-26

    Working Papers

    Anat R. Admati January 5, 2020
    Anat R. Admati, Martin F. Hellwig February 18, 2013

    Other Publications

    Anat R. Admati
    Stanford Social Innovation Review
    December 2019 Vol. Winter 2020

    Books

    Anat R. Admati, Martin Hellwig
    Princeton University Press
    Princeton
    2024

    Book Chapters

    Anat R. Admati, Martin F. Hellwig
    CIGI Press
    October 15, 2019
    Anat R. Admati
    Just Financial Markets? Finance in a Just Society
    2017 Pages Ch 13
    Anat R. Admati
    Progress and Confusion: The State of Macroeconomic Policy
    2016 Pages 61-72
    Anat R. Admati, Peter M. DeMarzo, Martin Hellwig, Paul Pfleiderer
    Central Banks at a Crossroads: Europe and Beyond
    2014 Pages 33-50

    In the Media

    Insights by Stanford Business

    December 05, 2024
    Wrap up the year with big ideas, great stories — and a little bit of synth.
    December 05, 2023
    New ideas never go out of season.
    July 11, 2023
    In this episode, Anat Admati explains why we can’t build trust without a solid foundation of rules.
    May 24, 2023
    Union advocate says organizing efforts shouldn't be seen as disloyal.
    May 01, 2023
    From VC and ESG to China and crypto — the topics and trends that professors are watching most closely.
    March 15, 2023
    Four finance professors talk about the ongoing risks banks face and the consequences of backstopping uninsured deposits.
    October 27, 2022
    Five lessons in five minutes: Anat Admati and Robert E. Siegel, on leaders’ roles in creating trustworthy institutions and markets.
    February 02, 2021
    A Stanford conference explores the many ways that corporate leaders wield power over government.
    October 08, 2020
    Friedman’s credo that corporations should focus only on maximizing shareholder value rests on assumptions that are “far from true in the real world.”
    March 26, 2020
    An open letter drafted by Stanford professors says the coronavirus stimulus package should benefit workers — not corporations and their wealthy shareholders.
    February 14, 2020
    We don’t have to choose between capitalism and socialism. What we need is a system in which corporations can thrive without distorting the economy — or democracy itself.
    December 06, 2019
    Stanford GSB professors recommend the books they’re most likely to give as presents over this year’s holiday season.
    July 12, 2019
    Anat R. Admati explains why our financial system still struggles with misconduct.
    July 02, 2019
    Escape the heat with books recommended by Stanford business professors.
    April 24, 2019
    Facebook’s loudest critic says social media profits by manipulating consumers.
    March 15, 2019
    Expert panelists put corporate wrongdoing in its broader context.
    December 17, 2018
    The health company’s plummet carries valuable lessons for Silicon Valley.
    September 14, 2018
    Stanford GSB faculty suggest books and articles related to the theme.
    August 06, 2018
    The rise of institutional investors threatens competition, hurts consumers, and might qualify as a new kind of monopoly.
    December 05, 2017
    15 Stanford business professors recommend books for those long winter nights.
    November 30, 2017
    In an era of “toothless” rules, the best fix might be as simple as paying congressional staffers more.
    August 14, 2017
    A Stanford professor skewers a few fallacies often advanced by politicians and regulators.
    July 25, 2017
    A federal judge says fear of prison is the best way to deter bad behavior.
    August 30, 2016
    Stanford GSB professors suggest articles and books related to the concept of “equity.”
    June 17, 2016
    Banks are not alone when it comes to being overleveraged.
    December 19, 2015
    Explore Stanford Business stories from 2015, including pieces on technology, finance, and work-life balance.
    June 17, 2015
    A bank CEO explains what finance, food and climate change have to do with charitable giving.
    May 19, 2015
    A scholar and a former regulator both warn that safeguards are lacking to prevent another financial crisis.
    April 24, 2014
    Recently named to Time magazine’s list of the 100 most influential people, the Stanford professor discusses her impact on global finance.
    October 29, 2013
    A finance professor says big banks need tougher capital regulations — for our sake, and for theirs.
    January 28, 2013
    How, and why, Stanford's Anat Admati took on the banking system.
    May 14, 2012
    Why bankers like leverage — and what that could mean for the global financial system.
    June 01, 2011
    Boston Fed CEO Eric Rosengren says money market mutual funds are vulnerable to the European debt crisis.
    September 01, 2010
    A finance professor says raising bank capital requirements would produce widespread social benefits as well.
    September 01, 1996
    Two scholars say it's time to ask if the people investing your money are properly motivated.

    School News

    April 22, 2024
    A new program opens Stanford GSB to undergraduates for the first time.
    October 25, 2023
    In Washington and around the globe, faculty are helping policymakers untangle knotty problems.
    October 09, 2023
    Students flock to initial offerings this fall.
    December 06, 2022
    Articles, videos, and podcasts that capture great teaching and memorable lessons.
    April 25, 2022
    A new course pushes students (and instructors and guests) to question their assumptions and confront real-world challenges.
    July 17, 2019
    A new Stanford GSB course probes the online world’s growing problems and potential remedies.
    June 20, 2018
    With the Corporations and Society Initiative, Anat R. Admati hopes to make Stanford GSB a better citizen of the world.
    October 06, 2017
    What do an adman and an investigative reporter have to teach us about corporations and society? Visiting experts challenge assumptions.
    April 17, 2015
    New elective course encourages students to think about the broader implications of finance.

    Videos and Podcasts