Peter M. DeMarzo

Philip H. Knight Professor and Dean of the Graduate School of Business (Interim)
The John G. McDonald Professor of Finance
Senior Fellow, Stanford Institute for Economic Policy Research
Peter M. DeMarzo

Bio

Peter DeMarzo is the Philip H. Knight Professor and Dean of the Stanford Graduate School of Business (Interim). He is also the John G. McDonald Professor of Finance, and founder and co-director of the LEAD Stanford Online Business Program. DeMarzo is an economist specializing in corporate investment and financing, asset securitization, financial contracting, and market regulation. 

His recent research includes bank capital regulation, sovereign and corporate debt dynamics, the optimal design of securities and compensation mechanisms, peer effects in asset pricing, financial market regulation, and corporate disclosure and investment policies. He is co-author of Corporate Finance and Fundamentals of Corporate Finance and has served as president of the Western Finance Association and the American Finance Association. He is a fellow of the Econometric Society and the American Finance Association, and a research associate of the National Bureau of Economic Research. 

Before joining Stanford, DeMarzo was on the faculty of UC Berkeley’s Haas School of Business, Northwestern University’s Kellogg Graduate School of Management, and a national fellow at the Hoover Institution. He received a PhD in economics and an MS in operations research from Stanford University, and a BA in cognitive science and in applied mathematics from UC San Diego. His research has received best paper awards from the Journal of Finance, the Review of Financial Studies, the Western Finance Association, and the Utah Winter Finance Conference. He has won best teaching awards at both Stanford GSB and the Haas School of Business. He currently teaches MBA and PhD courses in Corporate Finance and Financial Modeling.

Administrative Titles

Co-Director, Stanford LEAD Online Business Program

Stanford University Affiliations

Academic Degrees

  • PhD, Stanford University, 1989
  • MS, Stanford University, 1985
  • BA, UC San Diego, 1984

Academic Appointments

  • At Stanford 1995-1997 and since 2000
  • Associate Professor, Haas School of Business, UC Berkeley, 1997–99
  • Visiting Associate Professor, Stanford GSB, 1995–97
  • Associate Professor, Kellogg Graduate School of Management, Northwestern University, 1992–97
  • National Fellow, Hoover Institution, 1992–93
  • Asst. Professor, Kellogg Graduate School of Management, Northwestern University, 1989–92

Awards and Honors

  • Robert and Marilyn Jaedicke Faculty Fellow, 2023–24
  • Fellow, Econometric Society
  • Fellow and former President, American Finance Association
  • Coulter Family Faculty Fellow for 2019–20
  • Davis Award, 2019
  • Coulter Family Faculty Fellow, 2017–19
  • Ormond Family Faculty Fellow, 2013–14
  • Western Finance Association Best Paper Award, 2016 and 2001
  • Utah Winter Finance Best Paper Award, 2016 and 2004
  • Review of Financial Studies Best Paper Award, 2006 and 2008
  • GSB Sloan Teaching Excellence Award, 2004 and 2006
  • Cheit Outstanding Teaching Award, Haas School of Business
  • Clarendon Lectures, Oxford University, 2011
  • Bettis Distinguished Scholar, 2010

Service to the Profession

    • Research Associate, National Bureau of Economic Research, 2003-present
    • President, American Finance Association, 2018-2019
    • Fellow, American Finance Association, 2019-present
    • President, Western Finance Association, 2010-2011
    • Fellow, Econometric Society, 2020-present
    • Fellow, Society for the Advancement of Economic Theory, 2021-present
    • Fellow, Finance Theory Group, 2012-present

    Research Statement

    Professor Peter DeMarzo’s research is in the area of corporate finance, asset securitization, and contracting, as well as market structure and regulation. Recent work has examined the optimal design of securities, leverage dynamics, compensation mechanisms, regulation of insider trade, bank capital regulation, and the influence of information asymmetries on corporate disclosures and investment.

    Journal Articles

    Peter M. DeMarzo, Ron Kaniel
    The Journal of Finance
    October 2023 Vol. 78 Issue 5 Pages 2725–2778
    Peter M. DeMarzo, Zhiguo He, Fabrice Tourre
    Journal of Political Economy
    October 2023 Vol. 131 Issue 10 Pages 2825-2892
    Peter M. DeMarzo, Zhiguo He
    The Journal of Finance
    June 2021 Vol. 76 Issue 3 Pages 1195–1250
    Peter M. DeMarzo
    The Journal of Finance
    August 2019 Vol. 74 Issue 4 Pages 1587-1619
    Peter M. DeMarzo, Ilan Kremer, Andrej Skrzypacz
    American Economic Review
    June 2019 Vol. 109 Issue 6 Pages 2173-2207
    Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig, Paul Pfleiderer
    The Journal of Finance
    February 2018 Vol. 73 Issue 1 Pages 145-198
    Yuliy Sannikov, Peter M. DeMarzo
    The Review of Economic Studies
    May 2, 2016 Vol. 84 Issue 1 Pages 182-236
    Peter M. DeMarzo
    Journal of Economic Theory
    January 22, 2016 Vol. 163 Pages 410-434
    Peter M. DeMarzo, Michael J. Fishman, Zhiguo He, Neng Wang
    The Journal of Finance
    December 2012 Vol. 67 Issue 6 Pages 2295–2340
    Peter M. DeMarzo
    American Economic Review
    December 2011 Vol. 101 Issue 7 Pages 2955-2979
    Peter M. DeMarzo, Ron Kaniel, Ilan Kremer
    Review of Financial Studies
    2008 Vol. 21 Issue 1 Pages 19-50
    Peter M. DeMarzo
    Review of Financial Studies
    2007 Vol. 20 Pages 151-188
    Peter M. DeMarzo, Michael J. Fishman
    Review of Financial Studies
    2007 Vol. 20 Issue 6 Pages 2079-2128
    Peter M. DeMarzo, Ron Kaniel, Ilan Kremer
    Journal of Financial Economics
    2007 Vol. 85 Issue 3 Pages 735-754
    Peter M. DeMarzo, Yuliy Sannikov
    Journal of Finance
    December 2006 Vol. 61 Issue 6 Pages 2681-2724
    Peter M. DeMarzo, Branko Uroševic
    Journal of Political Economy
    2006 Vol. 114 Issue 4 Pages 774-815
    Peter M. DeMarzo, Ilan Kremer, Andrzej Skrzypacz
    The American Economic Review
    September 2005 Vol. 95 Issue 4 Pages 936-959
    Peter M. DeMarzo
    Review of Economic Studies
    2005 Vol. 72 Pages 687-706
    Peter M. DeMarzo
    Review of Financial Studies
    2005 Vol. 18 Pages 1-35
    Peter M. DeMarzo, Ron Kaniel, Ilan Kremer
    Journal of Finance
    2004 Vol. 59 Issue 4 Pages 1677–1716
    Peter M. DeMarzo, Dimitri Vayanos, Jeffrey Zwiebel
    Quarterly Journal of Economics
    2003 Vol. 118 Issue 3 Pages 909-968
    Peter M. DeMarzo, Darrell Duffie
    Econometrica
    1999 Vol. 67 Issue 1 Pages 65–99
    Peter M. DeMarzo
    Economic Theory
    1999 Vol. 13 Pages 1-24
    Peter M. DeMarzo
    Journal of Financial Intermediation
    1999 Vol. 8 Pages 241-269
    Peter M. DeMarzo
    Journal of Economic Theory
    1998 Vol. 80 Pages 123-152
    Peter M. DeMarzo
    Journal of Political Economy
    1998 Vol. 1998 Pages 602-632
    Peter M. DeMarzo
    Journal of Mathematical Economics
    1996 Vol. 26 Pages 479-497
    Peter M. DeMarzo
    Econometrica
    1996 Vol. 64 Pages 1-27
    Peter M. DeMarzo
    Mathematics of Operations Research
    1996 Vol. 21 Pages 26-43
    Peter M. DeMarzo
    Review of Financial Studies
    1995 Vol. 8 Pages 743-771
    Peter M. DeMarzo
    Review of Economic Studies
    1993 Vol. 60 Pages 713-734
    Peter M. DeMarzo
    Games and Economic Behavior
    1992 Vol. 4 Pages 72-100
    Peter M. DeMarzo
    Journal of Political Economy
    1992 Vol. 100 Pages 41-61
    Peter M. DeMarzo
    Journal of Economic Theory
    1991 Vol. 1991 Pages 261-286

    Working Papers

    Arvind Krishnamurthy, Peter M. DeMarzo, Stefan Nagel September 2024
    Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig , Paul Pfleiderer November 2017
    Peter M. DeMarzo, Dmitry Livdan, Alexei Tchistyi 2014

    Other Publications

    Peter M. DeMarzo, Arvind Krishnamurthy, Joshua D. Rauh
    Stanford GSB
    March 2020

    Books

    Jonathan B. Berk, Peter M. DeMarzo
    Pearson
    Boston
    2023
    Jonathan B. Berk, Peter M. DeMarzo, Jarrad Harford
    Pearson
    Boston
    2023

    Book Chapters

    Anat R. Admati, Peter M. DeMarzo, Martin Hellwig, Paul Pfleiderer
    Central Banks at a Crossroads: Europe and Beyond
    2014 Pages 33-50

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