Antoinette Schoar is a German-American economist, currently the Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship at the
MIT Sloan School of Management
The MIT Sloan School of Management (MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts.
MIT Sloan offers bachelor's, master's, and doctoral degree programs, ...
.
Education and career
Schoar received her Diploma in Economics from the
University of Cologne
The University of Cologne (german: Universität zu Köln) is a university in Cologne, Germany. It was established in the year 1388 and is one of the most prestigious and research intensive universities in Germany. It was the sixth university to ...
in 1995 and received her Ph.D. in Economics from the
University of Chicago
The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...
in 2000, advised by
Sherwin Rosen
Sherwin Rosen (September 29, 1938 – March 17, 2001) was an American labor economist. He had ties with many American universities and academic institutions including the University of Chicago, the University of Rochester, Stanford University a ...
. In 2000, she joined MIT as an assistant professor in finance and became a full professor in 2008. She has served on the inaugural advisory board of the
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mo ...
.
Aside from her academic career and her time at the Consumer Financial Protection Bureau, Schoar is also a co-founder of
ideas42, a non-profit that uses research done in behavioral economics and psychology in order to solve various social problems. Through ideas42, Schoar is able to combine her expertise in entrepreneurship and academia.
Research
Together with
Marianne Bertrand
Marianne Bertrand (born c. 1970) is a Belgian economist who currently works as Chris P. Dialynas Professor of Economics at the University of Chicago's Booth School of Business. Bertrand belongs to the world's most prominent labour economists in ...
, Antoinette Schoar has investigated the effect of managers on firm policies in the U.S., finding that a large share of differences between firms' investment, financial, and organizational practices are due to differences in their managers and, more importantly, their management style, with older managers generally being more conservative and managers with MBA degrees being generally more aggressive in terms of corporate decisions. In work with Bertrand and
David Thesmar, Schoar observes that after the deregulation of banking in France in 1985, banks became less willing to bail out firms with poor performance and firms being more dependent on banks became more likely to restructure, with rising rates of job and asset reallocation, higher allocative efficiency, and a less concentrated banking sector, an observation in line with
Schumpeterian processes of
creative destruction
Creative destruction (German: ''schöpferische Zerstörung'') is a concept in economics which since the 1950s is the most readily identified with the Austrian-born economist Joseph Schumpeter who derived it from the work of Karl Marx and pop ...
. Schoar and Bertrand have also conducted research on the role of family for
family enterprises, finding that family values tend to be associated with lower economic development - though differently than
trust
Trust often refers to:
* Trust (social science), confidence in or dependence on a person or quality
It may also refer to:
Business and law
* Trust law, a body of law under which one person holds property for the benefit of another
* Trust (bus ...
- and more family firms, are fairly stable over time, don't react much to economic changes, and don't appear to reflect weak formal institutions. In further research on this topic in
Thailand
Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...
with
Simon Johnson and Krislert Samphantharak, Schoar and Bertrand find family involvement in the ownership of family businesses to increase in family size, though firm performance decreases the more the founders' sons become involved, possibly because of a "race to the bottom" wherein, fearing the dilution of ownership and control over the business group, the descendants attempt to tunnel resources out of the group's firms.
Recognition
In 2021 she was named a
Fellow of the Econometric Society
In the scientific discipline of economics, the Econometric Society is a learned society devoted to the advancement of economics by using mathematical and statistical methods. This article is a list of its (current and in memory) fellows.
Fellows
...
.
Selected publications
*Kaplan, S.N., Schoar, A. (2005). Private equity performance: Returns, persistence, and capital flows. ''Journal of Finance'', 60(4), pp. 1791–1823.
*Schoar, A. (2002). Effects of corporate diversification on productivity. ''Journal of Finance'', 57(6), pp. 2379–2403.
*Lerner, J., Schoar, A. (2005). Does legal enforcement affect financial transactions? The contractual channel in private equity. ''Quarterly Journal of Economics'', 120(1), pp. 223–246.
*Lerner, J., Schoar, A., Wongsunwai, A. (2007). Smart institutions, foolish choices: The limited partner performance puzzle. ''Journal of Finance'', 62(2), pp. 731–764.
*Afonso, G., Kovner, A., Schoar, A. (2011). Stressed, not frozen: The federal funds market in the financial crisis. ''Journal of Finance'', 66(4), pp. 1109–1139.
References
External links
*
*
*
{{DEFAULTSORT:Schoar, Antoinette
Year of birth missing (living people)
Living people
University of Chicago alumni
MIT Sloan School of Management faculty
American economists
Fellows of the Econometric Society