Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices

After working as an investment banker with Morgan Stanley in London, he then earned a PhD in Financial Economics at the MIT Sloan School of Management, where he was a Fulbright Scholar. During his studies, he spent his first summer as an Associate in Morgan Stanley's Fixed Income Division in New York. Alex joined Wharton in 2007 as an Assistant Professor of Finance, where he has won five teaching awards in two years. Alex's research interests are in corporate finance and investments. His study on the link between employee satisfaction and shareholder returns won the 2007 Moskowitz Prize for Socially Responsible Investing research. His PhD thesis on the effect of international soccer results on investor sentiment and stock returns was a finalist for the Smith-Breeden Prize for best paper in the Journal of Finance. His paper on corporate governance via 'voting with your feet' is forthcoming in the Journal of Finance, and a theory showing that executive compensation may be more efficient than commonly believed is forthcoming in the Review of Financial Studies. Alex's research has been covered by the Wall Street Journal, The Economist, Financial Times and New York Times, and he has appeared on CNBC, ESPN, Fox and the BBC.