International Center for Finance | Yale School of Management

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<section class="layout--m layout--margin-m layout layout--one-column" aria-labelledby="paragraph-heading-477"> <div class="layout__content"> <div class="layout__regions"> <div class="layout__region layout__region--one"> <div id="paragraph-heading-477" class="paragraph paragraph--type--heading" > <h2 class="heading heading--none heading--light heading--l "> Providing academic and professional support for research in financial economics. </h2> </div> </div> </div> </div> </section> <div class="layout--l layout--margin-m layout layout--one-column"> <div class="layout__content"> <div class="layout__regions"> <div class="layout__region layout__region--one"> <div id="paragraph-gallery-15555" class="paragraph paragraph--type--gallery paragraph--view-mode--default"> <div class="slick blazy blazy--nojs slick--field slick--field-slide slick--field-slide--default is-b-captioned slick--optionset--default" data-blazy=""><div id="slick-ccef8692de1" data-slick="{"count":2,"total":2,"rows":0,"mouseWheel":true,"variableWidth":true,"lazyLoad":"blazy"}" class="slick__slider"><div class="slick__slide slide slide--0 slick--image"> <div class="slide__content"> <div class="slide__media"> <div data-b-token="b-a6581138383" class="media media--blazy media--slick media--bundle--image media--image media--responsive"> <picture> <source srcset="/sites/default/files/styles/card_672_/public/2024-11/241007_yale_investerbias_2.jpg.webp?itok=5TyDBUeh 1x, /sites/default/files/styles/card_1344_/public/2024-11/241007_yale_investerbias_2.jpg.webp?itok=byw4kB0A 2x" media="all and (min-width: 768px)" type="image/webp" width="672" height="415"/> <source srcset="/sites/default/files/styles/card_420_/public/2024-11/241007_yale_investerbias_2.jpg.webp?itok=mkY31MG4 1x, /sites/default/files/styles/card_800_/public/2024-11/241007_yale_investerbias_2.jpg.webp?itok=3Z47iVUZ 2x" type="image/webp" width="420" height="260"/> <img decoding="async" class="media__element" src="/sites/default/files/styles/card_140_/public/2024-11/241007_yale_investerbias_2.jpg.webp?itok=9mk7up-t" width="140" height="87" alt="Retirement illustration" loading="lazy" /> </picture> </div> </div> <div class="slide__caption"><h2 class="slide__title"><a href="https://insights.som.yale.edu/insights/why-its-harder-for-women-founders-to-get-venture-capital-funding">Why It鈥檚 Harder for Women Founders to Get Venture Capital Funding</a></h2><div class="slide__description"> <span class="field-byline">Heather E. Tookes</span> <span class="field-date-gallery"><time datetime="2024-10-18T12:00:00Z">October 18, 2024</time> </span> </div></div></div></div><div class="slick__slide slide slide--1 slick--image"> <div class="slide__content"> <div class="slide__media"> <div data-b-token="b-839a15431bb" class="media media--blazy media--slick media--bundle--image media--image media--responsive"> <picture> <source srcset="/sites/default/files/styles/card_672_/public/2024-11/20241018_172119222_iOS_0.jpg.webp?itok=PHgQiMbR 1x, /sites/default/files/styles/card_1344_/public/2024-11/20241018_172119222_iOS_0.jpg.webp?itok=NTCx_8cd 2x" media="all and (min-width: 768px)" type="image/webp" width="672" height="415"/> <source srcset="/sites/default/files/styles/card_420_/public/2024-11/20241018_172119222_iOS_0.jpg.webp?itok=-MpnFq3W 1x, /sites/default/files/styles/card_800_/public/2024-11/20241018_172119222_iOS_0.jpg.webp?itok=rWpY5het 2x" type="image/webp" width="420" height="260"/> <img decoding="async" class="media__element" src="/sites/default/files/styles/card_140_/public/2024-11/20241018_172119222_iOS_0.jpg.webp?itok=7wQ0QA3o" width="140" height="87" alt="Y-AREA 2024" loading="lazy" /> </picture> </div> </div> <div class="slide__caption"><h2 class="slide__title"><a href="/story/2024/icf-hosts-2024-yale-alumni-real-estate-association-conference">ICF Hosts the 2024 Yale Alumni Real Estate Association Conference</a></h2><div class="slide__description"> <span class="field-date-gallery"><time datetime="2024-10-23T12:00:00Z">October 23, 2024</time> </span> </div></div></div></div></div> <nav class="slick__arrow"> <button type="button" data-role="none" class="slick-prev" aria-label="Previous" tabindex="0"> <span class="slick__arrow-text">Previous</span> <span class="animated-arrow animated-arrow--left"> </span> </button> <button type="button" data-role="none" class="slick-next" aria-label="Next" tabindex="0"> <span class="slick__arrow-text">Next</span> <span class="animated-arrow animated-arrow--right"> </span> </button> </nav> </div> </div> </div> </div> </div> </div> <section class="layout--l layout layout--one-column" aria-labelledby="paragraph-heading-99437"> <div class="layout__content"> <div class="layout__regions"> <div class="layout__region layout__region--one"> <div id="paragraph-heading-99437" class="paragraph paragraph--type--heading" > <h3 class="heading heading--thick heading--bold heading--m "> Faculty Research </h3> </div> </div> </div> </div> </section> <section class="layout--l layout layout--three-column"> <div class="layout__content"> <div class="layout__regions"> <div class="layout__region layout__region--one"> <div class="paragraph paragraph--image" data-aspect-ratio=""> <div class="media media--image media--half-scaled" role="group"> <picture> <source srcset="/sites/default/files/styles/scaled_1344_/public/2024-11/Hampole.PNG.webp?itok=jTxZAQNS 1x, /sites/default/files/styles/scaled_2688_/public/2024-11/Hampole.PNG.webp?itok=qeXpOjW3 2x" media="all and (min-width: 1080px)" type="image/webp" width="140" height="98"/> <source srcset="/sites/default/files/styles/scaled_672_/public/2024-11/Hampole.PNG.webp?itok=UfFNvgka 1x, /sites/default/files/styles/scaled_1344_/public/2024-11/Hampole.PNG.webp?itok=jTxZAQNS 2x" media="all and (min-width: 768px)" type="image/webp" width="140" height="98"/> <source srcset="/sites/default/files/styles/scaled_420_/public/2024-11/Hampole.PNG.webp?itok=6niugLeF 1x, /sites/default/files/styles/scaled_840_/public/2024-11/Hampole.PNG.webp?itok=MY3r48du 2x" type="image/webp" width="140" height="98"/> <img src="/sites/default/files/styles/scaled_140_/public/2024-11/Hampole.PNG.webp?itok=Du-nP9ZI" width="140" height="98" alt="Peer Effects Figure 1" loading="lazy" /> </picture> </div> </div> <div id="paragraph-heading-99427" class="paragraph paragraph--type--heading" > <h4 class="heading heading--none heading--bold heading--s "> Peer Effects and the Gender Gap in Corporate Leadership: Evidence from MBA Students </h4> </div> <div class="text-long"><p class="has-size-sm">Women continue to be underrepresented in corporate leadership positions. This paper studies the role of social connections in women's career advancement. We investigate whether access to a larger share of female peers in business school affects the gender gap in senior managerial positions.</p><p class="has-size-sm"><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4991793">Learn More</a></p></div> </div> <div class="layout__region layout__region--two"> <div class="paragraph paragraph--image" data-aspect-ratio=""> <div class="media media--image media--half-scaled" role="group"> <picture> <source srcset="/sites/default/files/styles/scaled_1344_/public/2024-11/Replication_Fig1.PNG.webp?itok=9L44V6MB 1x, /sites/default/files/styles/scaled_2688_/public/2024-11/Replication_Fig1.PNG.webp?itok=W-dGcL42 2x" media="all and (min-width: 1080px)" type="image/webp" width="140" height="80"/> <source srcset="/sites/default/files/styles/scaled_672_/public/2024-11/Replication_Fig1.PNG.webp?itok=1F0Mq_wC 1x, /sites/default/files/styles/scaled_1344_/public/2024-11/Replication_Fig1.PNG.webp?itok=9L44V6MB 2x" media="all and (min-width: 768px)" type="image/webp" width="140" height="80"/> <source srcset="/sites/default/files/styles/scaled_420_/public/2024-11/Replication_Fig1.PNG.webp?itok=Zz4iCXbZ 1x, /sites/default/files/styles/scaled_840_/public/2024-11/Replication_Fig1.PNG.webp?itok=VcjzXGn4 2x" type="image/webp" width="140" height="80"/> <img src="/sites/default/files/styles/scaled_140_/public/2024-11/Replication_Fig1.PNG.webp?itok=ueG13feq" width="140" height="80" alt="Replication Crisis Figure 1" loading="lazy" /> </picture> </div> </div> <div id="paragraph-heading-99430" class="paragraph paragraph--type--heading" > <h4 class="heading heading--none heading--bold heading--s "> Is There a Replication Crisis in Finance? </h4> </div> <div class="text-long"><p class="has-size-sm">Several papers argue that financial economics faces a replication crisis because the majority of studies cannot be replicated or are the result of multiple testing of too many factors. We develop and estimate a Bayesian model of factor replication, which leads to different conclusions.</p><p class="has-size-sm"><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3781319">Learn More</a></p></div> </div> <div class="layout__region layout__region--three"> <div class="paragraph paragraph--image" data-aspect-ratio=""> <div class="media media--image media--half-scaled" role="group"> <picture> <source srcset="/sites/default/files/styles/scaled_1344_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=mbrJVZtz 1x, /sites/default/files/styles/scaled_2688_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=6dGjKpPX 2x" media="all and (min-width: 1080px)" type="image/webp" width="140" height="97"/> <source srcset="/sites/default/files/styles/scaled_672_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=hK1j1Yz- 1x, /sites/default/files/styles/scaled_1344_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=mbrJVZtz 2x" media="all and (min-width: 768px)" type="image/webp" width="140" height="97"/> <source srcset="/sites/default/files/styles/scaled_420_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=7MnL_aJA 1x, /sites/default/files/styles/scaled_840_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=K7OvRZc4 2x" type="image/webp" width="140" height="97"/> <img src="/sites/default/files/styles/scaled_140_/public/2024-11/Categorical_Thinking_Fig1.PNG.webp?itok=DUEC6js5" width="140" height="97" alt="Categorical Thinking Figure 1" loading="lazy" /> </picture> </div> </div> <div id="paragraph-heading-99433" class="paragraph paragraph--type--heading" > <h4 class="heading heading--none heading--bold heading--s "> Categorical Thinking about Interest Rates </h4> </div> <div class="text-long"><p class="has-size-sm">This paper identifies a common misconception that expected future changes in short-term interest rates predict corresponding future changes in long-term interest rates. People forecast similar shapes for the paths of short and long rates over the next four quarters. This is a mistake because long rates should already incorporate public information about future short rates and do not positively comove with expected changes in short rates.</p><p class="has-size-sm"><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4802300">Learn More</a></p></div> </div> </div> </div> </section> <section class="layout--l layout--margin-l layout layout--one-column" aria-labelledby="paragraph-heading-502"> <div class="layout__content"> <div class="layout__regions"> <div class="layout__region layout__region--one"> <div id="paragraph-heading-502" class="paragraph paragraph--type--heading" > <h3 class="heading heading--thick heading--m "> <a class="heading__heading-link" href="/centers/international-center-for-finance/headlines"> Center News </a> </h3> </div> <div class="views-element-container"><div class="js-view-dom-id-273f9fce976750f0e5366a68fa10b6372c3b5ec64804ba5236205d61a485c81c"> <div class="layout layout--view-grid layout--three-column"> <div class="layout__content"> <div class="layout__regions"> <div id="item-275431" data-js="node-teaser" class="som-row som-row--story som-row--media som-row--grid" > <figure class="som-row__image"> <picture> <source srcset="/sites/default/files/styles/square_800/public/2024-11/140116-SOM-045.jpg.webp?itok=EMAgRZtC 1x, /sites/default/files/styles/square_1280/public/2024-11/140116-SOM-045.jpg.webp?itok=ORVdOjuR 2x" media="all and (min-width: 1080px)" type="image/webp" width="800" height="800"/> <source srcset="/sites/default/files/styles/square_480/public/2024-11/140116-SOM-045.jpg.webp?itok=bER2mDeR 1x, /sites/default/files/styles/square_960/public/2024-11/140116-SOM-045.jpg.webp?itok=omuHqKL6 2x" media="all and (min-width: 768px)" type="image/webp" width="480" height="480"/> <source srcset="/sites/default/files/styles/square_320/public/2024-11/140116-SOM-045.jpg.webp?itok=Fvud3lP0 1x, /sites/default/files/styles/square_640/public/2024-11/140116-SOM-045.jpg.webp?itok=VEMnJ4Hd 2x" type="image/webp" width="320" height="320"/> <img src="/sites/default/files/styles/square_160/public/2024-11/140116-SOM-045.jpg.webp?itok=PFlnENg7" width="160" height="160" alt="A person speaking and gesturing " loading="lazy" /> </picture> </figure> <div class="som-row__content"> <h3 class="som-row__heading som-row__heading--m "> <a class="som-row__heading-link" href="/story/2024/historians-notebook-nobel-laureate-who-pioneered-modern-behavioral-finance-yale"> The Historian鈥檚 Notebook: The Nobel Laureate Who Pioneered Modern Behavioral Finance at Yale </a> </h3> </div> <div class="som-row__metadata"> </div> </div> <div id="item-275530" data-js="node-teaser" class="som-row som-row--story som-row--media som-row--grid" > <figure class="som-row__image"> <picture> <source srcset="/sites/default/files/styles/square_800/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=EdMt8LYV 1x, /sites/default/files/styles/square_1280/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=fKuLtinY 2x" media="all and (min-width: 1080px)" type="image/webp" width="800" height="800"/> <source srcset="/sites/default/files/styles/square_480/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=IgRpYRBu 1x, /sites/default/files/styles/square_960/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=DsDQmAng 2x" media="all and (min-width: 768px)" type="image/webp" width="480" height="480"/> <source srcset="/sites/default/files/styles/square_320/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=M2uK1oh9 1x, /sites/default/files/styles/square_640/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=vu9J2fUM 2x" type="image/webp" width="320" height="320"/> <img src="/sites/default/files/styles/square_160/public/2024-11/October%20Finance%20Faculty%20in%20the%20News.png.webp?itok=aUHchUM9" width="160" height="160" alt="October finance faculty news" loading="lazy" /> </picture> </figure> <div class="som-row__content"> <h3 class="som-row__heading som-row__heading--m "> <a class="som-row__heading-link" href="/story/2024/finance-faculty-news-october-2024"> Finance Faculty in the News: October 2024 </a> </h3> </div> <div class="som-row__metadata"> </div> </div> <div id="item-275201" data-js="node-teaser" class="som-row som-row--story som-row--media som-row--grid" > <figure class="som-row__image"> <picture> <source srcset="/sites/default/files/styles/square_800/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=bCItT2Vl 1x, /sites/default/files/styles/square_1280/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=WrpMaTTb 2x" media="all and (min-width: 1080px)" type="image/webp" width="800" height="800"/> <source srcset="/sites/default/files/styles/square_480/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=4zYnj4E4 1x, /sites/default/files/styles/square_960/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=1AozjRyJ 2x" media="all and (min-width: 768px)" type="image/webp" width="480" height="480"/> <source srcset="/sites/default/files/styles/square_320/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=5HTNhXg2 1x, /sites/default/files/styles/square_640/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=aY78m8y4 2x" type="image/webp" width="320" height="320"/> <img src="/sites/default/files/styles/square_160/public/2024-10/September%20Finance%20Faculty%20in%20the%20News.png.webp?itok=eHfRCS-m" width="160" height="160" alt="September Finance Faculty in the News" loading="lazy" /> </picture> </figure> <div class="som-row__content"> <h3 class="som-row__heading som-row__heading--m "> <a class="som-row__heading-link" href="/story/2024/finance-faculty-news-september-2024"> Finance Faculty in the News: September 2024 </a> </h3> </div> <div class="som-row__metadata"> </div> </div> </div> </div> </div> </div> </div> <div id="paragraph-button-69103" class="paragraph paragraph--button paragraph--stacked-button"> <a class="som-link som-link--continuation som-link--medium" href="https://som.yale.edu/centers/international-center-for-finance/headlines"> <span class="som-link__text">View more news</span> <span class="animated-arrow animated-arrow--right"> </span> </a> </div> <div id="paragraph-heading-69100" class="paragraph paragraph--type--heading" > <h3 class="heading heading--thick heading--bold heading--m "> <a class="heading__heading-link" href="/advisory-board-member-highlights"> Advisory Board Member Highlights </a> </h3> </div> <div class="views-element-container"><div class="js-view-dom-id-15631104af8fdc4d288874ccb1e5ba6e2c4e775b83bfb1825f2d93c2cce8adfa"> <div class="layout layout--view-grid layout--three-column"> <div class="layout__content"> <div class="layout__regions"> <div id="item-272948" data-js="node-teaser" class="som-row som-row--story som-row--media som-row--grid" > <figure class="som-row__image"> <picture> <source srcset="/sites/default/files/styles/square_800/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=n79Y3si7 1x, /sites/default/files/styles/square_1280/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=003etVsX 2x" media="all and (min-width: 1080px)" type="image/webp" width="800" height="800"/> <source srcset="/sites/default/files/styles/square_480/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=mUwb_ScH 1x, /sites/default/files/styles/square_960/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=-9zMlSr8 2x" media="all and (min-width: 768px)" type="image/webp" width="480" height="480"/> <source srcset="/sites/default/files/styles/square_320/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=ZophXkpG 1x, /sites/default/files/styles/square_640/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=Fj1YaSfi 2x" type="image/webp" width="320" height="320"/> <img src="/sites/default/files/styles/square_160/public/2024-03/Nitin%2BGambhir.jpg.webp?itok=80IM_Fxq" width="160" height="160" alt="Nitin_Gambhir" loading="lazy" /> </picture> </figure> <div class="som-row__content"> <h3 class="som-row__heading som-row__heading--m "> <a class="som-row__heading-link" href="/story/2024/yale-icf-board-member-spotlight-nitin-gambhir-93"> Yale ICF Board Member Spotlight: Nitin Gambhir '93 </a> </h3> </div> <div class="som-row__metadata"> </div> </div> <div id="item-272865" data-js="node-teaser" class="som-row som-row--story som-row--media som-row--grid" > <figure class="som-row__image"> <picture> <source srcset="/sites/default/files/styles/square_800/public/2024-03/Image%20%285%29.jpg.webp?itok=HbnsDR3R 1x, /sites/default/files/styles/square_1280/public/2024-03/Image%20%285%29.jpg.webp?itok=KrIVwfBm 2x" media="all and (min-width: 1080px)" type="image/webp" width="800" height="800"/> <source srcset="/sites/default/files/styles/square_480/public/2024-03/Image%20%285%29.jpg.webp?itok=t0ydypWE 1x, /sites/default/files/styles/square_960/public/2024-03/Image%20%285%29.jpg.webp?itok=9V9CCshj 2x" media="all and (min-width: 768px)" type="image/webp" width="480" height="480"/> <source srcset="/sites/default/files/styles/square_320/public/2024-03/Image%20%285%29.jpg.webp?itok=veedMcO7 1x, /sites/default/files/styles/square_640/public/2024-03/Image%20%285%29.jpg.webp?itok=YDYzYbvu 2x" type="image/webp" width="320" height="320"/> <img src="/sites/default/files/styles/square_160/public/2024-03/Image%20%285%29.jpg.webp?itok=FLqc9Llu" width="160" height="160" alt="kasoff" loading="lazy" /> </picture> </figure> <div class="som-row__content"> <h3 class="som-row__heading som-row__heading--m "> <a class="som-row__heading-link" href="/story/2024/icf-advisory-board-member-steve-kasoff-presents-som-students"> ICF Advisory Board Member Steve Kasoff Presents to SOM Students </a> </h3> </div> <div class="som-row__metadata"> </div> </div> <div id="item-272870" data-js="node-teaser" class="som-row som-row--story som-row--media som-row--grid" > <figure class="som-row__image"> <picture> <source srcset="/sites/default/files/styles/square_800/public/2024-03/Image%20%283%29.jpg.webp?itok=B2JzdfKl 1x, /sites/default/files/styles/square_1280/public/2024-03/Image%20%283%29.jpg.webp?itok=jQAgvayY 2x" media="all and (min-width: 1080px)" type="image/webp" width="800" height="800"/> <source srcset="/sites/default/files/styles/square_480/public/2024-03/Image%20%283%29.jpg.webp?itok=88YMK-Vt 1x, /sites/default/files/styles/square_960/public/2024-03/Image%20%283%29.jpg.webp?itok=FBQufxie 2x" media="all and (min-width: 768px)" type="image/webp" width="480" height="480"/> <source srcset="/sites/default/files/styles/square_320/public/2024-03/Image%20%283%29.jpg.webp?itok=rocleB6Q 1x, /sites/default/files/styles/square_640/public/2024-03/Image%20%283%29.jpg.webp?itok=Anc9KybH 2x" type="image/webp" width="320" height="320"/> <img src="/sites/default/files/styles/square_160/public/2024-03/Image%20%283%29.jpg.webp?itok=oik81TC8" width="160" height="160" alt="EMBA Colloquium" loading="lazy" /> </picture> </figure> <div class="som-row__content"> <h3 class="som-row__heading som-row__heading--m "> <a class="som-row__heading-link" href="/story/2024/icf-advisory-board-member-robert-davis-presents-som-students"> ICF Advisory Board Member Robert Davis Presents to SOM Students </a> </h3> </div> <div class="som-row__metadata"> </div> </div> </div> </div> </div> </div> </div> <div id="paragraph-button-69102" class="paragraph paragraph--button paragraph--stacked-button"> <a class="som-link som-link--continuation som-link--medium" href="https://som.yale.edu/advisory-board-member-highlights"> <span class="som-link__text">View more Advisory Board Member Highlights</span> <span class="animated-arrow animated-arrow--right"> </span> </a> </div> </div> </div> </div> </section> <section class="layout--preset-connect-with-us layout--l layout--margin-l layout layout--two-column layout--preset-connect-with-us"> <div class="layout__content"> <div class="layout__regions"> <div class="layout__region layout__region--one"> <div class="text-long"><p>Connect with us</p> </div> </div> <div class="layout__region layout__region--two"> <div class="text-long"><p>Subscribe</p> <p><a href="https://subscribe.yale.edu/browse?search=international%20center%20for%20finance">ICF Newsletter</a></p> <p><a href="https://subscribe.yale.edu/browse?search=Yblockchain">YBlockchain? 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