Winner of the 2005 Smith Breeden Prize for Best Paper in the Journal of Finance for "Do Behavioral Biases Affect Prices?" (with Tyler Shumway, February 2005).
Joshua D. Coval
Jay O. Light Professor of Business Administration (Leave of Absence)
Jay O. Light Professor of Business Administration (Leave of Absence)
Finance
Joshua Coval, Professor of Business Administration in the Finance Area, joined HBS in July 2001. Prior to joining HBS, Joshua was an Assistant Professor of Finance at the University of Michigan Business School where he was on the faculty since 1996.
Joshua's research focuses on the efficiency of security prices and examination of rational and behavioral sources of mispricing. His current research investigates the structured finance market and how investor reliance on ratings and unsound pricing models led to the spectacular rise and collapse thereof. His research has been published in the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Review of Financial Studies, the Journal of Business, and the Journal of Corporate Finance. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the Journal of Finance. His research has been featured in The Economist, The Wall Street Journal, The New York Times, The Chicago Tribune, Time, Money Magazine, and The Financial Times.
Joshua received his B.A. and M.A. in Economics from the University of Chicago in 1992 and his Ph.D. in Business Economics from the Anderson School at UCLA in 1996.
2/09
- Books
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- Click, Reid W., and Joshua D. Coval. The Theory and Practice of International Financial Management. Upper Saddle River, NJ: Prentice Hall, 2001. View Details
- Journal Articles
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- Cohen, Lauren, Joshua D. Coval, and Christopher J. Malloy. "Reply: Do Powerful Politicians Really Cause Corporate Downsizing?" Journal of Political Economy 125, no. 6 (December 2017): 2232–2237. View Details
- Cohen, Lauren, Joshua Coval, and Christopher J. Malloy. "Do Powerful Politicians Cause Corporate Downsizing?" Journal of Political Economy 119, no. 6 (December 2011): 1015–1060. (Click here for a response to Snyder and Welch, click here for the data, and click here for the code.) View Details
- Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Journal of Economic Perspectives 23, no. 1 (Winter 2009): 3–25. View Details
- Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "Economic Catastrophe Bonds." American Economic Review 99, no. 3 (June 2009). View Details
- Coval, Joshua, and Erik Stafford. "Asset Fire Sales (and Purchases) in Equity Markets." Journal of Financial Economics 86, no. 2 (November 2007). View Details
- Baker, Malcolm, Joshua Coval, and Jeremy Stein. "Corporate Financing Decisions When Investors Take the Path of Least Resistance." Journal of Financial Economics 84, no. 2 (May 2007): 266–298. View Details
- Cohen, Randolph B., Joshua Coval, and Lubos Pastor. "Judging Fund Managers by the Company They Keep." Journal of Finance 60, no. 3 (June 2005). View Details
- Coval, Joshua D., and Anjan Thakor. "Financial Intermediation As a Beliefs-Bridge between Optimists and Pessimists." Journal of Financial Economics 75, no. 3 (March 2005). View Details
- Coval, Joshua D., and Tyler Shumway. "Do Behavioral Biases Affect Prices?" Journal of Finance 60, no. 1 (February 2005): 1–34. (Winner of Smith Breeden Prize. Best Paper For the best finance research paper published in the Journal of Finance presented by Smith Breeden Associates, Inc.) View Details
- Amin, Kaushik, Joshua D. Coval, and H. Nejat Seyhun. "Demand for Portfolio Insurance and Index Option Prices." Journal of Business 77, no. 4 (October 2004). View Details
- Cao, H. Henry, Joshua D. Coval, and David Hirshleifer. "Sidelined Investors, Trading-Generated News, and Security Returns." Review of Financial Studies 15, no. 2 (Summer 2002). View Details
- Coval, Joshua D., and Tyler Shumway. "Is Sound Just Noise?" Journal of Finance 56, no. 5 (October 2001). View Details
- Coval, Joshua D., and Tobias J. Moskowitz. "The Geography of Investment: Informed Trading and Asset Prices." Journal of Political Economy 109, no. 4 (August 2001). View Details
- Coval, Joshua D., and Tyler Shumway. "Expected Option Returns." Journal of Finance 56, no. 3 (June 2001). View Details
- Coval, Joshua D., and Tobias J. Moskowitz. "Home Bias at Home: Local Equity Preference in Domestic Portfolios." Journal of Finance 54, no. 6 (December 1999). (Winner of Smith Breeden Prize. Best Paper For the best finance research paper published in the Journal of Finance presented by Smith Breeden Associates, Inc.) View Details
- Chowdhry, Bhagwan, and Joshua D. Coval. "Internal Financing of Multinational Subsidiaries: Debt vs. Equity." Journal of Corporate Finance 4, no. 1 (March 1998). View Details
- Working Papers
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- Coval, Joshua D. "Who Closed the Schools?" Harvard Business School Working Paper, No. 21-127, June 2021. View Details
- Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "The Economics of Structured Finance." Harvard Business School Working Paper, No. 09-060, October 2008. View Details
- Coval, Joshua D., Jakub W. Jurek, and Erik Stafford. "Economic Catastrophe Bonds." Harvard Business School Working Paper, No. 07-102, June 2007. View Details
- Coval, Joshua D. "International Capital Flows When Investors Have Local Information." Harvard Business School Working Paper, No. 04-026, November 2003. View Details
- Coval, Joshua D., David Hirshleifer, and Tyler Shumway. "Can Individual Investors Beat the Market?" Harvard Business School Working Paper, No. 04-025, November 2003. View Details
- Cases and Teaching Materials
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- Greenwood, Robin, Joshua D. Coval, Denise Han, Ruth Page, and Dave Habeeb. "Success Academy Charter Schools." Harvard Business School Multimedia/Video Case 222-707, February 2023. View Details
- Greenwood, Robin, Joshua Coval, and Denise Han. "Success Academy Charter Schools." Harvard Business School Teaching Note 222-060, February 2023. View Details
- Coval, Joshua D., Richard S. Ruback, and Christopher Diak. "Managing Pain in the Midst of an Opioid Epidemic." Harvard Business School Case 223-041, December 2022. View Details
- Coval, Joshua D., Richard S. Ruback, and Christopher Diak. "Rooted in Roxbury: Race and Equity in the Boston Cannabis Industry." Harvard Business School Case 223-024, August 2022. (Revised May 2023.) View Details
- Coval, Joshua D., Jonathan Kligman, and Steven Volpert. "GameStop: January 2021." Harvard Business School Case 222-087, June 2022. (Revised January 2024.) View Details
- Coval, Joshua. "Hamilton." Harvard Business School Spreadsheet Supplement 222-716, June 2022. View Details
- Baker, Malcolm, and Joshua D. Coval. "Hamilton." Harvard Business School Case 222-018, July 2021. (Revised July 2022.) View Details
- Sheen, Albert, Luis Viceira, and Joshua Coval. "High Noon at Vail Mountain." Harvard Business School Spreadsheet Supplement 212-702, November 2011. (Revised May 2022.) View Details
- Coval, Joshua, Albert Sheen, and Luis Viceira. "High Noon at Vail Mountain." Harvard Business School Case 212-035, November 2011. (Revised June 2022.) View Details
- Cohen, Lauren H., Joshua D. Coval, and Christopher J. Malloy. "Tottenham Hotspur plc." Harvard Business School Case 209-059, November 2008. (Revised November 2024.) View Details
- Cohen, Lauren H., Joshua D. Coval, and Christopher J. Malloy. "Tottenham Hotspur plc." Harvard Business School Teaching Note 209-121, March 2009. (Revised July 2024.) View Details
- Coval, Joshua D., Bhagwan Chowdhry, and Konark Saxena. "Samoa Tala (TN)." Harvard Business School Teaching Note 209-069, October 2008. View Details
- Coval, Joshua D., Bhagwan Chowdhry, and Konark Saxena. "Samoa Tala." Harvard Business School Case 209-053, September 2008. View Details
- Coval, Joshua D., and Erik Stafford. "Dynamic Markets." Harvard Business School Course Overview Note 208-143, March 2008. View Details
- Coval, Joshua D., and Erik Stafford. "Event Arbitrage (TN)." Harvard Business School Teaching Note 208-091, November 2007. (Revised March 2008.) View Details
- Coval, Joshua, and Erik Stafford. "Convertible Arbitrage." Harvard Business School Background Note 208-116, January 2008. View Details
- Coval, Joshua, and Erik Stafford. "Equity Derivatives." Harvard Business School Background Note 208-117, January 2008. View Details
- Coval, Joshua, and Erik Stafford. "Equity Options." Harvard Business School Background Note 208-118, January 2008. View Details
- Coval, Joshua, and Erik Stafford. "Index Options." Harvard Business School Background Note 208-119, January 2008. View Details
- Coval, Joshua D., and Erik Stafford. "Options (TN)." Harvard Business School Teaching Note 208-120, January 2008. View Details
- Coval, Joshua, and Erik Stafford. "Valuing Risky Debt." Harvard Business School Background Note 208-111, January 2008. View Details
- Coval, Joshua, and Erik Stafford. "Collateralized Debt Obligations (CDOs)." Harvard Business School Background Note 208-113, January 2008. View Details
- Coval, Joshua D., and Erik Stafford. "Credit Risk: Valuing Risky Debt & CDOs (TN)." Harvard Business School Teaching Note 208-112, January 2008. View Details
- Coval, Joshua D., Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page, and Paulo Passoni. "Asset Allocation I." Harvard Business School Background Note 208-086, November 2007. View Details
- Coval, Joshua D., Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page, and Paulo Passoni. "Asset Allocation II." Harvard Business School Supplement 208-087, November 2007. View Details
- Coval, Joshua D., and Erik Stafford. "Asset Allocation III." Harvard Business School Supplement 208-088, November 2007. View Details
- Coval, Joshua D., and Erik Stafford. "Asset Allocation I, II & III (TN)." Harvard Business School Teaching Note 208-089, November 2007. View Details
- Coval, Joshua D., and Erik Stafford. "Event Arbitrage." Harvard Business School Background Note 208-090, November 2007. View Details
- Coval, Joshua D., and Erik Stafford. "Bayesian Estimation & Black-Litterman." Harvard Business School Background Note 208-085, November 2007. View Details
- Coval, Joshua D., and Erik Stafford. "Market Efficiency (TN)." Harvard Business School Teaching Note 205-082, June 2005. (Revised October 2007.) View Details
- Coval, Joshua D., and Erik Stafford. "The Law of One Price (TN)." Harvard Business School Teaching Note 205-080, June 2005. (Revised October 2007.) View Details
- Coval, Joshua D., and Erik Stafford. "Price Formation (TN)." Harvard Business School Teaching Note 205-078, June 2005. (Revised October 2007.) View Details
- Coval, Joshua D., and Erik Stafford. "Price Formation." Harvard Business School Background Note 208-040, October 2007. View Details
- Coval, Joshua D., Erik Stafford, Rodrigo Osmo, John Jernigan, Zachary Page, and Paul Passoni. "Market Efficiency." Harvard Business School Background Note 205-081, June 2005. (Revised October 2007.) View Details
- Coval, Joshua D., Erik Stafford, Rodrigo Osmo, John Jernigan, Zack Page, and Paulo Passoni. "The Law of One Price." Harvard Business School Background Note 205-079, June 2005. (Revised October 2007.) View Details
- Coval, Joshua, Jonathan Gadzik, and Erik Stafford. "Deriving by Doing: A New Approach to Teaching Finance." 2007. View Details
- Coval, Joshua D. "Partners Healthcare." Harvard Business School Case 206-005, August 2005. (Revised May 2007.) View Details
- Coval, Joshua, Robin Greenwood, and Peter Tufano. "Williams, 2002." Harvard Business School Case 203-068, December 2002. (Revised October 2013.) View Details
- Coval, Joshua D. "Partners Healthcare (TN)." Harvard Business School Teaching Note 206-024, August 2005. View Details
- Coval, Joshua D., Peter Tufano, and Ivo Welch. "Note on Credit Markets." Harvard Business School Background Note 203-069, December 2002. (Revised January 2004.) View Details
- Awards & Honors
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Winner of the 2000 Smith Breeden Prize for the best paper in the Journal of Finance for "Home Bias at Home: Local Equity Preference in Domestic Portfolios" (with Tobias J. Moskowitz, December 1999).
- Areas of Interest
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- behavioral finance
- capital markets
- credit products
- financial intermediaries
- investment management
- banking
- biotechnology
- defense
- e-commerce industry
- education industry
- electronics
- energy
- federal government
- financial services
- high technology
- home video games
- information technology industry
- internet
- investment banking industry
- management consulting
- real estate
- retail financial services
- software
- venture capital industry
- video games
Industries