About

Jules H. van Binsbergen is the Nippon Life Professor in Finance and a Professor of Finance at the Wharton School. His research conducts both theoretical and empirical investigations in finance, with current focus areas including asset pricing, the relationship between financial markets and the macro economy, and the organization, skill, and performance of financial intermediaries. His recent work explores topics such as the influence of financial market anomalies on real economic activity, measuring mutual fund manager skill, and the term structure of cash flow growth and stock return predictability. Professor van Binsbergen's research has been published in leading academic journals including the American Economic Review, the Journal of Finance, the Journal of Financial Economics, and the Journal of Monetary Economics. He earned his PhD from the Fuqua School of Business at Duke University in 2008, joined Stanford's Graduate School of Business where he received tenure in 2014, and subsequently joined the Wharton School in 2014.

Research topics

• Computer Science
• Economics
• Econometrics
• Monetary economics
• Finance
• Financial economics
• Data Mining
• Statistics
• Macroeconomics
• Accounting
• Mathematics
• Actuarial science
• Geography
• Business
• Microeconomics

Selected publications

• Why Care About Debt-to-GDP?

  SSRN Electronic Journal · 2026-01-01

  preprintOpen accessSenior author
  PublisherDOI

• How (Not) to Identify Demand Elasticities in Dynamic Asset Markets

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Reply to: "Man vs. Machine Learning Revisited"

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Corrigendum: Man versus Machine Learning

  SSRN Electronic Journal · 2025-01-01 · 1 citations

  erratumOpen access1st authorCorresponding
  PublisherDOI

• The Impact of Carcinogenic Risk Exposure on Housing Values: Estimates From Chemical Reclassifications

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Capital Allocation and the Market for Mutual Funds: Inspecting the Mechanism

  Journal of Financial and Quantitative Analysis · 2025-11-12

  articleOpen access1st authorCorresponding

  Abstract We exploit heterogeneity in decreasing returns to scale (DRS) parameters across mutual funds to analyze the importance of scalability for investors’ capital allocation decisions. We find strong evidence that steeper DRS attenuate flow sensitivity to performance. We calibrate a rational model of active fund management and show that a large fraction of cross-sectional variation in assets-under-management is due to investors anticipating the effects of scale on return performance. We conclude that DRS play a key role in achieving equilibrium in the intermediated investment management market.

  PublisherDOI

• Why Care About Debt-to-GDP?

  SSRN Electronic Journal · 2025-01-01

  articleOpen accessSenior author
  PublisherDOI

• How (Not) to Identify Demand Elasticities in Dynamic Asset Markets

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Duration-Based Valuation of Corporate Bonds

  Review of Financial Studies · 2024-09-20 · 56 citations

  article1st authorCorresponding

  Abstract We decompose corporate bond and equity index returns into duration-matched government bond returns and the excess returns over this duration-matched counterfactual, which we term duration-adjusted returns. Compared with previously used excess return definitions (ie, returns in excess of Treasury bills), our decomposition leads to markedly different return patterns and asset pricing implications. In particular, we find that investment-grade bonds earn a small credit risk premium, comparable in magnitude to the convenience yield, and that duration adjustment resolves the CAPM’s failure to price corporate bonds. These findings highlight the importance of adjusting for nonstationary interest rate environments in asset pricing tests.

  PublisherDOI

• Environmental health risks, property values and neighborhood composition *

  SSRN Electronic Journal · 2024-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Ralph S. J. Koijen

  104 shared

• Jonathan Berk

  54 shared

• Michael W. Brandt

  National Bureau of Economic Research

  28 shared

• Christian C. Opp

  University of Rochester

  21 shared

• Jungsuk Han

  20 shared

• Jesús Fernández‐Villaverde

  15 shared

• Ran Xing

  12 shared

• Marco Grotteria

  London Business School

  11 shared