Adair Morse

About

Adair Morse is a Professor of Finance at the Haas School of Business at the University of California, Berkeley. He holds the William A. and Betty H. Hasler Chair in New Enterprise Development and is the Founding Faculty Director of the Sustainable and Impact Finance (SAIF) center. His research focuses on the intersection of finance, sustainability, and impact investing.

Research topics

• Sociology
• Economics
• Political Science
• Business
• Computer Science
• Finance
• Demography
• Public administration
• Law and economics
• Microeconomics

Selected publications

• Impact investing

  Journal of Financial Economics · 2020 · 631 citations

  DOI

• Consumer-lending discrimination in the FinTech Era

  Journal of Financial Economics · 2021 · 528 citations

  Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals.

  PublisherOA PDFDOI

• How pervasive is corporate fraud?

  Review of Accounting Studies · 2023-01-05 · 159 citations

  articleOpen access

  Abstract We provide a lower-bound estimate of the undetected share of corporate fraud. To identify the hidden part of the “iceberg,” we exploit Arthur Andersen’s demise, which triggered added scrutiny on Arthur Andersen’s former clients and thereby increased the detection likelihood of preexisting frauds. Our evidence suggests that in normal times only one-third of corporate frauds are detected. We estimate that on average 10% of large publicly traded firms are committing securities fraud every…

  PublisherOA PDFDOI

• What Explains Differences in Finance Research Productivity during the Pandemic?

  The Journal of Finance · 2021 · 93 citations

  ABSTRACT Based on a survey of American Finance Association members, we analyze how demographics, time allocation, production mechanisms, and institutional factors affect research production during the pandemic. Consistent with the literature, research productivity falls more for women and faculty with young children. Independently, and novel, extra time spent on teaching (much more likely for women) negatively affects research productivity. Also novel, concerns about feedback, isolation, and hea…

  PublisherOA PDFDOI

• Asset Managers: Institutional Performance and Factor Exposures

  The Journal of Finance · 2021-04-16 · 54 citations

  articleSenior author

  ABSTRACT Using data on $18 trillion of assets under management, we show that actively managed institutional accounts outperformed strategy benchmarks by 75 (31) bps on a gross (net) basis during the period 2000 to 2012. Estimates from a Sharpe model imply that asset managers' outperformance came from factor exposures. If institutions had instead implemented mean‐variance efficient portfolios using index and institutional mutual funds available during the sample period, they would not have earned…

  PublisherDOI

Frequent coauthors

• Luigi Zingales

  University of Chicago

  74 shared

• Margarita Tsoutsoura

  52 shared

• Marianne Bertrand

  University of Chicago

  45 shared

• Robert P. Bartlett

  34 shared

• Alexander Dyck

  Deutsches Zentrum für Luft- und Raumfahrt e. V. (DLR)

  30 shared

• Nancy Wallace

  York University

  25 shared

• Richard Stanton

  University of California, Berkeley

  25 shared

• Eunhee Kim

  16 shared

Education

• Ph.D., Finance

  University of California - Berkeley

• B.S., Finance

  University of California - Berkeley

Awards & honors

• New Zealand Finance Meeting – 2nd Best Paper (2018)
• RAFI Best Paper Award for ESG (2018)
• Runner-up The RAFI Best Paper Award for ESG-related research…
• European Finance Association Prize (2012)
• Jensen Prize for Corporate Finance and Organizations (2009)

Similar researchers at University of California, Berkeley

• Ulrike Malmendierh-77
• Martin Lettauh-71
• Terrance Odeanh-48