Hendrik Bessembinder

About

Hendrik Bessembinder is a professor and the Francis J. and Mary B. Labriola Endowed Chair in Competitive Business in the Department of Finance at Arizona State University. He returned to ASU in 2015 after holding academic positions at Emory University and the University of Utah, and previously taught at the University of Rochester. His research focuses on market design and trading, including stock, foreign exchange, fixed income, futures, and energy markets, as well as on measuring long-term investment performance. With over 30 years of consulting experience, he has provided strategic advice and analysis for major firms, financial markets, and government agencies. Bessembinder has published extensively in leading finance journals and is a frequent speaker at conferences and universities worldwide.

Research topics

• Economics
• Monetary economics
• Mathematics
• Finance
• Computer Science
• Financial economics
• Financial system
• Econometrics
• Statistics
• Physics

Selected publications

• Mutual fund performance at long horizons

  Journal of Financial Economics · 2022 · 29 citations

  1st authorCorresponding
  PublisherDOI

• Overallocation and secondary market outcomes in corporate bond offerings

  Journal of Financial Economics · 2022 · 25 citations

  1st authorCorresponding
  PublisherDOI

• Risk Hedging and Loan Covenants

  Management Science · 2024-02-05 · 8 citations

  article

  We study lending agreements and derivative positions of U.S. oil and gas producers, showing that loan covenants are important determinants of hedging policies. Hedging covenants appear in more than 85% of sample loan agreements, with explicit minimum hedging requirements in more than half. Covenants are more common when expected default costs are larger. The well-documented positive relation between borrowing and hedging is largely attributable in our sample to binding covenants, as the relation…

  PublisherDOI

• Wealth Creation in the US Public Stock Markets 1926–2019

  The Journal of Investing · 2021-02-11 · 8 citations

  article1st authorCorresponding

  This report quantifies long-run stock market outcomes in terms of the increases or decreases (relative to a T-bill benchmark) in shareholder wealth, when considering the full history of both net cash distributions and capital appreciation. The study includes all of the 26,168 firms with publicly traded US common stock since 1926. Although investments in the majority (57.8%) of stocks led to reduced rather than increased shareholder wealth, US stock market investments increased shareholder wealth…

  PublisherDOI

• Chinese and Global ADRs: The US Investor Experience

  Financial Analysts Journal · 2021-05-19 · 4 citations

  article1st authorCorresponding

  We study outcomes to ADR (American Depositary Receipt) investments between August 1954 and September 2020, with particular attention to ADRs associated with Chinese firms. Overall, ADRs improved investors’ wealth by $1.03 trillion, with more than a third of this amount attributable to ADRs associated with Chinese firms. A value-weighted portfolio of ADRs associated with Chinese firms earned 14.1% per year since the first Chinese ADR was created in 1993, as compared with 9.9% per year for the ove…

  PublisherDOI

Frequent coauthors

• Michael S. Foster

  160 shared

• Warren Bailey

  Fudan University

  133 shared

• Jonathan M. Karpoff

  133 shared

• Jarrad Harford

  125 shared

• Paul Malatesta

  124 shared

• Michael L. Lemmon

  BlackRock (United States)

  111 shared

• Jennifer Conrad

  109 shared

• Sergei Sarkissian

  McGill University

  108 shared

Education

• Ph.D.

  University of Washington

  1986

• Other

  Washington State University

  1978

• B.S.

  Utah State University

  1977

Similar researchers at Arizona State University

• Thomas Choih-59
• Kevin Dooleyh-46
• Amy Ostromh-36