John Y. Campbell

About

John Y. Campbell is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University, where he has taught since 1994. He has published over 100 articles on various aspects of finance and macroeconomics, including fixed-income securities, equity valuation, portfolio choice, and household finance. His books include Fixed: Why Personal Finance is Broken and How to Make It Work for Everyone, Financial Decisions and Markets: A Course in Asset Pricing, The Squam Lake Report: Fixing the Financial System, Strategic Asset Allocation: Portfolio Choice for Long-Term Investors, and The Econometrics of Financial Markets. Campbell delivered the Ely Lecture to the American Economic Association in 2016 and served as President of the American Finance Association in 2005. He is a Research Associate and former Director of the Program in Asset Pricing at the National Bureau of Economic Research, a Fellow of the Econometric Society and the American Academy of Arts and Sciences, a Corresponding Fellow of the British Academy, and Honorary Fellow of Corpus Christi College, Oxford. He holds honorary doctorates from BI Norwegian Business School, the University of Maastricht, the University of Paris Dauphine, and Copenhagen Business School. Campbell co-founded and serves on the board of Arrowstreet Capital, LP, a Boston-based quantitative asset management company.

Research topics

• Economics
• Monetary economics
• Finance
• Financial economics
• Microeconomics
• Mathematics
• Macroeconomics
• Econometrics

Selected publications

• Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market

  American Economic Review · 2020 · 258 citations

  We build an empirical model to attribute delays in mortgage refinancing to psychological costs inhibiting refinancing until incentives are sufficiently strong; and behavior, potentially attributable to information-gathering costs, lowering the probability of household refinancing per unit time at any incentive. We estimate the model on administrative panel data from Denmark, where mortgage refinancing without cash-out is unconstrained. Middle-aged and wealthy households act as if they have high…

  DOI

• Portfolio choice with sustainable spending: A model of reaching for yield

  Journal of Financial Economics · 2021 · 83 citations

  1st authorCorresponding
  PublisherOA PDFDOI

• Structuring Mortgages for Macroeconomic Stability

  The Journal of Finance · 2021 · 55 citations

  1st authorCorresponding

  ABSTRACT We study mortgage design features aimed at stabilizing the macroeconomy. We model overlapping generations of borrowers and an infinitely lived risk‐averse representative lender. Mortgages are priced using an equilibrium pricing kernel derived from the lender's endogenous consumption. We consider an adjustable‐rate mortgage with an option that during recessions allows borrowers to pay only interest on their loan and extend its maturity. The option stabilizes consumption growth over the b…

  PublisherDOI

• Who Owns What? A Factor Model for Direct Stockholding

  The Journal of Finance · 2023-03-07 · 52 citations

  articleOpen accessCorresponding

  ABSTRACT We build a cross‐sectional factor model for investors' direct stockholdings and estimate it using data from almost 10 million retail accounts in the Indian stock market. Our model identifies strong investor clienteles for stock characteristics, most notably firm age and share price, and for particular clusters of stock characteristics. These clienteles are intuitively associated with investor attributes such as account age, size, and diversification. Coheld stocks tend to have higher re…

  PublisherOA PDFDOI

• Who Owns What? A Factor Model for Direct Stockholding

  SSRN Electronic Journal · 2021-01-01 · 29 citations

  articleOpen access
  PublisherDOI

Recent grants

• Normative Studies of Portfolio Choice and Risk Management

  NSF · $246k · 2002–2007

Frequent coauthors

• Tarun Ramadorai

  Center for Economic and Policy Research

  112 shared

• Luis M. Viceira

  83 shared

• John H. Cochrane

  Stanford University

  82 shared

• Yeung L. Chan

  65 shared

• Malkiel Burton

  52 shared

• Lettau Martin

  52 shared

• Xu Yexiao

  52 shared

• Robert J. Shiller

  Yale University

  49 shared

Education

• Ph.D., Economics

  Massachusetts Institute of Technology

  1978

• B.A., Economics

  Harvard University

  1973

Awards & honors

• Ely Lecture to the American Economic Association in 2016
• Fellow of the Econometric Society
• Fellow of the American Academy of Arts and Sciences
• Corresponding Fellow of the British Academy
• Honorary Fellow of Corpus Christi College, Oxford

Similar researchers at Harvard University

• Andrei Shleiferh-200
• Alberto Alesinah-161
• Kenneth Rogoffh-127