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
• Biology
• Business

Selected publications

• One Hundred Years in the U.S. Stock Markets

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Replication Package for: Mutual Fund Flows at Long Horizons

  Harvard Dataverse · 2026-02-06

  datasetOpen access

  Replication Code and Pseudo Data for "Mutual Fund Flows at Long Horizons", by Hendrik Bessembinder, Shuaiyu Chen, Michael J. Cooper, Jinming Xue, and Feng Zhang

  PublisherDOI

• Long-run post-event returns in global stock markets

  Journal of International Business Studies · 2025-10-23

  article1st authorCorresponding
  PublisherDOI

• Levered Single-Stock ETFs *

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Measuring Investor Outcomes 

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Measuring Investor Outcomes

  Financial Review · 2025-12-17

  articleOpen access1st authorCorresponding

  ABSTRACT Should measures of investment returns focus on representative or non‐representative investors? Should we consider only the magnitude of accumulated portfolio value relative to investment, or should we highlight the series of withdrawals to fund real activities that an investment can sustain? Should we ignore the importance of the time ordering of returns (distinct from the overall level), or should we consider “return sequence risk”? I argue herein that we should be thinking more about these issues, and in particular should be less focused on arithmetic means of short horizon returns, as employed in Sharpe ratios, alphas, and portfolio comparisons. I discuss some candidate methods, and highlight the need for expanded econometric tools to allow inference regarding alternative measures of returns.

  PublisherOA PDFDOI

• Can we tame the factor zoo? The roles of alternative databases and extraction methods

  SSRN Electronic Journal · 2025-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• The (Large) Effect of Return Horizon on Fund Alpha

  Critical Finance Review · 2025-01-01 · 3 citations

  article1st authorCorresponding
  PublisherDOI

• Which U.S. Stocks Generated the Highest Long-Term Returns?

  SSRN Electronic Journal · 2024-01-01 · 1 citations

  preprintOpen access1st 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 is much weaker in their absence. These results suggest that understanding firms’ hedging choices requires the consideration of lender interests along with those of owners and managers. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01616 .

  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