About

Andrea L. Eisfeldt is the Laurence D. and Lori W. Fink Endowed Chair in Finance and a professor of finance at UCLA Anderson, where she has been teaching since 2010. She spent her first 10 years of her academic career as an assistant professor and then a tenured associate professor at the Kellogg School of Management at Northwestern University. Her research focuses on macroeconomics and finance, including market liquidity, the role of intangibles in asset pricing, bank valuation, and over-the-counter markets. Eisfeldt's work has earned several awards, such as the Smith Breeden Distinguished Paper prize and the Jensen Prize, and she has received research grants from notable institutions. She has also enjoyed practical experience through asset management consulting for Structured Portfolio Management and AQR, applying her expertise in fixed-income and equity portfolio strategies. She is actively involved in the academic community, serving on the boards of the American Finance Association and the Society for Financial Studies Cavalcade, and holds editorial roles at prominent economic journals.

Research topics

• Economics
• Finance
• Business
• Econometrics
• Computer Science
• Keynesian economics
• Actuarial science
• Monetary economics
• Demographic economics
• Industrial organization
• Macroeconomics
• Microeconomics
• Commerce
• Financial economics

Selected publications

• Intangible Intensity

  SSRN Electronic Journal · 2026-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Superstar Founders

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Banking, Regulation, and Macroeconomic Outcomes

  Quarterly Review · 2025-02-12

  articleOpen access

  In October 2024, the University of Chicago’s Becker Friedman Institute, the Stanford Institute for Economic Policy Research, the Journal of Political Economy Macroeconomics, and the Federal Reserve Bank of Minneapolis organized the first event in the Macroeconomic Policy Perspectives conference series, “Banking, Regulation, and Macroeconomic Outcomes.” In what follows, we present the remarks made by Douglas Diamond, Andrea Eisfeldt, and Hyun Song Shin at the Policy Roundtable of the conference.

  PublisherDOI

• Generative AI and Finance

  Annual Review of Financial Economics · 2025-06-05 · 4 citations

  articleOpen access1st authorCorresponding

  Since ChatGPT's release in 2022, demand for artificial intelligence (AI)–related skills in finance has grown rapidly, as generative AI drives significant technological changes in both the financial research field and the broader economy. We show that financial occupations are highly exposed to the productivity effects of generative AI, review the literature on the impact of ChatGPT on firm value, and provide directions for future research investigating the impact of this major technology shock. Generative AI also holds great potential as a tool for finance researchers and practitioners: We review and describe innovations in research methods linked to improvements in AI tools, along with their applications. We offer a practical introduction to available tools and advice for researchers in academia and industry interested in using these tools.

  PublisherDOI

• Intangible Intensity

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Interdealer Price Dispersion and Intermediary Capacity

  National Bureau of Economic Research · 2024-09-01 · 4 citations

  reportOpen access1st authorCorresponding

  Intermediation capacity varies across dealers, and as a result, misallocation of credit risk reduces the risk-bearing capacity of the dealer sector and increases effective market-level risk aversion. When the efficient reallocation of credit risk within the dealer sector is impaired, interdealer price dispersion increases. Empirically, when interdealer price dispersion increases, bond prices decrease. Interdealer price dispersion explains a substantial portion of bond yield spread changes, the cross-section of bond returns, and the changes in the basis between bond spread and fair-value spreads. We conclude interdealer frictions reduce the risk-bearing capacity of intermediaries and are crucial for intermediary bond pricing.

  PublisherDOI

• Bonds versus Equities: Information for Investment

  The Journal of Finance · 2024-10-20 · 6 citations

  articleSenior author

  ABSTRACT We provide a simple model of investment by a firm funded with debt and equity and empirical evidence to demonstrate that, once we control for the debt overhang problem with credit spreads, asset volatility is an unambiguously positive signal for investment, while equity volatility sends a mixed signal: Elevated volatility raises the option value of equity and increases investment for financially sound firms, but exacerbates debt overhang and decreases investment for firms close to default. Our study provides a simple unified understanding of the structural and empirical relationships between investment, credit spreads, equity versus asset volatility, leverage, and Tobin's .

  PublisherDOI

• AI and Finance

  National Bureau of Economic Research · 2024-10-01 · 21 citations

  reportOpen access1st authorCorresponding
  PublisherDOI

• Interdealer Price Dispersion and Intermediary Capacity

  SSRN Electronic Journal · 2024-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• AI and Finance

  SSRN Electronic Journal · 2024-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

Frequent coauthors

• Andrew Atkeson

  University of California, Los Angeles

  88 shared

• Pierre-Olivier Weill

  86 shared

• Timothy Cogley

  Federal Reserve Bank of Minneapolis

  26 shared

• Stephanie Schmitt–Grohé

  Center for Economic and Policy Research

  26 shared

• Christina Arellano

  Federal Reserve Bank of Minneapolis

  26 shared

• Joseph P. Kaboski

  The Ohio State University

  26 shared

• Jesús Fernández‐Villaverde

  26 shared

• Kristina Kiritchenko

  Federal Reserve Bank of Minneapolis

  25 shared

Awards & honors

• Smith Breeden Distinguished Paper prize (2004)
• Jensen Prize (second place) (2008)
• Smith Breeden First Place Paper award (2013)