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Tepper School Faculty Directory

Carnegie Mellon: Tepper School of Business

Chester S. Spatt

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Pamela R. and Kenneth B. Dunn Professor of Finance

Former Chief Economist and Director, Office of Economic Analysis, U.S. Securities and Exchange Commission (July 2004-July 2007)

  • Princeton University - A.B. (Economics) - 1975
  • University of Pennsylvania - A.M. (Economics) - 1976
  • University of Pennsylvania - Ph.D.(Economics) - 1979
Areas of Expertise:
  • Economics
  • Finance
Teaching and Research Interests:
  • Taxation and asset allocation with an emphasis on tax-deferred investing, estate planning and how taxation of capital gains and losses impacts investor realization behavior and asset pricing; economics of securities and financial market regulation; pricing and hedging of fixed income securities with an emphasis on mortgage contracting and valuation; equilibrium models of forward curves for commodities; market microstructure including the effect of information and strategic behavior on market processes, the interaction between the order flow and order book in security markets, and the effect of the pre-opening on pricing.
Published Papers: 
Working Papers: 
  • Distinguished Speaker, Western Finance Association - 2009
  • Paul A. Samuelson Award, TIAA-CREF - 2004
  • Barclays Global Investors/Michael Brennan Award, Runnerup, Review of Financial Studies - 2001
  • Roger Murray Award, First Prize, Q-Group - 1998
  • American Association of Individual Investor's Award - 1990
Editorial Boards:
  • Journal of Financial Markets (Advisory Editor), 2003-
  • Financial Management (Associate Editor), 1999-2005
  • Journal of Financial and Quant Analysis (Associate Editor), 1999-
  • Journal of Financial Abstracts, Real Estate Section (Advisory Board), 1996-
  • Real Estate Economics (Associate Editor), 1995-
  • Review of Financial Studies (Executive Editor), 1990-1993
  • Review of Financial Studies (Editor), 1987-1990
  • Systemic Risk Council, 2012 -
  • Model Validation Council, Federal Reserve Bank, 2012 -
  • Chief Economist, U.S. Securities and Exchange Commission, 2004-2007
  • Research Associate, National Bureau of Economic Research, 2008 -
  • Senior Economic Advisor, Kalorama Partners, 2008 -
  • Treasurer, Foundation for Advancement of Research in Financial Economics, 2007 -
  • Member, Shadow Financial Regulatory Committee, 2007-
  • Fellow, TIAA-CREF Institute, 2007-
  • Member, Financial Economists Roundtable, 2006-
  • President, Society for Financial Studies, 1993-1996
  • President, Western Finance Association, 1995-1996
  • Executive Editor, Review of Financial Studies, 1990-1993
  • Founding Committee, Society for Financial Studies
  • Member, Economic Advisory Board, NASDAQ (Chair 2002), 2000-2002
Courses Taught:
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