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David Chapman

Professor of Commerce; Area Coordinator—Finance

+1 434-924-0776
PDF icon Curriculum vitae (83.05 KB)
Ph.D., Business Administration (Finance), University of Rochester
M.S., Applied Economics, University of Rochester
B.A., Economics and Political Science, Swarthmore College
Areas of Expertise: 
Asset pricing theory
Portfolio theory
Term structure of interest rates
Professional Activities: 

Professor Chapman conducts research in the areas of structural models of equity and fixed income securities markets and in household portfolio choice theory with an emphasis on dynamic models of preferences. His research has been published in Econometrica; Financial Analysts Journal; The Journal of Finance; Journal of Financial Economics; Journal of Monetary Economics; Review of Economic Dynamics; Review of Finance; and The Review of Financial Studies. In addition to refereeing for a number of top journals, Professor Chapman served as an associate editor of The Journal of Finance from 2000 to 2016. His teaching portfolio includes courses in investments, portfolio management, asset pricing theory, and empirical asset pricing.

Professor Chapman began his academic career at The University of Texas at Austin, where he was tenured in the Finance department and held an additional appointment in the Economics department. Before joining the McIntire School, he was in the Finance department at the Carroll School at Boston College. Professor Chapman has done consulting work as an expert witness in complex litigation. Before entering academia, he worked at the Federal Reserve Bank of New York and as an Antitrust Consultant in Washington, D.C.

Selected Publications:

"Linear Approximations and Tests of Conditional Pricing Models," Review of Finance, 2018 (with M. Brandt).

"Aggregate Tail Risk and Expected Returns," Review of Asset Pricing Studies, 2018 (with M. Gallmeyer and J. S. Martin).

"First-Order Risk Aversion, Heterogeneity, and Asset Market Outcomes," The Journal of Finance, 2009 (with V. Polkovnichenko).

"Why Constrain Your Mutual Fund Manager?" Journal of Financial Economics, 2004 (with A. Almazan, K. C. Brown, and M. Carlson).

"Habit Formation and Aggregate Consumption," Econometrica, 1998.