Joshua D. Coval

Jay O. Light Professor of Business Administration

Joshua Coval, Professor of Business Administration in the Finance Area, joined HBS in July 2001. Prior to joining HBS, Joshua was an Assistant Professor of Finance at the University of Michigan Business School where he was on the faculty since 1996.

Joshua's research focuses on the efficiency of security prices and examination of rational and behavioral sources of mispricing. His current research investigates the structured finance market and how investor reliance on ratings and unsound pricing models led to the spectacular rise and collapse thereof.  His research has been published in the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Review of Financial Studies, the Journal of Business, and the Journal of Corporate Finance. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the Journal of Finance. His research has been featured in The Economist, The Wall Street Journal, The New York Times, The Chicago Tribune, Time, Money Magazine, and The Financial Times.

Joshua received his B.A. and M.A. in Economics from the University of Chicago in 1992 and his Ph.D. in Business Economics from the Anderson School at UCLA in 1996.




  1. Winner of the 2005 Smith Breeden Prize for Best Paper in the Journal of Finance for "Do Behavioral Biases Affect Prices?" (with Tyler Shumway, February 2005).

  2. Winner of the 2000 Smith Breeden Prize for the best paper in the Journal of Finance for "Home Bias at Home: Local Equity Preference in Domestic Portfolios" (with Tobias J. Moskowitz, December 1999).