Samuel G. Hanson
William L. White Professor of Business Administration
William L. White Professor of Business Administration
Samuel G. Hanson is the William L. White Professor of Business Administration at Harvard Business School, a Research Associate at the National Bureau of Economic Research, and a Faculty Affiliate of the Harvard Economics department. He teaches Finance 1 in the MBA required curriculum and Ph.D. courses in Corporate Finance and Empirical Methods.
Professor Hanson holds a Ph.D. in Business Economics from Harvard University and a B.A. in Quantitative Economics and Philosophy from Tufts University. Before beginning his doctoral studies, he worked as an investment banking analyst at Lehman Brothers and as an assistant economist at the Federal Reserve Bank of New York. During 2009 Hanson worked at the U.S. Treasury Department where he served as a Special Assistant and Liaison to the White House National Economic Council.
Professor Hanson’s research interests lie in asset pricing, behavioral finance, corporate finance, and financial intermediation. Hanson’s research has appeared in the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Economic Perspectives. His research explores how investors’ behavioral biases and institutional factors affect the pricing of broad financial asset classes, with a particular emphasis on debt markets. He also studies how changes in the behavior of financial institutions have affected the stability of the financial system in recent decades and how the government might design policies to better safeguard the system’s stability.
- Journal Articles
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- Hanson, Samuel Gregory, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, and Daniel K. Tarullo. "The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications." Brookings Papers on Economic Activity (Spring 2024): 343–389. View Details
- Hanson, Samuel G., Aytek Malkhozov, and Gyuri Venter. "Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads." Art. 103814. Journal of Financial Economics 154 (April 2024). View Details
- Greenwood, Robin, Samuel G. Hanson, and Lawrence J. Jin. "Reflexivity in Credit Markets." Journal of Finance (forthcoming). View Details
- Greenwood, Robin, Samuel G. Hanson, and Dimitri Vayanos. "Supply and Demand and the Term Structure of Interest Rates." Annual Review of Financial Economics 16 (2024): 115–151. View Details
- Greenwood, Robin, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "A Quantity-Driven Theory of Term Premia and Exchange Rates." Quarterly Journal of Economics 138, no. 4 (November 2023): 2327–2389. View Details
- Greenwood, Robin, Samuel G. Hanson, Andrei Shleifer, and Jakob Ahm Sørensen. "Predictable Financial Crises." Journal of Finance 77, no. 2 (April 2022): 863–921. View Details
- Hanson, Samuel G., David O. Lucca, and Jonathan H. Wright. "Rate-Amplifying Demand and the Excess Sensitivity of Long-Term Rates." Quarterly Journal of Economics 136, no. 3 (August 2021): 1719–1781. View Details
- Hanson, Samuel G., Jeremy C. Stein, Adi Sunderam, and Eric Zwick. "Business Credit Programs in the Pandemic Era." Brookings Papers on Economic Activity (Fall 2020). View Details
- Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies 32, no. 6 (June 2019): 2341–2382. (Internet Appendix Here.) View Details
- Greenwood, Robin, Samuel G. Hanson, and Gordon Y. Liao. "Asset Price Dynamics in Partially Segmented Markets." Review of Financial Studies 31, no. 9 (September 2018): 3307–3343. (Internet Appendix Here.) View Details
- Greenwood, Robin, Samuel Gregory Hanson, Jeremy C. Stein, and Adi Sunderam. "Strengthening and Streamlining Bank Capital Regulation." Brookings Papers on Economic Activity (Fall 2017). (Internet Appendix Here.) View Details
- Chernenko, Sergey, Samuel Gregory Hanson, and Adi Sunderam. "Who Neglects Risk? Investor Experience and the Credit Boom." Journal of Financial Economics 122, no. 2 (November 2016): 248–269. (Internet Appendix Here.) View Details
- Greenwood, Robin, Samuel Gregory Hanson, and Jeremy C. Stein. "The Federal Reserve's Balance Sheet as a Financial-Stability Tool." Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City) (2016): 335–397. View Details
- Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "An Evaluation of Money Market Fund Reform Proposals." IMF Economic Review 63, no. 4 (November 2015): 984–1023. View Details
- Hanson, Samuel G., Andrei Shleifer, Jeremy C. Stein, and Robert W. Vishny. "Banks as Patient Fixed-Income Investors." Journal of Financial Economics 117, no. 3 (September 2015): 449–469. (Internet Appendix Here.) View Details
- Greenwood, Robin, and Samuel G. Hanson. "Waves in Ship Prices and Investment." Quarterly Journal of Economics 130, no. 1 (February 2015): 55–109. View Details
- Hanson, Samuel G., and Jeremy C. Stein. "Monetary Policy and Long-Term Real Rates." Journal of Financial Economics 115, no. 3 (March 2015): 429–448. View Details
- Greenwood, Robin, Samuel G. Hanson, and Jeremy C. Stein. "A Comparative-Advantage Approach to Government Debt Maturity." Journal of Finance 70, no. 4 (August 2015): 1683–1722. (2015 Brattle Group Distinguished Paper for an outstanding corporate finance paper published in the Journal of Finance. Internet Appendix Here.) View Details
- Hanson, Samuel G. "Mortgage Convexity." Journal of Financial Economics 113, no. 2 (August 2014): 270–299. (Internet Appendix Here.) View Details
- Hanson, Samuel G., and Adi Sunderam. "The Growth and Limits of Arbitrage: Evidence from Short Interest." Review of Financial Studies 27, no. 4 (April 2014): 1238–1286. (Winner of the RFS Rising Scholar Prize 2014. Internet Appendix Here.) View Details
- Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Review of Financial Studies 26, no. 6 (June 2013): 1483–1525. (Internet Appendix Here.) View Details
- Hanson, Samuel G., and Adi Sunderam. "Are There Too Many Safe Securities? Securitization and the Incentives for Information Production." Journal of Financial Economics 108, no. 3 (June 2013): 565–584. (Internet Appendix Here.) View Details
- Hanson, Samuel G., and Adi Sunderam. "The Variance of Non-Parametric Treatment Effect Estimators in the Presence of Clustering." Review of Economics and Statistics 94, no. 4 (November 2012). (Stata and Matlab Code Here.) View Details
- Greenwood, Robin, and Samuel G. Hanson. "Share Issuance and Factor Timing." Journal of Finance 67, no. 2 (April 2012): 761–798. (Internet Appendix Here.) View Details
- Hanson, Samuel G., Anil Kashyap, and Jeremy C. Stein. "A Macroprudential Approach to Financial Regulation." Journal of Economic Perspectives 25, no. 1 (Winter 2011): 3–28. View Details
- Greenwood, Robin, Samuel G. Hanson, and Jeremy C. Stein. "A Gap-Filling Theory of Corporate Debt Maturity Choice." Journal of Finance 65, no. 3 (June 2010): 993–1028. (Supplementary results in Internet Appendix.) View Details
- Hanson, Samuel G., M. Hashem Pesaran, and Til Schuermann. "Firm Heterogeneity and Credit Risk Diversification." Journal of Empirical Finance 15, no. 4 (September 2008): 583–612. View Details
- Hanson, Samuel G., and Til Schuermann. "Confidence Intervals for Probabilities of Default." Journal of Banking & Finance 30, no. 8 (August 2006). View Details
- Book Chapters
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- Hanson, Samuel Gregory, Adi Sunderam, and Eric Zwick. "Business Continuity Insurance in the Next Disaster." In Rebuilding the Post-Pandemic Economy, edited by Melissa S. Kearney and Amy Ganz, 52–77. Washington, DC: Aspen Institute, 2021. View Details
- Greenwood, Robin, Samuel Gregory Hanson, and Dimitri Vayanos. "Forward Guidance in the Yield Curve: Short Rates versus Bond Supply." In Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World, edited by Elias Albagli, Diego Saravia, and Michael Woodford, 11–62. Santiago: Banco Central de Chile, 2016. (Working Paper version: NBER Working Paper No. 21750 Here.) View Details
- Greenwood, Robin, Samuel Gregory Hanson, Joshua S. Rudolph, and Lawrence Summers. "Debt Management Conflicts between the U.S. Treasury and the Federal Reserve." Chap. 2 in The $13 Trillion Question: How America Manages Its Debt, edited by David Wessel, 43–89. Brookings Institution Press, 2015. (Working Paper version Here.) View Details
- Greenwood, Robin, Samuel Gregory Hanson, Joshua S. Rudolph, and Lawrence Summers. "The Optimal Maturity of Government Debt." Chap. 1 in The $13 Trillion Question: How America Manages Its Debt, edited by David Wessel, 1–41. Brookings Institution Press, 2015. (Working Paper version Here.) View Details
- Other Publications and Materials
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- Blank, Michael, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "How Should U.S. Bank Regulators Respond to the COVID-19 Crisis?" Hutchins Center Working Paper, No. 63, June 2020. View Details
- Chen, Brian S., Samuel G. Hanson, and Jeremy C. Stein. "The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets." NBER Working Paper Series, No. 23843, September 2017. View Details
- Greenwood, Robin, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam. "The Financial Regulatory Reform Agenda in 2017." Working Paper, February 2017. View Details
- Chernenko, Sergey, Samuel G. Hanson, and Adi Sunderam. "The Rise and Fall of Demand for Securitizations." NBER Working Paper Series, No. 20777, December 2014. View Details
- Hanson, Samuel G. "Comment on 'The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds'." Brookings Papers on Economic Activity (Spring 2013): 263–271. View Details
- Kashyap, Anil, Jeremy C. Stein, and Samuel G. Hanson. "An Analysis of the Impact of 'Substantially Heightened' Capital Requirements on Large Financial Institutions." 2010. Mimeo. View Details
- Chen, Joseph, Samuel G. Hanson, Harrison Hong, and Jeremy C. Stein. "Do Hedge Funds Profit from Mutual-Fund Distress?" 2008. Mimeo. View Details
- Cases and Teaching Materials
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- Baker, Malcolm, Samuel Gregory Hanson, Jonathan Wallen, and Zach Komes. "The Impact Developers Fund." Harvard Business School Case 222-046, January 2022. (Revised January 2022.) View Details
- Greenwood, Robin, and Samuel G. Hanson. "Issuer Quality and Corporate Bond Returns." Harvard Business School Working Paper, No. 11-065, January 2011. (Revised September 2012, Internet Appendix Here.) View Details
- Hanson, Samuel G. "Executing Active Investment Strategies." Harvard Business School Module Note 219-080, January 2019. View Details
- Hanson, Samuel G. "Pershing Square 2.0." Harvard Business School Teaching Note 219-078, December 2018. (Revised February 2019.) View Details
- Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital." Harvard Business School Teaching Note 219-073, December 2018. (Revised February 2019.) View Details
- Hanson, Samuel. "The Fidelity Growth Company Fund." Harvard Business School Teaching Note 219-071, December 2018. (Revised January 2019.) View Details
- Hanson, Samuel G. "The Case of the Unidentified Equity Managers." Harvard Business School Teaching Note 219-067, December 2018. (Revised February 2019.) View Details
- Hanson, Samuel G. "Dogs of the Dow." Harvard Business School Teaching Note 219-066, December 2018. (Revised January 2019.) View Details
- Hanson, Samuel G., Robin Greenwood, David Scharfstein, and Adi Sunderam. "The Financial Crisis: Timothy Geithner and the Stress Tests." Harvard Business School Case 219-038, October 2018. (Revised January 2019.) View Details
- Sunderam, Adi, Robin Greenwood, Sam Hanson, and David Scharfstein. "The Financial Crisis: Hank Paulson in 2008." Harvard Business School Case 219-037, October 2018. (Revised January 2019.) View Details
- Fleiss, Sara L., and Samuel G. Hanson. "The Fidelity Growth Company Fund." Harvard Business School Case 218-090, March 2018. (Revised February 2019.) View Details
- Hanson, Samuel G. "Dogs of the Dow: Example Pfizer Valuation." Harvard Business School Background Note 219-051, October 2018. View Details
- Hanson, Samuel G. "Margin Accounts." Harvard Business School Background Note 218-079, January 2018. (Revised February 2019.) View Details
- Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital (B)." Harvard Business School Supplement 218-066, January 2018. (Revised February 2019.) View Details
- Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital." Harvard Business School Case 218-065, January 2018. (Revised February 2019.) View Details
- Hanson, Samuel, and Aldo Sesia. "Nashua River Capital Management." Harvard Business School Case 217-045, January 2017. View Details
- Hanson, Samuel G. "The Case of the Unidentified Equity Managers." Harvard Business School Case 217-055, February 2017. (Revised December 2017.) View Details
- Hanson, Samuel G., and Colton Hicks. "Public Capital Markets." Harvard Business School Case 216-029, November 2015. (Revised December 2017.) View Details
- Greenwood, Robin, Samuel Hanson, and David Biery. "Pershing Square 2.0." Harvard Business School Case 216-003, September 2015. (Revised September 2017.) View Details
- Baker, Malcolm, Samuel G. Hanson, and James Weber. "Longbow Capital Partners." Harvard Business School Case 215-026, February 2015. View Details
- Hanson, Samuel G. "The FLV Capital Trading Desk (A) and (B)." Harvard Business School Teaching Note 215-053, January 2015. (Revised March 2015.) View Details
- Hanson, Samuel, Erik Stafford, and Luis Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium." Harvard Business School Case 213-051, October 2012. (Revised June 2015.) View Details
- Hanson, Samuel Gregory, Erik Stafford, and Luis M. Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (CW)." Harvard Business School Spreadsheet Supplement 213-717, February 2013. (Revised January 2015.) View Details
- Hanson, Samuel. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium." Harvard Business School Teaching Note 215-046, February 2015. View Details
- Hanson, Samuel, Erik Stafford, and Luis Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (Abridged)." Harvard Business School Case 215-025, October 2014. View Details
- Hanson, Samuel Gregory, Erik Stafford, and Luis M. Viceira. "Grantham, Mayo, and Van Otterloo, 2012: Estimating the Equity Risk Premium (Abridged) Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 215-704, October 2014. View Details
- Hanson, Samuel G., Joel Heilprin, and Charles Andersen. "Lighting the Way at the Manor House Hotel." Harvard Business School Case 214-006, July 2013. (Revised June 2015.) View Details
- Hanson, Samuel Gregory, Joel Heilprin, and Charles Andersen. "Lighting the Way at the Manor House Hotel." Harvard Business School Spreadsheet Supplement 214-701, July 2013. View Details
- Hanson, Samuel G. "Lighting the Way at the Manor House Hotel." Harvard Business School Teaching Note 215-043, January 2015. View Details
- Hanson, Samuel G. "The FLV Capital Trading Desk (A)." Harvard Business School Case 215-044, January 2015. (Revised December 2017.) View Details
- Hanson, Samuel G. "The FLV Capital Trading Desk (B)." Harvard Business School Supplement 215-045, January 2015. (Revised June 2015.) View Details
- Baker, Malcolm, Samuel G. Hanson, and James Weber. "Dogs of the Dow." Harvard Business School Case 215-020, January 2015. (Revised October 2018.) View Details
- Awards & Honors
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Winner of the 2014 Rising Scholar Award from The Review of Financial Studies for his paper with Adi Sunderam, “The Growth and Limits of Arbitrage: Evidence from Short Interest.”
- Additional Information
- Areas of Interest
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- asset pricing
- behavioral finance
- corporate finance
- financial intermediaries
- market efficiency
- capital markets
- credit risk
- debt financing
- equity financing
- hedge funds
- investment management
- investor behavior
- monetary economics
- asset management
- banking
- brokerage
- federal government
- financial services
- investment banking industry
Additional TopicsIndustries