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Mark L. Egan

Mark L. Egan

Assistant Professor of Business Administration

Assistant Professor of Business Administration

Mark Egan is an assistant professor of finance in the Finance Unit, teaching Finance 1 to MBA students.

Professor Egan’s research concentrates on the intersection of corporate finance and industrial organization. His current research agenda explores how consumers access financial markets through banks and brokerage firms. His work has been cited in Bloomberg, The Financial Times, The New York Times, The Wall Street Journal, and the American Economic Review.

Professor Egan received a BA in economics from Middlebury College and a PhD in economics from the University of Chicago. Prior to beginning his doctoral studies, he worked in interest rate structuring at Barclays Capital in New York.

 

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Mark L. Egan
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Finance
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Publications Research Summary

Journal Articles
Journal Articles

  • Egan, Mark, Gregor Matvos, and Amit Seru. "When Harry Fired Sally: The Double Standard in Punishing Misconduct." Journal of Political Economy (forthcoming). View Details
  • Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260. View Details
  • Egan, Mark, Gregor Matvos, and Amit Seru. "The Market for Financial Adviser Misconduct." Journal of Political Economy 127, no. 1 (February 2019): 233–295. View Details
  • Egan, Mark, Ali Hortaçsu, and Gregor Matvos. "Deposit Competition and Financial Fragility: Evidence from the U.S. Banking Sector." American Economic Review 107, no. 1 (January 2017): 169–216. View Details

Working Papers
Working Papers

  • Egan, Mark, Shan Ge, and Johnny Tang. "Conflicting Interests and the Effect of Fiduciary Duty—Evidence from Variable Annuities." Harvard Business School Working Paper, No. 21-018, August 2020. (Revise and Resubmit at the Review of Financial Studies. Revised August 2020. NBER Working Paper Series, No. 27577, July 2020) View Details
  • Egan, Mark, Alexander J. MacKay, and Hanbin Yang. "Recovering Investor Expectations from Demand for Index Funds." NBER Working Paper Series, No. 26608, January 2020. (Revise and Resubmit at the Review of Economic Studies. Harvard Business School Working Paper, No. 20-122, May 2020. Direct download. Revised August 2020.) View Details
  • Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revise and Resubmit to Journal of Financial Economics.) View Details
  • Egan, Mark, Gregor Matvos, and Amit Seru. "Arbitration with Uninformed Consumers." Harvard Business School Working Paper, No. 19-046, October 2018. (Revised May 2020. NBER Working Paper Series, No. 25150, October 2018) View Details
  • Egan, Mark, Stefan Lewellen, and Adi Sunderam. "The Cross Section of Bank Value." NBER Working Paper Series, No. 23291, March 2017. (Revise and Resubmit at the Review of Financial Studies.) View Details
  • Egan, Mark, and Tomas J. Philipson. "International Health Economics." NBER Working Paper Series, No. 19280, August 2013. View Details
  • Egan, Mark, and Tomas J. Philipson. "Non-Adherence in Health Care: A Positive and Normative Analysis." NBER Working Paper Series, No. 20330, July 2014. (Previously titled, "Health Care Adherence and Personalized Medicine.") View Details
  • Egan, Mark, Casey B. Mulligan, and Tomas J. Philipson. "Adjusting National Accounting for Health: Is the Business Cycle Countercyclical?" NBER Working Paper Series, No. 19058, May 2013. View Details

Cases and Teaching Materials
Cases and Teaching Materials

  • Egan, Mark. "Transformation at Citizens Bank." Harvard Business School Teaching Note 221-079, March 2021. View Details
  • Egan, Mark. "Satrix: Competing in the Passive Asset Management Industry in South Africa." Harvard Business School Teaching Note 221-078, February 2021. View Details
  • Egan, Mark, and E. Scott Mayfield. "Project Helios: Harvesting the Sun." Harvard Business School Teaching Note 221-072, February 2021. (Revised February 2021.) View Details
  • Egan, Mark. "Highfields Capital and McDonald's." Harvard Business School Teaching Note 221-069, February 2021. View Details
  • Egan, Mark, Pippa Tubman Armerding, and Dilyana Karadzhova Botha. "Satrix: Competing in the Passive Asset Management Industry in South Africa." Harvard Business School Case 221-020, August 2020. (Revised December 2020.) View Details
  • Egan, Mark. "Transformation at Citizens Bank." Harvard Business School Case 220-058, February 2020. (Revised January 2021.) View Details
  • Egan, Mark, and E. Scott Mayfield. "Project Helios: Harvesting the Sun." Harvard Business School Case 219-009, July 2018. (Revised August 2018.) View Details
All Publications

Mark Egan is an assistant professor of finance in the Finance Unit, teaching Finance 1 to MBA students.

Professor Egan’s research concentrates on the intersection of corporate finance and industrial organization. His current research agenda explores how consumers access financial markets through banks and brokerage firms. His work has been cited in Bloomberg, The Financial Times, The New York Times, The Wall Street Journal, and the American Economic Review.

Professor Egan received a BA in economics from Middlebury College and a PhD in economics from the University of Chicago. Prior to beginning his doctoral studies, he worked in interest rate structuring at Barclays Capital in New York.

 

Journal Articles
  • Egan, Mark, Gregor Matvos, and Amit Seru. "When Harry Fired Sally: The Double Standard in Punishing Misconduct." Journal of Political Economy (forthcoming). View Details
  • Egan, Mark. "Brokers vs. Retail Investors: Conflicting Interests and Dominated Products." Journal of Finance 74, no. 3 (June 2019): 1217–1260. View Details
  • Egan, Mark, Gregor Matvos, and Amit Seru. "The Market for Financial Adviser Misconduct." Journal of Political Economy 127, no. 1 (February 2019): 233–295. View Details
  • Egan, Mark, Ali Hortaçsu, and Gregor Matvos. "Deposit Competition and Financial Fragility: Evidence from the U.S. Banking Sector." American Economic Review 107, no. 1 (January 2017): 169–216. View Details
Working Papers
  • Egan, Mark, Shan Ge, and Johnny Tang. "Conflicting Interests and the Effect of Fiduciary Duty—Evidence from Variable Annuities." Harvard Business School Working Paper, No. 21-018, August 2020. (Revise and Resubmit at the Review of Financial Studies. Revised August 2020. NBER Working Paper Series, No. 27577, July 2020) View Details
  • Egan, Mark, Alexander J. MacKay, and Hanbin Yang. "Recovering Investor Expectations from Demand for Index Funds." NBER Working Paper Series, No. 26608, January 2020. (Revise and Resubmit at the Review of Economic Studies. Harvard Business School Working Paper, No. 20-122, May 2020. Direct download. Revised August 2020.) View Details
  • Di Maggio, Marco, Mark Egan, and Francesco Franzoni. "The Value of Intermediation in the Stock Market." Harvard Business School Working Paper, No. 20-016, August 2019. (Revise and Resubmit to Journal of Financial Economics.) View Details
  • Egan, Mark, Gregor Matvos, and Amit Seru. "Arbitration with Uninformed Consumers." Harvard Business School Working Paper, No. 19-046, October 2018. (Revised May 2020. NBER Working Paper Series, No. 25150, October 2018) View Details
  • Egan, Mark, Stefan Lewellen, and Adi Sunderam. "The Cross Section of Bank Value." NBER Working Paper Series, No. 23291, March 2017. (Revise and Resubmit at the Review of Financial Studies.) View Details
  • Egan, Mark, and Tomas J. Philipson. "International Health Economics." NBER Working Paper Series, No. 19280, August 2013. View Details
  • Egan, Mark, and Tomas J. Philipson. "Non-Adherence in Health Care: A Positive and Normative Analysis." NBER Working Paper Series, No. 20330, July 2014. (Previously titled, "Health Care Adherence and Personalized Medicine.") View Details
  • Egan, Mark, Casey B. Mulligan, and Tomas J. Philipson. "Adjusting National Accounting for Health: Is the Business Cycle Countercyclical?" NBER Working Paper Series, No. 19058, May 2013. View Details
Cases and Teaching Materials
  • Egan, Mark. "Transformation at Citizens Bank." Harvard Business School Teaching Note 221-079, March 2021. View Details
  • Egan, Mark. "Satrix: Competing in the Passive Asset Management Industry in South Africa." Harvard Business School Teaching Note 221-078, February 2021. View Details
  • Egan, Mark, and E. Scott Mayfield. "Project Helios: Harvesting the Sun." Harvard Business School Teaching Note 221-072, February 2021. (Revised February 2021.) View Details
  • Egan, Mark. "Highfields Capital and McDonald's." Harvard Business School Teaching Note 221-069, February 2021. View Details
  • Egan, Mark, Pippa Tubman Armerding, and Dilyana Karadzhova Botha. "Satrix: Competing in the Passive Asset Management Industry in South Africa." Harvard Business School Case 221-020, August 2020. (Revised December 2020.) View Details
  • Egan, Mark. "Transformation at Citizens Bank." Harvard Business School Case 220-058, February 2020. (Revised January 2021.) View Details
  • Egan, Mark, and E. Scott Mayfield. "Project Helios: Harvesting the Sun." Harvard Business School Case 219-009, July 2018. (Revised August 2018.) View Details
Research Summary
Overview
When considering how households make investment decisions, Professor Egan became intrigued by the question, “What makes a bank ‘special’ when compared to other lending institutions?” Focusing on empirical industrial organization with applications to finance and banking, his research uses quantitative tools from the industrial organization literature to better understand the stability of the banking sector in the United States. Similarly, Professor Egan has studied bank value by estimating the productivity of a bank across its deposit-taking and lending activities. His research suggests that deposit productivity rather than lending productivity accounts for the bulk of bank value creation. In addition to banks, households turn to the financial advisory industry when making investments. Professor Egan has examined the investment decisions of retail consumers in a broker-intermediated market using a new retail bond data set, finding evidence indicating that the incentives of brokers distort consumer investment decisions and often direct consumers’ search toward inferior products. He also uses a novel dataset to document the extent of misconduct in the financial services industry and the associated labor market consequences. His research shows that one of every thirteen financial advisors in the United States has a past record of misconduct, and many are guilty of concentrated, or repeated, misconduct. Men are three times more likely to engage in misconduct than women, yet in the labor force, the future career opportunities of women who engage in misconduct are jeopardized to a greater extent than those of men.
Keywords: Banking; Financial Advisors; Consumer Finance; Personal Finance; Corporate Finance
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