Carnegie Mellon University

Chester Spatt

Chester S. Spatt

Pamela R. and Kenneth B. Dunn Professor of Finance

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  • TEP - Tepper Building - Room 5113
  • 412-268-8834
5000 Forbes Avenue
Pittsburgh, PA 15213


  • University of Pennsylvania - Ph D (Economics) - 1979
  • University of Pennsylvania - MA (Economics) - 1976
  • Princeton University - BA (Economics) - 1975


Working Papers

Awards and Honors

  • Western Finance Association - Recipient of the Charles River Award for the Best Paper in Corporate Finance for my paper “Creating Controversy in Proxy Voting Advice,” with Andrey Malenko and Nadya Malenko (2022)
  • Society for Financial Studies Cavalcade, University of North Carolina at Chapel Hill - Selected as the Review of Asset Pricing Studies Keynote Speaker where I presented, “COVID-19 and the Principles of Economics” (2022)
  • China International Conference in Finance (CICF) - Recipient of the 2022 Best Paper Award for “Creating Controversy in Proxy Voting Advice,” with Andrey Malenko and Nadya Malenko (2022)
  • European Corporate Governance Institute (ECGI) - Recipient of the 2022 Finance Prize for the Best Paper in the ECGI Finance Working Paper Series in 2021 for “Creating Controversy in Proxy Voting Advice,” with Andrey Malenko and Nadya Malenko (2022)
  • Appointment to Systemic Risk Council (chaired by Sheila Bair, former FDIC chair) (2012)
  • "Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing" with R. Dammon and H. Zhang from TIAA/CREF for Outstanding Scholarly Writing on Issues Related to Lifelong Financial Security - 2004 Paul A. Samuelson Award (2004)
  • "Optimal Consumption and Investment with Capital Gains Taxes" with R. Dammon and H. Zhang for Barclays Global Investors/Michael Brennan Best Paper Prize for Volume 14 (2001) of the Review of Financial Studies - Runner-up Award (2001)
  • "Equilibrium Forward Curves for Commodities" with B. Routledge and D. Seppi as Best Paper Presented at the 1998 meetings of the Institute for Quantitative Research in Finance - First-Prize-Roger Murray Award (1998)
  • "An Option Theoretic Approach to the Valuation of Dividend Reinvestment and Voluntary Purchase Plans" at the Western Finance Association meeting - Recipient (with R. Dammon) of American Association of Individual Investors (1990)

University Service

  • Finance Faculty Recruiting Committee, Member (2015 - 2016)
  • Tepper Building Committee, Member (2015 - 2016)
  • Tepper Library Advisory Committee, Member (2010 - 2016)
  • Attended Heinz Field Alumni Dinner—one alum committed an extra $ 1,000 because I posed for a photo with a stuffed animal!, Alumni Event Participation
  • Potential Donor Meeting
  • I attended several hockey games as faculty host, Student Event - Participation

Professional Activities

  • Committee Member, U.S. Securities and Exchange Commission (SEC) and Subcommittee on Regulation NMS, Equity Market Structure Advisory Committee (2015 -)
  • Chairperson, Working Group on Market Liquidity of the Advisory Committee of the Office of Financial Research (2015 -)
  • Committee Member, Office of Financial Research and Research Subcommittee member, Advisory Committee (2014 -)
  • Program Committee Member, European Finance Association Meetings, Conference-Related (2015 - 2016)
  • Program Committee Member, Society for Financial Studies Cavalcade, Conference-Related (2015 - 2016)
  • Co-Organizer, Credit Rating Agency Conference at Carnegie Mellon , funded by Sloan Foundation (December 2015)
  • Program Committee Member, American Finance Association, Conference-Related (2015)
  • Session Chair, Financial Intermediation Research Society (2015)
  • Session Chair, Securities and Exchange Commission Second Annual Economics Conference on Financial Market Regulation (2015)
  • Member, Federal Reserve Bank's Model Validation Council (2012 - 2015)