Matthew Gustafson

Color portrait of Matthew Gustafson

Professor of Finance

Department Finance
Office Address 335 Business Building
Phone Number 814-867-4042
Email Address mtg15@psu.edu

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Matthew's research examines topics in corporate finance, financial intermediation, and the economic impacts of the climate and weather. His work has been accepted for publication in leading business journals such as The Journal of Financial Economics, The Journal of Finance, The Journal of Accounting and Economics, Management Science, The Journal of Financial and Quantitative Analysis, and The Journal of Public Economics. In addition, he has presented his work at top finance and economics conferences such as, the American, Western, and European Finance Associations and the American Economic Association Annual Meetings.

Matthew earned his PhD from the William E. Simon Graduate School of Business at the University of Rochester in June of 2013. While at the Simon School, he taught two core MBA finance classes and was named to the Simon School Teaching Honor Roll. Matthew graduated from Swarthmore College in 2005 with a degree in economics. Before beginning his doctoral studies in 2008 he worked at a financial consulting company, obtained an M.S. in Applied Statistics from Villanova University, and coached basketball at Swarthmore College where he had been team captain in 2005.

Expertise

Corporate Finance, Financial Intermediation, Economic Impacts of Climate and Weather, Securities Issuance, Financial Regulation, Personal Finance

Education

Ph D, Finance (Accounting), The University of Rochester, 2013

MS, Finance, The University of Rochester, 2011

MS, Applied Statistics, Villanova University, 2008

BA, Economics, Swarthmore College, 2005

Courses Taught

FIN 590 – Colloquium (1)

FIN 600 – Thesis Research (Variable)

FIN 305W – Financial Mgmt Bus (3)
Development of advanced practices of financial management and their application to decision making in a business firm.

FIN 596 – Individual Studies (Variable)

FIN 597 – Special Topics (1.5)

FIN 601 – Ph D Dis Full-Time

FIN 305M – Financial Management of the Business Enterprise (Honors) (3)
Development of advanced practices of financial management and their application to decision making in a business firm.

Selected Publications

Gustafson M., Cornaggia J., Pisciotta K., Kotter J., "IPOs and the Local Economy: Evidence of Crowding Out." Review of Finance, 2024, pp. 65
Presented at the 2018 Finance Research Association Meetings, the 2019 Financial Intermediation Research Society Meetings, and to be presented at the 2019 European Finance Association Meetings and 2020 American Finance Association Meetings.
Gustafson M., Kotter J., "Higher Minimum Wages Reduce Capital Expenditures." Management Science, 2023
Gustafson M., Schwert M., Lewis R., Goldsmith-Pinkham P., "Sea Level Rise Exposure and Municipal Bond Yields." Review of Financial Studies, 2023
Presented at the 2021 American Finance Association Meetings
Gustafson M., Lewis R., Bernstein A., Billings S., "Partisan Residential Sorting on Climate Change Risk." Journal of Financial Economics, 2022
Gustafson M., Bradley D., Williams J., Finer D., "When Bankers Go to Hail: Insights into Fed-Bank Interactions from Taxi Data." Management Science, 2022
Gustafson M., Ivanov I., Brown J., "Weathering Cash Flow Shocks." Journal of Finance, 2021, pp. (45 pp)
Presented at the 2016 Washington University Corporate Finance Conference, the 2017 SFS Cavalcade, and the 2018 American Finance Association
Gustafson M., Chatt R., Welker A., "Firing Frictions and the Mergers and Acquisitions Market." Journal of Banking and Finance, vol. 128, 2021, pp. 39
Gustafson M., Dambra M., "Do the Burdens to Being Public Affect the Investment and Innovation of Newly Public Firms?." Management Science, vol. 67, 2021, pp. p. 594-616
Gustafson M., Ivanov I., Meisenzahl R., "Bank Monitoring: Evidence from Syndicated Loans." Journal of Financial Economics, vol. 139, 2021, pp. p.452-477
Presented at the 2016 London Business School EuroFIT Conference and the 2017 American Finance Association Meetings
Gustafson M., Pisciotta K., Dambra M., "What is the Effect of an Additional Dollar of IPO Proceeds?." Journal of Corporate Finance, vol. 66, 2021
Gustafson M., Dambra M., Quinn P., "Tax-Advantaged Trust Use Among IPO Executives: Determinants and Implications for Valuation and future Performance." The Accounting Review, vol. 95, 2020, pp. p. 145-175
Presented at the 2017 UNC Tax Symposium and the 2017 European Finance Association Meetings
Gustafson M., Bernstein A., Lewis R., "Disaster on the Horizon: The Price Effect of Sea Level Rise." Journal of Financial Economics, 2019, pp. 64
Presented at the 2018 Texas Finance Festival, the 2018 Western Finance Association Meetings, and the 2018 European Finance Association Meetings. Awarded 2nd prize for the AQR Insight Award ($25,000).
Gustafson M., Velthuis R., Cao C., "Index Membership and Small Firm Financing." Management Science, 2019, pp. 49
Presented at the 2014 European Finance Association and 2014 Northern Finance Association meetings
Gustafson M., "Inter-Market Competition and Bank Loan Spreads: Evidence from The Securities Offering Reform." Journal of Banking and Finance, vol. 94, 2018, pp. p. 107-117
3rd Prize in the 2011 Australasian Finance and Banking Conference PhD Forum. 3rd Chapter of my PhD dissertation
Gustafson M., "Price Pressure and Overnight Seasoned Equity Offerings." Journal of Financial and Quantitative Analysis, vol. 53, 2018, pp. p. 837 - 856
Presented at the 2013 American Finance Association and the 2012 European Finance Association meetings. Chapter 1 of my PhD dissertation
Gustafson M., Field L. B., Pisciotta K., Dambra M., "The Consequences to Analyst Involvement in the IPO Process: Evidence Surrounding the JOBS Act." Journal of Accounting and Economics, vol. 65, 2018, pp. p. 302 - 330
Presented at NYU & Ross Institute Conference on Stock Markets and Capital Formation
Gustafson M., Iliev P. G., "The Effects of Removing Barriers to Equity Issuance." Journal of Financial Economics, vol. 124, 2017, pp. p. 580 - 598
Presented at the 2016 American Finance Association Meetings
Gustafson M., "The Market Sensitivity of Retirement and Defined Contribution Pensions: Evidence from the Public Sector." Journal of Public Economics, vol. 145, 2017, pp. 1-13
Lead article. Presented at the 2014 American Economic Association meetings. Chapter 2 of my PhD dissertation
Gustafson M., Ivanov I., Ritter J., "Financial Condition and Product Market Cooperation." Journal of Corporate Finance, vol. 31, 2015, pp. 1-16
Lead Article
Gustafson M., Field L. B., Dambra M., "The JOBS Act and IPO Volume: Evidence that Disclosure Costs Affect the IPO Decision." Journal of Financial Economics, vol. 116, 2015, pp. 121-143

Research Impact and Media Mentions

"Money Stuff: The SEC got Trolled on Bitcoin ETFs", Bloomberg: Money Stuff
"Flooding could leave billions of US municipal debt under water", Financial Times
"Money Stuff: Ignoring the Rules Sometimes Works", Bloomberg
"Academic focus limits business schools’ contribution to society", Financial Times
"Bank Regulators Present a Dire Warning of Financial Risks From Climate Change", New York Times
"Solicitations of Interest Prior to a Registered Public Offering", Securities and Exchange Commission Final Rule: RIN 3235-AM23
"We asked 11 climate scientists where they'd live in the US to avoid future natural disasters — here’s what they said", Business Insider
"Study: Sea level rise already hurting coastal real estate prices", Pennsylvania NPR
"Rising Risks: 'Climate gentrification' is changing Miami real estate values – for better and worse", CNBC
"Location, Location And—Climate Change? How Rising Temperatures Lower Home Values", Colorado Public Radio
"As Sea Level Rises, Home Values Are Dropping", NPR for the Cape, Coast, and Islands
"Flooding Risk Knocks $7 Billion Off Home Values, Study Finds", Wall Street Journal
"Nearly one trillion dollars of US real estate is threatened by rising seas, and the risk is already affecting home values", Business Insider
"Sea Level Rise is Eroding Home Value, and Owners Might not Even Know It", Washington Post
"Sea level rise is pushing coastal property owners to move to higher ground", CNN
"Climate Change Turns Coastal Property Into a Junk Bond", Bloomberg
"The risk of sea level rise is chipping away at Miami home values, new research shows", The Miami Herald
"Rising Sea Levels Reshape Miami’s Housing Market", Wall Street Journal
"South Florida's Real Estate Reckoning Could be Closer then You Think", Bloomberg
"The JOBS Act at Five: Examining Its Impact and Ensuring the Competitiveness of the U.S. Capital Markets", Testimony before the U.S. House of Representatives, Subcommittee on Capital Markets, Securities, and Investments,
"Here's when to expect Snap 'Buy' recommendations", Yahoo Finance
"The JOBS Act at Four: Examining Its Impact and Proposals to Further Enhance Capital Formation", U.S. House Financial Services Committee
"Pay Ratio Disclosure Rule", Securities and Exchange Commission Final Rule: RIN3235-AL47,
"Ammendments for Small and Additional Issues Exemptions Under the Securities Act", Securities and Exchange Commission Final Rule: RIN3235-AL39
"UBS Academic Research Monitor", UBS, UBS internal document to clients
"JOBS Act Fuels IPO Boom", CFO.com, Internet
"JOBS Act Rewards U.S. Exchanges Amid Surge of Criticism", Bloomberg.com, Internet
"On the IPO On-Ramp", CFO Magazine, Journal or Magazine
"The Harvard Law School Forum on Corporate Governance and Financial Regulation", The Harvard Law School Forum on Corporate Governance and Financial Regulation, Internet

Editorship

Financial Management, Associate Editor, January 2022 - Present

Honors and Awards