Stefan M. Lewellen

Color portrait of Stefan M. Lewellen

Assistant Professor of Finance

Department Finance
Office Address 360 Business Building
Phone Number 814-867-5848
Email Address sml582@psu.edu

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Education

Ph D, Financial Economics, Yale University, 2013

MBA, Finance, Yale University, 2007

BBA, Engineering Route to Business (Finance, Aerospace Engineering), The University of Texas at Austin, 2001

Courses Taught

BA 580 – DBA Culminating Res Project (6)
This course provides Doctorate of Business Administration students with the opportunity to identify a practice problem or clinical question and investigate the literature related to this selected area of interest. Students will develop and implement a comprehensive project to address the problem. Students will also disseminate the results in both a scholarly presentation and manuscript for publication.

FIN 401 – Finance and Technology (3)
FIN 401 examines topics at the intersection of finance and technology. Technology had a significant impact on the theory and practice of finance since ancient Babylonians started carving loan contracts into stone. Today, we use the term FinTech to describe products and companies at the finance-technology nexus. This course introduces students to the modern FinTech ecosystem, develops tools needed to analyze and value FinTech applications, and introduces more general concepts for financing innovative but uncertain new technologies. The course consists of three integrated modules: the first provides a detailed overview of the modern FinTech ecosystem and the latest FinTech related technology trends; the second introduces tools to value and analyze FinTech ideas; and the third combines core concepts from finance and economics to build a unified framework for evaluating and financing innovative activities. While applied in nature, this course is conceptually rigorous and builds heavily on the material covered in FIN 305W. The capstone of the course is a project where groups of students will develop and pitch a business plan around a new potential FinTech application. Concepts, readings, and assignments will be regularly refreshed to keep pace with academic literature and recent technological innovations related to finance. Upon completing the course, students will possess both the knowledge and mindset to become thought leaders in the FinTech space.

FIN 588 – Sem Corporate Finance Research (3)
FIN 588 will provide students with a foundational doctoral-level understanding of key concepts within corporate finance such as contracting frictions, financing, investment, M&A, and corporate governance. Students will be required to demonstrate mastery of both the conceptual and methodological underpinnings of each core concept. Upon completing the course, students should be well-equipped to teach an introductory undergraduate or masters-level corporate finance course at a four-year college or Ph.D.-granting institution.

FIN 601 – Ph D Dis Full-Time
NO DESCRIPTION.

FIN 880 – CORP FIN PROJECTS (2)
This capstone course is the culminating experience for the Master of Corporate Finance. The aim of the capstone is to assess students' ability to synthesize and integrate the skills they have developed throughout their course work. This course is structured to support student success in fulfilling program goals and requirements.The projects students tackle will mirror what they'll encounter on the job as a significant member of the corporate planning strategic management team.The course integrates topics and methodologies analyzed throughout the program, leading students to understand that corporate strategic analysis, and ultimately, the firm's ability to enhance shareholder value, is a holistic and multifaceted analytical process.Generally, the capstone course involves strategic financial decision-making and long-term strategic analysis. The course requires students to demonstrate advanced skill at integration and mastery of specific concepts. Specifically: capital structure and cost of capital analysis, financial forecasting, valuation, corporate control, and the environmental factors influencing capital acquisition and allocation. Analysis of the international operations as a multinational firm adds an additional layer of complexity.

FIN 497 – Special Topics (3)
Formal courses given infrequently to explore, in depth, a comparatively narrow subject which may be topical or of special interest.

FIN 596 – Individual Studies (Variable)

FIN 600 – Thesis Research (Variable)

FIN 405 – Adv Financial Mgmt (3)
An examination of the development and application of decision rules for major long-term financial and investment problems of the firm.

FIN 597 – Special Topics (1.5)

FIN 305 – Financial Mgmt Bus (3)
Development of advanced practices of financial management and their application to decision making in business firm. FIN 305 Financial Management of the Business Enterprise (3) The objective of this course is to give students an understanding, and working knowledge of the major decisions faced by corporate financial managers. In general, the course will emphasize three major areas: investment and capital budgeting, financing and capital structure, dividend policy and corporate growth. A basic understanding of financial analysis and valuation will be provided. Basic corporate securities markets will be described. Determinants of securities prices, yields, and returns will be discussed. Special emphasis is placed on the role of the capital markets in financing corporate operations and investment, in facilitating corporate reorganizations and financial restructuring, and in reflecting owners wealth and evaluating the performance of corporate management. Within the general framework, a number of special topics will be covered, including mergers and acquisitions and the market for corporate control, international financial management, derivative instruments and their applications to corporate risk management. Students taking, the course should have a working knowledge of elementary statistics, and a basic understanding of accounting and financial statements.

Selected Publications

Bisetti E., Lewellen S. M., Sarkar A., Zhao X., "Smokestacks and the Swamp." Review of Financial Studies, 2026
Huang J., Lewellen S. M., Wang Z., "Creditor Coalitions in Bankruptcy." Journal of Financial Economics, 2025
Akey P., Lewellen S. M., Liskovich I., Schiller C., "Hacking Corporate Reputations." Review of Finance, 2024, pp. 126
Revised and Resubmitted
Egan M., Lewellen S. M., Sunderam A., "The Cross Section of Bank Value." Review of Financial Studies, vol. 35, no. 5, 2022, pp. 2101-2143
Lewellen S. M., Williams E., "Did Technology Contribute to the Housing Boom? Evidence from MERS." Journal of Financial Economics, vol. 141, no. 3, 2021, pp. 1244-1261
Akey P., Heimer R., Lewellen S. M., "Politicizing Consumer Credit." Journal of Financial Economics, vol. 139, no. 2, 2021, pp. 627-655
Gorton G., Lewellen S. M., Metrick A., "The Safe-Asset Share." American Economic Review, vol. 102, no. 3, 2012, pp. 101-106

Research Impact and Media Mentions

"Pushing Boundaries: Political Redistricting and Consumer Credit", NPR Marketplace, Radio, www.marketplace.org/2022/09/20/partisan-gerrymandering-can-reduce-access-to-credit-study-finds/
"The Long Run Average Cost Puzzle", Harvard Business Review, Journal or Magazine
"Pushing Boundaries: Political Redistricting and Consumer Credit", National Public Radio, Radio, www.npr.org/2018/05/01/607303602/in-gerrymandered-districts-constituents-likely-to-lose-economic-security?t=1620008105760
"Policy Uncertainty, Political Capital, and Firm Risk-Taking", The Economist, Journal or Magazine, www.economist.com/business/2016/11/19/uncertain-business
"The Safe-Asset Share", The Economist, Journal or Magazine

Honors and Awards

Michael J. Brennan Best Paper Award, Review of Financial Studies, (May 31, 2023)
NSE Best Paper Award, National Stock Exchange of India and Indian School of Business, (Jul 31, 2022)
Douglas D. Evanoff Best Paper Award, Chicago Financial Institutions Conference, (Apr 30, 2018)
SAC Capital Award for Outstanding Research, Western Finance Association, (Jun 30, 2013)