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, Yale University, 2007

BBA, Engineering Route to Business (Finance, Aerospace Engineering), 2001

Courses Taught

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 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

Akey P., Heimer R., Lewellen S. M., "Politicizing Consumer Credit." Journal of Financial Economics, vol. 139, no. 2, 2021, pp. 627-655
Ertan A., Lewellen S. M., Thomas J. K., "Do Profit Margins Expand for High Growth Firms?." Journal of Management Accounting Research, vol. 32, no. 3, 2020, pp. 117-135
This was a practitioner piece that we submitted to the Harvard Business Review but was then solicited by JMAR (which is a top journal in management accounting). While this technically counts as a scholarly work, it was NOT submitted to top academic journals and was NOT written with such audiences in mind.
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

"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