Matthew Gustafson
Professor of Finance
Coordinator
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 in Finance, The University of Rochester, William E. Simon Graduate School of Business, Rochester, NY, 2013-06-01 MS in Finance, The University of Rochester, William E. Simon Graduate School of Business, Rochester, NY, This MSBA was granted as part of a progression towards a PhD., 2011-01-01 MS in Applied Statistics, Villanova University, Villanova, PA, 2008-05-01 BA in Economics, Swarthmore College, Swarthmore, PA, 2005-05-01
Courses Taught
FIN 305M – Financial Management of the Business Enterprise (Honors) (M)
Development of advanced practices of financial management and their application to decision making in a business firm.
FIN 305W – Financial Management of the Business Enterprise (W)
Development of advanced practices of financial management and their application to decision making in a business firm.
FIN 305W – Financial Mgmt Bus (W)
Development of advanced practices of financial management and their application to decision making in a business firm.
FIN 590 – Colloquium
Continuing seminars which consist of a series of individual lectures by faculty, students, or outside speakers.
FIN 596 – Individual Studies
FIN 597 – Special Topics
Formal courses given on a topical or special interest subject which may be offered infrequently; several different topics may be taught in one year or term.
FIN 600 – Thesis Research
FIN 601 – Ph D Dis Full-Time
NO DESCRIPTION.
FIN 601 – PH.D. DISSERTATION FULL-TIME
NO DESCRIPTION.
Selected Publications
Gustafson M., Ambrose B., Valentin M., Ye Z. "Voter-induced Municipal Credit Risk" Management Science, 2026-02-01
Gustafson M., Canayaz M. "Small Business Judging Judges" Management Science, 2026-01-01
Gustafson M., Haslag P., Weagley D., Ye Z. "A Flash in the Pan(demic)? Migration Risks and Municipal Bonds" Management Science, 2025-11-01
Gustafson M., Bradley D., Williams J., Finer D. "When Bankers Go to Hail: Insights into Fed-Bank Interactions from Taxi Data" Management Science, 2024-08-01
Gustafson M., Cornaggia J., Pisciotta K., Kotter J. "IPOs and the Local Economy: Evidence of Crowding Out" Review of Finance, vol. 28, 2024-07-01
Gustafson M., Schwert M., Lewis R., Goldsmith-Pinkham P. "Sea Level Rise Exposure and Municipal Bond Yields" Review of Financial Studies, 2023-11-01
Gustafson M., Kotter J. "Higher Minimum Wages Reduce Capital Expenditures" Management Science, 2023-05-01
Gustafson M., Lewis R., Bernstein A., Billings S. "Partisan Residential Sorting on Climate Change Risk" Journal of Financial Economics, 2022-12-01
Gustafson M., Ivanov I., Brown J. "Weathering Cash Flow Shocks" Journal of Finance, 2021-08-01
Gustafson M., Chatt R., Welker A. "Firing Frictions and the Mergers and Acquisitions Market" Journal of Banking and Finance, vol. 128, 2021-07-01
Gustafson M., Dambra M. "Do the Burdens to Being Public Affect the Investment and Innovation of Newly Public Firms?" Management Science, vol. 67, 2021-04-01
Gustafson M., Ivanov I., Meisenzahl R. "Bank Monitoring: Evidence from Syndicated Loans" Journal of Financial Economics, vol. 139, 2021-02-01
Gustafson M., Pisciotta K., Dambra M. "What is the Effect of an Additional Dollar of IPO Proceeds?" Journal of Corporate Finance, vol. 66, 2021-02-01
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, 2020-01-01
Gustafson M., Bernstein A., Lewis R. "Disaster on the Horizon: The Price Effect of Sea Level Rise" Journal of Financial Economics, 2019-12-01
Gustafson M., Velthuis R., Cao C. "Index Membership and Small Firm Financing" Management Science, 2019-09-01
Gustafson M. "Inter-Market Competition and Bank Loan Spreads: Evidence from The Securities Offering Reform" Journal of Banking and Finance, vol. 94, 2018-09-01
Gustafson M. "Price Pressure and Overnight Seasoned Equity Offerings" Journal of Financial and Quantitative Analysis, vol. 53, 2018-04-01
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, 2018-04-01
Gustafson M., Iliev P. G. "The Effects of Removing Barriers to Equity Issuance" Journal of Financial Economics, vol. 124, 2017-06-01
Gustafson M. "The Market Sensitivity of Retirement and Defined Contribution Pensions: Evidence from the Public Sector" Journal of Public Economics, vol. 145, 2017-01-01
Gustafson M., Ivanov I., Ritter J. "Financial Condition and Product Market Cooperation" Journal of Corporate Finance, vol. 31, 2015-04-01
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, 2015-04-01