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Photo of Irina Stefanescu

Irina Stefanescu

Economist

Flow of Funds Section

Research and Statistics

202-974-7062
irina.stefanescu@frb.gov
Education
  • Ph.D., Finance, University of North Carolina at Chapel Hill, 2006
  • M.A., Economics, University of Tennessee, Knoxville, 1999
  • B.A., Money and Banking, Academy of Economic Studies, Bucharest, 1996
  • Current Research Topics

  • Pension Plans, Mutual Funds, Labor
  • Empirical Corporate Finance, Capital Structure
Fields of Interest
    • Economist

      Board of Governors of the Federal Reserve System

    • 2013 - present
    • Assistant Professor of Finance

      Indiana University, Bloomington

    • 2006 - 2013
  • Stefanescu, Irina, and Ivan Vidangos (2014). "Introducing Actuarial Liabilities and Funding Status of Defined-Benefit Pensions in the U.S. Financial Accounts," FEDS Notes 2014-10-31. Board of Governors of the Federal Reserve System (U.S.).
  • Rauh, Joshua D., Irina Stefanescu, and Stephen P. Zeldes (2013). "Cost Shifting and the Freezing of Corporate Pension Plans," Finance and Economics Discussion Series 2013-82. Board of Governors of the Federal Reserve System (U.S.).
  • Pool, Veronika K., Clemens Sialm, and Irina Stefanescu (2013). "It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans," NBER Working Papers 18764. National Bureau of Economic Research, Inc.
  • Goldman, Eitan, Urs Peyer, and Irina Stefanescu (2012). "Financial Misrepresentation and its Impact on Rivals," Financial Management, vol. 41, no. 4, pp. 915-945.
  • Shivdasani, Anil, and Irina Stefanescu (2010). "How do Pensions Affect Corporate Capital Structure Decisions?" Review of Financial Studies, vol. 23, no. 3, pp. 1287-1323.
  • Rauh, Joshua, and Irina Stefanescu (2009). "Why are Firms in the United States Abandoning Defined Pension Plans?" Rotman International Journal of Pension Managment, vol. 2, no. 2, pp. 18-25.
  • conference

    September 2014

    TIAA-CREF Institute NY

    Plan architecture and fees

  • conference

    June 2014

    NETSPAR International workshop, Italy

    It pays to set the menu: Mutual Fund Investment Options in 401(K) Plans

  • seminar

    February 2014

    University of Utah

    It pays to set the menu: Mutual Fund Investment Options in 401(K) Plans

  • conference

    August 2013

    European Finance Association, Cambridge, UK

    Cost savings and the freezing of corporate pension plans

  • conference

    June 2013

    Mitsui Symposium of Finance, University of Michigan, Ann Arbor

    Cost savings and the freezing of corporate pension plans

  • conference

    January 2013

    American Economic Association, AEA San Diego

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • seminar

    February 2013

    University of Georgia, Athens

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • seminar

    January 2013

    Securities Exchange Comission, Washington DC

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • seminar

    January 2013

    University of Alabama

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • seminar

    January 2013

    California State University, Fullerton

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • seminar

    October 2012

    DePaul University

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • conference

    July 2013

    NBER Summer Institute

    Cost savings and the freezing of corporate pension plans

  • discussion

    June 2012

    9th Annual Conference on Corporate Finance

    As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes, European Central Bank

  • conference

    October 2012

    2nd MSUFCU Conference on Financial Institutions and Investments

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • conference

    August 2012

    Indiana University - Notre Dame - Purdue Finance Symposium

    It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

  • conference

    June 2012

    Financial Intermediation Research Society, Mineapolis

    Cost savings and the freezing of corporate pension plans

  • conference

    January 2012

    NETSPAR, Amsterdam

    Cost savings and the freezing of corporate pension plans

  • conference

    June 2009

    Financial Intermediation Research Society , Prague

    How do pension plans affect corporate capital structure decisions?

  • conference

    May 2008

    Frank Batten Young Scholars in Finance Conference, College of William and Mary, Williamsburg

    The impact of fraudulent earnings manipulations on industry rivals

  • conference

    August 2007

    Indiana University - Notre Dame - Purdue Finance Symposium - 9th Biennial Symposium

    The impact of fraudulent earnings manipulations on industry rivals

  • conference

    June 2006

    Western Financial Association , WFA Keystone

    How do pension plans affect corporate capital structure decisions?

  • conference

    August 2005

    European Finance Association, EFA, Moscow

    How do pension plans affect corporate capital structure decisions?

  • seminar

    May 2011

    University of Melbourne , Australia

    The "Real" Value of Conflicted Analyst Coverage

  • seminar

    May 2011

    The School of Finance and Applied Statistics at The Australian National University, ANU, Australia

    The "Real" Value of Conflicted Analyst Coverage

  • seminar

    November 2010

    Ohio University

    The "Real" Value of Conflicted Analyst Coverage

  • conference

    June 2009

    University of Toronto, ICPM

    Why are Firms in the United States Abandoning Defined Benefit Pension Plans?

  • conference

    November 2006

    London School of Economics, Financial Markets Group

    How do pension plans affect corporate capital structure decisions?

  • seminar

    March 2006

    Bocconi University

    How do pension plans affect corporate capital structure decisions?

  • seminar

    January 2006

    College of William and Mary

    How do pension plans affect corporate capital structure decisions?

  • seminar

    January 2006

    HEC Paris

    How do pension plans affect corporate capital structure decisions?

  • seminar

    February 2006

    Indiana University

    How do pension plans affect corporate capital structure decisions?

  • seminar

    January 2006

    Norwegian School of Economics

    How do pension plans affect corporate capital structure decisions?

  • seminar

    February 2006

    Tilburg University

    How do pension plans affect corporate capital structure decisions?

  • seminar

    February 2006

    Vanderbilt University

    How do pension plans affect corporate capital structure decisions?

  • seminar

    January 2006

    Virginia Tech

    How do pension plans affect corporate capital structure decisions?

  • seminar

    February 2006

    University of Michigan

    How do pension plans affect corporate capital structure decisions?

  • seminar

    February 2006

    University of Washington

    How do pension plans affect corporate capital structure decisions?

Awards

  • 2014

    Financial Management Journal

    Pearson Prize for Best Paper

  • 2014

    TIAA-CREF Institute

    TIAA-CREF Institute Grant (with V. Pool and C.Sialm)

  • 2010

    Network for Studies on Pensions, Aging and Retirement

    Netspar Research Grant (with V.Pool and C.Sialm)

  • 2010

    University of Texas at Austin

    Research Excellence Grant (with V.Pool and C.Sialm)

  • 2007

    Rotman International Centre for Pension Management (ICPM)

    Research Grant

  • 2006

    NYSE

    Student Travel Grant

  • 2006

    Frank Batten Young Scholars Conference

    WRDS Award for the Best Paper

  • 2005

    University of North Carolina at Chapel Hill

    Dissertation Completion Research Fellowship

  • 2000

    University of Tennessee

    Fred J. Holly Memorial Fellowship

Conference Organization

  • 2008, 2010

    Financial Management Association

    Program committee

Referee

  • Journal of Finance
  • Journal of Financial Economics
  • Review of Finance
  • Journal of Corporate Finance
  • Journal of Pension Economics and Finance
  • International Review of Finance, Scandinavian Journal of Economics
  • Management Research Review
  • Financial Management
  • Management Science
  • Journal of Risk and Insurance
  • Journal of Money, Credit and Banking
  • Journal of Financial and Quantitative Analysis

Professional Affiliation

  • American Economic Association
  • American Finance Association
  • European Finance Association
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Last update: November 10, 2014