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Research Staff and Resources

Research and Statistics Staff | Capital Markets Section
photograph of Steven A. Sharpe
Steven A. Sharpe
Chief
Capital Markets Section
Division of Research and Statistics

Contact Information
steve.a.sharpe@frb.gov

Fields of Interest
Financial Markets
Asset Pricing
Corporate Finance

Education
Ph.D., Economics, Stanford University, 1986
B.A., Economics, Math, University of Illinois (C-U), 1981

Professional Experience
Board of Governors of the Federal Reserve System, 1986-present

Selected Publications

  • ''Anchoring Bias in Consensus Forecasts and Its Effect on Market Prices'' (with Sean D. Campbell), Journal of Financial and Quantitative Analysis, vol. 44 (April 2009), pp. 369-390.
  • ''How Did the 2003 Dividend Tax Cut Affect Stock Prices? '' (with Gene Amromin and Paul Harrison), Financial Management, vol. 37 (December 2008), pp. 611-624.
  • ''Footnotes Aren’t Enough: The Impact of Pension Accounting on Stock Values'' (with Julia Coronado, Olivia S. Mitchell, and S. Blake Nesbitt), Journal of Pension Economics and Finance, vol. 7 (November 2008), pp. 257-276.
  • ''How Does the Market Interpret Analysts’ Long-Term Growth Forecasts,'' Journal of Accounting, Auditing, and Finance, vol. 20 (Spring 2005), pp. 147-166.
  • From the Horse’s Mouth: Gauging Conditional Expected Stock Returns from Investor Surveys (with Gene Amromin), Finance and Economics Discussion Series 2005-26. Washington: Board of Governors of the Federal Reserve System, 2005.
  • ''Did Pension Plan Accounting Contribute to a Stock Market Bubble?'' (with Julia Lynn Coronado), Brookings Papers on Economic Activity, vol. 1 (July 2003), pp. 323-371.
  • Getting the Bad News Out Early: Does it Really Help Stock Prices? (with Chris Downing), Finance and Economics Discussion Series 2003-58. Washington: Board of Governors of the Federal Reserve System, 2003.
  • ''Reexamining Stock Valuation and Inflation: The Implications of Analysts’ Earnings Forecasts,'' Review of Economics and Statistics, vol. 84 (November 2002), pp. 632-48.
  • Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns (with J. Nellie Liang), Finance and Economics Discussion Series 1999-59. Washington: Board of Governors of the Federal Reserve System, 1999.
  • ''Book Review of Dodging Bullets: Changing U.S. Corporate Capital Structure in the 1980s and 1990s, by Robert N. McCauley, Judith S. Ruud and Frank Iacono,'' Journal of Economic Literature, vol. 39 (September 2001), pp. 918-19.
  • ''Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization in Private Debt Contracting'' (with Mark Carey and Mitch Post), The Journal of Finance, vol. 53 (June 1998), pp. 845-78.
  • ''Does Corporate Risk Management Create Shareholder Value? A Survey of Economic Theory and Evidence'' (with George W. Fenn and Mitch Post), in Robert Jameson, ed., Financial Risk and the Corporate Treasury: New Developments in Strategy and Control. London: Risk Publications, 1997.
  • ''The Effect of Consumer Switching Costs on Prices: A Theory and its Application to the Bank Deposit Market,'' Review of Industrial Organization, vol. 12 (1997), pp. 79-94.
  • ''Capital Market Imperfections and the Incentive to Lease'' (with Hien H. Nguyen), Journal of Financial Economics, vol. 39 (September 1995), pp. 271-94.
  • ''Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment,'' American Economic Review, vol. 84 (September 1994), pp. 1060-74.
  • ''Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits'' (with David Neumark), Quarterly Journal of Economics, vol. 107 (May 1992), pp. 657-81.

Last update: December 4, 2009