Faculty Directory

Diego Garcia

Visiting Associate Professor of Finance



DegreePhD, University of California, Berkeley, 2000; MA, University of California, Berkeley, 1999; BS, Asturias Business School, 1995

AREAS OF EXPERTISEAsymmetric information, behavioral biases, asset pricing, corporate finance

Current Research Topics

  • Financial journalism
  • Business networks during the Great Depression
  • Information acquisition
  • Security design

Selected Publications

  • “Sentiment During Recessions,” Journal of Finance, forthcoming; with O. Norli, “Geographic Dispersion and Stock Returns,” Journal of Financial Economics, 106(3), 2012
  • With C. Dougal, J. Engelberg, and C. Parsons, “Journalists and the Stock Market,” Review of Financial Studies, 25(4), 2012
  • With F. Sangiorgi, “Information Sales and Strategic Trading,” Review of Financial Studies, 24(9), 2011
  • With G. Strobl, “Relative Wealth Concerns and Complementarities in Information Acquisition,” Review of Financial Studies, 24(1), 2011
  • With J. Vanden, “Information Acquisition and Mutual Funds,” Journal of Economic Theory, 144(5), 2009
  • With A. Edmans and O. Norli, “Sports Sentiment and Stock Returns,” Journal of Finance,  62(4), 2007

Working Papers

  • “The Kinks of Financial Journalism”
  • With P. Fulghieri and D. Hackbarth, “Asymmetric Information and the Pecking (Dis)order”


  • Michael Brennan Award, Review of Financial Studies, 2012
  • Best Paper, Napa Conference on Financial Markets, 2011
  • Weatherspoon Award for Excellence in Teaching in the MBA program, Kenan-Flagler Business School, 2010
  • Finalist, Smith-Breeden Prize for Best Paper, Journal of Finance, 2007
  • Best Paper, the Caesarea Center Third Annual Conference, 2006
  • Outstanding Referee, Review of Financial Studies, 2002
  • Best Paper on derivatives, Seventh Global Finance Conference, 2000
  • Elizabeth Scott Memorial Award, UC Berkeley Statistics Department, 1999

Professional Activities

Academic positions 

  • Visiting Associate Professor of Finance, Tuck School of Business, 2013–present
  • Associate Professor, 2012–present, Assistant Professor, 2006–12, Kenan-Flagler Business School
  • Assistant Professor of Business Administration, Tuck School of Business, 2000–06

Editorial positions

  • Ad-Hoc Referee:
    American Economic Review
    Annals of Operations Research
    B.E. Journal of Theoretical Economics, Econometrica
    The Economic Journal

    European Central Bank
    European Financial Management
    Games and Economic Behavior
    Journal of Economic Behavior and Organization
    Journal of Economic Dynamics & Control
    Journal of Economic Theory
    Journal of Economics & Management Strategy
    Journal of Empirical Finance
    Journal of Finance
    Journal of Financial Econometrics
    Journal of Financial Intermediation
    Journal of Financial & Quantitative Analysis
    Journal of Money, Credit and Banking
    Journal of Sports Economics
    Management Science

    National Science Foundation
    Prentice Hall
    Review of Finance
    Review of Financial Studies
    Southern Economic Journal