Faculty Directory

Jonathan W. Lewellen

Carl E. and Catherine M. Heidt Professor of Finance



DegreePhD, University of Rochester, 2000; MS, University of Rochester, 1997; BS, Indiana University, 1994

AREAS OF EXPERTISEInvestments, stock market efficiency, financial aspects of managerial decisions

Current Research Topics

  • Tests of asset-pricing models
  • Determinants of expected stock returns
  • Behavior of corporate investment

Selected Publications

  • “Institutional Investors and the Limits of Arbitrage,” Journal of Financial Economics, 102, 2011
  • “Accounting Anomalies and Fundamental Analysis: An Alternative Perspective,” Journal of Accounting and Economics, 50, 2010
  • With S. Nagel and J. Shanken, "A Skeptical Appraisal of Asset Pricing Tests," Journal of Financial Economics, 96(2), 2010
  • With S. Nagel, "The Conditional CAPM Does Not Explain Asset-Pricing Anomalies," Journal of Financial Economics, 82(2), 2006
  • With S.P. Kothari and J. Warner, "Stock Returns, Aggregate Earnings Surprises, and Behavioral Finance," Journal of Financial Economics, 79(3), 2006
  •  "Predicting Returns with Financial Ratios," Journal of Financial Economics, 74(2), 2004

Working Papers

  • With R. Resutek, “The Cross Section of Expected Stock Returns”
  • With K. Lewellen, “The Predictive Power of Investment and Accruals”
  • “Investment and Cashflow: New Evidence”
  • With S.P. Kothari and J. Warner, “The Behavior of Aggregate Corporate Investment”


  • Best Discussant Award, Financial Research Association, 2011
  • Fama/DFA Prize for Capital Markets and Asset Pricing (second place), Journal of Financial Economics, 2010
  • Fama/DFA Prize for Capital Markets and Asset Pricing, Journal of Financial Economics, 2007, for "The Conditional CAPM Does Not Explain Asset-Pricing Anomalies"
  • Richard L. Rosenthal Award for Innovation in Investment Management, 2002, Olin Fellowship, 1997–98, Simon Graduate School of Business Administration, University of Rochester
  • Outstanding Doctoral Student Paper, Southern Finance Association, 1997

Professional Activities

Academic positions

  • Tuck School of Business, 2005–present
  • Research Associate, 2006–present, Faculty Research Fellow, 2002–06, National Bureau of Economic Research
  • Jon D. Gruber Associate Professor of Finance, 2004–05, Jon D. Gruber Assistant Professor of Finance, 2001–04, Assistant Professor of Finance, 1999–2001, Sloan School of Management, Massachusetts Institute of Technology

Editorial positions

  • Associate Editor, Review of Asset Pricing Studies, Critical Finance Review
  • Ad Hoc Referee
    European Finance Review
    Journal of Accounting and Economics
    Journal of Business
    Journal of Empirical Finance
    Journal of Finance
    Journal of Financial and Quantitative Analysis
    Journal of Financial Economics
    Review of Finance
    Review of Financial Studies

Research & Teaching

Jonathan Lewellen teaches Tuck's core Capital Markets class. His research focuses on stock prices and investor behavior, with additional interests in corporate finance. He currently studies tests of the CAPM, herding and price pressure in stock markets, and the impact of cashflow on firms' investment decisions.