Tuck School of Business at Dartmouth
TuckDartmouth
Jonathan W. Lewellen
Associate Professor of Business Administration

Jonathan Lewellen is associate professor of business administration at the Tuck School.  He has been at Tuck since 2005 and teaches the core MBA course on Capital Markets.  Prior to joining Tuck, Prof. Lewellen was on the faculty at MIT's Sloan School of Management.  He received a PhD from the University of Rochester.

Prof. Lewellen's 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 tax effects of corporate financing decisions. Prof. Lewellen's research has been published in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Accounting and Economics.

Highlights

New research

Institutional investors and the limits of arbitrage (02/2009)

A skeptical appraisal of asset-pricing tests, with Stefan Nagel and Jay Shanken (05/2008). Forthcoming in the Journal of Financial Economics.

Recent publications

The conditional CAPM does not explain asset-pricing anomalies, with S. Nagel
Journal of Financial Economics 82, 289-314.  Winner (1st place) of the 2006 Fama/DFA Prize, awarded by the JFE.

Stock returns, aggregate earnings surprises and behavioral finance, with SP Kothari and J Warner
Journal of Financial Economics 79, 537-568.