Yale School of Management - Faculty

Associate Professor of Finance

Professor Cremers' research focuses on empirical issues in asset pricing and corporate governance. His interests also cover the development of new methodologies in investments and mutual funds, using Bayesian as well as classical statistical analysis.

Selected Articles
"How Active is Your Fund Manager? A New Measure that Predicts Performance" (with A. Petajisto), Review of Financial Studies, forthcoming

"Deviations from Put-Call Parity and Stock Return Predictability" (with D. Weinbaum), Journal of Financial and Quantitative Analysis, forthcoming

"Does Skin in the Game Matter? Director Incentives and Governance in the Mutual Fund Industry" (with J. Driessen, P. Maenhout, and D. Weinbaum), Journal of Financial and Quantitative Analysis, forthcoming

"Takeovers and the Cross-Section of Returns" (with V. Nair and K. John), Review of Financial Studies, Vol. 22, No. 4, 1409-1445, 2009

"Takeover Defenses and Competition" (with V. Nair and U. Peyer), Journal of Empirical Legal Studies, Vol. 5, No. 4, 791-818, 2008

"Individual Stock-Price Implied Volatility and Credit Spreads" (with J. Driessen, P. Maenhout, and D. Weinbaum), Journal of Banking and Finance, Vol. 32, 2706-2715, 2008

"Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model" (with J. Driessen and P. Maenhout), Review of Financial Studies, Vol. 21, No. 5, 2209-2242, 2008

"Turning Over Turnover" (with J.P. Mei), Review of Financial Studies, Vol. 20, No. 6, 1749-1782, 2007

"Governance Mechanisms and Bond Prices" (with V. Nair and J. Wei), Review of Financial Studies, Vol. 20, No. 5, 1359-1388, 2007

"Multifactor Efficiency and Bayesian Inference," Journal of Business, Vol. 79, No. 6, 2006

"Governance Mechanisms and Equity Prices" (with V. Nair), Journal of Finance, Vol. 60, No. 6, 2859-2894, 2005

"Stock Return Predictability: A Bayesian Model Selection Perspective," Review of Financial Studies, Vol. 15, No. 4, 1223-1249, 2002

Working Papers
"Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation" (with A. Petajisto and E. Zitzewitz)

"Understanding Internal Capital Markets and Corporate Politics" (with R. Huang and Z. Sautner)

"Multiple Ratings and Credit Spreads" (with D. Bongaerts and W. Goetzmann)

"Thirty Years of Corporate Governance: Determinants and Equity Prices" (with A. Ferrell)

"Uncertainty and Valuations" (with H. Yan)

"The Market for CEO Talent: Implications for CEO Compensation" (with Y. Grinstein)

"CEO Centrality" (with L. Bebchuk and U. Peyer)

"Institutional Investors and Proxy Voting: The Impact of the
2003 Mutual Fund Voting Disclosure Regulation" (with R. Romano)

Education
PhD New York University, 2002
MS Vrije Universiteit Amsterdam, 1997