Anand Goel

School: School of Business
Building: Babbio Center
Room: 635
Phone: (201) 216-5421

Ph.D. Finance, University of Michigan, 2002
MBA, Indian Institute of Management, Calcutta, 1996
B.Tech. Electrical Engineering, Indian Institute of Technology, Delhi, 1994


Google Scholar Profile
Social Sciences Research Network Profile
Financial Innovation
Corporate Finance
Behavioral Finance
Financial Intermediation


Stevens Institute of Technology, Associate Professor and Director of Financial Innovation Program, 2018-present
Navigant Consulting, Director, 2012-2018
HealthLucid, Advisor, 2015-present
Loyola University, Quinlan School of Business, Adjunct Professor of Finance, 2012-2018
AFE Consulting, Managing Economist, 2011-2012, Principal, 2012
LECG, Managing Economist, 2010-2011
Federal Reserve Bank of Chicago, Economist, 2009-2010
DePaul University, School of Commerce, Assistant Professor of Finance, 2003-2009
New York University, Stern School of Business, Visiting Assistant Professor of Finance, 2002-2003
California Software Company, India, Systems Manager, 1996-1997

Institutional Service

Director, Program for Financial Innovation, Stevens Institute of Technology, 2018-present

Professional Service

Coordinator of the DePaul University and Federal Reserve Bank of Chicago Joint Research Seminar for 2003-2004 and 2004-2005
Co-organizer of behavioral finance conference, “People and Money” during 2003-4, 2004-5, 2005-6, and 2006-7
Reviewer of Corporate Finance books (graduate and undergraduate) by Jonathan Berk, Peter DeMarzo, and Jarrad Harford
Program Committee member and Session Organizer for Annual Meeting of the Financial Management Association at Orlando in 2007
Session Chair in Annual Meetings of the Financial Management Association at New Orleans in 2004 and at Chicago in 2005
Program committee member, Washington University corporate finance conference, 2010
Discussant at Annual Meetings of the Financial Management Association in 2006-2008  and Northern Finance Association Meeting at Toronto in 2007
Ad-hoc reviewer for several conferences and for journals including Economic Modeling, European Financial Management, Financial Management, Finance Research Letters, International Journal of Managerial Finance, Journal of Applied Finance, Journal of Banking and Finance, Journal of Economics and Business, Journal of Economics and Management Strategy, Journal of Empirical Finance, Journal of European Economic Association, Journal of Finance, Journal of Financial Intermediation, Journal of Financial Services Research, and Review of Finance.
Evaluation of Research Grant Proposals for the Social Sciences and Humanities Research Council of Canada.

Consulting Service

Selected Consulting Projects:

European Bank Merger. Assessed economic projections and valuation impact of merger.
Efficacy of Mortgage Modifications. Analyzed the performance of mortgage loan modifications by a large mortgage servicer.
Social Impact of Small Dollar Lending. Analyzed loan data from small dollar lenders to assess how regulatory constraints on small dollar lending on the basis of loan to income ratios will impact access to credit and default rates.
Cost of Private Securities Litigation. Conducted a comprehensive study to analyze the costs that securities class action lawsuits impose on shareholders.
Collateralized Debt Obligations. Assessed the impact of misrepresentations about liquidity problems on the value of CDO2 collateral.
Credit Default Swaps. Examined the risk faced by a giant financial institution in providing CDS protection and the adequacy of related disclosures.
Subprime Exposure Disclosure. Examined if a large bank had adequately disclosed its subprime exposure and the impact of its disclosures on share price; examined the validity of reliance on Fraud-on-the-market doctrine in a dispute about subprime exposure of a Government Sponsored Enterprise.
Mortgage Securitization. Analyzed efficiency of corporate bonds in a class certification case about disclosure of loan portfolio risk by a large housing lender.
Mortgage Loan Quality. Assessed the Impact of Borrower Misrepresentation on Loan Performance.
RMBS Trustee Certification. Examined loan exceptions documented in trustee certification reports and the association between loan exceptions and loan outcomes.
Evaluation of Settlement in Mortgage Securities Litigation. Assessed whether the trustee can reasonably rely on holders of one groups of certificates in evaluating the settlement.
Risk Management and Hedging. Analyzed whether a large insurer has adequately managed and disclosed its risk, investigated the impact of its disclosures on share price.
Structured Investment Vehicle. Examined appropriateness of credit ratings assigned to a large Structured Investment Vehicle (SIV) in light of the losses suffered by investors during a financial crisis.
Stress Testing of Bank Capital Ratio. Advised a bank holding company on the impact of stress scenarios on regulatory capital ratio.
Wholesale Automobile Auctions. Analyzed vehicle auction data to determine the impact of wholesale auto auctions on net efficiencies and consumer benefits.
Consumer Packaged Goods. Analyzed data from a conjoint study to assess the reliability of inferences about willingness to pay for a product feature in a class action certification case.
Consumer Durable Goods. Analyzed the impact of alleged misrepresentations on product price and class members using data for multiple products across multiple years.
Evaluation of Merger of Office Superstores. Analyzed the potential impact on consumers to assess the likelihood of antitrust intervention.
Market Power in Steel Industry. Evaluated definition of antitrust markets and assessed market power and damages in a case about alleged collusion and disparagement.
Unfair Competition and Retail Price Manipulation in Gasoline Industry. Economic analysis of prices paid by Gasoline franchisees.
Nationalization Dispute. Conducted fair market valuation of a large cement firm in an International Center for Settlement of Investment Disputes arbitration.
Oil Price Manipulation. Examined economic evidence about potential price manipulation and developed a theoretical framework to highlight economic forces that determine whether price is manipulated or not.
Insider Trading. Examined economic evidence relating to an investigation about insider trading in a Business Development Corporation (BDC).
Efficiency of Bond Market. Analyzed efficiency of corporate bonds in a class certification case.
Principal Protected Notes. Assessed the market for structured products and the market’s awareness of credit risks associated with principal protected notes.
Tender Invitation for Bonds. Examined disclosures associated with the tender offer and evaluated whether the tendering behavior of bondholders was consistent with rational economic behavior.
Municipal Bonds. Analyzed performance of municipal bonds in a case about breach of fiduciary duty by the underwriter.
Mismanagement of Trust Assets. Evaluated claim of mismanagement of tribal trust funds over many decades.
Dividend Policy. Researched payout policy of the firm and its peers and outlined the pros and cons of alternative policies for the board of directors.
REIT Leverage. Examined the impact of indebtedness of REITs and their disclosure on shareholder wealth and analyzed the efficiency of financial markets in a developed economy.
Medical Procedures Pricing. Assessed the impact of industrial organization on prices of medical procedures in California.
Patent Pool Auction. Examined patent pool valuation in a bankruptcy auction.
Statistical Sampling. Designed and implemented statistical sampling techniques and drew statistical inferences across a variety of cases and industries.

Honors & Awards

Rackham Predoctoral Fellowship, 2001, the most prestigious and substantial fellowship awarded by the University of Michigan Graduate School
Charles H. Gessner Doctoral Fellowship, 2000, University of Michigan Business School
Thomas William Leabo Memorial Award, 1999, University of Michigan Business School
Department of Finance Research Award, 1999, University of Michigan Business School
Rodkey Fellowship, 1997-2000, University of Michigan Business School
Director’s Silver Medal, 1996, Indian Institute of Management, Calcutta
PD Agarwal Foundation Scholarship, 1995, Indian Institute of Management, Calcutta
Second Prize in Mathematica, an annual mathematics contest organized by the Indian Institute of Technology, Delhi, 1992

Professional Societies

American Economic Association, American Finance Association

Grants, Contracts & Funds

Director of Program for Financial Innovation supported by a multi-year grant at Stevens Institute of Technology
Several Research Grants from DePaul University

Selected Publications
  1. Anand Goel and Anjan Thakor. (2015). "Information Reliability and Welfare: A Theory of Coarse Credit Ratings", Journal of Financial Economics, 115 (3), 541-557.  Article  .
  2. Anand Goel and Suman Mazumdar. (2015). "The Problem of Hindsight Bias in Fraudulent Conveyance Cases: A Review of Possible "Market-Based" Solutions", Research in Law and Economics, 27 91-117.  Article  .
  3. Anand Goel, Fenghua Song, and Anjan Thakor. (2014). "Correlated Leverage and Its Ramifications", Journal of Financial Intermediation, 23 (4), 471-503.  Article  .
  4. Sanjay Deshmukh, Anand Goel, and Keith Howe. (2013). "CEO Overconfidence and Dividend Policy", Journal of Financial Intermediation, 22 (3), 440-463.  Article  .
  5. Anand Goel and Anjan Thakor. (2010). "Do Envious CEOs Cause Merger Waves?", Review of Financial Studies, 23 (2), 487-517.  Article  .
  6. Anand Goel and Anjan Thakor. (2008). "Overconfidence, CEO Selection, and Corporate Governance", Journal of Finance, 63 (6), 2737-2784.  Article  .
  7. Anand Goel and Anjan Thakor. (2005). "Green with Envy: Implications for Corporate Investment Distortions", Journal of Business, 78 (6), 2255-2287.  Article  .
  8. Anand Goel, Vikram Nanda, and M. P. Narayanan. (2004). "Career Concerns and Resource Allocation in Conglomerates", Review of Financial Studies, 17 (1), 99-128.  Article  .
  9. Anand Goel and Anjan Thakor. (2003). "Why Do Firms Smooth Earnings?", Journal of Business, 76 (1), 151-192.  Article  .
  10. Nilotpal Chakravarti, Anand Goel, and Trilochan Sastry. (2000). "Easy Weighted Majority Games", Mathematical Social Sciences, 40 (2), 227-235.  Article  .
  11. Anand Goel and C. P. Ravikumar. (1995). "Deadlock-free wormhole routing algorithms for star graph topology", IEE Proceedings on Computers and Digital Techniques, 142 (6), 395-400.  Article  .
Research Papers
  1. Howard Beales and Anand Goel. (2015). "Small Dollar Installment Loans: An Empirical Study",  Article  .
  2. Mukesh Bajaj, Nikolai Caswell, Anand Goel, Sumon Mazumdar, and Rahul Surana. (2014). "Economic Consequences: The Real Costs of U.S. Securities Class Action Litigation",  Article  .