Anand Goel (agoel2)

Anand Goel

Associate Professor

School of Business

Babbio Center 620
(201) 216-5385


  • PhD (2002) University of Michigan (Finance)
  • MBA (1996) Indian Institute of Management (Finance and Systems)
  • Other (1994) Indian Institute of Technology (Electrical Engineering)


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, 2015-2019

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

  • Ph.D. Committee Member
  • Recruitment Committee Member
  • CRAFT Center NSF Engines Proposal Member
  • Program for Financial Innovation Chair
  • New Jersey Policy Lab Proposal Member
  • Recruitment Committee Member
  • Recruitment Committee Member
  • Program for Financial Innovation Chair
  • Recruitment Committee Member
  • Ph.D. Committee Member
  • Program for Financial Innovation Chair
  • Nobel Prize Panel Discussion Member

Professional Service

  • FINRA Arbitrator
  • FINRA Arbitrator
  • Journal of Corporate Finance Journal Referee
  • Journal of Corporate Finance Journal Referee
  • Journal of Corporate Finance Journal Referee

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.
Automated Valuation Models and Real Estate Appraisals. Evaluated AVM for assessing appraisal values.
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.
Cartels. Examined capacitor pricing.
Bank Sales Practices. Employed classification algorithms to identify potentially unauthorized accounts.
Statistical Sampling. Designed and implemented statistical sampling techniques and drew statistical inferences across a variety of cases and industries.

Innovation and Entrepreneurship

Advised a healthcare analytics startup firm
Designed mortgage calculators for a mortgage-data business in Canada

Honors and 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

  • MAA – Mathematical Association of America Member
  • AAAS – American Association for Advancement of Science Member
  • AEA – American Economic Association Member
  • AFA – American Finance Association Member

Grants, Contracts and 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

Journal Article

  1. Goel, A.; Howe, K.; Deshmukh, S. (2021). Do CEO Beliefs Affect Corporate Cash Holdings?. Journal of Corporate Finance.
  2. Goel, A.; Thakor, A. (2015). Information Reliability and Welfare: A Theory of Coarse Credit Ratings. Journal of Financial Economics (3 ed., vol. 115, pp. 541-557).
  3. Goel, A.; Mazumdar, S. (2015). The Problem of Hindsight Bias in Fraudulent Conveyance Cases: A Review of Possible “Market-Based” Solutions. Research in Law and Economics (vol. 27, pp. 91-117).
  4. Goel, A.; Thakor, A.; Song, F. (2014). Correlated Leverage and Its Ramifications. Journal of Financial Intermediation (4 ed., vol. 23, pp. 471-503).
  5. Goel, A.; Deshmukh, S.; Howe, K. (2013). CEO Overconfidence and Dividend Policy. Journal of Financial Intermediation (3 ed., vol. 22, pp. 440-463).
  6. Goel, A.; Thakor, A. (2010). Do Envious CEOs Cause Merger Waves?. Review of Financial Studies (2 ed., vol. 23, pp. 485-517).
  7. Goel, A.; Thakor, A. (2008). Overconfidence, CEO Selection, and Corporate Governance. Journal of Finance (6 ed., vol. 63, pp. 2737-2784).
  8. Goel, A.; Thakor, A. (2005). Green with Envy: Implications for Corporate Investment Distortions. Journal of Business (6 ed., vol. 78, pp. 2255-2287).
  9. Goel, A.; Nanda, V.; Narayanan, M. (2004). Career Concerns and Resource Allocation in Conglomerates. Review of Financial Studies (1 ed., vol. 17, pp. 99-128).
  10. Goel, A.; Thakor, A. (2003). Why Do Firms Smooth Earnings?. Journal of Business (1 ed., vol. 76, pp. 151-192).
  11. Goel, A.; Chakravarti, N.; Sastry, T. (2000). Easy Weighted Majority Games. Mathematical Social Sciences (2 ed., vol. 40, pp. 227-235).
  12. Goel, A.; Ravikumar, C. (1995). Deadlock Free Routing in Star Interconnection Networks. IEE Proceedings on Computers and Digital Techniques (6 ed., vol. 142, pp. 395-400).

Technical Report

    Working Paper


      Corporate Finance (graduate)
      Corporate Finance (undergraduate)
      Introduction to Derivatives (undergraduate)
      Seminar on Information Economics (doctoral)