Mark L. Egan

Mark L. Egan is a Professor of Business Administration in the Finance Unit at Harvard Business School, where he teaches Corporate Financial Operations to MBA students. His research focuses on the intersection of corporate finance and industrial organization, with particular emphasis on how consumers access financial markets through banks and brokerage firms.

Education:

• PhD in Economics from the University of Chicago
• BA in Economics from Middlebury College

Professor Egan's research explores several key areas at the intersection of finance and economics. His work on banking examines how deposit competition affects financial stability and how banks create value through both deposit-taking and lending activities. In the realm of financial advisory services, he investigates how broker incentives affect consumer investment decisions, the prevalence and consequences of misconduct in the financial services industry, and gender disparities in the punishment of misconduct. His research on investor behavior analyzes how expectations are formed and how they influence portfolio choices. These research streams are connected by a common thread of applying industrial organization frameworks to understand financial markets and institutions.

Professor Egan's recent publications demonstrate a consistent focus on the interaction between market structure, incentives, and outcomes in financial markets. His work spans banking, asset management, and retail finance, with recurring themes of information asymmetry, consumer protection, and the effects of regulation. The methodologies employed range from structural modeling to empirical analysis of large datasets, reflecting his interdisciplinary approach that bridges finance and industrial organization.

Scientific Awards:

• Winner of the 2023 TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security for "Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities"

Professor Egan has advised numerous MBA students at Harvard Business School and has been involved in case development for business education. His research has received significant attention from both academic and practitioner communities, with citations in major media outlets including Bloomberg, The Financial Times, The New York Times, and The Wall Street Journal. His work has informed discussions about financial regulation and consumer protection policies.

Professor Egan maintains active collaborations with leading researchers in finance and economics, including Gregor Matvos, Amit Seru, and others. His research often involves creating novel datasets to address questions about financial markets that were previously difficult to study empirically.