Ivo Welch

...J. Fred Weston Distinguished Professor of Finance and Economics
at the Anderson Graduate School of Management at UCLA
(also area chair for finance for 2022-2023.)

corpfin textbook cover

CorpFin Textbook
5th Edition, Free Download

climate textbook cover

Global Climate Change
the pragmatist's guide to moving the needle

CFR 6-1 cover

Critical Finance Review
Academic Journal

Nov 2023: Israel and Gaza: There are many arguable points: ceasefire now or not, use of force, war crimes, ethnic cleansing, short-term and long-term consequences, freedom of speach and hate speech (incl in the US), Apartheid (esp in the Westbank), antisemitism, Islamophobia, settler terror, polarization, right-wing extremist governments, propaganda, the treatment of hospitals, humanitarian aid, one-state and two-state solutions, freedom of dissent, dissidents in the Middle East, LGBTQ+ and women's rights, religious tolerance (and non-Islam survivability) in the Middle East, secularism, viable potential futures, etc.

However, I have no common ground with those who cannot agree to the following two unnegotiable points:

  • Hamas is a terror organization and no context could ever excuse their execution-style muders and terror. They are irredeemable evil. Full stop.
  • A Palestinian life is as worthy as an Israeli life. There are thousands of Palestinian victims, killed as innocent bystanders, mostly by the IDF, every day. Every single such civilian death is a tragedy. If any of them are not collateral unintended consequences but deliberate targeted killings for the sake of killing a non-combatant Palestinian civilian (by any IDF soldier), the perpetrator should be prosecuted for murder. Even a thousand Israeli civilian murder victims could never justify the deliberate murder of even one innocent Palestinian. Full stop.
If the roles were reversed, and Israelis were the ones in the Gaza strip who had murdered 1,200 Palestinians, and Palestinians were ruling in the rest of Israel and their army had killed 5,000+ innocent bystanders, my views would be exactly the same. (There is also no evidence that Israel has been conducting Genocide [a specific war crime]. On the contrary. Stating otherwise is ignorant or hateful.)

AFA Demographics

Just curious...

ssrn 2023
InfoCascades With Many Choices

it's more robust than I thought!

ssrn 2023
Climate-Change & Economics

...and it's a free textbook!

Equity Premium Prediction II

what predicts the stock market?

More Video Sketches


Information Cascades

social learning literature survey plus.

Robinhood Investors

is there any crowd wisdom?


the best (and easy) estimator of market-beta?


did low market-beta stocks hedge well in market crashes?


did high-beta stocks even outperform low-beta stocks in the long-run?

Real-Estate & Capex

did real-estate really influence corporate cap-ex?

Capital Structure

did companies try to maintain stable leverage ratios?

Information Cascades

do many possible action choices render cascades unimportant?

Equity Premia

did stocks outperform bonds because they were riskier or longer-term?

Equity Premia

could you predict stock returns with dividend-yields (etc)?

Equity Premia

can you measure disaster risk in-time? Can it explain the equity premium?

The Real Rate

is the real interest rate after-tax unusually low?


is evidence of portfolio reversals evidence of stock reversals?


has in/ex-clusion from the S&P500 changed over the decades?


does your paper or the draw of the referee matter more?


I do blog occasionally—sometimes, for therapy, sometimes for insight.

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