Jennifer N. Carpenter

Jennifer N. Carpenter

Joined Stern 1995

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-99
New York, NY 10012

Personal website

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Jennifer N. Carpenter is a professor of finance at New York University Stern School of Business. She is best known for her pioneering research on executive stock options and managerial risk incentives and is increasingly recognized for her developing expertise on China’s evolving financial system. She has published in numerous journals including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. She has presented her work on The Real Value of China's Stock Market at venues including the National Bureau of Economic Research, the Peoples Bank of China, the China Securities Regulatory Commission, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange.

Professor Carpenter is Coordinator of the Stern Center for Global Economy and Business China Initiative, where she runs a monthly China research seminar. She teaches Debt Instruments and Markets in NYU Stern's Undergraduate program and Master of Global Finance program, as well as a PhD course on Continuous Time Finance. Her contributions to the School were recognized in 2012 when she won the Stern Distinguished Teaching Award for Teaching Excellence and, again in 2013, with the Stern Faculty Leadership Award.

Before joining NYU, Professor Carpenter worked at Goldman, Sachs & Company in the Fixed Income Division. Carpenter received her BS in economics, MA in finance, MA in mathematics, and PhD in finance from the University of Pennsylvania.

Research Interests

  • China's financial system
  • Managerial compensation
  • Fixed income

Courses Taught

  • Debt Instruments and Markets
  • Financial Theory IV: Continuous-Time Finance
  • Social Impact Core: Business and Its Publics

Academic Background

Ph.D., Finance, 1995
University of Pennsylvania

M.A., Mathematics, 1993
University of Pennsylvania

M.A., Finance, 1992
University of Pennsylvania

B.S., Economics, 1987
University of Pennsylvania

Awards & Appointments

Nominated for Journal of Finance Brattle Prize for best paper in corporate finance 2000

Selected Publications

Jennifer Carpenter, Fangzhou Lu, Robert F. Whitelaw (2021)
The real value of China’s stock market
Journal of Financial Economics 139 (2021) 679-696

Jennifer Carpenter, Richard Stanton and Nancy Wallace (2019)
Employee Stock Option Exercise and Firm Cost
Journal of Finance 74, 1175-1216, 2019

Jennifer Carpenter and Robert Whitelaw (2017)
The Development of China's Stock Market and Stakes for the Global Economy
Annual Review of Financial Economics, 9, 233-257

Jennifer Carpenter, Richard Stanton and Nancy Wallace (2010)
Optimal exercise of executive stock options and implications for firm cost
Journal of Financial Economics, 98, 315-337

Jennifer Carpenter, Philip H. Dybvig and Heber K. Farnsworth (2010)
Portfolio performance and agency
Review of Financial Studies, 23, 1-23.

Jennifer Carpenter and Viral Acharya (2002)
Corporate bond valuation and hedging with stochastic interest rates and endogenous bankruptcy
Review of Financial Studies, 15, 1355-1383.

Jennifer Carpenter and Barbara Remmers (2001)
Executive stock option exercises and inside information
Journal of Business 74, 513-534.

Jennifer Carpenter (2000)
Does option compensation increase managerial risk appetite
Journal of Finance, 55, 2311-2331.

Jennifer Carpenter and Anthony W. Lynch (1999)
Survivorship bias and attrition effects in measures of performance persistence
Journal of Financial Economics 54, 337-374.

Jennifer Carpenter (1998)
The exercise and valuation of executive stock options
Journal of Financial Economics 48, 127-158.

Areas of Expertise


  • Credit/Debt Markets
  • Derivatives
  • Executive Pay