# Jennifer N. Carpenter 0 jnc2 [Tenured or Tenure Track](/index%2ephp/taxonomy/term/4799) Professor Emerita of Finance 1995 [ Personal Website ](http://www.stern.nyu.edu/~jcarpen0) ![Jenny](/sites/default/files/styles/480w_x_543h/public/2026-03/jennifer_carpenter_photo.jpg?h=d73728dc&itok=svHDpO5g) Kaufman Management Center 44 West Fourth Street, 9-99 New York, NY 10012 9-99 0 - 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 - Debt Instruments and Markets - Financial Theory IV: Continuous-Time Finance - Social Impact Core: Business and Its Publics Jennifer N. Carpenter is a professor emerita 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. She is also recognized for her expertise on China’s financial markets. 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 has taught Debt Instruments and Markets in NYU Stern's Undergraduate program, MS in Global Finance program, and MS in Quantitative Finance program. She has also taught 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. She received her BS in economics, MA in finance, MA in mathematics, and PhD in finance from the University of Pennsylvania. Finance - Credit/Debt Markets - Derivatives - Executive Pay - China's financial system - Managerial compensation - Fixed income - **Nominated for Journal of Finance Brattle Prize for best paper in corporate finance,** (2000) - Jennifer N. Carpenter, Fangzhou Lu and Robert F. Whitelaw (2026) [Government Bond Risk and Return in the US and China](http://pages.stern.nyu.edu/~rwhitela/papers/Government%20Bond%20Risk%20and%20Return%20in%20the%20US%20and%20China.pdf) Journal of Financial Economics, 176, 104224, 2026 - Jennifer N. Carpenter, Fangzhou Lu and Robert F. Whitelaw (2021) [The Real Value of China’s Stock Market](https://tinyurl.com/cywhn7e9) Journal of Financial Economics 139 (2021) 679-696 - Jennifer N. Carpenter, Richard Stanton and Nancy Wallace (2019) [Employee Stock Option Exercise and Firm Cost](http://pages.stern.nyu.edu/~sternfin/jcarp/CarpenterPaper.pdf) Journal of Finance 74, 1175-1216, 2019 - Jennifer N. Carpenter and Robert Whitelaw (2017) [The Development of China's Stock Market and Stakes for the Global Economy](http://www.annualreviews.org/doi/full/10.1146/annurev-financial-110716-032333) Annual Review of Financial Economics, 9, 233-257 - Jennifer N. Carpenter, Richard Stanton and Nancy Wallace (2010) [Optimal Exercise of Executive Stock Options and Implications for Firm Cost](http://pages.stern.nyu.edu/~jcarpen0/pdfs/CarpenterStantonWallace1.pdf) Journal of Financial Economics, 98, 315-337 - Jennifer N. Carpenter, Philip H. Dybvig and Heber K. Farnsworth (2010) [Portfolio Performance and Agency](http://pages.stern.nyu.edu/~jcarpen0/pdfs/DybvigFarnsworthCarpenter.pdf) Review of Financial Studies, 23, 1-23. - Viral Acharya and Jennifer N. Carpenter (2002) [Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy](http://pages.stern.nyu.edu/~jcarpen0/pdfs/AcharyaCarpenter.pdf) Review of Financial Studies, 15, 1355-1383. - Mark M. Carhart, Jennifer N. Carpenter, Anthony W. Lynch, and David K. Musto (2002) [Mutual Fund Survivorship](http://people.stern.nyu.edu/jcarpen0/pdfs/CarhartCarpenterLynchMusto.pdf) Review of Financial Studies 15, 1439-1463, 2002 - Jennifer N. Carpenter and Barbara Remmers (2001) [Executive Stock Option Exercises and Inside Information](http://pages.stern.nyu.edu/~jcarpen0/pdfs/CarpenterRemmers.pdf) Journal of Business 74, 513-534. - Jennifer N. Carpenter (2000) [Does Option Compensation Increase Managerial Risk Appetite](http://pages.stern.nyu.edu/~jcarpen0/pdfs/Carpenter2000.pdf) Journal of Finance, 55, 2311-2331. - Jennifer N. Carpenter and Anthony W. Lynch (1999) [Survivorship Bias and Attrition Effects in Measures of Performance Persistence](http://pages.stern.nyu.edu/~jcarpen0/pdfs/CarpenterLynch.pdf) Journal of Financial Economics 54, 337-374. - Jennifer N. Carpenter (1998) [The Exercise and Valuation of Executive Stock Options](http://pages.stern.nyu.edu/~jcarpen0/pdfs/Carpenter1998.pdf) Journal of Financial Economics 48, 127-158.