Marcus Painter

Assistant Professor of Finance
- Fellow, SLU Research Institute
- Research Associate, Taylor Geospatial Institute
Saint Louis University
Richard A. Chaifetz School of Business

St. Louis, MO 63108

Curriculum Vitae
View my CV


The Value of Differing Points of View: Evidence from Financial Analysts' Geographic Diversity (with Will Gerken) 2022, Review of Financial Studies, 36 (2), 2023, 409-449

Summary: Sell side analysts incorporate geographically dispersed information about firms into forecasts. Limited analyst geographic diversity adversely affects consensus forecasts and firm liquidity. The market recognizes the value of geographic diversity.

    • Lead article, Editor's Choice

    • Presentations: University of Kentucky | University of Missouri | Miami University | New Technologies in Finance Conference (Columbia Business School) | Wolfe Research NLP and Machine Learning Investment Mangement Conference (2020) | the 2nd Future of Financial Information conference (Stockholm, 2020) | EFA (2020) | NFA (2020) | NBER Big Data and Securities Markets Conference (2020) | Georgia State University | FIRS (2021) | Indiana University | University of Washington

    • Media mentions: Wall Street Journal | SLU Newsroom | National Affairs Blog

Unmasking Partisanship: Polarization Undermines Public Response to Collective Risk (with Maria Milosh, Konstantin Sonin, David Van Djicke, and Austin Wright) 2021, Journal of Public Economics 204, 104538

Summary: Partisanship is the single most important predictor of local face mask use.

Political Beliefs affect Compliance with Government Mandates (with Tian Qiu) 2021, Journal of Economic Behavior and Organization 185, 688-701

Summary: Residents in Republican counties are less likely to socially distance after a state stay-at-home order has been implemented relative to those in Democratic counties. Democrats comply less when a mandate is issued by a Republican Governor.

An inconvenient cost: The effects of climate change on municipal bonds 2020, Journal of Financial Economics 135 (2), 468-482

Summary: Counties more likely to be affected by climate change pay significantly more in underwriting fees and initial yields to issue long-term municipal bonds compared to counties that are unlikely to be affected by climate change.

Working Papers

On the capital market consequences of alternative data: Evidence from outer space (with Zsolt Katona, Panos Patatoukas, and Jean Zeng)

Summary: Satellite imagery is informative of future stock prices. This creates opportunities for sophisticated investors, who can afford the costs of acquiring and processing satellite imagery data, to formulate profitable trading strategies at the expense of individual investors, who tend to be on the other side of the trade. The increased asymmetric information harms liquidity.

Firm Statements, Consumer Political Beliefs, and the Limits of Stakeholder Capitalism

  • FMA Best Paper in Corporate Finance Award (2021)

Summary: Walmart's decision to ban open carry in stores and encourage Congress to strengthen gun control laws led to store visit decreases in highly Republican counties and increases in highly Democratic counties, highlighting the challenges of stakeholder capitalism amidst an increasingly polarized political landscape.

  • This paper was formerly titled "Consumer response to corporate political statements: Evidence from geolocation data"

  • Presentations: Political Economy of Finance 2020 at Chicago Booth | the 17th Washington University St. Louis Corporate Finance Conference | Middle Tennessee State University | FMA (2021) | MFA (2022) | National University of Singapore

  • Media mentions: The Economist | Financial Times | Chicago Booth Review | | National Affairs Blog

Works in Progress

Complex Municipal Statements (with Mike Farrell, Dermot Murphy, and Guangli Zhang)

Face to face interactions with regulators (with Will Gerken, Steve Irlbeck, and Guangli Zhang)


FIN 3630 - Equity Securities and Markets

  • Fall 2022

Fin 3010 - Principles of Finance - Saint Louis University

  • 2019 - Current

Fin 300 - Corporate Finance - University of Kentucky

  • Summer 2018, Fall 2018, Spring 2019

Other Work

Milton Friedman 50 Years Later - eBook

Climate Change and Asset Prices - A Review of the Literature