Marcus Painter

Assistant Professor of Finance
Fellow of SLU Research Institute
Saint Louis University
Richard A. Chaifetz School of Business

St. Louis, MO 63108

Curriculum Vitae
View my CV


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.

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.

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

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

Working Papers

The Value of Differing Points of View: Evidence from Financial Analysts' Geographic Diversity (with Will Gerken)

    • Revise & Resubmit at the Review of Financial Studies

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.

    • 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)

    • Media mentions: Wall Street Journal | SLU Newsroom

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

    • Revise & Resubmit at Management Science

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.

    • Presentations: 9th Miami Behavioral Finance Conference Doctoral Poster Session | the Future of Financial Information conference (Stockholm, 2019) | the 6th University of Connecticut Finance Conference (2020, cancelled) | SEC | FMA (2019) | University of Kentucky | University of Florida | Harvard Business School

    • Media mentions: The Atlantic | New Scientist | Quartz | Yahoo! Finance | Canadian Investment Review | Haas Newsroom

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)

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

Works in Progress

The Consequences of Working from Home: Evidence from Sell-Side Analysts (with Russell Jame)

  • Presentations: The ECGI Corporations and COVID-19 conference (University of Oxford)


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