Faculty & Research

Eric Zwick

Assistant Professor of Finance and James S. Kemper Foundation Faculty Scholar

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5807 South Woodlawn Avenue
Chicago, IL 60637

Eric Zwick studies the interaction between public policy and corporate behavior, with a focus on fiscal stimulus, taxation and housing policy. His research draws insights from finance and behavioral economics while using a variety of methods: new data, natural experiments, theory and anecdotal exploration.

Zwick is particularly interested in the problems that small and medium-sized private firms and new ventures face, from the perspective of owners, investors, managers and workers. A secondary area of interest concerns the role of bounded rationality and imperfect information in the design of policies that promote behavior change. This work focuses on determinants of habit formation in health and workforce productivity settings.

Zwick earned a Ph.D. and M.A. in business economics from Harvard University and a B.A. in economics and mathematics with high honors from Swarthmore College. Prior to grad school, he worked as a research assistant at the National Bureau of Economic Research and as a web and software developer for several start-ups and non-profits.


2017 - 2018 Course Schedule

Number Name Quarter
34101 Entrepreneurial Finance and Private Equity 2018 (Spring)
35916 New Developments in Public Finance 2018 (Spring)
35930 Research Seminar 2017 (Fall)
35931 Research Seminar 2018 (Winter)
35932 Research Seminar 2018 (Spring)

REVISION: Stimulating Housing Markets
Date Posted: Sep  13, 2016
This paper studies temporary policy incentives designed to address capital overhang by inducing asset demand from buyers in the private market. Using variation across local geographies in ex ante program exposure and a difference-in-differences design, we find that the First-Time Homebuyer Credit induced a cumulative increase in home sales of at least 382 thousand, or 7.4 percent, nationally. We find little evidence of a sharp reversal of the policy response; instead, demand appears to come from several years in the future. The program likely sped the process of reallocating homes from distressed sellers to high value buyers and stabilized house prices. The response is concentrated in the existing home sales market, implying the stimulative effects of the program were less important than its role in accelerating reallocation.