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Alex Hsu

Associate Professor

Area Chair, Finance

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Alex.Hsu@scheller.gatech.edu

404-385-1123

Academic Areas: Finance

Building: Scheller College of Business

Office: 4128

Biography

Alex Hsu is Associate Professor of Finance in the Scheller College of Business at Georgia Tech. He teaches theory of finance to PhD's and fixed income to undergraduate and Master's students.

He holds undergraduate and Master degrees from Brown University and doctorate in finance from the University of Michigan. His research focus is on bond yields, equity returns, and macroeconomics. He builds theoretical models to examine the impact of monetary policy and fiscal policy on interest rate term structure. He also studies the empirical effects of government policy and legislation on firm outcomes such as returns and investment.

He has presented at annual meetings of the American Finance Association, the Western Finance Association, and the Society of Financial Studies Cavalcade. He has given invited talks at the Federal Reserve Board and many regional Reserve Banks. His work includes accepted articles in the Review of Financial Studies and the Journal of Financial Economics.

Education

Ph.D., University of Michigan, 2012
M.S.E., University of Michigan, 2004, 2005
M.S., Brown University, 2002
B.S., Brown University, 2001

Teaching Interests

I have taught at all levels since joining the Scheller College. I teach investments, fixed income, and derivatives to undergraduate students. I teach in the QCF program, and I teach Theory of Finance to Ph.D. students. I emphasize analytical problem solving and always connect classroom material to financial markets as well as the overall economy. More recently, I have incorporated AI in the classroom to help students with the more technical aspects of these courses.

Research Interests

My research focuses on macro-finance, studying the intersection of macroeconomics with asset pricing and corporate finance. The connection between the macro-economy and finance is undeniable. For example, my work enhances our understanding of how fiscal policy affect interest rates, how default risk is embedded in government debt, how central bank announcements have differential impact on stock returns, and how legislations have consequences on wages and employment as well as monetary policy transmission. Taken together, my research agenda is of interest to practitioners, academics and policymakers alike.

Research Publications

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Year	Title	Journal	Author(s)	Type
2026	Default Risk and the Pricing of U.S. Sovereign Bonds	Journal of Finance	Dittmar, Robert Hsu, Alex Roussellet, Guillaume Simasek, Peter	Published Papers	View
Dittmar, Robert, Alex Hsu, Guillaume Roussellet, and Peter Simasek. “Default Risk and the Pricing of U.S. Sovereign Bonds." Revise and Resubmit, Journal of Finance.
2024	When It Rains It Pours: Cascading Uncertainty Shocks	Journal of Political Economy	Diercks, Anthony Hsu, Alex Tamoni, Andrea	Published Papers	View
Diercks, Anthony, Alex Hsu, and Andrea Tamoni. “When It Rains It Pours: Cascading Uncertainty Shocks.” Journal of Political Economy, Accepted.
2023	Gone with the Vol: A Decline in Asset Return Predictability During the Great Moderation	Management Science	Hsu, Alex Palomino, Francisco Qian, Charles	Published Papers	View
Hsu, Alex, Francisco Palomino, and Charles Qian. “Gone with the Vol: A Decline in Asset Return Predictability during the Great Moderation." Management Science, Volume 69, Issue 5, May 2023, Pages 2547-3155.
2023	The Real Response to Uncertainty Shocks: the Risk Premium Channel	Management Science	Bretscher, Lorenzo Hsu, Alex Tamoni, Andrea	Published Papers	View
Bretscher, Lorenzo, Alex Hsu, and Andrea Tamoni. “The Real Response to Uncertainty Shocks: the Risk Premium Channel.” Management Science, Volume 69, Issue 1, January 2023, Pages 119-140.
2020	Fiscal Policy Driven Bond Risk Premia	Journal of Financial Economics	Bretscher, Lorenzo Hsu, Alex Tamoni, Andrea	Published Papers	View
Bretscher, Lorenzo, Alex Hsu, and Andrea Tamoni. “Fiscal Policy Driven Bond Risk Premia.” Journal of Financial Economics, Volume 138, Issue 1, October 2020, Pages 53-73.
2020	The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies	Journal of Financial Economics	Chava, Sudheer Danis, A. Hsu, Alex	Published Papers	View
Chava, Sudheer, Andras Danis, and Alex Hsu. “The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies.” Journal of Financial Economics, Volume 137, Issue 2, August 2020, Pages 451-469.
2020	Implementing Stochastic Volatility in DSGE Models: A Comment	Macroeconomic Dynamics	Bretscher, Lorenzo Hsu, Alex Tamoni, Andrea	Published Papers	View
Bretscher, Lorenzo, Alex Hsu, and Andrea Tamoni. “Implementing Stochastic Volatility in DSGE Models: A Comment.” Macroeconomic Dynamics, Volume 24, Issue 4, June 2020, Pages 935-950.
2020	Real and Nominal Equilibrium Yield Curves	Management Science	Hsu, Alex Li, Erica X.N. Palomino, Francisco	Published Papers	View
Hsu, Alex, Erica X.N. Li, and Francisco Palomino. “Real and Nominal Equilibrium Yield Curves." Management Science, Volume 67, Issue 2, May 2020, Pages 1138-1158.
2020	COVID-19 and the Cross-Section of Equity Returns: Impact and Transmission	Review of Asset Pricing Studies	Lorenzo Bretscher Alex Hsu Peter Simasek Andrea Tamoni	Published Papers	View
Bretscher, Lorenzo, Alex Hsu, Peter Simasek and Andrea Tamoni. "COVID-19 and the Cross-Section of Equity Returns: Impact and Transmission." Review of Asset Pricing Studies, Volume 10, Issue 4, December 2020, Pages 705–741.
2020	The economic impact of right-to-work laws: Evidence from collective bargaining agreements and corporate policies,	Journal of Financial Economics	Chava, Sudheer András Danis Alex Hsu	Published Papers
Sudheer Chava, András Danis, Alex Hsu, The economic impact of right-to-work laws: Evidence from collective bargaining agreements and corporate policies, Journal of Financial Economics, Volume 137, Issue 2, 2020, Pages 451-469, ISSN 0304-405X, https://doi.org/10.1016/j.jfineco.2020.02.005.
2020	Does History Repeat Itself? Business Cycle and Industry Returns	Journal of Monetary Economics	Chava, Sudheer Hsu, Alex Zeng, Linghang	Published Papers	View
Chava, Sudheer, Alex Hsu, and Linghang Zeng. “Does History Repeat Itself? Business Cycle and Industry Returns." Journal of Monetary Economics, Volume 116, December 2020, Pages 201-218.
2020	Financial Constraints, Monetary Policy Shocks, and the Cross-Section of Equity Returns	Review of Financial Studies	Chava, Sudheer Hsu, Alex	Published Papers	View
Chava, Sudheer and Alex Hsu. “Financial Constraints, Monetary Policy Shocks and the Cross-Section of Equity Returns." Review of Financial Studies, Volume 33, Issue 9, September 2020, Pages 4367–4402.
2019	The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies	Journal of Financial Economics	Danis, A. Chava, Sudheer Hsu, Alex	Published Papers
The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies. Accepted at Journal of Financial Economics. Co-authored with Sudheer Chava and Alex Hsu.
2018	Banking Structure and Monetary Policy Potency- Evidence from Firm-Level Investment	TBD	Hsu, Alex	Working Papers
Hsu, Alex. “Banking Structure and Monetary Policy Potency: Evidence from Firm-Level Investment.” Working Paper, 2018.
2017	Asset Pricing with Hand-to-Mouth Households: Joint Resolution of the Equity and Bond Risk Premium Puzzles	TBD	Hsu, Alex	Working Papers
Hsu, Alex. “Asset Pricing with Hand-to-Mouth Households: Joint Resolution of the Equity and Bond Risk Premium Puzzles.” Working Paper, 2017.
2015	A Simple Nonnegative Process for Equilibrium Models	Economics Letters	Hsu, Alex Palomino, Francisco	Published Papers	View
Hsu, Alex and Francisco Palomino. “A Simple Nonnegative Process for Equilibrium Models.” Economics Letters, Volume 132, July 2015, p. 39 – 44.

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