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John Chalmers

Abbott Keller Professor of Finance

Affiliations: Finance, Cameron Center for Finance and Securities Analysis, Master of Science in Finance, Oregon MBA, Undergraduate Programs
jchalmer@uoregon.edu
Phone: 541-346-3337
Office: Anstett 393E
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About

Biography:

John Chalmers is the Abbott Keller Professor of Finance and head of the Department of Finance at the Lundquist College of Business where he has been a faculty member since 1996. His published and ongoing research explores pricing in the municipal bond market, pricing in the mutual fund market, and retirement savings behavior in households. He serves as a reviewer for journals such as The Review of Financial Studies, The Journal of Finance, and the Journal of Financial Economics and is a member of the American Finance Association. Chalmers also serves as a member of the Investment Committee for the Oregon Public Universities Retirement Plans (OPURP) which provides oversight for over $1.9 billion in retirement assets.

Chalmers received his PhD and MS from the University of Rochester in 1995 and 1992 and BA in economics from Middlebury College in 1985. He has been called upon to offer expert testimony in complex financial litigation surrounding issues in the municipal bond market and in retirement plans. Chalmers has also been on the faculties as a visiting professor at the Massachusetts Institute of Technology, at the Hong Kong University of Science and Technology, and at the Toulouse School of Business. He was on the permanent faculty at Virginia Polytechnic Institute and State University prior to joining Oregon. He worked in public finance from 1985 to 1989.

Degree History:
  • PhD, University of Rochester, 1995
  • MS, University of Rochester, 1992
  • BA, Middlebury College, 1985
Previous Positions:
  • Visiting Associate Professor, Hong Kong University of Science and Technology
  • Visiting Associate Professor, Massachusetts Institute of Technology
Honors and Awards:
  • TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, 2014
  • Beta Gamma Sigma Professor of the Year 2007–2008
  • Charles H. Lundquist Distinguished Research Scholar, 2008
  • Gerry and Marilyn Cameron Distinguished Research Scholar, December 2004–2007

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Areas of Expertise

  • Household finance
  • Municipal bond markets
  • Mutual funds
  • Retirement behavior
  • Transaction costs

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Current Projects

  • Chalmers, John, Jingyun Yang, and Z. Jay Wang. "Organizational Form and Liquidity: Evidence from Open- vs. Closed-End Municipal Bond Funds."
  • Chalmers, John, and Donghyeok Jang. "Environmental, Social, Governance (ESG), and Firm Ownership Structures."

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Publications

Journal Articles:

Chalmers, John, Z. Jay Wang, and Jingyun Yang. "Fund Structure and Liquidity Management: Evidence from Open- Vs. Closed-End Municipal Bond Funds." Finance Research Letters 73: 106499. https://doi.org/10.1016/j.frl.2024.106499.

March 2025

Chalmers, John, Olivia S. Mitchell, Jonathan Reuter, and Mingli Zhong. "Do State-Sponsored Retirement Plans Boost Retirement Saving?" American Economic Review 112: 142-46. https://doi.org/10.1257/pandp.20221021.

May 2022

Chalmers, John, Yu (Steve) Liu, and Z. Jay Wang. "The Difference a Day Makes: Timely Disclosure and Trading Efficiency in the Muni Market." Journal of Financial Economics 139, no. 1: 313-335. https://doi.org/10.1016/j.jfineco.2020.07.015.

January 2021

Chalmers, John, and Jonathan Reuter. "Is Conflicted Advice Better Than No Advice?" Journal of Financial Economics 138, no. 2: 366-387. https://doi.org/10.1016/j.jfineco.2020.05.005.

November 2020

Chalmers, John, Woodrow T. Johnson, and Jonathan Reuter. "The Effect of Pension Design on Employer Costs and Employee Retirement Choices: Evidence from Oregon." Journal of Public Economics 116: 17-34. https://doi.org/10.1016/j.jpubeco.2013.07.001.

August 2014

Chalmers, John, Adotya Kaul, and Blake Phillips. "The Wisdom of Crowds: Mutual Fund Investors' Aggregate Asset Allocation Decisions." Journal of Banking and Finance 37, no. 9: 3318-3333. https://doi.org/10.1016/j.jbankfin.2013.05.004.

September 2013

Chalmers, John, and Jonathan Reuter. "How Do Retirees Value Life Annuities? Evidence from Public Employees." The Review of Financial Studies 25, no. 8: 2601-2634. https://doi.org/10.1093/rfs/hhs057.

August 2012

Bergstresser, Daniel, John M. R. Chalmers, and Pater Tufano. "Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry." Review of Financial Studies 22, no. 10: 4129-4156. https://doi.org/10.1093/rfs/hhp022.

October 2009

Chalmers, John M. R.. "Systematic Risk and the Muni Puzzle." National Tax Journal 59, no. 4: 833-848. https://doi.org/10.17310/ntj.2006.4.05.

December 2006

Chalmers, John M. R., Larry Y. Dann, and Jarrad Harford. "Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases." Journal of Finance 57, no. 2: 609-636. https://doi.org/10.1111/1540-6261.00436.

April 2002

Chalmers, John M. R., Roger M. Edelen, and Gregory B. Kadlec. "On the Perils of Financial Intermediaries Setting Security Prices: The Mutual Fund Wild Card Option." Journal of Finance 56, no. 6: 2209-2236. https://doi.org/10.1111/0022-1082.00403.

December 2001

Chalmers, John M. R., and Gregory B. Kadlec. "An Empirical Study of the Amortized Spread." Journal of Financial Economics 48, no. 2: 159-188. https://doi.org/10.1016/S0304-405X(98)00007-5.

May 1998

Chalmers, John M. R. "Default Risk Cannot Explain the Muni Puzzle: Evidence from Municipal Bonds that are Secured by U.S. Treasury Obligations." Review of Financial Studies 11, no. 2: 281-308. https://doi.org/10.1093/rfs/11.2.281.

April 1998

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In the News

Illustration graphic with a large dollar sign in a circle that looks like a coine with two people off to the side sitting at a desk and leaning over a laptop computer appearing contemplative
Oregonians Will Save, If they Can Afford It
A study co-led by finance professor John Chalmers found benefits to auto-enrollment in retirement plans.
A female investment advisor shares charts with a client
Is Conflicted Investment Advice Better Than No Advice?
Professor John Chalmers and his coauthor share their research on the quality of investment advice in Harvard Law School Forum on Corporate Governance.
Digital display of stock graphs
The Difference a Day Makes
Research by John Chalmers and Z. Jay Wang finds that real-time financial reporting improves muni bond markets.
An Open Letter from Faculty to Business Students
Lundquist College of Business faculty share a message of encouragement and resilience with students.
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Petra Salko Aces Tests On and Off Course
Senior Petra Salko will soon choose a direction for her professional life. Thanks to her work ethic and aptitude both in the classroom and on the golf course, she'll have plenty of options.
Leaders in Finance Education
Leaders in Finance Education

When it comes to finance, the Lundquist College has much to quack about of late. Read some of its recent activities and achievements.

A large crowd of students sitting in a lecture hall
Truth and Consequences in Startups
A panel of experts discussed the topic “Ethics and Entrepreneurship” during the spring 2016 Fred P. Thompson Lecture.
Lecture Tackles Student Debt
Lecture Tackles Student Debt
Special guest Andrew P. Kelly gave a lecture entitled "The Student Debt Crisis" to an audience of nearly 200 during the second Fred P. Thompson Lecture.

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