Assistant Professor of Finance — The Wharton School, University of Pennsylvania
My work focuses on central themes in behavioral and corporate finance—such as nonstandard preferences, belief formation, and managerial decision-making under uncertainty. To study these topics, I often employ quasi-experimental designs—for example, to identify sunk cost effects in managerial decision-making. I also frequently use modern machine learning methods, including extracting individual differences and personality traits from facial images to examine labor and credit market outcomes; applying large language models to uncover analyst mental models and belief formation processes; and estimating CEO aging from images to shed light on the private costs of leadership and nonstandard preferences, such as layoff aversion.

Email
mguenzel@wharton.upenn.edu

What’s New:

Recent NBER talks (including by coauthor):

  • NBER Corporate Finance Summer Institute 2025
    (Paper: Mental Models and Financial Forecasts)

  • NBER Corporate Finance Spring Meeting 2025
    (Paper: AI Personality Extraction from Faces: Labor Market Implications)

  • NBER Asset Pricing Spring Meeting 2025
    (Paper: Mental Models and Financial Forecasts)

  • NBER Long-Term Asset Management Spring Meeting 2025
    (Paper: What Drives Very Long-Run Cash Flow Expectations?)

  • NBER Organizational Economics Spring Meeting 2025
    (Paper: Prosociality and Layoffs)