Selected Expertise

  • Asset and mortgage-backed securities
  • Damages estimation
  • Derivatives
  • Equity, fixed-income, and derivatives securities valuation
  • Financial fraud
  • Market microstructure
  • Mortgage markets and securities
  • Portfolio analysis
  • Risk management
  • Trading and risk management

Selected Industries

  • Banking and financial services
  • Investment products
  • Mortgage finance
  • Securities
  • Structured products

Chester Spatt, PhD


Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University and director of its Center for Financial Markets. He is a well-known scholar in the areas of finance and economics. From July 2004 through July 2007, he was chief economist of the US Securities and Exchange Commission and Director of its Office of Economic Analysis.

Dr. Spatt’s consulting efforts and experiences encompass a broad range of financial market issues, including initial public offerings, mortgage refinancing and contracting, employee stock option valuation, mutual fund market timing, investment arbitrage, and taxation and asset allocation. He is a leading expert on the design of securities markets in various settings, mortgage valuation, and taxation and investment strategy.

Dr. Spatt is currently a research associate of the National Bureau of Economic Research, senior economic adviser to Kalorama Partners, a member of the Shadow Financial Regulatory Committee as well as the Financial Economists Roundtable, and a Fellow of the TIAA-CREF Institute. Dr. Spatt has researched and written extensively on market structure, pricing and valuation, and the impact of information in the marketplace.


PhD, Economics, University of Pennsylvania

AM, Economics, University of Pennsylvania

AB, Economics, Princeton University