Pavel G. Savor

Title: Associate Professor
Department: Finance

Office: Alter Hall 415
Phone: 215-204-6117

Research Interests: Asset Pricing, Corporate Finance, Behavioral Economics

Dr. Savor’s Curriculum VitaeSSRN ProfileWebsite   

Pavel Savor is an Associate Professor in the finance department at the Fox School of Business. His research focuses on the relation between information and security risk and returns, and on how potential capital market inefficiencies impact firm and investor decision-making. His work has been published in the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Management Science, and has been featured in national news and business periodicals including the Wall Street Journal and the Economist.

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Professor Savor received a Ph.D. and A.M. in business economics from Harvard University, an M.A. in economics from Yale University, and bachelor’s degrees in economics and international studies from Yale University. Prior to his position at Fox, he was an Assistant Professor at the Wharton School. Before graduate school, he was a consultant at Cornerstone Research and led the M&A group at Pliva dd.

Sample Publications

  • Do Stock Mergers Create Value For Acquirers? Pavel Savor and Qi Lu, Journal of Finance, vol. 64, 2009, 1061–1097 (lead article).
  • Stock Returns After Major Price Shocks: The Impact of Information, Pavel Savor, Journal of Financial Economics, vol. 106, 2012, 635–659.
  • How Much Do Investors Care About Macroeconomic Risk? Evidence From Scheduled Economic Announcements, Pavel Savor and Mungo Wilson, Journal of Financial and Quantitative Analysis, vol. 48, 2013, 343–375 (lead article).
  • Asset Pricing: A Tale of Two Days, Pavel Savor and Mungo Wilson, Journal of Financial Economics, vol. 113, 2014, 171–201 (lead article).
  • Marriage and Managers' Attitudes to Risk, Nikolai Roussanov and Pavel Savor, Management Science, vol. 60, 2014, 2496–2508. [Earlier draft circulated as “Status, Marriage, and Managers’ Attitudes to Risk,” NBER working paper No. 17904.]
  • Large Price Changes and Subsequent Returns, Suresh Govindaraj, Joshua Livnat, Pavel Savor, and Chen Zhao, Journal of Investment Management, 3rd quarter, 2014 (lead article).
  • Earnings Announcements and Systematic Risk, Pavel Savor and Mungo Wilson, Journal of Finance, forthcoming.

Awards and Honors

  • 2012 Best Paper Award at the Auckland Finance Meeting
  • 2011 Wharton Global Family Alliance – CERT Research Award
  • 2010 – 2011 Cynthia and Bennett Golub Endowed Faculty Scholar Award
  • 2010 Global Initiatives Research Program Grant
  • 2010 PURM Grant
  • 2010 Rodney L. White Center Grant
  • 2010 Weiss Center For International Financial Research Grant


  • Intermediate Corporate Finance (Undergraduate), Fox School of Business, Temple University, 2014 – 2015.
  • Finance of Buyouts and Acquisitions (MBA and Undergraduate), Wharton School, University of Pennsylvania, 2007 – 2013.
  • Asset Pricing I, Harvard University, teaching fellow for Professors Jeremy Stein and Luis Viceira, 2005.
  • Behavioral Finance, Harvard University, teaching fellow for Professor Andrei Shleifer, 2004.

In the News

Media Citations