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Photo of Azarmsa, Ehsan

Ehsan Azarmsa

Assistant Professor

Department of Finance

Pronouns: He/Him/His


Building & Room:

UH 2125


601 S. Morgan St., Chicago, IL 60607

CV Link:

Ehsan Azarmsa

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Ehsan Azarmsa is an Assistant Professor of Finance at the University of Illinois Chicago. He obtained his Ph.D. in Financial Economics at the University of Chicago in 2022 (jointly from the Booth School of Business and the Department of Economics). He conducts research in a broad range of areas, including capital markets, inequality, and information economics. Prior to his Ph.D. studies, Professor Azarmsa obtained his Bachelor’s degree in Electrical Engineering and Master’s degree in Economics from the Sharif University of Technology in Tehran, Iran. He received a Bronze Medal in the International Math Olympiad (IMO) in 2009, and was an instructor of the Iranian national team for IMO 2014 and 2015. His research has been published in the Journal of Financial Economics, and regularly featured in top finance conferences, including AFA, WFA, and EFA.

Selected Publications

Azarmsa, Ehsan, and Lin William Cong. “Persuasion in relationship finance.” Journal of Financial Economics 138.3 (2020): 818-837.

Notable Honors

2020, Winner of Cubist Award, Western Finance Conference

2018, Wharton School-WRDS Outstanding Paper, Corporate Finance Eastern Finance Association, Philadelphia

2015, Scholarship, Hand Foundation

2009, Bronze Medal 50th International Mathematical Olympiad, Germany, Bremen


PhD in Financial Economics (2022), University of Chicago, Booth School of Business and Department of Economics
MSc in Economics (2015), Sharif University of Technology
BSc in Electrical Engineering (2013), Sharif University of Technology

Research Currently in Progress

  • Azarmsa, Ehsan, and Joel D. Shapiro. "The market for ESG ratings."
  • Azarmsa, Ehsan, Lisa Yao Liu, and Suzie Noh. "How Does Internal Communication Technology Affect Internal Information: Theory and Evidence."
  • Azarmsa, Ehsan. "Financing Infrastructure with Inattentive Investors: The Case of US Municipal Governments."
  • Azarmsa, Ehsan. "Investment sophistication and wealth inequality."
  • Azarmsa, Ehsan, and Jian Li. "The Pricing and Welfare Implications of Non-anonymous Trading."