Joshua D. Rauh

Senior Fellow / Director of Research

Joshua D. Rauh is a senior fellow and Director of Research at the Hoover Institution and the Ormond Family Professor of Finance at Stanford’s Graduate School of Business. He formerly taught at the University of Chicago’s Booth School of Business (2004–9) and the Kellogg School of Management (2009–12).

Rauh studies corporate investment, business taxation, government pension liabilities, and investment management. He has published numerous journal articles and was awarded the 2006 Brattle Prize for the outstanding research paper on corporate finance published in the Journal of Finance for his paper "Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans." In 2011 he won the Smith Breeden Prize for the outstanding research paper on capital markets, published in the Journal of Finance, for his paper "Public Pension Promises: How Big Are They and What Are they Worth?" coauthored with Robert Novy-Marx. His other writings include "Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions," coauthored with Daniel Bergstresser and Mihir Desai, which won the Barclays Global Investor Best Symposium Paper from the European Finance Association and appeared in the Quarterly Journal of Economics. Other work has appeared in the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Political Economy.

Rauh’s research on state and local pension systems in the United States has received national media coverage in outlets such as the Wall Street Journal, the New York Times, the Financial Times, and The Economist .

Rauh received a BA degree in economics, magna cum laude with distinction, from Yale University and a PhD in economics from the Massachusetts Institute of Technology.

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Recent Commentary

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A Proposition 30 Explainer

by Joshua D. Rauh, Ryan Shyu, Greg Kearneyvia Defining Ideas
Thursday, October 31, 2019

Behavioral Responses to State Income Taxation of High Earners: Evidence from California

In the News

Newsletter: The Economy Is Slowing, The Fed Is Cutting

mentioning Joshua D. Rauhvia The Wall Street Journal
Wednesday, October 30, 2019

U.S. gross domestic product is expected to advance at a 1.6% pace in the third quarter, a marked slowdown since the start of the year.


Public Pensions: An Economic Time Bomb

by Joshua D. Rauhvia Prager U
Monday, October 28, 2019

Hoover Institution fellow Joshua Rauh paints a startling picture of just how broken the public pension system really is, and what will happen if we continue to ignore it.


Josh Rauh: Rich Residents Flee California Taxes, Help Impoverish The State

interview with Joshua D. Rauhvia The John Batchelor Show
Wednesday, October 9, 2019

Hoover Institution fellow Josh Rauh discusses his National Bureau of Economic Research paper "Behavioral Responses to State Income Taxation of High Earners: Evidence from California," which Rauh co-authored with Ryan Shyu.

In the News

California Tax Hike Caused 'Significant' Out-Migration Of Top-Bracket Millionaire Residents, Study Shows

quoting Joshua D. Rauhvia Fox Business
Tuesday, October 8, 2019

It’s not just federal tax changes that drive residents from high- to low-income tax states – turns out hiking statewide taxes on the wealthy drives them out in droves, too.

Analysis and Commentary

Behavioral Responses To State Income Taxation Of High Earners: Evidence From California

by Joshua D. Rauhvia SSRN
Thursday, October 3, 2019

Drawing on the universe of California income tax filings and the variation imposed by a 2012 tax increase of up to 3 percentage points for high-income households, we present new findings about the effects of personal income taxation on household location choice and pre-tax income.

In the News

Low-Interest Program To Keep Multiemployer Pension Plans Alive

cited Joshua D. Rauhvia Newsmax Finance
Thursday, August 15, 2019

Multiemployer pension funds, numbering about 100 nationwide and covering about 1.3 million people, are projected to fail within the next 20 years, according to the Congressional Research Service.


What Happens To Local Jobs When State Taxes Go Up?

featuring Joshua D. Rauhvia Graduate School of Business, Stanford University
Monday, July 22, 2019

A new study, coauthored by Hoover Institution fellow and Stanford Graduate School of Business Finance Professor Joshua D. Rauh, offers a solid answer to what happens to local jobs when state taxes go up: Hiking the state corporate tax rate just one percentage point, say, from 6% to 7%, will indeed spur some companies to pull up stakes and take jobs with them.

Policy InsightsFeatured

Public Pensions

featuring Joshua D. Rauh, Russell Roberts, Tom Churchvia PolicyEd
Wednesday, June 26, 2019

Public pension funds around the country have failed to set aside sufficient money to honor the pension promises they’ve made to workers in the public sector.

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Red Ink in the Golden State

by Clifton B. Parker interview with Joshua D. Rauhvia Hoover Digest
Wednesday, April 24, 2019

California owes hundreds of billions of dollars in pension obligations it can’t meet. Hoover fellow Joshua D. Rauh says the overpromising needs to stop—now.