MARTINJ. GRUBER
229SouthIrving Street Ridgewood,NJ07450 (201)447-3025-Home (212)998-0333-Office
ACADEMICPOSITIONS
1
1965-1968
AssistantProfessorofFinance,NewYorkUniversity
GraduateSchoolofBusinessAdministration
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1
1968-1972
AssociateProfessorofFinance,NewYorkUniversity
GraduateSchoolofBusinessAdministration
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1972-1974
SeniorResearchFellow,theInternationalInstitute ofManagement,
Berlin, Germany
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1
1972-1987
ProfessorofFinance,NewYorkUniversityGraduate
SchoolofBusinessAdministration
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1
1987-2010
Nomura ProfessorofFinance,NewYorkUniversity
SternSchoolofBusiness
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1989-
1997
Chairman,FinanceDepartment,NewYorkUniversity
SternSchoolofBusiness
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1994VicePresident andProgramChairmanof the
AmericanFinance Association
1995Presidentof the AmericanFinance Association
2005-ADirectorof theNationalBureauofEconomic Research
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2010-Present
ProfessorEmeritusofFinance,NewYorkUniversity
SternSchoolofBusiness
ScholarinResidence,NewYorkUniversity
SternSchoolofBusiness
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EDUCATION
1
1961-1966
ColumbiaUniversity,GraduateSchoolofBusiness
Ph.D.completedAugust,1966
DissertationTopic: CommonStockValuation(Abstract
inDecember,1966,JournalofFinance).
Fieldsofconcentration:FinanceandEconomics
Memberof BetaGammaSigma
StudiedunderanN.D.E.A. Fellowship
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1
1959-1961
ColumbiaUniversityGraduateSchoolofBusiness
M.B.A.completedJune,1961
Fieldofconcentration:ProductionManagement
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1955-1959
MassachusettsInstitute ofTechnology
S.B. completed,June,1959
Fieldofconcentration:ChemicalEngineering
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PUBLICATIONS
A.BOOKS
ModernPortfolioTheoryandInvestmentAnalysis(NewYork,NewYork:John WileySons, Inc.,NinthEdition,2014).
Investments andPortfolioPerformance(WorldScientific PublishingCompany,Singapore), 2011.
InvestmentsVolumeI:PortfolioTheoryandAssetPricing,MIT Press,1999. InvestmentsVolumeII:SecurityPrices andPerformance,MITPress,1999. JapaneseCapitalMarkets(BallingerPublishingCo.,1990).
PortfolioTheory – 25YearsAfter(NewYork,NewYork: North-Holland,1979). InternationalCapitalMarkets(NewYork,NewYork:North-Holland,1975).
FinanceasaDynamic Process(EnglewoodCliffs,NewJersey:Prentice-Hall,1975).
SecurityEvaluationandPortfolioAnalysis(EnglewoodCliffs,NewJersey:PrenticeHall,1972).
TheDeterminantsof Common StockPricesTheOffice ofResearch,PennsylvaniaState, February, 1971.
PensionFunds1966InvestorsPublishingCompany,1967.
B.SOFTWARE
TheInvestmentPortfolio,Intellipro,Inc.,1995.
C.ARTICLES
“Target Risk Funds,” European Financial Management, forthcoming 2016
“Target Date Funds; Characteristics and Performance,” Review of Asset Pricing Studies, December 2015
“The Performance of Separate Accounts and Collected Investment Trusts,” Review of Finance, 2014
“Why Do Closed-End Bond Funds Exist? An Additional Explanation for the Growth in Domestic Closed-End Bond Funds,” JFQA, April 2013
“Mutual Funds,” in Constantinides, George, Milt Harris and Rene StulzHandbook of the Economics of Finance, Elsevier, 2013
“Does Mutual Fund Size Matter? The Relationship Between Size and Performance,” Review of Asset Pricing Studies, June 2012
“An Examination of Mutual Fund Timing Using Monthly Holding Data,” Review of Finance, July 2012
“HoldingsData, Security ReturnsandtheSelectionofSuperiorMutualFunds,”Journalof
FinancialandQuantitative Analysis. April 2011
“TheEffectofFrequencyofHoldingData onConclusionsaboutMutualFundManagementBehavior,” JournalofBankingandFinance,May2010.
“Applicationsof theMarkowitz PortfolioTheorytoPensionFundDesign.” In:JohnGuerard, Jr. TheHandbookofPortfolioConstruction:ContemporaryApplicationsofMarkowitz Techniques, Chapter14,Springer,2010.
“TheImpactofMutualFundFamilyMembershiponInvestorRisk,” JournalofFinancialandQuantitativeAnalysis,June2007.
“ParticipantReactionandthePerformance ofMutualFundsOfferedby401(k)Plans,” JournalofFinancial Intermediation,April 2007.
“ImprovedEstimatesorCorrelationCoefficients andTheirImpactontheOptimumPortfolios”EuropeanFinancialManagement,12(3),August2006, pp.303–318.
“TheAdequacyofInvestmentChoicesOfferedby401KPlans,” JournalofPublicEconomics, August2006,vol.9,issues6-7,pp. 1299-1314,August2006.
“MarginalStockholderTaxEffectsandEx-DividendPriceBehavior:EvidencefromTaxableVersusNon-TaxableClosedEndFunds,” ReviewofEconomics andStatistics,August2005.
“FactorsAffectingtheValuationof CorporateBonds,” JournalofBankingand Finance, November2004.
“OptimumCentralizedPortfolioConstructionwithDecentralizedPortfolioManagement,”JournalofFinancialandQuantitative Analysis,September2004.
“AreInvestorsRational:ChoicesAmongIndex Funds, JournalofFinance,February2004.
“IncentiveFees andMutual FundPerformance,JournalofFinance,April2003.
“Spiders:WherearetheBugs?” JournalofBusiness,July2002.
“GliEffeliDelleCommissionid’IncentivoSullePerformacedeiFondiComuni,” BancaImpresaSocieta,Vol.21, No.2,2002, pages185-218.
“AFirstLookatthe Accuracyof theCRSP MutualFundDatabaseandaComparisonof theCRSP andMorningstarMutualFundDatabases,” JournalofFinance,December2001.
“ExplainingtheRateSpreadonCorporateBonds,” JournalofFinance,February2001.
“IdentifyingtheRiskStructureofMutualFundReturns,” EuropeanFinancialManagement, June2001.
“TheRationalityofAssetAllocationRecommendations,” JournalofFinancialandQuantitativeAnalysis,March2000.
“CommonFactorsinActiveandPassivePortfolios,” EuropeanFinanceReview,November1999.
“OntheOriginsof theEuropeanFinance Association,” EuropeanFinanceReview,November1999
“Do InvestorsCareAboutSentiment?” TheJournalofBusiness,October1998.
“ModernPortfolioTheory,1950toDate,” Journalof BankingandFinance,December1997.
“Multi-IndexModels andPerformanceMeasurement.”InEdward I.Altmanand IrwinT. Vanderhoof(Eds.)TheFinancialDynamicsof theInsuranceIndustry,IrwinProfessional Publishing,1997.
“InternationalPortfolioManagement,” in HandbookofInternationalFinanceandAccounting, SecondEdition,editedbyFrederickD.S. Choi,John WileySons,Inc.,1997.
“ReturnGeneratingProcess andtheDeterminantsofTermPremiums,” JournalofBankingandFinance,Vol,20, 1996.
“ThePersistence of Risk-AdjustedMutualFundPerformance,” JournalofBusiness,April1996.
“AnotherPuzzle:TheGrowthinActivelyManagedMutualFunds,” JournalofFinance,July1996.
“SurvivorshipBias andMutualFund Performance,” TheReviewofFinancialStudies,Vol9,No.4, Winter1996.
“FundamentalEconomic Variables,ExpectedReturns, andBondFundPerformance,” JournalofFinance,September1995.
“Multi-IndexModels andPerformanceMeasurement,” inE.I.Altmanand I.T.Vanderhoof(eds.), TheFinancialDynamicsof theInsuranceIndustry,IrwinProfessionalPublishing,1995.
“EstimatingtheCostof Capital:Methods andPractice,” in FinancialMarkets,Institutions andInstruments,Vol.3,No.3, 1994.
“Multi-IndexModelsUsingSimultaneousEstimationofallParameters,” PractitionersGuideto
FactorModels,TheResearchFoundationoftheInstitute of CharteredFinancialAnalysts,March
1994.
“CostofCapitalUsingArbitrageTheory:ACaseStudyofNineNewYorkUtilities,” Financial
Markets,Institutions,andInstruments,Vol.3,No. 3, 1994.
“ThePerformance of BondMutualFunds,” JournalofBusiness,July1993.
“EfficiencywithCostlyInformation:AReinterpretationofEvidencefromManagedPortfolios,”
TheReviewofFinancialStudies,1993.
“PortfolioAnalysiswithaNonnormalMulti-IndexReturnGeneratingProcess,” Reviewof
QuantitativeFinanceandAccounting,March1992.
“OptimalInvestmentStrategieswith InvestorLiabilities,” JournalofBankingandFinance,1991.
“InternationalDiversification fromaSwissPerspective,” JournalofFinanzmarktundPortfolio
Management,June,1991.
“DifferentialInformationandTimingAbility,” JournalofBankingandFinance,15,1991, pp.
117-131.
“La DiversificacionInternacionalDesdeUnaPerspectivaEspanola,” InformacionComercial
Espanola,Numero689,Enero1991,pp169-180.
“ThePerformance ofPubliclyOfferedCommodityFunds,” FinancialAnalystsJournal, July/August1990, pp. 23-30. (GrahamDoddwinner).
“TheStructureofSpotRates andImmunization,” JournalofFinance,June,1990.
“Expectational Data andJapaneseStockPrices,” JapanandtheWorldEconomy,Volume1,
1989.
“NewPublic Offerings,InformationandInvestorRationality:TheCaseofPubliclyOffered
CommodityFunds,” JournalofBusiness,January,1989.
“AMulti-IndexRiskModelof theJapaneseStockMarket,” JapanandtheWorldEconomy, Volume1,Number1, 1988.(Winnerofaward fromInstitute ofQuantitative Analysts).
“BondReturns,ImmunizationandtheReturnGenerating-Process,” Studiesin Bankingand
Finance,Volume5,1988.
“ProfessionallyManagedPubliclyTradedCommodity Funds,” JournalofBusiness,April1987.
“PortfolioAnalysiswithPartialInformation:TheCaseofGroupedData,” ManagementScience, October,1987.
“EffectsofQuarterlyEarningsAnnouncementsonAnalystsForecasts,” ResearchinFinance, Volume6,1986.
“DiscreteExpectational Data andPortfolioPerformance,” JournalofFinance,July,1986.
“TimeSeriesAnalysis,” in Financial Analysts’ Handbook, SecondEdition,S. Levin(ed.). Dow JonesIrwin,Inc.1986.
“EmployingFinancialFuturesto IncreasetheReturnonNear Cash(TreasuryBill)Investments,”
ManagementScience,March,1985.
“ProfessionalExpectations: AccuracyandDiagnosisofErrors,” JournalofFinancialandQuantitative Analysis,December1984.(Winnerofaward fromInstitute ofQuantitative Analysis).
“NonStandardCAPM’s andtheMarketPortfolio,” JournalofFinance,July,1984.
“TheEx-DividendDayBehaviorofStockPrices: AnExaminationof theClienteleEffect:
Comment,” JournalofFinance,June,1984.
“OntheRobustnessof theRollandRossArbitragePricingTheory,” JournalofFinancialand
Quantitative Analysis,March,1984.
“Intra DayTestsoftheEfficiencyof theTreasuryBillFuturesMarket,” TheReviewof
Economics andStatistics,February, 1984.
“ASimpleExaminationof theEmpiricalRelationshipsbetweenDividendYields andDeviations fromtheCAPM,” JournalofBankingandFinance,March,1983.
“TheArbitragePricingModelandReturnsonAssetsunderUncertain Inflation,” Journalof
Finance,March,1983.
“ExpectationandSharePrices,” ManagementScience,September,1981.
“TheImpactofBankruptcyontheFirm’sCapitalStructure, TheReasonablenessofMergers,and
theRiskIndependence ofProjects,” ResearchinFinance,1981.
“SimpleCriteriaforOptimalPortfolioSelection:TheMulti-IndexCase,” in Portfolio
Management– 25YearsLater, ed.EltonandGruber,NorthHolland,1979.
“CashManagement,” inJimBicksler,ed., HandbookofFinancialEconomics,North-Holland,
1979.
“SimpleRules forOptimalPortfolioSelectioninStable ParetianMarkets,” JournalofFinance, September,1979.
“BankingTechniques forPortfolioSelection,” inJimBicksler,ed.HandbookofFinancial
Economics,North-Holland,1979.
“Taxes andPortfolioComposition,” JournalofFinancialEconomics,December,1978.
“AreBetasBest?” JournalofFinance,December,1978.
“TheOptimalInvestment,FinancingandValuationof theFirm: AnIntertemporalAnalysis,” in
CeesVanDam,TrendsinFinancialDecisionMaking,(MartinusNijhoff,Boston,1978).
“OptimalPortfoliosfromSimpleRankingDevices,” JournalofPortfolioManagement,Spring,
1978.
“SimpleCriteriaforOptimalPortfolioSelection:TracingouttheEfficientFrontier,” Journalof
Finance,March,1978.
“ValuationandAssetSelectionunderAlternativeInvestmentOpportunities,” JournalofFinance, May1976.ReprintedinCeesVanDam,TrendsinFinancialDecisionMaking,(MartinusNijhoof,Boston,1978).
“OptimalInvestment andFinancialPatternsfora Firm:SubjecttoRegulationswithaLag,”
JournalofFinance,December,1977.
“SimpleCriteriaforOptimalPortfolioSelectionwithUpperBounds,” OperationsResearch, November-December,1977.
“SimpleRules forOptimalPortfolioSelection:TheMulti-GroupCase,” JournalofFinancialand
Quantitative Analysis,September,1977.
“RiskReductionandPortfolioSize:AnAnalyticalSolution,” JournalofBusiness,October,1977.
“OptimalInvestment andFinancingPatternsunderAlternativeMethodsof Regulation,” inLevy
andSarnat(eds.)FinancialDecisionMakingUnderUncertainty,Academic Press,1977.
“SimpleCriteriaforOptimalPortfolioSelection,” JournalofFinance,December,1976.
“IntertemporalPortfolioAnalysisBasedonSimulationofJointReturns,” ManagementScience, September,1976.
“OntheOptimalityofEqualLifePolicyforEquipmentSubjecttoTechnologyImprovement,”
OperationsResearchQuarterly,December,1975.
“ACloserLookattheImplicationsof theStableParetianHypothesis,” ReviewofEconomics andStatistics,May,1975.
“Valuation,OptimumInvestment andFinancingforthe FirmSubjecttoRegulation,” Journalof
Finance,May,1975.
“OntheCashBalanceProblem,” OperationsResearchQuarterly,December,1974.
“OntheMaximizationof theGeometric MeanwithLognormalReturnDistribution,”
ManagementScience,December,1974.
“TimeSeriesAnalysis,” in Financial Analysts’ Handbook (ed.),S.N. Levine,DowJones,Inc.,1974.
“PortfolioTheoryWhenInvestmentRelatives areLognormallyDistributed,” JournalofFinance, September,1974.
“TheMulti-PeriodConsumptionInvestmentProblemandSinglePeriodAnalysis,” Oxford
Economic Papers, July,1974.
“OntheOptimalityofSome Multi-PeriodPortfolioSelectionCriteria,” JournalofBusiness, April,1974.
“EstimatingtheDependenceStructureofSharePrices–ImplicationsforPortfolioSelection," JournalofFinance,December,1973.
“AssetSelectionwithChangingCapitalStructure,” JournalofFinancialandQuantitative
Analysis,June,1973.
Commenton“AnOperationalApproachtoRiskScreening,” JournalofFinance,May,1973.
“ValuationandtheCostof CapitalforRegulatedIndustries:AReply,” JournalofFinance, December,1972.
“TheEconomic Value of theCall Option,” JournalofFinance,September,1972.
“EarningsEstimates andtheAccuracyofExpectationalData,” ManagementScience,April,1972.
“ImprovedEarningsForecaststhroughDisaggregationofEconomic Data,” in ApplicationsofManagementScienceModelsin BankingandFinance,editedbySamuelEilonandTerence Fowkes.(GowerPress,Ltd.;England,1972).
“ImprovedForecastingthroughtheDesignofHomogenousGroups,” JournalofBusiness, October,1971.
“ValuationandtheCostof CapitalforRegulatedIndustries,” JournalofFinance,June,1971. ReprintedinEngler,ManagerialFinanceCases andReadings.
“Dynamic ProgrammingModelsinFinance,” JournalofFinance,May,1971.
“MarginalStockholderTaxRates andtheClienteleEffect,” TheReviewofEconomic and
Statistics,February,1970.
“CapitalRationingandExternal DiscountRates,” JournalofFinance,June,1970.
“HomogenousGroups andtheTestingofEconomic Hypothesis,” JournalofFinancialand
Quantitative Analysis,January,1970.
“ImplicationsofValuationModels:AComment,” ProceedingsofNewYorkSocietyofSecurity
Analysis,April,1969.
“TheEffectofShareRepurchaseonthe Value of theFirm-Reply,” JournalofFinance, December,1968.
“TheCostofRetainedEarnings:ImplicationsofShare Repurchase,” IndustrialManagement
Review,Spring,1968.
“TheEffectofShareRepurchaseonthe Value of theFirm,” JournalofFinance,March,1968.
WORKINPROGRESS
“Fund of Funds- Agency Problems”
PAPERSPRESENTED
EuropeanFinance Association: 2008, 2007,2006,2004,2003, 2002, 2001, 2000, 1998,
1997,1996, 1195,1994, 993,1992, 1991, 1989,1988,1987, 1986, 1985,1984, 1983,
1082,1972, 1970.
AmericanFinance AssociationNationalMeetings:2004,2003, 2001, 1996, 1985, 1983,
1982,1975, 1974,1969-1970.
NUMEROUSPRESENTATIONS AT
EasternFinanceAssociation,Econometric Society,ManagementScience,American StatisticalSociety,OperationsResearchSociety,InstituteforQuantitativeResearchin Finance,MidwesternFinance Association,SouthernFinanceAssociation,Western Finance Association,FinancialManagementAssociation,DanishSocietyofFinancial Markets.
PRESENTATIONSAT SEVERALUNIVERSITIESINCLUDING
DartmouthCollege,UniversityofPennsylvania,Universityof CaliforniaatLosAngeles, UniversityofNorthCarolina,IndianaUniversity,UniversityofTexas,Universityof Virginia,UniversityofArizona,OhioStateUniversity,UniversityofFlorida, State UniversityofNewYorkatBuffalo,IBIMECBrazil,European InstituteforAdvanced StudiesinManagement,LondonBusinessSchool,FrenchAssociationofDoctorsin Economics,TulaneUniversity,DukeUniversity,UniversityofIllinois,GeorgiaState University,Georgia TechUniversity,UniversityofSouthernCalifornia,Universityof Maryland,MassachusettsInstitute ofTechnology,EmoryUniversity,Universityof Richmond,BostonCollege,Yale University,PrincetonUniversity,UniversitaBocconi, PekingUniversity,StanfordUniversity,TsinghuaUniversity,Melbourne Business School,UniversityofNewSouth Wales,CopenhagenBusinessSchool,Queensland UniversityofTechnology,HarvardUniversity andRudgersUniversity.
MISCELLANEOUS
Keynote address – Chinese Finance Association ,2013
Keynote address – Professional Asset Management Conference, Netherlands, 2012
Keynote address – Portugal Finance Network, July 2012
Keynoteaddress–Wharton Pension Research Council Symposium,May 2012.
Keynoteaddress–University of Rotterdam Conference on Pensions and Investing,August2011.
Keynoteaddress-FinanceEconomics andAccountingAnnualMeeting,November2009.
Keynoteaddress-InternationalFinanceConference,CityUniversity,London,August2009.
Keynoteaddress-InternationalSymposiumonForecasting,France,June2008
Chairedsession,AmericanFinance AssociationMeeting,2007
Member,ProgramCommitteeforAFA,2007
Keynoteaddress-The InfinityConferenceatTrinityCollege,Dublin,June2007.Keynoteaddress-CatholicUniversity,Milan,Italy,May2006.
Member,ProgramCommitteeforEuropeanFinance Association2005-2007
Keynoteaddress–AustralasianConferenceinFinance (Sydney,Australia), December2005.
Keynoteaddress–China InternationalConferenceinFinance (co-sponsoredwithMIT), July2005.
Keynoteaddress–UniversityofMichiganConferenceonFinancial Markets,June2005.
Keynoteaddress–AustralianFinanceConference,March2004.
Keynoteaddress–FinancialManagementAssociation,November2003.Keynoteaddress–IsraelMutualFundConference,March2003.
Keynoteaddress–WhartonConferenceonMutualFunds,May2002. InvitedPublic Lecture–LondonBusinessSchool,May2002.Keynoteaddress–Enquire,Europe,April2002.
Keynoteaddress–Pacific BasinFinanceEconomics andAccountingConference, September2001.
Keynoteaddress–TaiwanConferenceonFinance,June2001.
Keynoteaddress–PekingUniversityConference onFinance,June2001. Keynoteaddress–EuropeanFinancialManagementAssociation,June2000.Keynoteaddress–FrenchFinance Association,June1999.
Keynoteaddress–PensionAdvisoryconference,SanDiego,January1998. Keynoteaddress–Mid-SizedPensionManagementConference,May1997.
ResearchSeminarforSeniorFinancialEconomists,Summer1997,1998, 1999, 2001.
Keynoteaddress–NorthernFinanceAssociation,October1997.President,AmericanFinance Association,1995.
VicePresident andPresident-elect,AmericanFinanceAssociation,1994. KeynoteSpeaker–TexasSymposium,1994.
Memberof BoardofDirectorsof the AmericanFinance Association,1993-1998. 1980-1983. KeynoteSpeaker–AsianFinance AssociationAnnualMeeting,1992.
Director,EuropeanFinance Association,1992-1995,1988-1990, 1974-1975. AssociateEditor,JournalofBankingandFinance,1989-present.
Director,AssetManagement Initiative,NYUSalomonCenter,2003-present. Member,AdvisoryBoardof theEuropeanFinancialReview,1998-2002.
Serves ascontributorandrefereeforJapanandtheWorldEconomy:InternationalJournalof
TheoryandPolicy,1988-Present.
AssociateEditor,JournalofAccounting,Auditingand Finance,1987-1998. Editor,JournalofFinance,1983-1988.
DepartmentEditorofFinanceforManagementScience,1978-1983.
Member,AdvisoryBoardof theComputerApplicationsCommitteeof theNewYorkSocietyof
SecurityAnalysts,1975-19811970-1972.
Co-Editorof theNewYorkUniversityGraduateSchoolofBusinessAdministrationMonograph
SeriesinFinanceandEconomics,1975-1981.
Member,EditorialBoardofInvestmentManager’sHandbook.
Servedas refereeforJournalofFinance,ManagementScience,JournalofFinancialandQuantitative Analysis,JournalofBusiness,AmericanEconomic Review,ReviewofEconomicsandStatistics,JournalofBankingandFinance,ReviewofFinancialStudies
PROFESSIONALACTIVITIES
TaughtExecutiveProgramsin:
Luxembourg,Singapore,Switzerland,Japan, China,Brazil,Argentina,Portugal, Greece,
WestGermany,andthe UnitedStates.
Memberof theExecutiveand Investment Committeesof theBoardofDirectorsof theNationalBureauofEconomic Research
Memberof BoardofDirectorsof:
TheNationalBureauofEconomic Research
TheJapanEquityFundInc. - (Chairman of the Board)
TheSingaporeEquityFund Inc.
PreviouslyMemberof:
BoardofDirectorsofTIAA
BoardofDirectors(andchairmanof the Board)of CREF BoardofDirectorsofS.G. CowenFunds
BoardofDirectorsofDWSFunds andChairmanofEquityCommittee
Board of Directors and Chairman of the Thai Equity Fund Inc.
Servedasa consultanttoseveralFinancialInstitutions, including,FTSE, MorganGuarantyBank, EquitableAssuranceCompany,Donaldson,Lufkin,andJenrette;BlythEastmanDillon,Salomon Brothers,ManufacturesHanover,NomuraSecurities,ErnstYoung,AndersonConsultingand Nomura Research Institute.
HONORS
Investment Committee of theNationalBureauofEconomic Research,2009
ExecutiveCommittee of theNationalBureauofEconomic Research,2008
Fellow,InstituteforQuantitativeResearch,Nov.2006
Fellow,AmericanFinance Association
Fellow,FinancialManagementAssociation
BoardofDirectors,NationalBureauofEconomic Research,December2005
JamesR.VertinAward forlifetimeachievement forproducingabodyofworkwithenduring valueforInvestmentProfessionals,2004
President of the American Finance Association, 1996
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