BS, Business Administration & Economics, University of Oregon
MBA, Accounting & Statistics, University of California, Los Angeles
PhD, Quantitative methods, University of California, Los Angeles
At Haas since 1969
1977 - 2002, Sylvan C. Coleman Professor of Finance and Accounting, Haas School of Business
1971 - 1977, Professor, Haas School of Business
1969 - 1971, Associate Professor, Haas School of Business
1967 - 1969, Assistant Professor of Administrative Sciences, Yale University
1966 - 1967, Assistant Professor of Business Administration, UCLA
1962 - 1963, CPA and Consultant, Arthur Young & Company, Certified Public Accountants
1960 - 1962, Staff Accountant, Arthur Young & Company, Certified Public Accountants
External Service and Assignments
- Member, board of directors, Laudus Rosenberg Mutual Funds
- Founding member: Society for the Promotion of Financial Studies
- Member, editorial board: China Accounting and Finance Review
Current Research and Interests
- Dynamic portfolio strategies
- The welfare economics of financial markets
- Economics of Information
- Disclosure regulation and productive efficiency
- Financial reporting
Selected Papers and Publications
- "Social Security’s Investment Shortfall: $8 Trillion Plus – and The Way Forward – Plus How the US Government’s Financial Deficit Reporting = 64 Madoffs", World Scientific, 2013.
- "Applying Portfolio Change and Conditional Performance Measures: The Case of Industry Rotation via the Dynamic Investment Model," with Robert Grauer. Review of Quantitative Finance and Accounting 17, no. 3 (November 2001): 233-265.
- "The Role of a Corporate Bond Market in an Economy and in Avoiding Crisis." China Accounting and Finance Review 1, no. 1 (March 1999): 105-114 (Chinese Version 98-104); Summary in Japanese by Nomura Research Institute. Over 3300 full-text downloads as of January 2006.
- "Gains from Diversifying into Real Estate: Three Decades of Portfolio Returns Based on the Dynamic Investment Model," with Robert Grauer. Real Estate Economics 23 (Summer 1995): 117-159.
- "On the Feasibility of Automated Market Making by a Programmed Specialist," with Avraham Beja and Jivendra Kale. The Journal of Finance 40 (March 1985): 1-20.
- "To Pay or Not to Pay Dividends." The Journal of Finance. XXXVII (May 1982): 415-428; reprinted in summary form in The C.F.A. Digest. 13 (Summer 1983): 16-17.
- "Sufficient and Necessary Conditions for Information to Have Social Value in Pure Exchange," with Gregory Kunkel and James Ohlson. The Journal of Finance 37 (December 1982): 1169-1181.
- "Changes in the Financial Market: Welfare and Price Effects and the Basic Theorems of Value Conservation." The Journal of Finance 37 (September 1982): 977-1004.
- "On Politics of Accounting Disclosure and Measurement: An Analysis of Economic Incentives." Journal of Accounting Research 19 (Supplement 1981): 1-35.
- "The Purchasing Power Fund: A New Kind of Financial Intermediary." Financial Analysts Journal 32 (November-December 1976): 49-59.
- "Convergence to Isoelastic Utility and Policy in Multiperiod Portfolio Choice." Journal of Financial Economics 1 (September 1974): 201-224.
- "Optimal Investment and Consumption Strategies Under Risk for a Class of Utility Functions." Econometrica 38 (September 1970): 587-607; reprinted in Stochastic Optimization Models in Finance. (eds. W. T. Ziemba and R. G. Vickson), Academic Press, (1975): 525-545.
- Advanced Topics in Business Finance, BA 237
- Investment Strategies and Risk Management, BA 239
- Financial Investment Technologies, Executive Program
Honors and Awards
- Honorary Doctorate (Oecon. dr. hon. c.), Stockholm School of Economics, 1984
- Member, Financial Economists Roundtable, 1993 - 2003
- Listed in Who's Who in Economics
- Fellow, Accounting Researchers International Association, since 1980
- Graham and Dodd Scroll, 1982 (for article in Financial Analysts Journal)
- Graham and Dodd Scroll, 1976 (for article in Financial Analysts Journal)
- Earl F. Cheit Award for Excellence in Teaching, PhD Program, 1987
- National Science Foundation Research Grants, 1971-73, 1974-76
- Ford Foundation Fellowship, 1963-64, 1964-65, 1965-66
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