PhD, Quantitative methods, University of California, Los Angeles
MBA, Accounting & Statistics, University of California, Los Angeles
BS, Business Administration & Economics, University of Oregon
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
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