Education
BA, physics, Rice University
MA, finance, Yale University
M.Phil., finance, Yale University
Ph.D., finance, Yale University
Positions Held
At Haas since 1998
2006 - present Sylvan C. Coleman Chair in Finance & Accounting, Haas School of Business, UC Berkeley
2002 - 2006 Harold Furst Associate Professor of Management Philosophy and Values, Haas School of Business, UC Berkeley
2000 - 2002 Associate Professor, Haas School of Business, UC Berkeley
1998 - 2000 Assistant Professor, Haas School of Business, UC Berkeley
1996 - 98 Assistant Professor, University of Washington
1995 - 96 Visiting Assistant Professor, Washington University
1991 - 96 Assistant Professor, University of British Columbia
1990 - 91 Visiting Assistant Professor, University of California, Los Angeles
1985 - 87 Associate, Goldman Sachs and Company
1984 - 85 Consultant, Andersen Consulting
External Service and Assignments
- Associate Editor: Journal of Finance
- Faculty Research Fellow: National Bureau of Economic Research
- Advisory Board, Market Engine Corporation, Tugboat Partners
Current Research and Interests
- Evaluation and performance of active portfolio managers
- Firm valuation
- Valuation and return dynamics of growth stocks
- Applications of real options in investment decisions
- Market "anomalies" --- size effect, B/M, momentum, etc.
- Information revelation in stock prices
Selected Papers and Publications
- Corporate Finance (with P. DeMarzo, 2007)
- “The Valuation and Return Dynamics of New Ventures,” Review
of Financial Studies, forthcoming, (with R.C. Green and V.
Naik).
- "Sorting out Sorts." Journal of Finance, 55
(2000), 407-27
"Sorting out Sorts." Journal of Finance,
55 (2000), 407-27
- "A Simple Approach for Deciding when to Invest." American Economic Review, 89 (1999), 1319-1326
- "Optimal Investment, Growth Options and Security
Returns'' (with R.C. Green and V. Naik) 54 (1999), 1153-1608. Journal of Finance.
- "Necessary Conditions for the CAPM." Journal
of Economic Theory. 73 (1997): 245-257.
- "The Price is Right, But Are the Bids? An Empirical
Investigation of Rational Decision Making" (with E.
Hughson and K. Vanderzande). American Economic Review.
86 (1996): 954-970.
- "A Critique of Size Related Anomalies." Review
of Financial Studies. 8 (1995): 275-286.
Teaching
- E203, Corporate Finance, Fall 2000
Honors and Awards
- FAME Research Prize, 2003
- Best Paper, Utah Winter Finance Conference, 2003
Honorable Mention, Cheit Teaching Award, Evening MBA Program,
2000-2001
- Honorable Mention, Cheit Teaching Award, Evening MBA Program,
1999-2000
- Smith Breeden Prize (Distinguished Paper), Journal of
Finance, 1999
- Graham and Dodd Award of Excellence, Financial Analysts
Journal, 1997
- First Prize, Roger F. Murray Prize Competition, The Institute
for Quantitative Research in Finance, 1996
- Second Prize, Chicago Quantitative Alliance Third Annual
Academic Competition, 1996
- Best Paper, Review of Financial Studies, 1995
- Richard D. Irwin Doctoral Fellowship, 1990
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