Mark Grinblatt

Profile photo of Mark Grinblatt
“The field of finance has provided me with stimulating and interesting work and introduced me to some of the smartest people in the world. I was blessed to enter this field at the right time in history. As a professor, I want to give back by helping the younger generation as I was helped by the generation before me.”
 

Distinguished Professor of Finance; Japan Alumni Chair in International Finance

Areas of Expertise

  • Asset Pricing
  • Behavioral Science
  • Bond Markets
  • Capital Budgeting
  • Derivatives
  • Fixed-Income Securities
  • Mutual Funds
  • Portfolio Performance Evaluation
  • Stock Market

About

 

Biography

Distinguished Professor of Finance Mark Grinblatt is the Japan Alumni Chair in International Finance at the UCLA Anderson School of Management, where he has been on the faculty since 1981. He is also senior associate dean and director of UCLA Anderson's Ph.D. program. He is co-author of the corporate finance textbook Financial Markets and Corporate Strategy.

Grinblatt's research appears in most of the major journals in finance and economics. His work has focused on asset pricing, rational expectations equilibria, performance evaluation, stock market anomalies, corporate finance, derivatives valuation and investor behavior. His research on stock pricing and hedge funds has generated widespread media attention, with coverage in the Wall Street Journal, the New York Times, Bloomberg and Reuters Money.

Grinblatt served as a visiting professor at the Wharton School from 1987 to 1989 and as a visiting fellow at Yale University in 1999 and 2000, and he worked as a vice president for Salomon Brothers Inc. from 1989 to 1990. He is a former president of the Western Finance Association and a founding member and director of the Foundation for the Advancement of Research in Financial Economics. He also serves or has served on the board of directors of the National Bureau of Economic Research, the American Finance Association and Citi Swapco Inc., and as an advisory or associate editor of four journals.

 

Education

Ph.D. Economics, 1982, Yale University

M.Phil. 1979, Yale University

M.A. 1978, Yale University

A.B. Mathematics and Economics, 1977, University of Michigan

 

Recognition

2011 Honorary Doctorate in Economics, Centennial Conferment Ceremony, Aalto University, Helsinki, Finland

2010 Citibank Teaching Award

2010 Goldman Sachs International Prize

2001 Smith Breeden Distinguished Paper Award

 

Publications

Mark Grinblatt and K. Saxena. (2017). When Factors Don't Span their Basis Portfolios. Journal of Financial and Quantitative Analysisforthcoming.

Mark Grinblatt and S. Bartram. (2017). Agnostic Fundamental Analysis Works. Journal of Financial Economicsforthcoming.

Mark Grinblatt , S. Ikaheimo, M. Keloharju and S. Kupfer. (2016). IQ and Mutual Fund Choice. Management Science 62 (6)pp. 924-944.

Mark Grinblatt, E. Castle, N. Eisenberger, T. Seeman, W. Moons, I. Boggero, and S. Taylor. (2012). Neural and Behavioral Bases of Age Differences in Perceptions of Trust. Proceedings of the National Academy of Sciences, 109 (51)pp. 20848-20852.

Mark Grinblatt, M. Keloharju and J. Linnainmaa. (2012). IQ, Trading Behavior, and Performance. Journal of Financial Economics104, pp. 339-369.

Mark Grinblatt, M. Keloharju and J. Linnainmaa. (2011). IQ and Stock Market Participation. The Journal of Finance66 (6), pp 2119-2164.

Mark Grinblatt and J. Linnainmaa. (2011). Jensen's Inequality, Parameter Uncertainty, and Multi-period Investment. Review of Asset Pricing Studies1 (1), pp 1-34.

Mark Grinblatt and M. Keloharju. (2009). Sensation Seeking, Overconfidence, and Trading Activity. The Journal of Finance64 (2), pp 549-578.

Mark Grinblatt and J. Liu. (2008). Debt Policy, Corporate Taxes, and Discount Rates. Journal of Economic Theory141 (1), pp 225-254.

Mark Grinblatt, M. Keloharju and S. Ikaheimo. (2008). Social Influence and Consumption: Evidence from the Automobile Purchases of Neighbors. Review of Economics and Statistics90 (4), pp 735-753.

Mark Grinblatt and B. Han. (2005). Prospect Theory, Mental Accounting, and Momentum. Journal of Financial Economics78 (2), pp 311-339.

Mark Grinblatt and T. Moskowitz. (2004). Predicting Stock Price Movements from Past Returns: The Role of Consistency and Tax Loss Selling. Journal of Financial Economics71 (3), pp 541-579.

Mark Grinblatt and M. Keloharju. (2004). Tax-loss Trading and Wash Sales. Journal of Financial Economics71 (1), pp 51-76.

Mark Grinblatt and M. Keloharju. (2001). How Distance, Language and Culture Influence Stockholdings and Trade. The Journal of Finance56 (3), pp 1053-1073.

  • Mark Grinblatt and M. Keloharju. (2001). What Makes Investors Trade?. The Journal of Finance56 (2), pp 589-616.
  • Mark Grinblatt, B. Chowdhry and D. Levine. (2002). Information Aggregation, Security Design, and Currency Swaps. Journal of Political Economy110 (3), pp 609-633.

    Mark Grinblatt. (2001). An Analytic Solution for Interest Rate Swap Spreads. International Review of Finance2 (3), pp 113-149.

    Mark Grinblatt and F. Longstaff. (2000). Financial Innovation and the Role of Derivative Securities: An Empirical Analysis of the Treasury Strips Program. The Journal of Finance55 (3), pp 1415-1436.

    Mark Grinblatt and M. Keloharju. (2000). The Investment Behavior and Performance of Various Investor-Types: A Study of Finland's Unique Data Set. Journal of Financial Economics55 (1), pp 43-67.

    Mark Grinblatt and N. Jegadeesh. (2000). Futures vs. Forward Prices: Implications for Swap Pricing and Derivatives Valuation. Advanced Fixed-Income Valuation Tools for Professionalspp. 58-79.

    Mark Grinblatt and T. Moskowitz. (1999). Do Industries Explain Momentum?. The Journal of Finance54(4), pp. 1249-1290.

    Mark Grinblatt and D. Keim. (1999). Stock Splits and Stock Returns for OTC Stocks: The Effects of Investor Trading and Bid-Ask Spreads on Ex-Date Returns. Security Market Imperfections in World Wide Equity Marketspp. 276-293.

    Mark Grinblatt, K. Daniel, S. Titman, and R. Wermers. (1997). Measuring Mutual Fund Performance with Characteristic-Based Benchmarks. The Journal of Finance52(3), pp. 1035-1058.

    Mark Grinblatt and N. Jegadeesh. (1996). The Relative Pricing of Eurodollar Futures and Forward Contracts. The Journal of Finance51(4), pp. 1499-1522.

    Mark Grinblatt, S. Titman and R. Werners. (1995). Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior. American Economic Review85 (5), pp. 1088-1105.