Mark Grinblatt

Professor of Finance; Japan Alumni Chair in International Finance

Phone: (310) 825-1098


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. Currently, he also is Senior Associate Dean and director of the UCLA Anderson Ph.D. Program.  He received his Ph.D., M. Phil., and M.A. from Yale University.  His undergraduate degree is from The University of Michigan. 

He served as a visiting professor at the Wharton School from 1987-1989, as a visiting fellow at Yale University in 1999-2000, and worked as a vice president for Salomon Brothers, Inc. from 1989-1990.  He is a former president of the Western Finance Association and a founding member of the Foundation for the Advancement of Research in Financial Economics.  He currently serves on the board of directors and executive committee of the National Bureau of Economic Research and on the board of Citi Swapco, Inc., He also serves as an advisory or associate editor of four journals. He has authored approximately 40 scholarly papers in finance and economics. One paper won the 2010 Goldman Sachs International Prize and another is the recipient of a Smith Breeden 2001 distinguished paper award. He has also authored a corporate finance textbook and an edited book volume.  His past research, which appears in most of the major journals in finance and economics, has focused on asset pricing, rational expectations equilibria, performance evaluation, stock market anomalies, corporate finance, derivatives valuation, and investor behavior.


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


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


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

2010 Citibank Teaching Award

2010 Goldman Sachs International Prize

  • Mark Grinblatt, M. Keloharju and J. Linnainmaa. (2011, forthcoming). IQ, Trading Behavior, and Performance. Journal of Financial Economics,
  • Mark Grinblatt, M. Keloharju and J. Linnainmaa. (2011). IQ and Stock Market Participation. The Journal of Finance, 66 (6), pp 2119-2164.
  • Mark Grinblatt and J. Linnainmaa. (2011). Jensen's Inequality, Parameter Uncertainty, and Multi-period Investment. Review of Asset Pricing Studies, 1 (1), pp 1-34.
  • Mark Grinblatt and M. Keloharju. (2009). Sensation Seeking, Overconfidence, and Trading Activity. The Journal of Finance, 64 (2), pp 549-578.
  • Mark Grinblatt and J. Liu. (2008). Debt Policy, Corporate Taxes, and Discount Rates. Journal of Economic Theory, 141 (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 Statistics, 90 (4), pp 735-753.
  • Mark Grinblatt and B. Han. (2005). Prospect Theory, Mental Accounting, and Momentum. Journal of Financial Economics, 78 (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 Economics, 71 (3), pp 541-579.
  • Mark Grinblatt and M. Keloharju. (2004). Tax-loss Trading and Wash Sales. Journal of Financial Economics, 71 (1), pp 51-76.
  • Mark Grinblatt and M. Keloharju. (2001). How Distance, Language and Culture Influence Stockholdings and Trade. The Journal of Finance, 56 (3), pp 1053-1073.
  • Mark Grinblatt and M. Keloharju. (2001). What Makes Investors Trade?. The Journal of Finance, 56 (2), pp 589-616.
  • Mark Grinblatt, B. Chowdhry and D. Levine. (2002). Information Aggregation, Security Design, and Currency Swaps. Journal of Political Economy, 110 (3), pp 609-633.
  • Mark Grinblatt. (2001). An Analytic Solution for Interest Rate Swap Spreads. International Review of Finance, 2 (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 Finance, 55 (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 Economics, 55 (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 Professionals, pp. 58-79.
  • Mark Grinblatt and T. Moskowitz. (1999). Do Industries Explain Momentum?. The Journal of Finance, 54(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 Markets, pp. 276-293.
  • Mark Grinblatt, K. Daniel, S. Titman, and R. Wermers. (1997). Measuring Mutual Fund Performance with Characteristic-Based Benchmarks. The Journal of Finance, 52(3), pp. 1035-1058.
  • Mark Grinblatt and N. Jegadeesh. (1996). The Relative Pricing of Eurodollar Futures and Forward Contracts. The Journal of Finance, 51(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 Review, 85 (5), pp. 1088-1105.
  • Mark Grinblatt, Seppo Ikaheimo, Matti Keloharju, and Samuli Knupfer. (February 15, 2012). IQ and Mutual Fund Choice. [ Download ] [ Show Abstract ]
    Using a comprehensive dataset of Finnish males, we study IQ's influence on mutual fund choice. High-IQ investors are less likely to own balanced funds, actively managed funds, and funds marketed through a retail network. This behavior tends to reduce high-IQ investors' fund fees. Moreover, within each asset class and service category, and controlling for other investor attributes, high-IQ investors prefer the lowest-fee funds, further reducing the fees incurred. IQ's effect on fee sensitivity is robust to the addition of fund family dummies, which help control for unobservable service attributes. IQ also influences the fee sensitivity of even the most affluent investors, ruling out wealth-related access to low-fee funds as the explanation for IQ's relationship to fees.