Michael Brennan

Professor Emeritus

Phone: (310) 825-3587



Michael Brennan is a professor of finance at both UCLA Anderson and London Business School. His research interests include asset pricing, corporate finance, the pricing and role of derivative securities, market microstructure, and the role of information in capital markets. He has published extensively in all of these areas. He is currently working on several issues, including: the problem of asset allocation when investors face time-varying opportunity sets, initial public offerings and the allocation of control rights in the corporation, the determinants of international flows of portfolio investment, the role of convertible securities in corporate finance, and corporate hedging strategies.

A former president of the American Finance Association, he has served as editor of the Journal of Finance and was the founding editor of the Review of Financial Studies. He has consulted extensively for corporations in Canada and the US, and in 1995 he was awarded the INQUIRE Europe prize for his work on corporate hedging strategies.


Ph.D. Business, 1970, Massachusetts Institute of Technology
MBA Management, 1967, University of Pittsburgh
B.Phil. Economics, 1964, Oxford University


Bond Markets, Derivatives, Future Markets, Hedging Strategies, Interest Rates, Oil and Gas Industry, Mining, Insurance, Initial Product Offerings
  • Michael J. Brennan. (1998). The Role of Learning in Dynamic Portfolio Decisions. European Finance Review, [ Link ]
  • Michael J. Brennan and Walter N. Torous. (July 1999). Individual Decision Making and Investor Welfare. Economic Notes, [ Link ]

Working Papers

Michael J. Brennan, Julia Hein, Ser-Huang Poon. (March 2008). "Tranching and Rating." [ Link ]

Michael J.  Brennan and Ashley W. Wang. (May 2007). "Systematic Mispricing." [ Link ]

Michael J. Brennan and Yihong Xia. (July 2003). "International Capital Markets and Foreign Exchange Risk." [ Link ] 

Recent Papers