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

(310) 825-1098

Areas of Expertise

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

About

 

Biography

After graduate studies at Yale University, Mark Grinblatt joined the professoriate at the UCLA Anderson School of Management in 1981. He now holds the Japan Alumni Chair in International Finance and the title of Distinguished Professor.

He is the author of a textbook and about 50 research articles. The research covers a wide range of theoretical and empirical areas, including asset pricing, derivatives, performance evaluation, asymmetric information, security design, event studies, behavioral finance and household finance. He is a noted teacher, having won several teaching awards, and is the proud thesis chairman of 13 doctoral dissertations. He currently serves as an advisory editor to several journals, and as a member of both the executive committee and board of directors of the National Bureau of Economic Research.

Grinblatt serves on the board of the Foundation for the Advancement of Research in Financial Economics. In the past, he has been vice-president, program chairman and president of the Western Finance Association, senior associate dean and director of the UCLA Anderson Ph.D. program, and a board member of both the American Finance Association and Citi Swapco Inc.

 

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

Asia Asset Management CFA Institute 2017 Best Working Paper Prize in Asset Management, September 2017.

Visiting Fellow, Securities and Exchange Commission, April 2017.

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. (February 2017). When Factors Don't Span their Basis Portfolios. Journal of Financial and Quantitative Analysis, forthcoming.

Mark Grinblatt and S. Bartram. (April 2017). Agnostic Fundamental Analysis Works. Journal of Financial Economics, 128, pp. 125-147.

Mark Grinblatt and K. Saxena. (January 2018). Improving Factor Models. Journal of Portfolio Management, forthcoming.

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 Economics, 104, pp. 339-369.

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.