WHAT ARE YOU RESEARCHING NOW?
Working on applying various investment style concepts
such as value, momentum, carry, and defensive or low
volatility strategies that have generated return premia in
equities to other asset classes in order to better understand
what is driving these returns. These other asset classes
include bonds, currencies, commodities, futures, options,
and even sports betting contracts.
HOW WOULD YOU DESCRIBE THE CHICAGO BOOTH PHD STUDENTS?
Extremely bright and hard working. The best ones are not
just open to criticism but crave it because it makes them so
much better. They see that the faculty here enjoy receiving
feedback and questions about their work, all of which is
designed to further improve their work and get closer to
WHAT DO YOU ENJOY MOST ABOUT ADVISING STUDENTS?
Watching them grow and discover and execute their own
ideas. It’s a pleasure when I suggest a course of action
or direction or next step the research might take, and a
student then takes it not only to that step but beyond.
That’s what we want them to achieve—to be able to take
those next steps on their own when they leave here and
start building their own research agenda.
WHAT HAVE YOU LEARNED FROM YOUR STUDENTS?
A lot. They are creative and inquisitive and the more
questions they ask, the more I learn. I have advised
numerous dissertations on topics I’ve never studied or data
I’ve never thought about, and I’ve learned so much from
my students about many subjects and areas as a result.
Even when a student is working in a well-mined area or
one where I have spent considerable time, I still learn some
TOBIAS J. MOSKOWITZ
FAMA FAMI LY PROFESSOR OF F I NANCE