Booth’s Brent Neiman and his coauthors have used micro data to construct a new picture of country-level investment portfolios.
Academic Areas Finance Faculty and Research
Decade after decade, our faculty have remained on the cutting edge of every aspect of finance—from corporate finance to investment banking.
From Nobel laureate Merton Miller and his revolutionary contributions to the field of corporate finance, to Eugene F. Fama and Lars Peter Hansen and their Nobel Prize-winning work on the empirical analysis of asset prices, to a new generation of finance scholars, our finance faculty continue to generate ideas and scholarship with enduring global impact.
Some of our faculty in this area have advised world leaders and served in top governmental leadership posts, including Raghuram G. Rajan, who served as the 23rd governor of the Reserve Bank of India.
Much of the support for our faculty in this academic area comes from our collaborative academic community, including a number of dynamic research centers, such as the Fama-Miller Center for Research in Finance and the Initiative on Global Markets.
The faculty in this area are also regularly published in the top financial journals, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. Many win some of the most prestigious awards in this field, including the Fischer Black Prize.
Whether you’re an MBA or PhD student, or interested in Executive Education, there is no better business school in the world to study finance than Booth.
Our faculty have the freedom to incorporate emerging topics and their own research into the curriculum and the courses they teach. Classes such as Portfolio Management, for example, draw on recent research and current events to teach advanced material related to financial markets, focusing on topics most relevant to portfolio managers. Other classes such as The Fintech Revolution take a close look at technologies that are upending the financial sector, including block chain, virtual currencies, and smart contracts.
Discover more about our finance faculty, including the classes they teach, below.
Research examining the long-shuttered Freedman’s Bank provides insight into what trustworthy bank access can—and can’t—do.
A large majority of actively managed funds lagged behind their respective benchmark indexes in the early months of the pandemic, find Booth’s Lubos Pastor and Booth PhD candidate M. Blair Vorsatz.
Awards and Honors
Wenxin Du was awarded a Sloan Research Fellowship for 2021. The fellowships, which are sponsored by the Alfred P. Sloan Foundation, are awarded annually to 128 nontenured scientists and scholars in the United States and Canada who demonstrate what the foundation describes as “outstanding promise.” Professor Du said she will use the grant to expand her research efforts on global dollar funding markets.
Fama received the Nobel Prize in Economic Sciences for his groundbreaking research on efficient markets. He shared the prize with Lars Peter Hansen and Robert J. Shiller.
Hansen was recognized in 2013 for his work in advancing the understanding of asset prices through empirical analysis.
Our finance curriculum is taught by the world’s leading finance scholars, with an unmatched legacy of award-winning research and innovation.
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Finance Faculty in the News
‘Jury Is Still Out’ on Negative Rates, Ex-Indian Central Bank Chief Says
October 20, 2020 | CNBC
Booth’s Raghuram G. Rajan, a former governor of the Reserve Bank of India, suggested that central banks are now willing to tolerate more inflation for brief periods but would need to consider the extent to which various policies help or hurt the economy in the long run.
Every Day-Trader Dollar Is Worth Five in a New Theory on Stocks
September 26, 2020 | Bloomberg
Booth’s Ralph S. J. Koijen suggests institutional managers are largely insensitive to prices because their buying and selling is primarily driven by their mandates. That bestows disproportionately large influence to other investors, like retail funds.
Buy, Borrow, Steal: How Debt Became the ‘Sugar-Rush’ Solution to our Economic Woes
June 22, 2020 | NPR Hidden Brain
Booth’s Amir Sufi argues that the buildup of household debt is the single most important driver of severe recessions.
Partnering across the University of Chicago and Beyond
Our finance faculty contribute to and help lead organizations and initiatives both in and outside of the University of Chicago.
Lars Peter Hansen has a joint appointment with Booth and the Kenneth C. Griffin Department of Economics at the University of Chicago. Ralph S. J. Koijen is coeditor of the Review of Financial Studies, a premier journal in the field.
Quite a few of our finance faculty members are affiliated scholars with the National Bureau of Economic Research, including George M. Constantinides, Samuel Hartzmark, Zhiguo He, John C. Heaton, Pietro Veronesi, and Eric Zwick, among many others. Raghuram G. Rajan is a member of the Group of Thirty, a collection of economic and financial leaders from the public and private sectors that aims to extend understanding of global economic and financial issues.
Discover some of the latest working papers and published papers from our finance faculty.
“How Does Credit Supply Expansion Affect the Real Economy? The Productive Capacity and Household Demand Channels”
Amir Sufi, with coauthors Atif Mian (Princeton University) and Emil Verner (MIT Sloan School of Management)
“The Spillovers from Easy Liquidity and the Implications for Multilateralism”
Raghuram G. Rajan and Douglas W. Diamond, with coauthor Yunzhi Hu (University of North Carolina at Chapel Hill)
“Repercussions of Pandemics on Markets and Policy”
Lars Peter Hansen
With a mission to push the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute for Economics fosters novel insights on the world’s most difficult economic problems.
An affiliate of Chicago Booth, CRSP, LLC is the leading provider of historical stock market data for researchers. The center has long been an integral part of the academic and commercial world of financial and economic research.
IGM organizes Booth faculty efforts to influence public policy and the practice of business around the world. By hosting expert panels, visiting thought leaders, and conferences, IGM raises the impact of Booth research.
The Stigler Center confronts conventional thinking and investigates the obstacles preventing markets from being truly competitive.
As Booth’s social impact hub, the center offers hands-on learning opportunities, supports innovative courses, and pursues research—all with the goal of developing people and practices with the potential to solve the world’s biggest problems.