Education
BA, Physics, Rice University
MA, Finance, Yale University
MPhil, Finance, Yale University
PhD, Finance, Yale University
Positions Held
At Haas since 1998
2008 - present, Willis H. Booth Chair in Banking and Finance I, Haas School of Business
2006 - 2008, Sylvan C. Coleman Chair in Finance & Accounting, Haas School of Business
2002 - 2006, Harold Furst Associate Professor of Management Philosophy and Values, Haas School of Business
2000 - 2002, Associate Professor, Haas School of Business
1998 - 2000, Assistant Professor, Haas School of Business
1996 - 1998, Assistant Professor, University of Washington
1995 - 1996, Visiting Assistant Professor, Washington University
1991 - 1996, Assistant Professor, University of British Columbia
1990 - 1991, Visiting Assistant Professor, University of California, Los Angeles
1985 - 1987, Associate, Goldman Sachs and Company
1984 - 1985, Consultant, Andersen Consulting
External Service and Assignments
- Associate Editor, Journal of Finance
- Faculty Research Fellow, National Bureau of Economic Research
- Advisory Board, Market Engine Corporation, Tugboat Partners
Current Research and Interests
- Evaluation and performance of active portfolio managers
- Firm valuation
- Valuation and return dynamics of growth stocks
- Applications of real options in investment decisions
- Market "anomalies" - size effect, B/M, momentum, etc.
- Information revelation in stock prices
Selected Papers and Publications
- Corporate Finance, with P. DeMarzo. 2007.
- “The Valuation and Return Dynamics of New Ventures,” with R.C. Green and V. Naik. Review of Financial Studies, forthcoming.
- "Sorting out Sorts." Journal of Finance 55 (2000): 407-27.
- "A Simple Approach for Deciding when to Invest." American Economic Review 89 (1999): 1319-1326.
- "Optimal Investment, Growth Options and Security Returns,'' with R.C. Green and V. Naik. Journal of Finance 54 (1999): 1153-1608.
- "Necessary Conditions for the CAPM." Journal of Economic Theory 73 (1997): 245-257.
- "The Price is Right, But Are the Bids? An Empirical Investigation of Rational Decision Making," with E. Hughson and K. Vanderzande. American Economic Review 86 (1996): 954-970.
- "A Critique of Size Related Anomalies." Review of Financial Studies 8 (1995): 275-286.
Teaching
Honors and Awards
- FAME Research Prize, 2003
- Best Paper, Utah Winter Finance Conference, 2003
- Honorable Mention, Earl F. Cheit Award for Excellence in Teaching, Evening & Weekend MBA Program, 2000-2001, 1999-2000
- Smith Breeden Prize (Distinguished Paper), Journal of Finance, 1999
- Graham and Dodd Award of Excellence, Financial Analysts Journal, 1997
- First Prize, Roger F. Murray Prize Competition, The Institute for Quantitative Research in Finance, 1996
- Second Prize, Chicago Quantitative Alliance Third Annual Academic Competition, 1996
- Best Paper, Review of Financial Studies, 1995
- Richard D. Irwin Doctoral Fellowship, 1990

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