Education |
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1978 Ph.D. - Economics, M.I.T. |
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1969 M.P.A. - Public and International
Affairs, Princeton University |
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1969 M.S. - Electrical Engineering, Princeton
University |
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1967 B.S. - Electrical Engineering, M.I.T |
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Experience |
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1991 - Present Robert Heilbrunn Professor
of Finance and Asset Management, Graduate School of
Business, Columbia University Director, Heilbrunn
Center for Graham & Dodd Investing, Graduate School
of Business, Columbia University |
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1987 - 1988 Staff Economist, Presidential
Task Force on Market
Mechanisms (Brady Task Force) |
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1985 - 1991 Member of Technical Staff,
Bell Communications
Research |
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1983 - 1985 Assistant Professor of Business
Administration,
1980 - 1982 Harvard Business School (voted Associate
Professor, 1985) |
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1982 - 1983 Research Economist, Bell
Laboratories
1977 - 1980 |
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1973 - 1977 Lecturer in Economics, Wesleyan
University
1971 U.S. Army
1970 Research Economist, First National City Bank
1968 Budget Examiner, U.S. Bureau of the Budget |
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Courses
Taught |
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Value Investing (MBA, Executive MBA)
Finance (MBA)
Corporate Finance (Program for Senior Financial Managers)
Managerial Economics (MBA)
Economics of Strategic Behavior (MBA, Executive MBA)
Globalization & Markets: Reforming international
economic architecture (MBA, Executive MBA)
Strategic Management of Media (MBA)
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Publications |
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Books |
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1. |
Adverse Selection in the Labor Market,
Garland Press, 1980.
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2. |
Value Investing: from Graham to Buffett
and Beyond, John Wiley & Sons, 2001 |
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3. |
Towards New Paradigm of Monetary Economics,
Cambridge University Press, 2003 |
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4. |
Competitive Demystified: A Radically
Simplified Approach to Business Strategy, Putnam Penguin,
2005 |
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Published Papers |
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5. |
"Conventional Returns to Scale and
Financing Pollution Control," Econometrica, July
1976. |
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6. |
"Medical Malpractice and Medical
Costs" (with M. Mueller), in S. Rothenberg, ed.,
The Economics of Medical Malpractice, February 1978. |
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7. |
"Strong Labor Unions and Labor Managed
Co-operatives," Journal of Labor Management and
Participation Studies, September 1979. |
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8. |
"Admissible Rate Bases and Fair
Rates of Return," Journal of Finance, May 1980. |
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9. |
"Adverse Selection in the Market
for Slaves," (with R. Glasspiegel), Quarterly Journal
of Economics, September 1983. |
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10. |
"General Analysis of Bias in the
Least Squares Estimates of Co-efficient Covariance Matrices,"
Journal of Econometrics, September 1983. |
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11. |
"Rate Base Selection and the Structure
of Regulation," Rand Journal of Economics, Spring
1984. |
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12. |
"Informational Imperfections in
the Capital Market and Macroeconomic Fluctuations"
(with J. Stiglitz and A. Weiss), American Economic Review,
May 1984. |
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13. |
"Adverse Selection in the Labor
Market," Review of Economic Studies, June 1986. |
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14. |
"Externalities in Economies with
Imperfect Information and Incomplete Markets,"
(with J. Stiglitz), Quarterly Journal of Economics,
May 1986. |
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15. |
"Keynesian, New Keynesian, and New
Classical Economics" (with J. Stiglitz), Oxford
Economic Papers, March 1987. |
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16. |
"Imperfect Information, Credit Markets,
and Unemployment" (with J. Stiglitz), European
Economic Review, June 1987. |
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17. |
"Pareto Inefficiency of Market Economies:
Search and Efficiency Wage Models" (with J. Stiglitz),
American Economic Review, May 1988. |
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18. |
"Examining Alternative Macroeconomic
Theories" (with J. Stiglitz), Brookings Papers
on Economic Activity, Vol. 1, 1988. |
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19. |
"The Task Force Report: Reasoning
Behind the Recommendations" (with J. Stein), Journal
of Economic Perspectives, Summer 1988. |
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20. |
"Money, Imperfect Information, and
Economic Fluctuations" (with J. Stiglitz), M. Kohn
and S.C. Tsiang, eds., Expectations and Macroeconomics,
Oxford University Press, 1998. |
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21. |
"Information, Finance Constraints,
and Business Fluctuations" (with J. Stiglitz),
M. Kohn and S.C. Tsiang, eds., Expectations and Macroeconomics,
Oxford University Press, 1988. |
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22. |
"Toward a Theory of Rigidities"
(with J. Stiglitz), American Economic Review, May 1989. |
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23. |
"Corporate Tax Incidence Revisited,"
(with J. Stiglitz), Journal of Finance and Accounting,
June 1989. |
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24. |
"Deregulation of Local Exchange
Service," (with W. Sharkey), Journal of Regulatory
Economics, Vol. 1, September 1989. |
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25. |
"Asymmetric Information and the
New Theory of the Firm; Financial Constraints and Risk
Behavior" (with J. Stiglitz), American Economic
Review, May 1990. |
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26. |
"Financial Market Imperfections
and Productivity Growth" (with J. Stiglitz and
M. Kohn), Journal of Economic Behavior and Organization,
June 1990. |
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27. |
"Macroeconomic Models of Equity
and Credit Rationing" (with J. Stiglitz), in R.G.
Hubbard, ed., Asymmetric Information, Corporate Finance,
and Investment, University of Chicago Press, 1990. |
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28. |
"Financial Market Imperfections,
and Business Cycles" (with J. Stiglitz), Quarterly
Journal of Economics, May 1991. |
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29. |
"Transactional Risk, Market Crashes,
and the Role of Circuit Breakers," Journal of Business,
64 (October 1991), pp. 443-463. |
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30. |
"Finance Constraints, R&D, and
Productivity Growth," (with M. Salinger and J.
Stiglitz), Mimeograph, Stanford University, 1990. |
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31. |
"Towards a Reformation of Monetary
Theory: Competitive Banking," (with J. Stiglitz),
The Economic and Social Review, 23 (October 1991). |
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32. |
"Information, Finance and Markets:
The Architecture of Allocative Mechanisms" (with
J. Stiglitz). Journal of Industrial and Corporate Change,
November 1992. |
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33. |
“The Role of Transfers and Monetary
Reform in the Current Economic Showdown,” (with
R. Arnott and J. Stiglitz), Revista di Politica Economica,
December 1993. |
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34. |
“NYNEX: The UNISON and CCVRS Systems,”
(with W. Lehr and M. van Biema), Case Studies In Productivity,
January1994. |
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35. |
“Connecticut Mutual Life Insurance
Company,” (with M. van Biema), Case Studies in
Productivity, Columbia University, Graduate School of
Business, January 1994. |
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36. |
“Citicorp’s Credit Card Business,”
(with M. van Biema), Case Studies in Productivity, Columbia
University, Graduate School of Business, March 1994. |
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37. |
“Information and Economic Efficiency,”
Information and Economic Policy, Vol. 6 (June 1994),
pp. 77-88. |
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38. |
“Labor Market Adjustments and the
Persistence of Unemployment,” (with J. Stiglitz),
American Economic Review, May 1995. |
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39. |
“Understanding Productivity in
the Service Sector,” (with M. van Biema), Harvard
Business Review, Jun/Jul 1997. |
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40. |
“International Adjustment in the
Face of Imperfect Financial Markets,” Mimeograph,
1997 (for Annual World Bank Development Economics Conference). |
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Awards |
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Columbia University Presidential Teaching
Award 1999–2000 |
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Two time recipient of the Margaret Chandler
Memorial Award for Commitment to Excellence in Teaching
(1997 & 2003) |
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Three time recipient of the Singhvi Prize
(1991-1992, 2002-2003, 2003-2004) |
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Dean’s prize for course development
in the core curriculum
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