For a PDF version, click here.

Education:

BS, Carnegie Institute of Technology, 1962; MS, 1963;
DBA, Harvard, 1968.

Positions:

Joined Columbia Business School faculty in 1968.

Recent Professional Activities:

1. Associate Editor, The Journal of Finance, January 1971 - 1983.
2. Visiting Professorships at the Wharton School, Hebrew University and Stanford University.
3. Consultant, U.S. Treasury, Advising on the 1977 Census of U.S. Direct Investment, 1977.
4. Visiting Professor, European Institute for Advanced Studies in Management, Brussels, Sept. 1977 - May 1978.
5. National Westminster Bank Visiting Professor of International Finance, London Graduate School of Business Studies, Sept. 1978 - May 1979.
6. Distinguished Visiting Professor, Stockholm School of Economics, Stockholm, Sweden, Nov. 1 - 10, 1979.
7. Brookdale Visiting Professor, Bar Ilan University, Israel, January 1982 and January to May, 1984.
8. Visiting Professor, Koblenz School of Corporate Management, West Germany, January-April, 1989.
9. Visiting Professor, Graduate School of Business, University of Capetown, South Africa, February-April, 1991.
10. Visiting Professor, Graduate School of Business, University of Capetown, South Africa
11. Associate Editor, Journal of Banking and Finance, 1986-.
12. Advisory Board, Investing, 1987- 1998
13. Associate Editor, Journal of International Financial Management and Accounting, 1987- present

Publications:

Monographs:

"Overseas Manufacturing Investment and the Balance of Payments, U.S. Treasury, Tax Policy Research Study No. 1 (Washington, D. C.: U.S.G.P.O., 1968)," with G.C. Hufbauer. Reviewed in the Journal of Finance, June, 1969, pp. 583-585, and in the Journal of Economic Literature, December,1969, pp. 1208-11.

Articles:

"Monetary Policy in an Imperfect Information World," with Bruce Greenwald, Chapter 6 in Jacques Dreze, ed., Advances in Macroeconomic Theory (London, UK: Palgrave Press, 2001),forthcoming

"Emerging Market Investing: Problems and Prospects," Chapter 11 in Alison Harwood, Robert E Litan and Michael Pomerleano, eds., Financial Markets & Development, (Washington, D.C.: Brookings Institution Press, 1999) pp. 367-395.

"Has There Been A Fundamental Change In The Stock Market?" with Andrew Chun Yi, Journal of Investing, 7 no. 1, Spring 1998, pp. 71-76.

Review of Jeffrey A. Frankel, ed., "The Internationalization of Equity Markets," Journal of Economic Literature, 33 no. 3, September 1995, pp. 1353-1354.

"Mexico's Devaluation: The Beginning, Not The End of Its Problems," Columbia Journal of World Business, XXX no. 1, Spring 1995, pp. 112-120.

"Integration of the North American Financial Markets," The Journal of Investing, 4 no. 3, Fall 1995, pp. 8 1-88.

"On Universal Currency Hedges," with Bhaskar Prasad, Chapter 6 in R. Aggarwal and D.C. Schirm, eds., Global Portfolio Diversification (San Diego, CA: Academic Press Inc., 1995), pp. 81-104.

"Lessons from Mexico's Roller Coaster Ride in the First Quarter of 1994," Columbia Journal of World Business, Summer, 1994, pp. 85-91.

"International Corporate Equity Acquisitions: Comment," in K.A. Froot, ed., Foreign Direct Investment (Chicago, IL.: University of Chicago Press, 1993), pp. 250-252.

"Stock Price Behavior in Emerging Stock Markets: Comment," in Stijn Claessens and Sundarshan Gooptu, eds., Portfolio Investment in Developing Countries, World Bank Discussion Papers 228, pp. 331-333.

"Exchange Rate Planning for the International Trading Firm," Chapter 8 in Y. Amihud and R. Levich, eds., Exchange Rate and Corporate Performance (Homewood, IL.: R.D. Irwin Business One, 1993), pp. 165-179.

"Foreign Portfolio Investment," with P. Jorion, in P. Newman, M. Milgate and J. Eatwell, eds., The New Palgrave Dictionary of Money and Finance (London, U.K.: Macmillan Press), forthcoming.

"The Exchange Rate Exposure of Multinationals," with P. Jorion, in P. Newman, M. Milgate and J. Eatwell, eds., The New Palgrave Dictionary of Money and Finance (London, U.K.: Macmillan Press), forthcoming.

"Foreign Exchange Swaps," in P. Newman, M. Milgate and J. Eatwell, eds., The New Palgrave Dictionary of Money and Finance (London, U.K.: Macmillan Press), forthcoming.

"Universal Currency Hedges for Global Portfolios," with P. Jorion, Journal of Portfolio Management, Summer 1992.

"On Universal Currency Hedges," with B. Prasad, Journal of Financial and Quantitative Analysis, 27 no. 1, March 1992, pp. 19-38.

"Conditions for Currency Hedges Ratios to be Everywhere the Same," with B. Prasad. Proceedings of the Conference on Global Diversification (John Carroll University, 1991)

Comment on "The Globalization of Information and Capital Mobility," in J. Ronen, ed., Accounting and Financial Globalization (New York, NY: Quorum Books, Inc., 1991).

"Should International Portfolios Be Permanently Hedged," with M. Granito, Recent Developments in International Banking and Finance, Vols. 4 and 5 (Elsevier, North Holland, 1991), pp. 272-309.

"Optimal Foreign Currency Hedging When Information is Imperfect," with B. Prasad, in J. Ronen, ed., Accounting and Financial Globalization (New York, N.Y.: Quorum Books Inc., 1991)

"Should International Portfolios Be Permanently Hedged", with M. Granito, Chapter 18 in Lee R. Thomas III, ed. The Currency Hedging Debate (London, U.K.: IFR Publish-ing Ltd., 1990), pp. 317-348.

"Exchange Risk Surprises in International Portfolios", with D. Simon, Chapter 8 in Lee R. Thomas III, ed. The Currency Hedging Debate (London, U.K.: IFR Publishing Ltd., 1990), pp. 117-134.

"Inflation, Translation and Conflicts in Statements of Financial Accounting Standards," with T. Harris, Journal of International Financial Management and Accounting, 1 no. 2, Summer 1989, pp. 152-170.

"The Individuality of Universal Hedging", with B. Solnik, Financial Analysts Journal, May-June, 1990, pp. 7-8.

"Limitations on Financial Innovations For Small, High-Tech Firms." Hochschulnachrichten aus der Wissenschaftlichen Hochschule für Unter nehmensführung, 4 no. 11, October 1989, pp. 30-31.