For a brief biography, click here.
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Marital Status: Married, two children
Business Address: 625 Uris Hall
Graduate School of Business
New York, New York 10027-6902
Telephone: (212) 854-4202
Fax : (212) 316-9219
Home Address: 25 Fairview Road
Scarsdale, New York 10583
Tel: (914) 472-4245
Fax: (914) 472-7340
New York University Law School, J.D., 1968
Harvard University, 1964, Ph.D., Economics
Bucknell University, 1960, M.A., Economics
Sorbonne, University of Paris, France, 1958-59
Bucknell University, 1958, B.A., Economics
University of Exeter, Exeter, England, 1956-57 (junior year)
Arthur F. Burns Professor of Free and Competitive Enterprise,
l988 - present
Chairman, Finance and Economics Department, Columbia Business
School, 1990 -1992, 1995 - present
Vice Dean for Academic Affairs, Graduate School of Business,
Columbia University, 1979 - 1981
Visiting Scholar, American Enterprise Institute, Washington,
Director and Professor, Center for the Study of Futures
Markets, Columbia University, November, 1980 - present
Professor, Graduate School of Business, Columbia University,
July 1974 - present
Associate Professor, Graduate School of Business, Columbia
University, July 1968 - June 1974
Visiting Professor, Institut des Sciences Economiques, Centre
de Recherches Interdisciplinaires
Droit-Economie, Universite Catholique de Louvain, Belgium,
September 1969 - August 1970
Assistant Professor, Graduate School of Business , Columbia
University, July 1, 1966 - June 30, 1968
Senior Economist, Comptroller of the Currency, Washington,
DC, June 1964 - June 1966
Economist, Federal Reserve Board, Washington, DC, September
1963 - June 1964
Economist, Federal Reserve Board, Washington, DC, Summer
Economist, Bankers Trust Company, New York, New York, Summer
Teaching and Research Interests
Financial Institutions and Financial Markets
Regulation of Financial Markets and Institutions
American Finance Association
Societe Royale D'Economie Politique de Belgique
Financial Economists Roundtable
Shadow Financial Regulatory Committee
Board, The Journal of Futures Markets
Editorial Board, Federal Reserve Bank of New York Economic
American Economic Review
Journal of Political Economy
Journal of Law and Economics
Journal of Finance
Review of Economics and Statistics
Journal of Money, Credit and Banking
Quarterly Journal of Economics
Bell Journal of Economics
The Journal of Futures Markets
Review of Financial Studies
Journal of Financial Services Research
Journal of Managerial and Decision EconomicsAcademic Honors
Sloan Foundation Grant, 1979
National Science Foundation Grant, 1977-l978
National Science Foundation Grant, l975-l976
Ford Foundation Grant, 1974-l975
Post-Doctoral Research Grant in Public Utility Economics,
Smith Richardson Foundation Grant, 1990
Associate Member, Foundation for Advanced Information and
Research, Japan, 1990 -
Advisory Boards and Professional Committees
Board of Directors, Futures Industry Association (Public
Member, Shadow Financial Institutions Regulation Committee,
Member, Financial Economists Roundtable, 1993-present
Co-Chairman, Clearing Association Sub-Committee, American
Bar Association, 1980
Nominating Committee, American Stock Exchange, 1988-90
Comptroller General's Consultant Panel on Federal Oversight
of Financial Institutions, 1986
Advisory Board, Center for Law and Economic Studies, Columbia
Editorial Board, The Journal of Futures Markets
Advisory Board, General Accounting Office's study of the
1987 Stock Market Crash
Commodity Exchange Inc., Special Advisory Panel, 1989
New York Mercantile Exchange, Business Conduct Committee
(specializing in floor trading practices), 1989 -92
New Finance: Regulation and Financial Stability, AEI
Press, Washington:D.C., 1996; Japanese edition, Tokyo: Toyo-Keizai-Shinpo-Sya,
Futures and Options, New York: McGraw Hill: 1992.
Regulating International Financial Markets: Issues and
Policies, ed., Boston: Kluwer Academic Publishers:
Issues in Financial Regulation, ed., New York:
McGraw Hill: 1979.
and Competition in Commercial Banking: A Statistical Study.
Boston, Mass.: Federal Reserve Publication, 1964.
"Concentration in Banking and Its Effects on Business
Loan Rates." Review of Economics and Statistics,
46 (August, 1964), 294-301.
"The Banking Competition Controversy." The
National Banking Review, 3 (September, 1965), 1-34.
"Will Savings and Loan Industry Survive Tight Money
Environment?" The Commercial and Financial Chronicle,
204: 1 (July 7, 1966), 24-25.
"Wider Lending Powers Best Near-Term Aid to Savings
Associations." Savings Association News,
16 (February, 1967), 1-3, 8.
Statement on H.R. 8696 before Committee on Banking and
Currency, House of Representatives, 90th Congress, 1967.
"Bank Mergers and the Public Interest: A Legal and
Economic Analysis of the 1966 Bank Merger Act." Banking
Law Journal, 85 (September, 1968), 753-796.
Sales in Banking and One Bank Holding Companies."
The Antitrust Bulletin, 14 (September, 1969),
"The One Bank Holding Company Conglomerate: Analysis
and Evaluation." Vanderbilt Law Review,
22 (November, 1969), 1275-1309.
"Regulation and Competition in European Financial
Markets: The Case of Banking in Belgium." Recherches
Economiques de Louvain, 36: 7 (July, 1970), 3-20.
"Proceedings of a Conference on Banking Structure
and Competition: A Review." The Antitrust Bulletin,
15 (Winter, 1970), 879-882.
on Substitutability Between Money and Near-Monies."
Journal of Money, Credit, and Banking, 4: 3 (August,
Review, of "Business Loan Costs and Bank Market Structure."
Journal of Finance, 27: 4 (September, 1972),
"Advertising and Competition in Banking." The
Antitrust Bulletin, 18: 1 (Spring, 1973), 23-32.
"Uncertainty, Market Structure, and Performance:
The Galbraith-Caves Hypothesis and Managerial Motives
in Banking" (with A. Heggestad). Quarterly Journal
of Economics, 87: 3 (August, 1973), 455-473.
"Economics of ‘Tying’ Arrangements: Some
Proposed Guidelines for Bank Holding-Company Regulation."
Antitrust Law and Economics Review, 6: 3 (1973),
"School Expenditures and Educational Discrimination
under the Fourteenth Amendment (with Linda Edwards), Journal
of Economic Issues, 8: 11 (March, 1974), 159-166.
and Competition in Banking: Reply to Comment by Morton
Schnabel." Antitrust Bulletin, 19: 2 (Summer,
"Regulation of Foreign Banking in the United States:
International Reciprocity and Federal-State Conflicts."
Columbia Journal of Transnational Law, 13: 2
"Concentration, Monopoly, and Industrial Performance:
One Man's Assessment," Industrial Concentration:
The New Learning, ed. by Harvey Goldschmid, et al.
Boston: Little, Brown, 1974, 427-429.
the Effectiveness of Regulations: The Case of Bank Entry
Regulation" (with Linda Edwards). Journal of
Law and Economics, 27: 2 (October, 1974), 445-496.
"Activities and Regulatory Issues: Foreign Banks
in the United States" (with Jack Zwick). Columbia
Journal of World Business, 10: 1 (Spring, 1975),
58-73. Also in the Congressional Record, 121:
35 (March 5, 1975), S3082-S3090.
"International Banking: An Overview." Edited
special issue of Columbia Journal of World Business,
(Winter, 1975), 7-8.
"More on Advertising and Competition: Reply to Chayim
Herzig-Marx, The Antitrust Bulletin, 21: 1 (Spring,
Review, of "Interest Rates on Savings Deposits"
by Myron B. Slovin and M.E. Shuska. Journal of Finance,
31: 50 (December, 1976), 1523-1525.
"Managerial Objectives in Regulated Industries: Expense
Preference Behavior in Banking." Journal of Political
Economy, 85: 1 (February, 1977), 147-162.
"Local Government Regulation of Residential Refuse
Collection by Private Firms" (with B.J. Stevens)
in The Organization and Efficiency of Solid Waste
Collection, ed. E.S. Savas. Lexington, Mass.: Lexington
Books, 1977, 139-151.
Discussion, of "Technology, Communication, and the
Performance of Financial Markets." Journal of
Finance, 33: 3 (June, 1978), 845-847.
Monetary Control Act," Statement on H.R. 7, before
the Committee on Banking, Finance and Urban Affairs, House
of Representatives, 96th Congress, 1st Session. Washington,
D.C.: U.S. Government Printing Office, 1979.
Comment, on "Implications of Growing Institutionalization
of the Stock Market," Contemporary Studies of
Economic and Financial Analysis. Greenwich, Conn.:
Jai Press, 1979, 197-202.
"The Provision of Municipal Sanitation Service by
Private Firms: An Empirical Analysis of the Efficiency
of Alternative Market Structures and Regulatory Arrangements"
(with B.J. Stevens). Journal of Industrial Economics,
27: 2 (December, 1978), 133-147.
"Differential State Regulation of Consumer Credit
Markets: Normative and Positive Theories of Statutory
Interest Rate Ceilings" (with Linda Edwards),
Bank Structure and Competition. Chicago: Federal
Reserve Bank, 1978.
"Banks and Securities Activities: Legal and Economic
Perspectives on the Glass-Steagall Act," in The
Deregulation of the Banking and Securities Industries,
ed. by Lawrence G. Goldberg and Lawrence J. White. Lexington,
Mass.: Lexington Books, (1978), 273-294; reprinted in
Hearings before the Committee on Banking, Housing and
Urban Affairs, 97th Congress, 1st Session. Washington,
D.C.: U.S. Government Printing Office, (1981), 1774-85.
"Efficiency in Regulated and Unregulated Firms: An
Iconoclastic View of the Averch-Johnson Thesis" (with
E. Arzac) Problems in Public Utility Economics and
Regulation, ed. by M. Crew. Lexington, Mass.: D.C.
Heath, (1979), 41-47.
"Regulating the Solvency of Depository Institutions:
A Perspective for Deregulation" (with James Scott),
Issues in Financial Regulation, ed. by Franklin
R. Edwards. New York: McGraw-Hill, (1979), 65-105.
Comment, on "Uncertainty, Market Structure and Performance:
The Galbraith-Caves Hypothesis Revisited" (with A.
Heggestad). Quarterly Journal of Economics, (November,
on the Non-Banking Prohibitions of the Bank Holding Company
Act as Applied to Foreign Bank Holding Companies,"
Foreign Acquisitions of U.S. Banks and the Non-Banking
Activities of Foreign Bank Holding Companies. Hearings
before a subcommittee of the Committee on Government Operations,
House of Representatives, 96th Congress, 2nd Session.
Washington, D.C.: U.S. Government Printing Office, (1980),
Comment, on "Current Regulatory Framework for Banks'
Securities Activities as Viewed by Regulators," in
Securities Activities of Commercial Banks, ed.
by A.W. Sametz. Lexington, Mass.: D.C. Heath, (1980).
Comment, on "Unionism and Public Finance" by
Paul Weiler, Conference on Urban Finance, Center for Law
and Economic Studies, Columbia University. New York: Columbia
University Press, (1981).
"Financial Institutions and Regulation in the 21st
Century: After the Crash?" Competition and Regulation
in Financial Markets, ed. by A. Verheirstraeten.
London: Macmillan, (1981), 1-12.
Regulation of Futures and Forward Trading by Depository
Institutions: A Legal and Economic Analysis." Journal
of Futures Markets, (Summer, 1981); reprinted in
Hearings before a Subcommittee of the Committee on Government
Operations, House of Representatives, 97th Congress, 1st
Session. Washington, D.C.: U.S. Government Printing Office,
"Banks and Securities Activities: Legal and Economic
Perspectives on the Glass-Steagall Act," statement
before U.S. Senate Committee on Banking, Housing and Urban
Affairs, 97th Congress, 1st Session. Washington, D.C.:
U.S. Government Printing Office, (1981), 1771-1774.
in Financial Markets: Invisible Hand of the Market-Place
or Deadly Hand of Regulators?" The American Banker,
(October 1, 1981), p. 4, col. 1; reprinted in Hermes,
Columbia Business School, (Fall, 1981), 23-25.
"The Regulation of Futures Markets: A Conceptual
Framework." Journal of Futures Markets,
Vol. 1, 1981, Supplement, 417-440.
"The New ‘International Banking Facility':
A Study in Regulatory Frustration." Journal of
World Business, 16: 4 (Winter 1981), 6-18.
Revisited: Public and Private Unionism in Municipal Sanitation
Collection" (with Linda N. Edwards), Industrial
& Labor Relations Review, (April, 1982)35:3,
on the Use of Financial Futures by Commercial Banks,"
Bank Structure and Competition, Chicago Federal
Reserve Bank, (1981).
Comment, on "The Regulation of Financial and Other
Futures Markets" by Hendrik S. Houthakker. Journal
of Finance, 37: 2 (May 1982), 517-519.
Unions, Local Government Structure and the Compensation
of Municipal Sanitation Workers" (with Linda N. Edwards),
Economic Inquiry, (July 1982), 20: 3, 405-425.
"Futures Markets in Transition: The Uneasy Balance
Between Government and Self-Regulation". The
Journal of Futures Markets 3: 2 (Summer 1983), 191-206.
Comment, on "Concepts of Competition and Efficient
Policy in the Telecommunications Sector". Telecommunications
Regulation Today and Tomorrow, ed. by Eli Noam (Harcourt
Brace Jovanovich: 1983), 121-125.
Reply on Leon B. Perkinson's comment "Wellington-Winter
Revisited: The Case of Municipal Sanitation Collection"
(with Linda N. Edwards), Industrial and Labor Relations
Review, (July 1983), 36: 4.
Union Power - Reader Hyperopia or Author Myopia?"
(with Linda N. Edwards), Industrial and Labor Relations
Clearing Association in Futures Markets: Guarantor and
Regulator". The Journal of Futures Markets,
(Winter, 1983), 3: 4, 369-392; reprinted in The Industrial
Organization of Futures Markets: Structure and Conduct
(Lexington Books: 1984)
"A Legal and Economic Analysis of Manipulation in
Futures Markets" (with Linda N. Edwards), The
Journal of Futures Markets, (Fall, 1984), 4: 3, 333-366.
"Technology and New Regulatory Challenges in Futures
Markets", presented at a conference on "Technology
and the Regulation of Financial Markets", in Technology
and the Regulation of Financial Markets, edit by
Anthony Saunders and Lawrence White (Lexington Books/Salomon
Brothers Center, 1986).
Comments, on "Technological Innovation: Implications
for Regulation of Financial Institutions", by Paul
M. Horvitz and "Regulatory Policy for a Changing
Financial-Services Industry", by Edward J. Kane,
prepared for a conference on "Technological Innovation,
Regulation, and the Monetary Economy", Columbia University,
March 15, 1985, in Technological Innovation, Regulation,
and the Monetary Economy, ed. by C. Lawrence and
R. Shay, Ballinger Publishing Co. (Cambridge, MA), 1986.
in Banking: Problem or Solution?", in Deregulating
Financial Services, ed. by G. Kaufman and R. Kormendi,
Ballinger Publishing Co. (Cambridge, MA), l986.
Comments, on Martin Shubik, "Corporate Control, Efficient
Markets, the Public Good, the Law and Economic Theory
and Advice", and Robert Shiller, "Fashions,
Fads and Bubbles in Financial Markets", in Knights,
Raiders and Targets: the Impact of the Hostile Takeover,
ed. by John C. Coffee Jr., Luis Lowenstein and Susan Rose
Ackerman, N.Y.: Oxford University Press (l988).
Index Futures and Stock Market Volatility: Evidence and
Implications", Commodities Law Letter, 6:
9 & 10 (November & December, l986).
"The Dark Side of Financial Innovation," in
Japan and the United States Today, ed. by H.
Patrick and R. Tachi, Center on Japanese Economy and Business,
Columbia University, l986.
Review of The Economic Function of Futures Markets,
by J. Williams, Journal of Economic Literature,
June, 1987, pp.769-770.
Regulatory Reform Prevent the Impending Disaster in Financial
Markets?" in Restructuring the Financial System,
Federal Reserve Bank of Kansas City, l987, pp. l-l7.
Tremor That Shook the World: Lessons from the Crash of
l987," Commodities Law Letter, November
"The Impending Disaster in Financial Markets: We
Must Act Soon," Hermes, Spring l988, pp.
Futures Trading Increase Stock Market Volatility,"
Financial Analysts Journal, January/February
l988, pp. 63-69.
of the l987 Stock Market Crash: Review and Appraisal,"
Journal of Financial Services Research, June
1988, pp. 231-252.
Trading and Cash Market Volatility: Stock Index and Interest
Rate Futures," The Journal of Futures Markets,
August 1988, pp. 421-439.
the Events of October l987," panel discussion, in
"After the Crash, Linkages Between Stocks and Futures,"
pp. 32-34, published by the American Enterprise Institute,
Pool Performance: Is the Information Contained in Pool
Prospectuses Useful?" (coauthored with Cindy Ma),
The Journal of Futures Markets, October 1988,
Price Movements and Margin Levels in Futures Markets,"
(coauthored with Salih Neftci), The Journal of Futures
Markets, December l988, pp. 639-655.
"The Future Financial Structure: Fears and Policies,"
in Restructuring Banking and Financial Services in
America, ed. by W. Haraf and R. Kushmeider, American
Enterprise Institute, 1988, pp. 113-155.
"The Crash: A Report on the Reports," in Information
Technology and Securities Markets Under Stress, Center
for Research on Information Systems, NYU Business School,
reprinted from the Journal of Financial Services Research,
to Curb Stock Market
Volatility," Financial Market Volatility,
Federal Reserve Bank of Kansas City, l988.
"La Volatilita del Mercato a Pronti e la Negoziazone
a Termine e di Tipo 'Future'" (with Mario Pines),
Banche & Banchieri, November, l989, pp. 729-738.
Pressure Makes Markets Honest," New York Times,
January 29, 1989, p. 2.
Journal of Financial Service Research, vol. 3,
numbers 2/3, December 1989, pp. 1-2.
Reform of Securities and Futures Markets: Two Years After
the Crash," The Journal of International Securities
Markets, Winter 1989. (Reprinted in Restructuring
the American Financial System, ed. by G. Kaufman, Kluwer
"Commentary: Internationalization of the World's
Securities Markets: Economic Causes and Regulatory Consequences,"
Journal of Financial Services Research, No. 4,
1990. (Reprinted in International Competitiveness
in Financial Services, ed. by M. Kosters and A. Meltzer,
Kluwer Academic Publishers, 1991.)
Informational Role of Futures Markets," New Palgrave
Dictionary of Money and Finance, l992.
from Japan for Banking and Commerce," Capital
Markets in Transition, Federal Reserve Bank of Chicago,
Transactions in Futures Markets: Objectives and Effects,"
Journal of Financial Services Research, Vol.
7, No. 1 (February), l993, pp. 75-93.
of Foreign Securities on U.S. Exchanges," Journal
of Applied Corporate Finance, Vol. 5, No. 4 (Winter),
l993, pp. 28-36.
Financial Markets and Managerial Myopia: Making America
More Competitive," in Reforming Financial Markets
and Institutions in the United States, ed. George
Kaufman, (Boston: Kluwer Academic Publishers), l993, pp.
"Financial Markets in Transition - Or the Decline
of Commercial Banking," Changing Capital Markets,
Implications for Monetary Policy, Federal Reserve
Bank of Kansas City,l993.
"Short-Horizon Inputs and Long-Horizon Portfolio
Choice," (with William Goetzmann) Journal of
Portfolio Management, Vol. 20, No. 4, summer 1994.
on Derivatives Markets and Financial Risk," Journal
Applied Corporate Finance, Fall, l994, pp. 4-7.
Can be Hazardous to Your Health: The Case of Metallgesellschaft,"
Derivatives Quarterly, Spring, l995, pp. 8-17.
Declive de la Banca Tradicional: Implicaciones para la
Estabilidad Financiera y la Politica de Regulacion,"
(with Frederic Mishkin), Moneda y Credito, No.
200, pp. 53-84, l995.
Collapse of Metallgesellschaft: Unhedgeable Risks, Poor
Hedging Strategy, or Just Bad Luck?" (with Michael
Canter) The Journal of Futures Markets, Vol.15,
No.3 (May), 1995, pp. 211-264. Reprinted as a somewhat
different version in Journal of Applied Corporate
Finance, Spring, l995, pp. 87-105.
Decline of Traditional Banking: Implications for Financial
Stability and Regulatory Policy," (with F. Mishkin)
Economic Policy Review, Federal Reserve Bank
of New York, July, l995, pp. 27-45.
Derivatives Markets and Financial Fragility," Journal
of Financial Services Research, December, l995.
Managed Futures Make Good Investments” (with James
Park), Journal of Futures Markets, August, l996.
Transformation of the U.S. Financial System: Public Policy
Implications,” in The Banking and Financial
Structure in the NAFTA Countries and Chile, ed. George
M. von Furstenberg, Kluwer Academic Publishers: Boston,
Funds and Stock and Bond Market Stability,” (with
Xin Zhang), Journal of Financial Services Research,
vol. 13 no. 3 (June), 1998, pp. 257-282.
Funds and the Collapse of Long-Term Capital Management,”
Journal of Economic Perspectives, Spring, 1999,
Funds versus Managed Futures as Asset Classes,”
(with J. Liew) Journal of Derivatives, Summer,
1999, pp. 45-64.
Commodity Funds,” Journal of Futures Markets,
(with J. Liew) Vol. 19, no. 4, 1999, pp. 377-411.
Hedge Funds Have a Future?” Journal of Alternative
Investments, Fall, 1999, pp. 63-68.
“The Collapse of Metallgescellschaft: Unhedgeable
Risks, Poor Hedging Strategy, or Just Bad Luck?”
(with M. Canter), in Corporate Hedging in Theory and
Practice, ed. by Culp and Miller, Risk Books (London),
1999, pp. 169-188.
on ‘Do Hedge Funds Disrupt Emerging Markets?’”
(by Fung, Hsieh, and Tsatsaronis, with M. Caglayan) in
Brookings-Wharton Papers on Financial Services 2000,
ed. by R. Litan and A. Sanatomoero, Brookings Institution
Press, Wash., D.C., 2000, pp. 409-418.
on ‘Is Government Regulation of Banks Necessary’
(by G. Benston) and ‘The Lender of Last Resort Reconsidered’
(by G. Wood), Journal of Financial Services Research,
Volume 18, numbers 2/3, December, 2000, pp. 229-234.
Growth of Institutional Stock Ownership: A Promise Unfulfilled,”
(with R. Glenn Hubbard) Journal of Applied Corporate
Finance, Volume 13, no. 3, Fall, 2000, pp. 92-104.
Fund and Commodity Fund Investment Styles in Bull and
Bear Markets,” (with M. Caglayan), Journal of
Portfolio Management, Vol. 27, no.4, 2001, 97-108.
Fund Performance and Manager Skill” (with M. Caglayan),
Journal of Futures Markets, Vol. 21, no. 11,
2001, pp. 1003-1028.
“Hedge Funds: What Do We Know?” (with Stav
Gaon), Journal of Applied Corporate Finance,
Vol. 15, no. 4, Summer, 2003, pp. 8-21.
“The Regulation of Hedge Funds: Financial Stability
and Investor Protection,” in Hedge
Funds: Risks and Regulation, ed. by T. Baums and A. Cahn, Sonderdruck
: Berlin, 2004, pp. 30-51.
“U.S. Corporate Governance: What Went Wrong and Can It Be Fixed,” in Market
Discipline Across Countries and Industries, (MIT Press) ed. G. Kaufman, 2004
“Derivatives and the Bankruptcy Code: Why the
Special Treatment?” (with Edward Morrison),
Yale Journal on Regulation 22, Winter, 2005, pp.91-122.
“Derivatives and Systemic Risk: What Role Can the Bankruptcy Code Play?” (with
Edward Morrison), Systemic Financial Crises: Resolving Large
Bank Insolvencies(MIT Press), 2005, pp. 347-364