203.432.5950

Edwin J. Beinecke Professor of Finance and Management Studies & Director of the International Center for Finance

Professor Goetzmann is an expert on a diverse range of investments, including stocks, mutual funds, real estate, and paintings. His research topics include forecasting stock markets, selecting mutual fund managers, housing as investment, and the risk and return of art. Professor Goetzmann's work has been featured in The Wall Street Journal, The New York Times, Business Week, The Economist, Forbes, and Art and Auction. Professor Goetzmann has a background in arts and media management. As a documentary filmmaker, he has written and co-produced programs for Nova and the American Masters series, including a profile of artist Thomas Eakins. A former director of Denver's Museum of Western Art, Professor Goetzmann co-authored The Origins of Value: The Financial Innovations that Created Modern Capital Markets.

Achievements and Awards
President, Western Finance Association (2010)
Past President, European Finance Association (2006)

Selected Books
The West of the Imagination, revised edition, Oklahoma University Press, 2009

The Equity Risk Premium: Essays and Explorations (with R. Ibbotson), Oxford University Press, 2006

Modern Portfolio Theory and Investment Analysis, Eight Edition, (with Elton, Gruber & Brown) John Wiley and Sons, 2010

The Origins of Value: The Financial Innovations That Created Modern Capital Markets (with K.G. Rouwenhorst, ed.) Oxford University Press, 2005

Selected Articles
"Estimating Operational Risk for Hedge Funds: The Omega-Score" (with S. Brown, B. Liang and C. Schwarz), Financial Analysts Journal, Vol. 5, No. 1, 43-53, 2009. Winner of the Graham and Dodd Award.

"Mandatory Disclosure and Operational Risk: Evidence from Hedge Fund Registration" (with S. Brown, B. Liang and C. Schwarz), Journal of Finance, Vol. 63, No. 6, 2785-2815, December, 2008

"Equity Portfolio Diversification" (with A. Kumar), Review of Finance, Vol. 12, No. 3, 433-463, 2008

"More Social Security, Not Less," Journal of Portfolio Management, Vol. 35, No. 1, 115-123, Fall, 2008

"Disposition Matters: Volume, Volatility and Price Impact of Behavioral Bias" (with M. Massa), Journal of Portfolio Management, Vol. 34, No. 2, 103-125, Winter, 2008.  Reprinted in Journal of Trading,  Vol. 3, No. 2, 68-90, 2008

"Portfolio Performance Manipulation and Manipulation-Proof Performance Measures" (with J. Ingersoll, M. Spiegel and I. Welch), Review of Financial Studies, Vol. 20, No. 5, 1503-1546, September, 2007 

"Efficiency and the Bear: Short-Sales and Markets around the World" (with A. Bris and N. Zhu), The Journal of Finance, Vol. 62, No. 3, 1029-1079, June, 2007

"China and the World Financial Markets 1870-1930: Modern Lessons From Historical Globalization" (with A. Ukhov and N. Zhu), Economic History Review, Vol. 60, No. 2, 267-312, May, 2007

Working Papers
"Securitization in the 1920's" (with F. Newman)

"Trust and Delegation" (with S. Brown, B. Liang, B. Schwarz and C. Schwarz)

"Art and Money" (with L. Renneboog, and C. Spaenjers)

"New Evidence on the First Financial Bubble" (with R. Frehen and K. Rouwenhorst)

"Multiple Ratings and Credit Spreads" (with D. Bongaerts and M. Cremers)

"The Subprime Crisis and House Price Appreciation 2009 Peng" ,(with L. Peng and J. Yen)

"Risk Aversion and Clientele Effects" (with D. Blackburn and A. Ukhov)

"Investor Expectations, Business Conditions, and the Pricing of Beta-Instability Risk" (with A. Watanabe and M. Watanabe)

Education
PhD Yale University, 1991
MA MPhil Yale University, 1989
MPPM Yale University, 1986
BA Yale College, 1978