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 award winning book, The West of the Imagination.

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

Editorships
Co-Editor, Review of Finance

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

Modern Portfolio Theory and Investment Analysis, Sixth Edition, (with Elton, Gruber & Brown), John Wiley and Sons, 2006

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

Selected Articles
"Disposition Matters: Volume, Volatility and Price Impact of Behavioral Bias" (with M. Massa) Journal of Portfolio Management, forthcoming

"More Social Security, Not Less," Journal of Portfolio Management, forthcoming

"Optimal Disclosure and Operational Risk: Evidence from Hedge Fund Registration" (with S. Brown, B. Liang, C. Schwarz, Journal of Finance, forthcoming

"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, 2007

"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, 2007 

"British Investment Overseas 1870--1913: A Modern Portfolio Theory Approach" (with A. Ukhov), Review of Finance, Vol.10, No. 2, 261-300, 2006

"Pairs Trading: The Performance of a Relative Value Arbitrage Rule" (with K.G.Rouwenhorst and E. Gatev), Review of Financial Studies, Vol. 19, No. 3, 797-827, Fall, 2006

"Institutional Perspectives on Real Estate Investing: The Role of Risk and Uncertainty" (with R. Dhar), Journal of Portfolio Management, Vol. 32, No. 4, 106-116, Summer, 2006

"Estimating Indices in the Presence of Seller Reservation Prices" (with L. Peng), Review of Economics and Statistics, Vol. 88, No. 1, 100-112, February, 2006

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

"Lessons from Hedge Fund Registration" (with S.J. Bing Liang and C. Schwarz)

"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