Skip to main content
Toby Moskowitz

Tobias J. Moskowitz

Dean Takahashi ’80 B.A., ’83 M.P.P.M. Professor of Finance

Tobias “Toby” Moskowitz was named the inaugural Dean Takahashi ’80 B.A., ’83 M.P.P.M. Professor of Finance at Yale SOM in 2016.

He was previously the Fama Family Professor of Finance at the University of Chicago Booth School of Business, where he had taught since 1998.  Professor Moskowitz was recognized by the American Finance Association with its 2007 Fischer Black Prize, which is awarded biennially to the top finance scholar in the world under the age of 40 in years when one is deemed deserving.  The award cited his “ingenious and careful use of newly available data to address fundamental questions in finance.”

His work has been cited in The Wall Street Journal, The New York TimesFinancial TimesU.S. News & World ReportMoney magazine, and a 2005 speech by former Federal Reserve Chairman Alan Greenspan.  He has also appeared on CNBC’s Closing Bell and Squawk Box, CNN, FOX, and Bloomberg.  

Professor Moskowitz serves as a research associate for the National Bureau of Economic Research and is a former editor of the Review of Financial Studies and a current associate editor of the Journal of Finance. His research studies financial markets and investments, including the behavior of prices and investors. He has explored topics as diverse as momentum in stock returns, biases in investment portfolios, the social effects of bank mergers, the return to private business ownership, mutual and hedge fund performance, the political economy of financial regulation, and the economics of sports.  He has presented his research at many academic, corporate, and government institutions worldwide.  

Professor Moskowitz spent the 2007-2008 and 2014-2015 academic years on leave at AQR Capital Management, LLC a hedge fund in Greenwich, CT, with which he has an ongoing consulting relationship and for which he is a principal.

In 2011, he wrote the best-selling book Scorecasting (Crown Archetype, Random House) co-authored with L. Jon Wertheim of Sports Illustrated, that uses economic principles to explain the hidden side of sports.  

Born in West Lafayette, IN, Moskowitz earned a bachelor's degree in industrial management and industrial engineering (with distinction) in 1993 from Purdue University, a master’s degree in management from Purdue in 1994, and a Ph.D. in finance from UCLA in 1998. He resides in Connecticut with his wife, Bonnie, and their four children.


  • PhD, UCLA Anderson School, 1998
  • MS, Purdue University Krannert Graduate School of Management, 1994
  • BS, Purdue University, 1993


Size Matters, If You Control Your Junk

T. Moskowitz, C. Asness, A. Frazzini, R. Israel, and L. Pedersen
Journal of Financial Economics.


T. Moskowitz, R. Koijen, L. Pedersen, and E. Vrugt
Journal of Financial Economics

Momentum Crashes

T. Moskowitz and K. Daniel
Journal of Financial Economics, issue 2, vol. 122, pp. 221-247

Working Papers


  • Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics (“Momentum Crashes”), 2016
  • Bernstein/Fabozzi/Jacobs Levy Outstanding Article Journal of Portfolio Management (“Fact, Fiction, and Value Investing”), 2015
  • Harry Markowitz Prize, Special Distinction Journal of Investment Management (“Investing with Style”), 2015
  • Red Rock Finance Conference Best Paper Award (“Decision Making Under the Gambler’s Fallacy”), 2015
  • Financial Research Association Best Paper Award (“Asset Pricing and Sports Betting”), 2014
  • Swiss Finance Institute Outstanding Paper Award (“Momentum Crashes”), 2014