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William N. Goetzmann

William N. Goetzmann

Edwin J. Beinecke Professor of Finance and Management Studies, Faculty Director of the International Center for Finance & Faculty Director of Asset Management Curriculum, M.B.A. for Executives Program

William N. Goetzmann is the Edwin J. Beinecke Professor of Finance and Management Studies and Faculty Director of the International Center for Finance at the Yale School of Management.  He is an expert on a diverse range of investments.  His past work includes studies of stock market predictability, hedge funds and survival biases in performance measurement.  His current research focuses on alternative investing, factor investing, behavioral finance and the art market.
Professor Goetzmann has written and co-authored a number of books, including Modern Portfolio Theory and Investment Analysis (Wiley, 2014), The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford, 2005), The Great Mirror of Folly: Finance, Culture and the Crash of 1720 (Yale, 2013) and most recently, Money Changes Everything: How Finance Made Civilization Possible (Princeton, 2016).  He teaches portfolio management, alternative investments, real estate and financial history at the Yale School of Management.


  • PhD, Yale University, 1990
  • MBA, Yale School of Management, 1986
  • BA, Yale College, 1978


Real and Private-Value Assets

W. N. Goetzmann, C. Spaenjers, and S. Van Nieuwerburgh
The Review of Financial Studies

Art as Collateral

W. N. Goetzmann and M. Nozari
Journal of Alternative Investments

The Financial Analysts Journal and Investment Management

W. N. Goetzmann
Financial Analysts Journal

The Banque Royale Ceiling and the Imagery of Finance in the Age of Absolutism

W. N. Goetzmann and D. A. Spieth
Journal18. A Journal of Eighteenth-Century Art and Culture, issue 10, vol. Fall


Working Papers


  • Best Paper Award, Journal of the European Financial Management Association, 2018
  • James R. Vertin Award, CFA Institute Research Foundation “for a body of research notable for its relevance and enduring value to investment professionals”, 2018
  • Jack Treynor Prize, Q-Group for superior academic working papers with potential applications in the fields of investment management and financial markets, 2018
  • President, Western Finance Association, 2010
  • Past President, European Finance Association, 2006