Professor William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies and director of the International Center for Finance, has been named a recipient of the 2018 Graham and Dodd Award by the CFA Institute Financial Analysts Journal. The award recognizes excellence in research and financial writing published in the journal. Together with coauthors Charles Cao, Yong Chen, and Bing Liang, Goetzmann received the Scroll Award for the article “Hedge Funds and Stock Price Formation.”
The paper examines the relationship between hedge funds and stock prices, concluding that hedge funds are successful at identifying undervalued stocks.
Goetzmann 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. Goetzmann has written and co-authored a number of books, including Modern Portfolio Theory and Investment Analysis, The Origins of Value: The Financial Innovations that Created Modern Capital Markets, The Great Mirror of Folly: Finance, Culture and the Crash of 1720, and Money Changes Everything: How Finance Made Civilization Possible. He teaches portfolio management, alternative investments, real estate, and financial history at the Yale School of Management.