Yale School of Management

Faculty

Yale is uniquely positioned to educate students and foster cutting-edge research in the field of asset management.

In addition to academic excellence, the Yale SOM finance faculty also has years of applied experience in the industry. The curriculum will leverage this expertise, along with the experiences of professional asset managers, to cover the breadth of the investment field, including quantitative investment models, traditional approaches, and alternative investing. 

The new degree program is being developed in close collaboration with the Yale Investments Office, a pathbreaking team of investors who pioneered the “Yale Model” and have outpaced all other major endowments over the last 30 years.

Tobias Moskowitz

Dean Takahasi ’80 B.A., ’83 M.P.P.M. Professor of Finance
Director of the Master’s Degree in Asset Management

Professor Tobias Moskowitz

Moskowitz’s research interests include 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. 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. 


Nicholas C. Barberis

Stephen and Camille Schramm Professor of Finance

Nicholas C. Barberis

Barberis’ research focuses on behavioral finance—in particular, on applications of cognitive psychology to understanding investor trading behavior and the pricing of financial assets.


Stefano Giglio

Professor of Finance

Stefano Giglio

Giglio’s research interests span several topics, including asset pricing, macroeconomics, and real estate, with a particular focus on volatility risk and on the term structure of asset prices across markets.

Research Highlight

How Do Investors Respond to Uncertainty?

Conventional wisdom says that uncertainty is bad for markets. But when Yale SOM’s Stefano Giglio and his co-authors examined data on a wide range of options prices, they found that investors are willing to pay a premium to protect themselves against actual market volatility but not mere uncertainty. Their study hints that rising uncertainty may be a sign of good things to come.


William N. Goetzmann

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

William N. Goetzmann

Goetzmann’s work has included studies of stock market predictability, hedge funds, and survival biases in performance management. His current research focuses on alternative investing, factor investing, behavioral finance, and the art market.

Research Highlight

Do We Know When We’re Headed for a Crash?

A new paper looking at how investors assess the risk of a stock market crash in the next six months argues that negative media coverage of markets can play a role in investment decisions.


Bryan T. Kelly

Professor of Finance & Associate Director of the International Center for Finance

Bryan T. Kelly

Kelly’s primary research fields are asset pricing and financial econometrics. He is interested in issues related to volatility, tail, and correction risk in financial markets; predictive methods in high dimensional systems; banking sector systemic risk; financial intermediation; and financial networks.


Song Ma

Assistant Professor of Finance

Song Ma

Ma’s research interests include corporate finance, entrepreneurial finance, and innovation economics, with an emphasis on understanding economic frictions in the process of financing and organizing innovation and entrepreneurial activities, and how to mitigate those frictions through financial and organizational arrangements

Research Highlight

Activist Shareholders May Help Firms in the Long Term

Activist shareholders are often criticized for seeking quick profits instead of nurturing companies’ long-term health. But in a new study, Yale SOM’s Song Ma and his collaborators find evidence that activist hedge fund investors boost innovation during the five years after intervention.


Kelly Shue

Professor of Finance

Kelly Shue

Shue’s research explores executive social networks, compensation and promotions, sequential decision errors, mergers and acquisitions, corporate social responsibility, persuasion in corporate financial reporting, and errors in voting.

Research Highlight

How Leverage Turns Market Corrections into Crashes

Leverage-induced fire sales, in which highly-leveraged investors are forced to sell more and more because prices are falling, can turn stock market corrections into economy-damaging crashes. Look no further than the 1929 and 2008 crashes. Prof. Kelly Shue studied account-level data from the Chinese market crash in 2015 to illuminate how much leverage matters.


David Swensen

Chief Investment Officer, Yale Investments Office

David Swensen

Prior to joining YIO in 1985, Swensen worked on Wall Street for six years, focusing on developing new financial technologies. He has advised the President of the United States as a member of the President’s Economic Recovery Advisory Board.


Dean Takahashi

Senior Director, Yale Investments Office

Dean Takahashi

Takahashi has broad portfolio responsibilities working with office staff and external managers. He deals with asset allocation, spending policy, and various university financial policy issues. He has taught courses on economics an endowment management.


Heather E. Tookes

Professor of Finance

Heather E. Tookes

Tookes’ work focuses on understanding the ways in which credit market frictions can impact firms’ financing decisions. She has a particular interest in credit default swap and convertible bond markets. She is also interested in trader borrowing and has linked margin trading to the sharp declines in stock market liquidity that occur during crises.

Research Highlight

Don’t Be Surprised by Uber’s Low-Priced IPO—It’s a Sign of Challenges to Come

Like its competitor Lyft, the ridesharing service Uber has entered the public markets with a thud, sliding from an already-low IPO price. According to Yale SOM’s Matthew Spiegel and Heather Tookes, an IPO is often followed by disappointing returns, not just for the newly public company but its entire industry.

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