This article is an orphan, as no other articles link to it . Please introduce links to this page from related articles ; try the Find link tool for suggestions. (June 2024) |
Lawrence M. Benveniste | |
---|---|
Born | United States |
Occupation(s) | Mathematician, financial strategist and an academic |
Academic background | |
Education | B.S. Mathematics PhD Mathematics |
Alma mater | University of California, Irvine University of California, Berkeley |
Thesis | Essays in Capital Theory (1975) |
Academic work | |
Institutions | University of California,Berkeley |
Lawrence M. Benveniste is an American mathematician,financial strategist,and academic. He is the Asa Griggs Candler Professor of Finance at the Goizueta Business School at Emory University. [1]
Benveniste is most known for his work on dynamic economic models and initial public offerings. His research has been published in academic journals,including the Journal of Finance , Journal of Financial Economics , Journal of Political Economy and Econometrica . [2]
Benveniste earned his B.S. in Mathematics from the University of California,Irvine in 1972,followed by his PhD in Mathematics from the University of California,Berkeley in 1975. [1]
Benveniste joined University of Rochester in 1976,initially as an assistant professor of economics until 1982. He then transitioned to the University of Pennsylvania,where he served as a lecturer in economics from 1982 to 1985. From 1985 to 1987,he held the position of staff economist at the Board of Governors of the Federal Reserve System. Following this,he assumed a role as a visiting associate professor of finance at the J. L. Kellogg Graduate School of Management at Northwestern University from 1987 to 1989. From 1989 to 1996,he held an appointment as an associate professor of finance at Boston College. His tenure at the Carlson School of Management at the University of Minnesota began in 1996,where he served as the U.S. Bancorp Professor of Finance until 2005. During his time at Carlson,he served as dean of the Carlson School of Management (2001–2005). In 2005,he assumed the position of dean of the Goizueta Business School at Emory University (2005–2013). Since 2013,he has held the position of Asa Griggs Candler Professor of Finance at the Goizueta Business School at Emory University. [1]
Benveniste began his research career studying formal economic models of growth and development. His 1979 paper,"On the Differentiability of the Value Function in Dynamic Economic Models," provided the foundation for dynamic programming in Economics. It resulted in the Euler Equation. [3] He then transitioned to finance following his time at the Federal Reserve. His 1989 paper,"How Investment Bankers Determine the Offer Price and Allocation of New Issues," co-authored with Paul Spindt,developed the economic foundations of bookbuilding. The model explained underpricing as the natural result of inducing early investors to share their information and sentiment during the pre-selling period. [4] The resultant prediction that offer prices only partially adjust to demand was later established in a paper by Kathleen Hanley. In his investigation of the impact of uniform-price restrictions and allocation regulations on IPO proceeds,his 1990 study proposed that underwriters may optimize proceeds through a combination of price and allocation discrimination while considering factors such as the cost of soliciting information and adverse selection. [5]
A stock market bubble is a type of economic bubble taking place in stock markets when market participants drive stock prices above their value in relation to some system of stock valuation.
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks,who also arrange for the shares to be listed on one or more stock exchanges. Through this process,colloquially known as floating,or going public,a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies,to monetize the investments of private shareholders such as company founders or private equity investors,and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.
William Forsyth Sharpe is an American economist. He is the STANCO 25 Professor of Finance,Emeritus at Stanford University's Graduate School of Business,and the winner of the 1990 Nobel Memorial Prize in Economic Sciences.
Robert Fry Engle III is an American economist and statistician. He won the 2003 Nobel Memorial Prize in Economic Sciences,sharing the award with Clive Granger,"for methods of analyzing economic time series with time-varying volatility (ARCH)".
In finance,a portfolio is a collection of investments.
John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University,and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.
Michio Morishima was a Japanese heterodox economist and public intellectual who was the Sir John Hicks Professor of Economics at the London School of Economics from 1970 to 1988. He was also professor at Osaka University and member of the British Academy. In 1976 he won the Order of Culture.
Sanford "Sandy" Jay Grossman is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets,corporate structure,property rights,and optimal dynamic risk management. He has published widely in leading economic and business journals,including American Economic Review,Journal of Econometrics,Econometrica,and Journal of Finance. His research in macroeconomics,finance,and risk management has earned numerous awards. Grossman is currently Chairman and CEO of QFS Asset Management,an affiliate of which he founded in 1988. QFS Asset Management shut down its sole remaining hedge fund in January 2014.
Lars Peter Hansen is an American economist. He is the David Rockefeller Distinguished Service Professor in Economics,Statistics,and the Booth School of Business,at the University of Chicago and a 2013 recipient of the Nobel Memorial Prize in Economics.
David Cass was a professor of economics at the University of Pennsylvania,mostly known for his contributions to general equilibrium theory. His most famous work was on the Ramsey–Cass–Koopmans model of economic growth.
Mohammad Hashem Pesaran is a British–Iranian economist.
Chi-fu Huang is a private investor,retired hedge fund manager,and former finance academic. During his career,Huang has contributed to the theory of financial economics,written on dynamic general equilibrium theory,intertemporal utility theory,and the theory of individual consumption and portfolio decisions.
Paul Spindt is the Keehn Berry Chair of Banking and Finance at the Freeman School of Business at Tulane University. He was previously a section chief of the Federal Reserve System and taught at the University of North Carolina at Chapel Hill and Arizona State University before coming to Tulane. In addition to teaching and researching,he also works as a consultant. He has published a multitude of influential finance articles,and has contributed to the economic understanding of the analysis of monetary transactions. Additionally,he regularly publishes research on IPO analysis and dividend vs. stock repurchase decisions. He is an award recipient of the Journal of Finance.
Alexander Ljungqvist is a Swedish economist,educator,scholar,writer,and speaker. He is a professor of finance at the Stockholm School of Economics,where he is the inaugural holder of the Stefan Persson Family Chair in Entrepreneurial Finance. His areas of expertise include corporate finance,investment banking,initial public offerings,entrepreneurial finance,private equity,venture capital,corporate governance,and asset pricing. Professor Ljungqvist teaches Master's,MBA,and executive courses in private equity and venture capital and a PhD course in corporate finance.
Eduardo Saul Schwartz is a professor of finance at SFU's Beedie School of Business,where he holds the Ryan Beedie Chair in Finance. He is also a Distinguished Research Professor at the University of California,Los Angeles. He is known for pioneering research in several areas of finance,particularly derivatives. His major contributions include:the real options method of pricing investments under uncertainty;the Longstaff–Schwartz model - a multi-factor short-rate model;the Longstaff-Schwartz method for valuing American options by Monte Carlo Simulation;the use of Finite difference methods for option pricing.
JoséAlexandre Scheinkman is a Brazilian economist,currently the Charles and Lynn Zhang Professor of Economics at Columbia University and the Theodore A. Wells '29 Professor of Economics Emeritus at Princeton University. He spent much of his career at the University of Chicago,where he served as department chair immediately prior to his departure for Princeton. He is best known for his work in mathematical economics and finance,oligopoly theory and the social economics of cities and crime;he also helped spur the development of work at the intersection of economics,finance and physics. Scheinkman also famously pioneered the now-ubiquitous application of academic financial theory to practical risk management of fixed incomes during a leave he took as Vice President in the Financial Strategies Group at Goldman,Sachs &Co. during the late 1980s.
Zvi Eckstein is a full professor,dean,Arison School of Business and Tiomkin School of Economics at The Interdisciplinary Center Herzliya - IDC. Emeritus Professor at the Eitan Berglas School of Economics,Tel Aviv University. Head,the Aaron Economic Policy Institute,IDC,Herzliya. University of Pennsylvania,the Wharton School,Finance Department,Judith C. and William G. Bollinger Visiting Professor. Served as deputy governor,Bank of Israel (2006-2011). The Walras-Bowely Lecturer,the Econometric Society,North America Summer Meetings,Pittsburgh,US,June 19,2008. Fellow of the Econometric Society.
Yuliy Sannikov is a Ukrainian economist known for his contributions to mathematical economics,game theory,and corporate finance.
Peter L. Bossaerts is a Belgian-American economist. He is considered one of the pioneers and leading researchers in neuroeconomics and experimental finance. He is Professor of Neuroeconomics at the University of Cambridge.
Makoto Yano is a Japanese economist,currently the president and chief research officer of the Research Institute of Economy,Trade and Industry. He is also a professor emeritus at Kyoto University and a professor by special appointment at Kyoto University's Institute of Economic Research and Sophia University.