Robert Litzenberger

Last updated
Robert Litzenberger
Born
Robert Litzenberger

1943
Occupation(s)Professor, Investment banker
Children3

Robert Litzenberger is Professor Emeritus at the Wharton School of the University of Pennsylvania. He is best known for establishing the use of state prices in financial economics. [1]

Biography

Litzenberger studied at Wagner College before going on to earn an MBA from the Wharton School at the University of Pennsylvania and receiving his PhD from University of North Carolina at Chapel Hill three years later in 1969.

Litzenberger served on the faculty of Carnegie Mellon University's Graduate school of Industrial Administration (now the Tepper School of Business) for one year. He moved to the Stanford Business School, where he earned tenure and a chaired professorship.

In 1986 he returned to the Wharton School, while taking the part-time position of director of research and chief economist at AIG Financial Products. He used his experience there to develop the first financial engineering course to be offered at Penn. [2]

Litzenberger retired from academia in 1995, taking the emeritus title at the University of Pennsylvania. He became director of derivative research and quantitative modeling at Goldman Sachs. He later served as risk manager in 1998 and became a partner in 1999, shortly before Goldman's IPO. After the attacks on 9/11, Litzenberger stepped back from an active role at Goldman. He is retired, living in rural Pennsylvania with his wife Amy.

Related Research Articles

<span class="mw-page-title-main">Myron Scholes</span> Canadian–American financial economist

Myron Samuel Scholes is a Canadian–American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black–Scholes options pricing model. Scholes is currently the chairman of the Board of Economic Advisers of Stamos Capital Partners. Previously he served as the chairman of Platinum Grove Asset Management and on the Dimensional Fund Advisors board of directors, American Century Mutual Fund board of directors and the Cutwater Advisory Board. He was a principal and limited partner at Long-Term Capital Management (LTCM), a highly leveraged hedge fund that collapsed in 1998, and a managing director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, senior research fellow at the Hoover Institution, director of the Center for Research in Security Prices, and professor of finance at MIT's Sloan School of Management. Scholes earned his PhD at the University of Chicago.

The University of Pennsylvania Carey Law School is the law school of the University of Pennsylvania, a private Ivy League research university in Philadelphia, Pennsylvania. Penn Carey Law offers the degrees of Juris Doctor (J.D.), Master of Laws (LL.M.), Master of Comparative Laws (LL.C.M.), Master in Law (M.L.), and Doctor of the Science of Law (S.J.D.).

The Wharton School is the business school of the University of Pennsylvania (UPenn), a private Ivy League research university in Philadelphia. Established in 1881 through a donation from Joseph Wharton, a co-founder of Bethlehem Steel, Wharton School is the world's oldest collegiate business school.

<span class="mw-page-title-main">Jon Huntsman Sr.</span> American businessman and philanthropist (1937–2018)

Jon Meade Huntsman Sr. was an American businessman and philanthropist. He was the founder and executive chairman of Huntsman Corporation, a global manufacturer and marketer of specialty chemicals. Huntsman plastics are used in a wide variety of familiar objects, including (formerly) clamshell containers for McDonald's hamburgers. Huntsman Corporation also manufactures a wide variety of organic and inorganic chemicals that include polyurethanes, textiles, and pigments. Huntsman's philanthropic giving exceeded $1.5 billion, focusing on areas of cancer research, programs at various universities, and aid to Armenia.

Robert E. Forsythe is an American economist. He is a former dean of the School of Business at Wayne State University in Detroit, Michigan. Prior to that, he was the dean of the school of business at the University of South Florida, in Tampa, Florida. He is a former professor and senior associate dean at the Henry B. Tippie College of Business at the University of Iowa in Iowa City, Iowa. He is also the founder of the Iowa Electronic Markets, an educational and research project that is an online futures market in which contract payoffs are based on real-world events.

<span class="mw-page-title-main">John C. Whitehead</span> American civil servant

John Cunningham Whitehead was an American banker and civil servant, a board member of the World Trade Center Memorial Foundation, and, until his resignation in May 2006, chairman of the Lower Manhattan Development Corporation.

<span class="mw-page-title-main">John Howard Dalton</span> American politician and investor

John Howard Dalton is an American politician and investor. Dalton was Secretary of the Navy from July 22, 1993, to November 16, 1998.

<span class="mw-page-title-main">Robert S. Kapito</span> American businessman and investor

Robert Steven Kapito is an American businessman and investor. He is a co-founder and president of the New York City-based investment management firm BlackRock.

<span class="mw-page-title-main">Michael Tomczyk</span> American businessman and home computer pioneer

Michael S. Tomczyk is best known for his role in guiding the development and launch of the first microcomputer to sell one million units, as Product Manager of the VIC-20 from Commodore. His contributions are described in detail in his 1984 book, THE HOME COMPUTER WARS: An Insider's True Account of Commodore and Jack Tramiel. His role is also documented extensively in numerous interviews and articles. The VIC-20 was the first affordable, full-featured color computer and the first home computer to be sold in KMart and other mass market outlets. Michael joined Commodore in April 1980 as Assistant to the President. He has been called the "marketing father" of the home computer. Michael was also a pioneer in telecomputing, as co-designer of the Commodore VICModem, which he conceived and contracted while at Commodore. The VICModem was the first modem priced under $100 and the first modem to sell one million units.

<span class="mw-page-title-main">Clifton R. Wharton Jr.</span> American academic and diplomat (born 1926)

Clifton Reginald Wharton Jr. is an American university president, corporate executive and former United States deputy secretary of state. In his multiple careers, he has been an African-American pioneer.

Christopher B. Howard is the executive vice president and chief operating officer of the Arizona State University Public Enterprise in Tempe, Arizona, where he started on February 7, 2022. Previously, he served as the 8th president of Robert Morris University in Moon Township, Pennsylvania. He is a former college football running back and former United States Air Force officer.

Larry Zicklin is an American professor and businessperson. He is a former chairman of the Board of investment management firm, Neuberger Berman and a professor at the Stern School of Business at New York University and Baruch College, a CUNY school.

Gary Bernard Gorton is an American economist who currently serves as the Frederick Frank Class of 1954 Professor of Finance at Yale School of Management. He is known for his theory on the role of repurchase agreements on the 2008 financial crisis.

<span class="mw-page-title-main">Barbara Franklin</span> American politician

Barbara Hackman Franklin is an American government official, corporate director, and business executive. She served as the 29th U.S. Secretary of Commerce from 1992 to 1993 to President George H. W. Bush, during which she led a presidential mission to China.

Patrick Timothy Harker is the President of the Federal Reserve Bank of Philadelphia. Harker previously served as the President of University of Delaware. He was the dean of the Wharton School of the University of Pennsylvania from 2001 to 2007. He began his presidency of the University of Delaware in 2007 and resigned in 2015.

<span class="mw-page-title-main">Michael Novogratz</span> American businessman

Michael Edward Novogratz is an American investor, formerly of the investment firm Fortress Investment Group. He is currently CEO of Galaxy Investment Partners which focuses on investments in cryptocurrency.

Solomon Stephen Huebner was Emeritus Professor of Insurance at the Wharton School of the University of Pennsylvania, Emeritus President of The American College of Life Underwriters, and Emeritus Chairman of the Board of Trustees of the American Institute for Property and Liability Underwriters.

<span class="mw-page-title-main">Jack M. Guttentag</span> American academic (1923–2024)

Jack Mack Guttentag was an American banker and academic who was a professor of finance at the Wharton School of the University of Pennsylvania. He was also a consumer advocate and creator of The Mortgage Professor, a website that provides free and disinterested advice to consumers on mortgage-related issues.

<span class="mw-page-title-main">Charles M. Williams (academic)</span> American academic, author, and military officer

Charles Marvin Williams was an American finance professor at Harvard Business School. He was a recognized authority on commercial banking who taught his students using the case method.

Donald B. Keim is an American economist, the John Neff Professor Emeritus of Finance and former Director of the R.L. White Center for Financial Research at Wharton School, University of Pennsylvania.

References

  1. Breeden, Douglas T.; Litzenberger, Robert H. (1978). "Prices of State-Contingent Claims Implicit in Option Prices". Journal of Business . 51 (4): 621–651. doi:10.1086/296025. JSTOR   2352653. S2CID   153841737.
  2. "Robert Litzenberger Selected as the Recipient of the 2012 IAFE/SunGard Financial Engineer of the Year Award". Sungard. Retrieved 13 May 2016.