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WILLIAM F. SHARPE STANCO 25
Professor of Finance, Emeritus
DEGREES:1955 A.B., University of California, Los Angeles: Economics 1956 M.A., University of California, Los Angeles: Economics 1961 Ph.D., University of California, Los Angeles: Economics 1997 Doctor of Humane Letters, Honoris Causa, De Paul University 2003 Doctor Honoris Causa, The University of Alicante, Spain 2004 Doctor Honoris Causa, The University of Vienna, Austria 2008 Doctor of Science, Economics, Honoris Causa, The London Business School
POSITIONS: 1956-1961 Economist, The RAND Corporation 1961-1963 Assistant Professor, University of Washington 1963-1967 Associate Professor, University of Washington 1967-1968 Professor, University of Washington 1968-1970 Professor, University of California, Irvine 1970-1973 Professor, Stanford University 1986-1988 President, Sharpe-Russell Research, Inc. 1973-1989 Timken Professor of Finance, Stanford University 1988-1990 Chairman, Sharpe-Tint, Inc. 1989-1992
Timken Professor Emeritus of Finance, Stanford
University 1992-1995 Professor of Finance, Stanford University 1995-1999
STANCO 25 Professor of Finance, Stanford
University 1999-2002 Special Advisor, Hong Kong Council on Innovation and Technology 1996-2009 Director, Financial Engines, Inc. 1999- STANCO 25 Professor Emeritus of Finance , Stanford University 1999- 2013 Director, C.M. Capital Corporation 2007- 2019 Member,
Investment Committee, Community Hospital of the Monterey
Peninsula 2009- 2012
Trustee, York School CONSULTING: 1961-1963 The Boeing Company 1963 International Business Machines Corporation 1963-1968 The RAND Corporation 1967-1968 Arthur D. Little, Inc. 1967 McKinsey and Company 1967-1969 Western Airlines 1969 The RAND Corporation 1970-1977 Merrill Lynch, Pierce, Fenner and Smith, Inc. 1973 Allstate Insurance Company 1973-1986 Financial Research Associates 1976-1979 Wells Fargo Bank 1979-1981 Canavest House Limited 1981-1986 Wells Fargo Investment Advisors 1984-1986 The Frank Russell Company 1987-2001
Union Bank of Switzerland 1993-2010 California Public Employees Retirement Fund 1993-2007 United Technologies Pension Fund 1993-2009 Hewlett-Packard Pension Fund 1995-2008 Altria Pension Fund 2002-2010 University of California Regents Retirement System 1995-2013 C.M. Capital Corporation
PROFESSIONAL SOCIETIES: American Finance Association International Association of Financial Engineers Financial Management Association The Institute for Quantitative Research in Finance
OTHER POSITIONS: Associate Editor, The Journal of Financial and Quantitative Analysis, 1966-1972. Associate Editor, Management Science, 1970-1972. Associate Editor, The Bell Journal of Economics and Management Science, 1970-1973. Editorial Advisor on Finance and Computer Science, Praeger Publishers: New Directions in Management and Economics Series, 1970-1972. Visiting Professor, London Graduate School of Business, January, 1972. Member, Policy Committee, Computer Research Center for Economics and Management Sciences (National Bureau of Economic Research), 1972-1975. Senior Research Associate, National Bureau of Economic Research, 1976-1977. Trustee, College Retirement Equities Fund, 1975-1983. Director, American Finance Association, 1977-1978. Director, Western Finance Association, 1978-1980. Trustee, Financial Analysts Research Foundation, 1978-1981. Vice President, American Finance Association, 1979. President, American Finance Association, 1980. Associate Editor, The Journal of Finance, 1983-1986. Research Associate, National Bureau of Economic Research, 1982-1986. Co-director, Stanford-International Program inInvestment Management, 1983-1985. Co-director, Stanford-London Graduate School of Business Investment Management Program, 1986. Academy of Financial Services, Board of Directors, 1986-1987. Member, Prize Committee, Institute for Quantitative Research in Finance, 1983-1992. Member, Advisory Board, Program in Finance, Golden Gate University, 1986-1992. Trustee, Research Foundation of the Institute of Chartered Financial Analysts, 1987-1993. Member, Council on Education and Research, the Institute of Chartered FinancialAnalysts, 1987-1993. Member, Task Force on the Body of Knowledge, the Association for Investment Management and Research, 1990-1991. Member, Visiting Committee, Jerusalem School of Business, Hebrew University, 1993 Juror, Prize in Economy, "Rey Jaime I" (Spain), 1995, 2000, 2005, 2006, 2007 Trustee, Dominican College of San Rafael, 1987-1989, 1992-.1996 Trustee, AXA Rosenberg Mutual Funds 1988-2003. Associate Editor, The Journal of Fixed Income, 1991-1995 Trustee, Smith Breeden Associates, Inc., 1992-2000. Senior Fellow, International Association of Financial Engineers, 1993- Member, Financial Economists Roundtable, 1993-2003 Director, Stanford Management Company, 1993-2001. Director, C-ATS Software, 1994 -1997 Distinguished Fellow, The Institute for Quantitative Research in Finance, 1994 - Adviser, Japanese Financial Economics Association, 1994 -1990 Member, Charles Schwab Financial Services Advisory Council, 1994-1997 Director, Financial Engines, Inc. 1996-2010 Member, Board of International Advisors, Monterey Institute of International Studies, 2003-2009 Advisor, The Mingly Corporation, 2001-2011 Member, Advisory Council of the Financial Analysts Journal, 2007-2012
HONORS: Phi Beta Kappa Financial Analysts' Federation, Graham and Dodd Award for excellence in financial writing for 1972. Financial Analysts' Federation, Graham and Dodd Award for excellence in financial writing for 1973. Dow-Jones and American Assembly of Collegiate Schools of Business award for outstanding contribution to the field of collegiate business education, 1980. Financial Analysts' Federation, Nicholas Molodovsky Award, 1989. Western Finance Association, Enduring Contribution Award, 1989. The Prize in Economic Sciences in Memory of Alfred Nobel, 1990. Eastern Finance Association, Distinguished Scholar Award, 1991. UCLA Alumni Association, Award of Distinction, 1991. Senior Fellow, International Association of Financial Engineers, 1993.< o:p> James R. Vertin Award of the Research Foundation of the ICFA, 1996 Doctor of Humane Letters, honoris causa, De Paul University, 1997 The UCLA Medal, 1998 Fellow, the American Finance Association, 2000- Fellow, The Financial Management Association International, 2000- Risk Magazine, Lifetime Achievement Award, 2002 Doctor Honoris Causa, The University of Alicante, Spain 2003 Doctor Honoris Causa, The University of Vienna, Austria, 2004 Chicago Mercantile Exchange Fred Arditti Innovation Award, 2005 Award for Lifetime Achievement in Indexing, the Superbowl of Indexing, 2005 CFA Institute, Graham and Dodd Award for excellence in research and financial writing, 2007 Matthew R. McArthur Award, Investment Management Consultants Association, 2008 CFA Institute, Graham and Dodd Award for excellence in research and financial writing, 2010 The Lillywhite Award for Extraordinary Lifetime Contributions to Americans' Economic Security, 2012 CFA Institute, Graham and Dodd Award for excellence in research and financial writing, 2014 CFA Institute, Graham and Dodd Best Perspectives Award, 2015 The Wharton-Jacobs Levy Prize for Quantitative Financial Innovation, 2016
COURSES TAUGHT: 1960: University of California at Los
Angeles (Extension) 1960: San Fernando Valley State
College 1966: University of California,
Berkeley 1961-1968: University of
Washington 1968-1970 University of California,
Irvine 1970 - 2001 Stanford
University
PUBLICATIONS: Proposal for a Smog Tax, with D. M. Fort, W. A. Niskanen and A. H. Pascal, The RAND Corporation, Paper P-1621-RC, February 1959, 27 pages. "Aircraft Compartment Design Criteria for the Army Deployment Mission," Naval Research Logistics Quarterly, Vol. 8, No. 4, December 1961, pp. 381-394. "A Simplified Model for Portfolio Analysis," Management Science, Vol. 9, No. 2, January 1963, pp. 277-293. "Mathematical Investment Portfolio Selection - Some Early Results," University of Washington Business Review, April 1963. "Estimating the Productivity of Transport Aircraft in Military Deployment Through Computer Simulation", with Lawry W. Mann, The Boeing Company, Document D6-8586, November 1963, 65 pages. "Financial Electronic Data Processing Equipment in the Federal Government - A Comparison of Purchase and Leasing," The Quarterly Review of Economics and Business, Vol. 3, No. 4, Winter 1963, pp. 59-66. "Capital Asset Prices - A Theory of Market Equilibrium Under Conditions of Risk," The Journal of Finance, Vol. XIX, No. 3, September 1964, pp. 425-442. "The Army Deployment Simulator", The RAND Corporation, Research Memorandum RM-4219-ISA, November 1964, 75 pages. "Estimating the Productivity of Large Transport Aircraft in Army Deployments - A Simplified Method", The RAND Corporation, Research Memorandum RM-4312-PR, November 1964, 58 pages. "On Capital Asset Prices - Reply," The Journal of Finance, Vol. XX, No. 1, March 1965, pp. 94-95.< o:p> "Mutual Fund Performance - Measurement and Prediction", The RAND Corporation, Paper P-3096, March 1965, 35 pages. "Risk-Aversion in the Stock Market - Some Empirical Evidence," The Journal of Finance, Vol. XX, No. 3, September 1965, pp. 416-422. "Computer Pricing Policies From an Economist's Point of View," in Economics of Automatic Data Processing, (A. B. Frielink, Editor), North-Holland Publishing Co., pp. 238-247. "On the Marginal Utility of Information" (Letter to the Editor), Datamation, October 1965, pp. 14, 133. "Mutual Fund Performance," The Journal of Business, Vol. XXXIX, No. 1, Part II, January 1966, pp. 119-138. "Business Finance - Innovation in Analysis" (Discussion), The Journal of Finance, Vol. XXI, No. 2, May 1966, pp. 247-248. "Atypical Indifference Curves - A Comment," University of Washington Business Review, Vol. XXV, No. 4, April/June 1966, 42-44. "A Model for Selecting, Routing, and Loading Cargo Aircraft", The RAND Corporation, Research Memorandum RM-4509-PR, June 1966, 45 pages. Business Finance: Theory and Management, Major authors: Stephen H. Archer and Charles A. D'Ambrosio, MacMillan Co., 1966, pp. 42-92.< o:p> "The NATO Force Planning Cost Model", with A. A. Barbour and D. M. Fisk, The RAND Corporation, RM-5066-ISA, 142 pages. "Security Prices, Risk, and Maximal Gains From Diversification: Reply," The Journal of Finance, Vol. XXI, No. 4, December 1966, pp. 743-744. "A Linear Programming Algorithm for Mutual Fund Portfolio Selection," Management Science, Vol. 13, No. 7, March 1967, pp. 499-510. BASIC: An Introduction to Computer Programming Using the BASIC Language, The Free Press (New York), 1967, 144 pages. "UWBIC - The University of Washington BASIC Interpretive Compiler", Technical Reports Series #3, Graduate School of Business Administration, University of Washington, 1967, 93 pages. "Portfolio Analysis," The Journal of Financial and Quantitative Analysis, Vol. II, No. 1, June 1967, pp. 76-84. "UWBIC - University of Washington BASIC Interpretive Compiler," Behavioral Science, Vol. 13, 1968, p. 81. "Mutual Fund Performance and the Theory of Capital Asset Pricing--Reply," The Journal of Business, Vol. 41, No. 2, April 1968, pp. 235-236. The Economics of Computers, The Columbia University Press (New York), 1969, 571 pages. Portfolio Theory and Capital Markets, McGraw-Hill Book Company (New York), 1970, 316 pages. "Efficient Capital Markets" (Discussion), The Journal of Finance, May 1970, pp. 418-420. "Basic Data for Policy and Public Decisions: Technical Aspects" (Discussion), The American Economic Review, May 1970, pp. 166-167. "Computer-Assisted Economics," The Journal of Financial and Quantitative Analysis, 1970. BASIC: An Introduction to Computer Programming Using the BASIC Language (with Nancy L. Jacob), Revised Edition, The Free Press (New York), 1971, 177 pages. "Mean-Absolute Deviation Characteristic Lines for Securities and Portfolios," Management Science, October 1971, pp. B-1-B-13. "A Linear Programming Approximation for the General Portfolio Analysis Problem," Journal of Financial and Quantitative Analysis, December 1971, pp. 1263-1275. "Risk, Market Sensitivity and Diversification,"Financial Analysts Journal, January/February 1972, pp. 74-79. "Simple Strategies for Portfolio Diversification: Comment," Journal of Finance, March 1972, pp. 127-129. "Efficient Capital Markets with Risk," Wall Street Transcript, April 17, 1972, pp. 28, 025-28, 027. "Risk-Return Classes of New York Stock Exchange Common Stocks, 1931-1967," (with Guy M. Cooper), Financial Analysts Journal, March/April 1972, pp. 46-54, 81, 95-101.< o:p> "Risk-Adjusted Measures of Security and Portfolio Performance," in Risk and Regulated Firms, Michigan State University, 1973, pp. 5-17. "The Capital Asset Pricing Model: Traditional and 'Zero-Beta' Versions," Journal of the Midwest Finance Association, 1973, pp. 1-12. Introduction to Managerial Economics, Columbia University Press, 1973. "Bonds Versus Stocks: Some Lessons From Capital Market Theory," Financial Analysts Journal, November/December 1973, pp. 74-80. "The Cost and Effectiveness of Computer Systems," in J. Daniel Couger and Robert W. Knapp, Editors, System Analysis Techniques, John Wiley & Sons (New York), 1974, pp. 446-470. "Imputing Expected Returns From Portfolio Composition," Journal of Financial and Quantitative Analysis, June 1974, pp. 463-472. "Are Analysts Really Necessary?" Wall Street Transcript, July 29, 1974, pp. 37, 683-37, 684. Teoria de Cartera y del Mercado de Capitales, 1974, Ediciones Deusto, Bilbao, Spain (Spanish translation of Portfolio Theory and Capital Markets). "Adjusting for Risk in Portfolio Performance Measurement," Journal of Portfolio Management, Winter 1975. "Risk and the Market Model," Felix Roenfeld, Editor, The Evaluation of Ordinary Shares, Dunod (Paris), 1975, pp. 181-188. "Closed-end Investment Companies in the United States" (with Howard B. Sosin), European Finance Association, 1974 Proceedings (B. Jacquillat, Editor), North-Holland, 1975, pp. 37-63. "Likely Gains From Market Timing," Financial Analysts Journal, March/April 1975, pp. 60-69. "em Equilibrio sob Condicoes de Risco" (with Ney O. Brito), Revista Brasileira de Mercado de Capitais, Mai/Ago, 1975, pp. 275-287.< o:p> "De Toekomstige Beleggingsanalyse," Bedrijfskunde Tijdschrift voor Modern Management, 1976/1, pp. 63-69. "Risk, Return and Yield: New York Stock Exchange Common Stocks, 1928-1969" (with Howard B. Sosin),Financial Analysts Journal, March/April 1976, pp. 33-42. "Corporate Pension Funding Policy," Journal of Financial Economics, June 1976, pp. 183-193. "The Parable of the Money Managers," Financial Analysts Journal, July/August 1976, p. 4. L'Economia del Computer (A condensed translation of The Economics of Computers), Boringhiere (Bergamo, Italy), 1976. "The Capital Asset Pricing Model: A 'Multi-Beta' Interpretation," Haim Levy and Marshall Sarnat, Editors, Financial Decision Making Under Uncertainty, Academic Press (New York), 1977, pp. 127-136.< o:p> "Adjusting for risk in performance measurement," in Peter L. Bernstein, Editor,Portfolio management and efficient markets: Theoretical Revelance and Practical Applications, Institutional Investor Books, 1977, pp. 113-127. Investments, (Prentice-Hall), 1978, 617 pages. "New Evidence on the Capital Asset Pricing Model: Discussion," Journal of Finance, June 1978, pp. 917-920. "Major Investment Styles," Journal of Portfolio Management, Winter 1978, pp. 68-75. "Bank Capital Adequacy, Deposit Insurance, and Security Values," Journal of Financial and Quantitative Analysis, November 1978, pp. 701-718. "Duration and Security Risk" (with Ronald Lanstein),Journal of Financial and Quantitative Analysis, November 1978, pp. 653-668. "On the Uses of the CAPM in Public Utility Rate Cases: Comment," Financial Management, Autumn 1978, p. 71. "Second Thoughts About the Efficient Market" (Interview), Fortune, February 26, 1979, pp. 105-107. "Bonds versus Stocks: Some Lessons from Capital Market Theory" (Translation), The Japanese Security Analysts' Journal, April 1979. "Security Codings: Measuring Relative Attractiveness in Perfect and Imperfect Markets," Proceedings, Seminar on the Analysis of Security Prices, May 1979, pp. 1-20, Graduate School of Business, University of Chicago.< o:p> "Comparative Measures of Bank Capital Adequacy" (with Laurie S. Goodman), Salomon Brothers Center for the Study of Financial Institutions, New York University, Working Paper 174, July 1979. "Citation Classic" (Description), Current Contents, Social and Behavioral Sciences, Institute for Scientific Information (Philadelphia), Vol. 11, No. 33, August 13, 1979, p. 12. BASIC: An Introduction to Computer Programming Using the Basic Language, (Third Edition), with Nancy L. Jacob, The Free Press (New York), 1979.< o:p> "A Simplified Model for Portfolio Analysis," reprinted in Carrol D. Aby, Jr. and Donald E. Vaughn, Investment Classics, Goodyear Publishing Co. (Santa Monica, California), 1979, pp. 346-360. "Risk, Return and Yield: New York Stock Exchange Common Stocks, 1928-1969" (with Howard B. Sosin), reprinted in Carrol D. Aby, Jr. and Donald E. Vaughn, Investment Classics, Goodyear Publishing Co. (Santa Monica, California), 1979, pp. 54-65. "Mercados de Capitais Efficientes: Precos em Equilibriuo sub Condicoes de Risco," in O Merdado de Capitais e a Estructura Empresarial Brasiliera Ney Roberta Ottoni de Brito, Editor, Editora Guanabara Dais, (Rio de Janeiro), 1981. "Portfolio Management--Computer Based Techniques," in Richard B. Tress and Ian C. Young, editors, Modern Portfolio Management, (Proceedings for a seminar) Centre for Studies in Money, Banking, and Finance, MacQuarie University, Sydney, Australia, February 1981, pp. 4-25. "Inflation, Hedging and Portfolio Management," in Richard B. Tress and Ian C. Young, Editors, Modern Portfolio Management, (Proceedings of a seminar) Centre for Studies in Money, Banking and Finance, MacQuarie University, Sydney, Australia, February 1981, pp. 47-63. "Decentralized Investment Management," Journal of Finance, May 1981, pp. 217-234. "Bank Capital Adequacy, Deposit Insurance, and Security Values," in Sherman J. Maisel, Editor, Risk and Capital Adequacy in Commercial Banks, University of Chicago Press, 1981, pp. 187-202. Investments, Second Edition, Prentice-Hall, 1981. Investments, Japanese Version, Second Edition, Prentice-Hall, 1981. "Security Codings: Measuring Relative Attractiveness in Perfect and Imperfect Markets," in William F. Sharpe and Cathryn M. Cootner, Editors, Financial Economics, Essays in Honor of Paul Cootner, Prentice-Hall, Inc., 1982, pp. 216-229.< o:p> "Combining Financial and Actuarial Risk: Simulation Analysis" (Discussion), The Journal of Finance, May 1982, pp. 604-606. "Some Factors in New York Stock Exchange Security Returns, 1931-1979," The Journal of Portfolio Management, Summer 1982, pp. 5-19. "RatBAS Basics" (with Brent D. Weaver), PC Magazine, October 1982, pp. 121-131. "Portfolio Management--Computer Based Techniques," reprinted in Japanese Security Analysts' Journal, January 1983, Volume 21, Number 1, pp. 33-52. "Duration and Immunization: Comments," Innovations in Bond Portfolio Management: Duration Analysis and Immunization, George G. Kaufman, G.O. Bierwag and Alden Toevs, Editors, JAI Press Inc., (Greenwich, Connecticut), 1983, pp. 159-162. "Modern Portfolio Theory," Japanese Security Analysts Journal, June 1983, Volume 21, Number 6, pp. 47-64. "Microcomputer Perspectives: Economies of Scale, Technological Progress and Standardization," Financial Analysts Journal, Vol. 39, No. 5, September/October 1983, pp. 25-27. "Microcomputer Perspectives: Relational Data Base Management Systems," Financial Analysts Journal, Vol. 40, No. 1, January/February 1984, pp. 18-21. "Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans" (with J. Michael Harrison), in Financial Aspects of the United States Pension System, Zvi Bodie and John B. Shoven, Editor, The University of Chicago Press (Chicago), 1983, pp. 91-105. "Inside 1-2-3 Worksheet Files," PC Tech Journal, Vol. 2, Number 4, October 1984, pp. 155-166.< o:p> "Factor models, CAPMs, and the APT," The Journal of Portfolio Management, Fall 1984, Volume 11, Number 1, pp. 21-25. "Practical Aspects of Portfolio Optimization," Improving the Investment Decision Process: Quantitative Assistance for the Practitioner and for the Firm, Dow-Jones Irwin (Homewood, Illinois), 1984, pp. 52-65. "Microcomputer Perspectives: Electronic Spreadsheets," Financial Analysts Journal, July/August 1984, pp. 15-20. "Microcomputer Perspectives: Asset Allocation Systems," Financial Analysts Journal, May/June 1985, pp. 10-11, 75. Asset Allocation Tools, The Scientific Press, 1985, 96 pages. Investments, Third Edition, Prentice-Hall, 1985. "New Techniques of Managing Portfolios in the U.S.," Japanese Security Analysts Journal, November 1985, Volume 23, Number 11, pp. 1-9. "Financial Implications of South African Divestment," (with Blake R. Grossman), Financial Analysts Journal, July/August 1986, pp. 15-29. Asset Allocation Tools, Second Edition, The Scientific Press, 1987, 139 pages. "An Algorithm for Portfolio Improvement," in K.D. Lawrence, J.B. Guerard, Jr., and Gary D. Reeves, Editors, Advances in Mathematical Programming and Financial Planning, JAI Press, Inc., 1987, pp. 155-170. "The Risk Factor: Identifying and Adapting to the Risk Capacity of the Client," in M. Joehnk, Editor, Asset Allocation for Institutional Portfolios, Dow Jones Irwin, 1987, pp. 35-45. "Integrated Asset Allocation," Financial Analysts Journal, September/October 1987, pp. 25-32. "Dynamic Strategies for Asset Allocation" (with Andre Perold), Financial Analysts Journal, January/February 1988, pp. 16-27. "Policy Asset Mix, Tactical Asset Allocation, and Portfolio Insurance," in R. Arnott and F. Fabozzi, Editors, Asset Allocation, A Handbook of Portfolio Policies, Strategies and Tactics, Probus Publishing Company, 1988, pp. 111-130. "Determining a Fund's Effective Asset Mix," Investment Management Review, September/October 1988, pp. 16-29. "Integrated Asset Allocation," Japanese Security Analysts Journal, October 1988, pp. 12-23. "Determining a Fund's Effective Asset Mix," (Corrected Version) Investment Management Review, November/December 1988, Volume II, Number 6, pp. 59-69. "Determining a Fund's Effective Asset Mix," Japanese Section, Investment Management Review, January/February 1989, Volume II, Number 7, pp. 83-96. "Dynamic Strategies for Asset Allocation" (with Andre Perold), Japanese Security Analysts Journal, August 1989, pp. 62-78. Fundamentals of Investments, (with Gordon J. Alexander), Prentice-Hall, 1989. Fundamentals of Investments, (with Gordon J. Alexander), Japanese Version, Prentice-Hall, 1989. Investments, Fourth Edition (with Gordon J. Alexander), Prentice-Hall, 1990. "Asset Allocation," in John L. Maginn and Donald L. Tuttle, Editors, Managing Investment Portfolios, A Dynamic Process, Warren, Gorham & Lamont, 1990, pp. 7-1 through 7-71. "Investor Wealth Measures and Expected Return," Quantifying the Market Risk Premium Phenomenon for Investment Decision Making, The Institute of Chartered Financial Analysts, 1990, pp. 29-37. "Liabilities -- A New Approach," (with Lawrence G. Tint),The Journal of Portfolio Management, Winter 1990, pp. 5-10. "Unternehmen Indizien", November 1990, Wirtschaftswoche, Dusseldorf, Germany, Vol. 44, No. 47, pp. 152-153, (German translation of "The Parable of the Money Managers," Financial Analysts Journal, July/August 1976). "The Arithmetic of Active Management," Financial Analysts Journal, January/February 1991, pp. 7-9. "Capital Asset Prices with and without Negative Holdings," reprinted in The Founders of Modern Finance: Their Prize-winning Concepts and 1990 Nobel Lectures, The Research Foundation of The Institute of Chartered Financial Analysts, 1991, pp. 29-54. "A Simplified Model for Portfolio Analysis," reprinted in The Founders of Modern Finance: Their Prize-winning Concepts and 1990 Nobel Lectures, The Research Foundation of The Institute of Chartered Financial Analysts, 1991, pp. 55-73. "Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk," reprinted in The Founders of Modern Finance: Their Prize-winning Concepts and 1990 Nobel Lectures, The Research Foundation of The Institute of Chartered Financial Analysts, 1991, pp. 75-93. "Capital Asset Prices with and without Negative Holdings," reprinted in The Journal of Finance, The American Finance Association, June 1991, pp. 489-509. "Capital Asset Prices with and without Negative Holdings," reprinted in Finanzmarkt und Portfolio Management, Schweizerische Gesellschaft fur Finanzmarktforschung, 1991, pp. 212-226. "Perfecting Markets,"Institutional Investor, The Future of Derivatives, November 1991, pp. 5-6.< o:p> "Capital Asset Prices with and without Negative Holdings,' reprinted inFinance India, The quarterly journal of Indian Institute of Finance, December 1991, pp. 469-486.< o:p> "Policy Asset Mix, Tactical Asset Allocation and Portfolio Insurance," in Robert D. Arnott and Frank J. Fabozzi, Editors, Active Asset Allocation, State-of-the-Art Portfolio Policies, Strategies & Tactics, Probus Publishing Company, 1992, pp. 115-133. "Asset allocation: Management style and performance measurement," The Journal of Portfolio Management, Volume 18, Number 2, Winter 1992, pp. 7-19. "Investments for the 90's," Lives of the Laureates, edited by William Breit and Roger W. Spencer, Third Edition. "Hedging Currency Risk in an International Portfolio,"Investment Technology, Volume 5, Spring 1992, pp. 1-43. "Assessing A Fund Manager's Style and Performance," Japanese Security Analysts Journal, October 1992, Volume 30, Number 10, pp. 7-16. "International Value and Growth Stock Returns," (with Carlo Capaul and Ian Rowley) Financial Analyst's Journal ,January/February 1993, pp. 27-36. "The Analysis of Pension Fund Management,"Investment Technology, Vol. 7, Spring 1993, pp. 1-27. (in Japanese) Fundamentals of Investments (with Gordon J. Alexander), Chinese edition, translated by Yang Xiutai and Liu Xing, Chongqing University Press, 1992. Fundamentals of Investments, 2d Edition (with Gordon J. Alexander and Jeffery V. Bailey), Prentice-Hall, 1993. "Nuclear Financial Economics," Stanford University Graduate School of Business Research Paper 1275, November 1993. Interview, Handelsblatt (Frankfurt), Nov 19/20, 1993, p. 14 (in German) Interview, La Vie Francaise (Paris), Nov 20-26, 1993, pp. 28-29 (in French) Interview, Option Finance (Paris) 29 Nov, 1993, pp. 36-38 (in French) Interview, MTF Haute Finance (Paris) Dec 1993-Jan 1994, pp. 8-9 (In French) Interview, Banque & Finance (Geneva), April 1994, pp. 37-39 (in French). Interview, Investment Advisor, October 1994, pp. 82-89. "The Sharpe Ratio," Journal of Portfolio Management, Fall 1994, pp. 49-58. Investments, (Fifth Edition, with Gordon J. Alexander and Jeffrey V. Bailey), Prentice-Hall, 1995. "Nuclear Financial Economics," Risk Management: Problems & Solutions, (William H. Beaver and George Parker, editors), McGraw-Hill, 1995, pp. 17-35. "Risk, Market Sensitivity and Diversification," Financial Analysts Journal, January/February 1995, pp. 84-88 (reprinted from January/February 1972). "Dynamic Strategies for Asset Allocation" (with Andre Perold), Financial Analysts Journal, January/February 1995, pp. 149-160 (reprinted from January/February 1988). "In Celebration of Armen Alchian's 80th Birthday", Economic Inquiry, July 1996, pp. 413-416. “Morningstar’s Risk-Adjusted Ratings,” Financial Analysts Journal, July/August 1998, pp. 21-33. "Revisiting the Capital Asset Pricing Model," Interview by Jonathan Burton, Dow-Jones Asset Management, May/June 1998 Investments, (Sixth Edition, with Gordon J. Alexander and Jeffrey V. Bailey), Prentice-Hall, 1999. "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk," reprinted in Robert A. Korajczyk, ed. Asset Pricing and Portfolio Performance,Risk Books, London, 1999, pp. 3-14. Investments, (Third Canadian Edition, with Gordon J.Alexander, Jeffery V. Bailey, David J. Fowler and Dale L. Domian), Prentice-Hall, Canada, 2000. Fundamentals of Investments, 3d Edition (with Gordon J. Alexander and Jeffery V. Bailey), Prentice-Hall, 2000. Portfolio Theory and Capital Markets, The Original Edition with a Forward, McGraw-Hill, 2000. Investments, Third Canadian Edition (with Gordon J. Alexander, Jeffery V. Bailey, David J. Fowler and Dale L. Domian), Prentice Hall Canada, 2000. Portfolio Theory and Capital Markets, The Original Edition with a Forward, Chinese Edition, China Machine Press, 2002. "Sharpe Focus," Interview by Evan Simonoff, Financial Advisor, April 2002. "Budgeting and Monitoring Pension Fund Risk," Financial Analysts' Journal, Vol. 58, No. 5 (September/October 2002), 74-86. Investment Strategy for the Long Term," UBS Wealth Management, 2nd Quarter, 2004, 6-9. Interview, Bloomberg Wealth Manager, November, 2004. Interview, Investment Advisor (UK), December 6, 2004. Interview, The Journal of Investment Consulting, Volume 7, Number 2, 2005 Profile, NYU Stern Salomon Center for the Study of Financial Institutions 2006 Newsletter for the Asset Management Research Group Investors and Markets: Portfolio Choices, Asset Prices and Investment Advice, Princeton University Press, 2007 Interview, Money Magazine, June 2007, pp. 106-107. "Persons of Interest,"Institutional Investor, May, 2007, pp. 138-142. "Der Entdecker der Ratio," (Interview), Institutional Money, Germany, May 2007. "Asset Allocation" (with Peng Chen, Jerald E. Pinto and Dennis W. McLeavey, pp. 230-327 in John L. Maginn, Donalt L. Tuttle, Dennis W. McLeavey and Jerald E. Pinto,Managing Investment Portfolios, A Dynamic Process, Third Edition, John Wiley & Sons, 2007. "Expected Utility Asset Allocation," Financial Analysts Journal, Vo. 63, Number 5, September/October 2007, pp. 18-30Investors and Markets: Portfolio Choices, Asset Prices and Investment Advice, Princeton University Press, 2007. "Thought Leader Interview: William Sharpe,"The Rotman Magazine, Spring 2008, pp. 10-13. "Efficient Retirement Financial Strategies," (with Jason S. Scott and John G. Watson), in John Ameriks and Olivia Mitchell, Recalibrating Retirement Spending and Saving, Oxford University Press, 2008 Inversores Y Mercados: La Gestion de
Portafolios, el Precio de los Activos y el Asesoramiento
Financiero, Editiciones Deusto, Barcelona
Spain, 2008 (Spanish
translation of Investors and Markets:
Portfolio Choices, Asset Prices and Investment Advice,
Princeton University Press, 2007) PAPERS, SHORT COURSES AND LECTURES: "Aircraft Compartment Design Criteria," National Meeting, Operations Research Society of America, Detroit, Michigan, October 1960. "Quadratic Programming as a Technique for Portfolio Selection -- Progress and Prospects," Joint Meeting, Econometric Society and Institute of Management Science, Ann Arbor, Michigan, September 1962. "Intrafirm Allocation of Computer Time -- Determining an Optimum use Charge," National Meeting, Institute of Management Science, New York, September 1963. "Aircraft Loading Algorithms" (with Lawry W. Mann), National Meeting, The Operations Research Society of America, Seattle, Washington, November 1963. "A General Equilibrium Model Arising Out of Portfolio Selection by Individuals," Conference on Quantitative Economics -- National Science Foundation, Carnegie Institute of Technology, May 1964. "Linear and Quadratic Programming Approaches to Portfolio Analysis," Seminar on the Analysis of Security Prices, The University of Chicago, November 1964. "Computer Pricing Policies from an Economist's Point of View," Symposium on the Economics of Automatic Data Processing, Rome, Italy, October 1965. "Business Finance - Innovations in Analysis" (Discussion), Joint Meeting, American Economic Association and the American Finance Association, New York, December 1965.< o:p> "Optimal Portfolio Management," McKinsey/Wharton Advanced Operations Research Seminar, Wharton School, University of Pennsylvania, March 1967. "Simplified Models of Security Risk and Their Applications in Portfolio Selection," Computer Applications Seminar, New York Society of Security Analysts, New York, March 1969. "Measuring Volatility," Conference on Portfolio Analysis, University of Rochester, August 1969. "Computer-Assisted Instruction," Computer Institute for Professors of Business Administration, University of Montana, August 1969. "Measuring Portfolio Performance," The Institute for Quantitative Research in Finance, Princeton University, October 1969. "Efficient Capital Markets (Discussion), Joint Meeting, Econometric Society and the American Finance Association, New York, December 1969. "Basic Data for Policy and Public Decisions: Technical Aspects" (discussion), American Economic Association Meeting, New York, December 1969. "Portfolio Selection and Analysis," Short course sponsored by University Systems and Seminars Co., Los Angeles, California, May 1970. "The Measurement of Investment Performance," Investment Management Program, Stanford University, July 1970. "Risk-Adjusted Measures of Security and Portfolio Performance," Seminar on Risk and Regulated Firms, Michigan State University, February 1971. "Computers and Quantitative Methods" (12 lectures), Stanford Executive Program, June-July 1971. "The Stock Markets of the Future," Investment Management Program, Stanford University, July 1971.< o:p> "The Capital Asset Pricing Model and Utility Regulation," Seminar on Financial Aspects of Utility Regulation, Stanford University, June 1971, June 1972, June 1973.< o:p> Portfolio Investment Research Programme (one week), London Graduate School of Business, January 1972.< o:p> "Efficient Markets with Risk," San Francisco Society of Security Analysts, February 1972. "Efficient Capital Markets with Risk," Los Angeles Society of Financial Analysts, Los Angeles, California, September 1972. "Modern Approaches to Investment Management," Institutional Investment Conference, Sponsored by Merrill Lynch, Pierce, Fenner and Smith, New York, December 1972. "Modern Approaches to Investment Management," Conference for Non-Profit Fund Managers, Sponsored by the Kettering Foundation, New York, February 1973. "Portfolio Management in a Nearly-Efficient Market," Chicago Society of Security Analysts, Chicago, Illinois, March 1973. "The Capital Asset Pricing Model: Recent Developments," Keynote address, Midwest Finance Association Annual Meeting, Chicago, Illinois, April 1973.< o:p> "Evaluating Investment Management Performance," Conference on the Future for Professional Investment Management, The University of Missouri, Columbia, Missouri, April 1973. "What to Expect From Your Investments in the Long Run," Western States Conference on Foundations and Philanthropy, San Francisco, January 1974. "Modern Capital Theory and Pension Fund Management," Seminar on Pension Funds, Sponsored by Wells Fargo Bank, Chicago, March 1974. "The Components of Risk and Return: Implications for Portfolio Management," Seminar of the Institute for Quantitative Research in Finance, San Diego, May 1974. "Closed-end Funds and Market Efficiency," Seminar on the Analysis of Security Prices, University of Chicago, May 1974. "Efficient Capital Markets: A Review of the Theory," Seminar sponsored by The Institute of Chartered Financial Analysts, Houston, May 1974.< o:p> The Investment Organization of the Future," European Federation of Security Analysts' Societies, Paris, October 1974. "The Risk and Return from Closed-end Funds," Annual Meeting, European Finance Association, Jouy-en-Josas, France, October 1974. Participant, Seminar on Financial Decision-making under Uncertainty, sponsored by The Israel National Council for Research and Development, Ein Bokek, Israel, March 1975. "The Capital Asset Pricing Model: Development and Recent Extensions," Department of Economics, University of Hawaii, March 1975. "Modern Capital Theory and Investment Research," Seminar sponsored by European Banks International, Vienna, Austria, June 30 - July 5, 1975. "Is Market Timing Likely to Improve Performance?" Seminar of the Institute for Quantitative Research in Finance, Phoenix, May 1976. Lectures on Investment Management, Seminaire de Gestion des Investissements en Valeurs Mobilieres Centre d' Enseignement Superieur des Affaires, Jouy-en-Josas, France, June 1976. Lectures on Investment Management, Investment Management Program, Stanford University, 1972-1979. Lectures on Investment Management -- Course sponsored by the Federal University of Brazil, Rio de Janeiro, Brazil, August 1977. "Modern Portfolio Theory," Security Analysts of San Francisco, special program, November 29, 1977.< o:p> Member, Panel on Teaching Finance, National Meeting of the American Finance Association, New York, New York, December 1977. "Asset Allocation," Investment Counsel Association of America National Meeting, San Francisco, March 1978.< o:p> "What Investment Tools the Coming Generation of Investment Managers Will Be Using," The Institute for Quantitative Research in Finance, April 1978, Napa, California.< o:p> "Bank Capital Adequacy, Deposit Insurance and Security Values," Western Finance Association Annual Meeting, June 1978, Honolulu, Hawaii. "Duration and Security Risk," Western Finance Association Annual Meeting, June 1978, Honolulu, Hawaii.< o:p> "Bank Capital Adequacy, Deposit Insurance and Security Values," The Center for Law and Economics, University of Miami, April 1979. "Security Codings: Measuring Relative Attractiveness in Perfect and Imperfect Markets," Center for Research on Security Prices, University of Chicago, May 1979. "Modern Portfolio Theory," 'Financial Analysts' Federation Investment Management Workshop, Dartmouth College, July 1979. "Performance Measurement," Financial Research Foundation, Mont Ste Marie, Canada, October 1979. "Portfolio Management in the Eighties," Institutional Investor Conference, New York, May 1980. "Investments and Pensions," Western Pension Conference, Lake Tahoe, July 1980. Lectures on Investment Management, Financial Analysts' Federation Investment Management Workshop, Princeton University, July 1980. "Decentralized Investment Management" Presidential Address, American Finance Association Denver, September 1980. Lectures on Portfolio Theory University of California, Irvine, November 1980. Lectures on Financial Economics Laval University, Quebec, Canada, January 1981. Lectures on Financial Economics McGill University, Quebec, Canada, January 1981. Lectures on Portfolio Management MacQuarie University, Sydney, Australia, February 1981. "An Overview of Asset Allocation," Berkeley Program in Finance, Monterey, March 1981. "Duration and Factor Models" (Discussion) Seminar on Bond Duration and Immunization, Sponsored by the University of Oregon, Ashland, Oregon, July, 1981. Lectures on Investment Management Financial Analysts' Federation Investment Management Workshop, Princeton University, July 1981. "Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans" (with M. Harrison), Conference on Financial Aspects of the U.S. Pension System, Sponsored by the National Bureau of Economic Research, Amelia Island, Florida, March 1982. "Some Factors in New York Stock Exchange Security Returns", The Institute of Quantitative Research in Finance, St. Petersburg, Florida, April 1982. "The Anomalous Stock Market Behavior of Small Firms in January," Conference on Small Firm Effects, University of Southern California, April 1982. Lectures on Portfolio Management, Factors in Equity Returns and Pension Funds, Stanford Financial Management Program, June 1982. Lectures on Microcomputers and Pension Funds, Financial Analysts' Federation Investment Management Workshop, Princeton, July 1982. Lecture on Microcomputers and the Investment Process, Boston Security Analysts' Quantitative Discussion Group, Boston, July 1982. "Managing Money Management Firms" (Panel), Financial Management Association Annual Meeting, San Francisco, October 1982. "Factor Models, the Capital Asset Pricing Model, and the Arbitrage Pricing Theory," Graduate School of Business, The University of Tennessee, October 1982. Lectures on Microcomputers, Portfolio Management and Factor Models, Centre for Research in Finance, Australian Graduate School of Management, Sydney, March 1983.< o:p> Lectures on Pension Funds, Stanford Financial Management Program, June 1983. Lectures on Microcomputers and Factor Models, Financial Analysts' Federation Investment Management Workshop, Princeton, July 1983. Lectures on Portfolio Theory, Optimization and Factor Models, Stanford-International Investment Management Institute Program in International Investment Management, Geneva, Switzerland, August 1983. "Factor Models and Investment Management," National Meeting, State and Local Investment Officers' Organization, Seattle, Washington, September 1983. "Investments for the 80's," Business Policymaker Meeting, Trinity University, San Antonio, Texas, December 1983. "Practical Aspects of Portfolio Optimization," Seminar on Improving the Investment Decision Process, Sponsored by the Institute of Chartered Financial Analysts, New York, January 1984. "Asset Allocation and Performance Measurement: Discussion," University of California, Berkeley Seminar in Finance, Lake Tahoe, March 1984.< o:p> "Factors in Security Returns," Center for the Study of Banking and Financial Markets, University of Washington, March 1984. "Corporate Pension Policy and the Value of PBGC Insurance: Discussion," National Bureau of Economic Research Conference on Pensions and Retirement in the United States, San Diego, April 1984. Lectures on Investment Theory, Nomura School of Advanced Management Program in Investment Management, Tokyo, May 1984. Lecture on Optimization and Factor Models, Financial Analysts' Federation Investment Management Workshop, Princeton, July 1984. Lectures on Investment Management, Stanford-International Investment Management Institute Program in International Investment Management, Geneva, Switzerland, August 1984. Lecture on MicroComputers and Investment Management, Congress of European Financial Analysts' Societies, Madrid, October 1984. Lectures on Investment Management, Stanford-International Investment Management Institute Program in International Investment Management, Geneva, Switzerland, August 1985. Lectures on Investment Theory, Nomura School of Advanced Management Program in Investment Management, Tokyo, July 1985. "Asset Allocation," New York Society of Security Analysts' Financial Investment Microcomputer Conference, New York, September 1985. Lectures on Investment Theory, Nomura School of Advanced Management Program in Investment Management, Tokyo, May 1986. Lectures on Investment Management, Stanford-London Graduate School of Business Program in International Investment Management, London, September 1986. "Integrated Asset Allocation," First Annual Asset Allocation Congress, New York, October 1986. "Portfolio Insurance and Risk Tolerance," Seminar on Practical Portfolio Insurance Techniques, New York, November 1986. "Investment Implications Within the New Liability Framework," The Institute for Quantitative Research in Finance, Miami, Florida, March 1987. "Risk: Definition, Estimation and Control (Summary)," Berkeley Program in Finance, Napa, California, September 1987. "Equity Valuation," Institute for Chartered Financial Analysts' Seminar, San Francisco, California, September 1987. "Measuring Investment Management Styles," National Association of State Investment Officers, Portland, Oregon, October 1987. "Integrated Asset Allocation," Second Annual Asset Allocation Congress, New York, October 1987. "Asset Allocation, Factor Models, and Manager Styles," National Investment Sponsor Federation, New York, November 1987. "Asset Allocation, Factor Models, and Manager Styles," San Francisco Society of Security Analysts, San Francisco, California, January 1988. "Pension Investment," Financial Executives Institute, Naples, Florida, February 1988. "Integrated Asset Allocation: Taking Liabilities Into Account," Conference on Asset/Liability Management for Pension Funds, New York, June 1988. Lectures on Investment Management Financial Analysts' Federation Investment Management Workshop, Princeton University, July 1988. "Asset Allocation for Pension Funds," Stanford-London Graduate School of Business Program in International Investment Management, Stanford, California, July 1988. "The Evaluation of Risk Models," Financial Research Foundation of Canada, Toronto, Canada, September 1988. "Societal Risk Tolerance," The Institute for Quantitative Research in Finance, San Diego, California, October 1988. Lectures on Investment Theory, Nomura School of Advanced Management Program in Investment Management, Tokyo, October 1988. "What's
New in Asset Allocation," Golden Gate University, November
1988. "Asset Allocation: Static, Dynamic or Business as Usual?" The Third Annual Asset Allocation Congress, Fort Lauderdale, February 1989. "The Many Faces of Asset Allocation," The Berkeley Program in Finance, Yosemite, April 1989. "Portfolio Optimization, Asset Allocation and Performance Measurement," The University of British Columbia Faculty of Commerce, April 1989. "Asset Allocation, an Overview," The Institutional Investor Asset Allocation Symposium, Carmel, April 1989. "Asset Allocation," The Stanford Business School Trust, April 1989. Lectures on Investment Management Financial Analysts' Federation Investment Management Workshop, Princeton University, July 1989. "Investor Wealth Measures and Expected Return," The ICFA Seminar on Quantifying the Market Risk Premium Phenomenon for Investment Decision Making, New York, September 1989. "Asset Allocation: An Overview," The Institutional Investor Asset Allocation Symposium for Corporate and Public Funds, Santa Barbara, November 1989. "Equilibrium Expected Returns with No Short Sales," Nikko Securities Multi-University Finance Faculty Seminar, Tokyo, January 1990. "Asset Allocation, Investment Style and Performance Analysis," San Francisco Security Analysts' Society, San Francisco, April 1990. "Asset Allocation, Investment Style and Performance Analysis," Quantitative Investment Association of the Los Angeles Society of Financial Analysts, Los Angeles, April 1990.< o:p> "Advances in Asset Allocation Technology," Committee on Investment of Employee Benefit Assets, San Francisco, April 1990. "Portfolio Risks," Interdisciplinary Seminar on Risk Management, Stanford University, May 1990. Lectures on Investment Management, Financial Analysts' Federation Investment Management Workshop, Princeton University, July 1990. Lectures on Asset Allocation, Stanford-London International Investment Management Program, July 1990. "Leland University Retirement Plan," Stanford Graduate School of Business Case Number S-F-238, September 1990. O'Neil/Abbott Distinguished Lecture, The Darden School of the University of Virginia, October 1990.< o:p> "Factor Models in Finance," Eastern Finance Association's Twenty-Seventh Annual Meeting, The Homestead, Virginia, April 1991. "A New Technique for Measuring Fund Style and Performance," Investment Counsel Association of America's Annual Membership Conference, San Francisco 1991. "Investment Managers: What Do You Get for Your Money?" The Center for Economic Policy Research, Stanford University, May 1991. "Asset Allocation, Manager Style and Performance Measurement," Association for Investment Management and Research's Annual Conference, St. Louis, May 1991. "Portfolio Theory Meets the Real World," Interdisciplinary Seminar on Risk Management, Stanford University, May 1991. Commencement Address, Economics Department, Stanford University, June 1991. "Sources of Volatility, The Case of American Investment Funds," Institute for International Research, Frankfurt, Germany, June 1991. "Investment Benchmarks," AIMR Investment Management Workshop, Princeton, New Jersey, July 1991.< o:p> "The Investment Process," Executive Education, Stanford University, August 1991. "Assessing the Style and Performance of U.S. Mutual Funds with an Asset Class Factor Model," IMI Centre for Research in Finance, Rome, Italy, September 1991. "Sensible Investing," Stanford University Centennial Celebration, Graduate School of Business Alumni Association, Stanford University, September 1991. "My Evolution as an Economist," Nobel Economists Lecture Series, Trinity University, San Antonio, Texas, February 1992. "Investments for the 90's," Policy Maker Breakfast, Trinity University, San Antonio, Texas, February 1992. "Investment Management Style and Performance: U.S. Mutual Funds 1980-89," The Swedish School of Economics and Business Administration, "Capital 92," Helsinki, Finland, March 1992. "Sensible Investing Within and Across Borders," Stanford University Graduate School of Business Alumni Conference, Geneva, Switzerland, March 1992. "Investment Style and Performance: U.S. Mutual Funds 1980-1989," Tenth Anniversary Distinguished Lecture Series, University of California at Davis Graduate School of Management, May 1992. "Choosing Mutual Funds for Efficient Diversification," Stanford University, Graduate School of Business Alumni Association Investment Seminar, May 1992. "Factor Models, Asset Allocation and Investment Manager Evaluation," Financial Management Program, Graduate School of Business, Stanford University, July 1992. "The AT&T Pension Fund," Stanford Graduate School of Business Case Number S-F-243, July 1992. "The AT&T Pension Fund," AIMR Investment Management Workshop, Princeton University, July 1992.< o:p> "The Investment Process," Stanford Executive Program, Graduate School of Business, Stanford University, August 1992. "Factor Models, The APT and the CAPM," Berkeley Program in Finance, Santa Barbara, California, September 1992. "Evaluating Investment Style and Performance," Financial Management Association Annual Meeting, San Francisco, California, October 1992. "The Global Allocation of Risk: Instruments and Institutions," Programme of International Conferences at Banking and Insurance Exhibition, Turin, Italy, October 1992. "Nuclear Financial Economics," California Chapter of the International Association of Financial Engineers, San Francisco, April 1993. "Sensible Investing within and Across Borders," Luso American Foundation for Development, Lisbon Portugal, June 1993. "International Value and Growth Stock Returns," Portugese Association of Insurance Companies, Lisbon Portugal, June 1993. "International Value and Growth Stock Returns," Madrid Stock Exchange, Madrid, Spain, June 1993. "Some Aspects of Mean-Variance Equilibria," French Finance Association International Meeting, La Baule France, June 1993. "The AT&T Pension Fund," AIMR Investment Management Workshop, Princeton University, July 1993.< o:p> "Asset Pricing Models and the Calculation of Damages in Securities Fraud Actions," Finance for the Judiciary, Stanford Law School, Oct.1993. "Nuclear Financial Economics: The Basis for Financial Engineering," Widener University School of Management, Chester, Pa., October 1993. "Sensible Investing: Lessons from Financial Economic Theory and Empirical Research," Widener University School of Management, Chester, Pa., October 1993. "A Modest Proposal to Revolutionize Institutional Investment Management," Financial Services Research Initiative Member Colloquium, Stanford University, November 1993.< o:p> “The Sharpe Ratio”, London Business School faculty seminar, January 1994. “Analyzing Investment Performance: Style versus Selection,” Institute of Finance and Accounting donor seminar, London Business School, January 1994. “Strategic Asset Allocation: Theory and Practice,” Institute for International Research Asset Allocation Conference, Gravenbruch, Germany, January 1994. “Managing a Large Investment Fund,” Institute for International Research Asset Allocation Conference, Gravenbruch, Germany, January 1994. “Asset Allocation -- Theory and Practice,” 1994 Mid-sized Pension Management Conference, San Francisco, March 1994. "Armen Alchian's Contributions to Economics," Western Economic Association, Vancouver, Canada, July 1994. "The AT&T Pension Fund," AIMR Investment Management Workshop, Princeton University, July 1994.< o:p> "Nuclear Financial Economics," Stanford Financial Management Program, August 1994. "Integrated Asset Allocation," Stanford Financial Management Program, August 1994. "Investment Style and Performance" Stanford Financial Management Program, August 1994. "International Portfolio Management," Banamex, Mexico City, September 1994. "Investment and Savings," World Economic Forum Industry Summit, Stanford University, September 1994. "Mutual Fund Performance: Style and Selection," Micropal Client Conference, Portland, Oregon, September 1994. "Expected Returns: What we Know and Don't Know," The 1994 Schwab Institutional Annual Conference, Phoenix, Arizona, September 1994. "Measuring Investment Performance: Risk, Return and Benchmarks," Fondation Finance Conference, Paris, France, November 1994. "International Style Analysis", BARRA Sponsor Consultation Seminar, Pebble Beach, CA, March 1995. "International Style Analysis," Mellon Capital Conference, Meadowbrook, CA, May 1995. "The AT&T Pension Fund," AIMR Investment Management Workshop, Princeton University, July 1995.< o:p> "International Style Analysis," Zephyr Associates Conference, Lake Tahoe, CA, September 1995. "International Style Analysis," Annual Meeting, Inquire UK, Hertford, U.K., October 1995. "Factor Models in Security Returns," National University of Taiwan Financial Conference, November, 1995.< o:p> "Retirement Savings and Investment," AIMR Investment Management Workshop, July 1996. "Creating Wealth in the Year 2000", Stanford Graduate School of Business Alumni Conference, October 1996. "Morningstar's Risk-adjusted Rating System," The Institute for Quantitative Research in Finance, October 1996. "Creating Wealth in the Year 2000", Stanford Business School Alumni Weekend, October 1996. "Defining Mutual Fund Benchmarks and Styles," Schwab Institutional Investor Annual Conference, Orlando, November 1996. "Measuring Mutual Fund Performance," Swiss Society of Investment Professionals, Zurich, September 1997. "When Baby Boomers Grow Old: The Decline of the Stable Pension," International Association of Financial Executives Institutes World Congress, Interlaken, September 1997. "A World Without Crashes: Financial Planning in Fantasyland," University of California, Davis Conference on The October '87 Stock Crash Ten Years Later, Sacramento, October 1997. "Financial Planning in Fantasyland," Stanford/CEPR Workshop on Line Insurance Taxation, Stanford, CA., Dec. 4, 1997. "Mutual Fund Performance Measurement," Corporate Funds & Private Pensions Summit, San Diego, CA, Feb. 2, 1998 “Mutual Fund Performance Measurement,” University of California at Santa Barbara, February 1998. “Investment Theory and Practice,” University of California at Santa Barbara, February 1998. “Institutional Asset Management in the United States: Theory and Practice,” Rio de Janeiro and Sao Paolo, Brazil, March 1998. "Savings and Investments," Stanford Financial Management Program, July 1998. "401(k) Plans: Decisions, Outcomes and Investments," International Business Forum Defined Contribution/ 401(k) Conference, San Francisco, September 1998. "Performance Measurement and Style Analysis," University Bocconi, Milan, December 1998. "Science and Innovation at the Turn of the Millenium," International Congress for the Bicentennial of Volta, Como, December 1998. "Global Savings and Investments, Computers and Communications," The Power of Innovation International Conference, Milan, December 1998. "Investment Manager Performance Measurement," Callan Investment Institute Nineteenth Annual Conference, San Francisco, February 1999. "Individuals and Institutions: Saving, Investment and Outcomes," Financial Executive's Institute, San Francisco, April 1999. "Online Investment Advice," Forrestor Forum -- Open Finance Battleground: Putting Consumers Front and Center, New York, May 1999. "401-K Opportunities," American Bankers Association Trust Managment Association, Tucson, May 1999. "Individuals and Institutions: Savings, Investment and Outcomes," Western Pension and Benefits Conference, San Francisco, June 1999. "Savings and Investment," Stanford Financial Management Program, July 1999. "Asset Pricing Research: Implications for Investment Management," University of Basel, Basel, Switzerland, September 1999. "Online Investment Advice," Jupiter Financial Services Forum, San Francisco, September 1999. "Online Investment Advice," Stable Value Investment Association National Forum, New York, October 1999. "Financial Strategies for a New Century," TIAA-CREF Teleconference, San Diego, October 1999. "Individuals and Institutions: Saving, Investment and Outcomes," Pension Fund Consultant's Circle, San Francisco, October 1999. "The Use of Quantitative Technology for Fiduciary and Investment Management," Stanford Law School Fiduciary Conference, October 1999. "Individuals and Institutions: Saving, Investment and Outcomes," American Bankers Association Trust, Asset Management and Marketing Conference, New York, February 2000. "Finance and the Internet," Zhejiang University, Hangzhou, China, March 2000. "Style Analysis: Origins and Use," Market Makers Conference, Tokyo, March 2000. "The Transformation of Financial Services," Stanford Graduate School of Business 75th Anniversary Celebration, May 2000. "Internet Valuation," Thomas Weisel Partners Internet Forumn 2.0, Aspen, June 2000. "The Distribution Builder: A Tool for Determining Investor Preferences," The Institute for Quantitative Research in Finance, San Diego, October 2000. "Advice for Retirement Savings and Investment," Society of American Business Editors, Tampa, October 2000. "Retirement Savings and Investment," Forum Risparmio, Milan, Italy, January 2001. "Retirement Savings and Investment," Carlo Cattaneo University, Castellanza, Italy, January 2001. "Risk Budgeting and Asset Allocation," Committee on Investment of Employee Benefit Assets, Palm Beach, Florida, February 2001. "Technology and Financial Services," TED 11 Conference, Monterey, California, February 2001. "Portfolio Selection in the New Economy," The EVA Institute Senior Management Seminar, La Quinta, California, March 2001. "Helping Individuals Make Good Savings and Investment Decisions," 2001 Association for Investment Management and Research Annual Conference, Los Angeles, California, May 2001. "Savings and Investment," Stanford Graduate School of Business Financial Management Program, July 2001. "Budgeting and Monitoring the Risk of Defined Benefit Pension Funds," The Institute for Quantitative Research in Finance, Scottsdale, Arizona, October 2001. "Individual Risk and Return Prefernces: A Preliminary Survey," German Finance Association Annual Meeting, Vienna, Austria, October 2001. "Retirement Savings and Investment," KapitalMarknadsdagen 2001 Conference, Stockholm, Sweden, December 2001. "The Distribution Builder: A Tool for Determining Investor Preferences," Stockholm School of Economics, December 2001. "Implications of Asset Pricing Research for Choosing Corporate Hurdle Rates," Ambrosetti Conference -- Outlook on Finance for Competitive Advantage, Cernobbio, Italy, March 2002. "T-Shares: A New Way for Investors to Share Investment Outcomes," Sacramento Chapter, Association for Investment Management Research, Sacramento, California, March 2002. "Investor Risk-Return Preferences," The University of Toronto, Toronto, Canada, April 2002. "Defined Contribution Issues," Stanford Law School Fiduciary College, April 2002. "Indexed Investing: A Prosaic Way to Beat the Average Investor," Monterey Institute of International Studies President's Forum, Monterey, California, May 2002. "Financial Economics: Past, Present and Future," The University of Washington School of Business, May 2002. "Helping Employees Reach Their Retirement Goals," Vanguard Client Conference, New York, October 7, 2002. "Stocks, Bonds and Liabilities," National Association of State Investment Officers, San Diego, CA, Oct. 21, 2002. "Forecasting Investment Outcomes," Factset User Conference, Atlanta, GA., Nov. 8, 2002. "Sharing Index Outcomes," The 7th Annual Superbowl of Indexing, Phoenix, AZ., Dec. 9, 2002. "Asset Pricing," The San Francisco Society of Security Analysts,", San Francisco, CA, Jan. 23, 2003. "Asset Pricing: New Models," Stanford Institute for Economic Policy Research, Stanford, CA, Feb. 7, 2003. "Semi-Efficient Markets," AXA Rosenberg Investment Advisors Conference, Meadowood, CA., Feb. 20, 2003. "The Digital Economy," FIRANET, Alicante, Spain, March 6, 2003. "Asset Pricing," University of California Foundation Investment Forum, San Francisco, CA., Apr. 25, 2003. "Surplus Risk Budgets," Committee on Investment of Employee Benefit Assets, Teleconference, July 22, 2003. "Asset Pricing Simulation," Stanford University Graduate School of Business Finance Seminar, Stanford, CA., Oct. 8, 2003. "Asset Pricing in a Complex Economy," Investment Management for Institutional Investors Conference, La Jolla, CA, Oct. 8, 2003. "Hedge Funds," California Public Employees Retirement System Absolute Return Conference, San Diego, CA, Nov. 17, 2003. "Asset Pricing and Portfolio Choice," The University of Vienna, Vienna, Austria, Mar. 25, 2004. "Asset Allocation Optimization: Theory and Practice," The University of Vienna, Vienna, Austria, March 26, 2004. "Asset Prices and Portfolio Choice: Equilibrium," The Princeton Lectures in Finance, Princeton University, Princeton, N.J., May 10, 2004. "Asset Prices and Portfolio Choice: Diversity," The Princeton Lectures in Finance, Princeton University, Princeton, N.J., May 11, 2004. "Asset Prices and Portfolio Choice: Protection," The Princeton Lectures in Finance, Princeton University, Princeton, N.J., May 12, 2004. "Asset Allocation Optimization: Theory and Practice," The University of Alicante, Alicante, Spain, June 9, 2004. "Saving, Investment and Spending," Google Investment Forum, Mountain View, CA., June 30, 2004. "Asset Prices and Portfolio Choice," Lindau Nobel Economics Forum, Lindau, Germany, Sept. 2, 2004. "Asset/Liability Management," EnnisKnupp Client Conference, Chicago, Ill., Oct. 7, 2004. "Asset/Liability Management," The Institute for Quantitative Research in Finance, La Quinta, CA., Oct. 18, 2004. "Prudent Investment in an Efficient Market: Lessons from Financial Economics." Cornerstone Client Conference, Kona, Hawaii, Nov. 6, 2004. "Remarks on Financial Innovation," Chicago Mercantile Exchange Fred Arditti Award Dinner, Jan. 18, 2005. "Expanding the Frontiers of Science," Nobels for Tsunami Relief, Stanford University, Stanford, CA., March 1, 2005. "Asset Pricing and Portfolio Choice," Shanghai Party Youth Organization, Shanghai, China, Mar. 24, 2005. "Retirement Economics," Pensions & Investments Defined Contribution 401(k) Conference, San Francisco, CA, October 10, 2005. "The Sharpe Ratio: Its' Proper Use, Misuse and Thoughts about its' Usefulness Going Forward," The Superbowl of Indexing, Scottsdale, Az, December, 2005 "Asset Prices and Portfolio Choice," Tsinghua-Stanford Exchange Program, Stanford University, Stanford, CA, January 24, 2006 "Financial Engineering," Commencement Address, Master's iin Financial Engineering, University of California, Berkeley, March 17, 2006 "Equilibrium Simulation," Journal of Investment Management Conference, San Francisco, CA, March 27, 2006 "Equilibrium Simulation," Gary P. Brinson Distinguished Lecture, Washington State University, Pullman, WA April 21, 2006 "Equilibrium Simulation," Asian Finance Association / FMA Annual Meeting, Auckland, New Zealand, July 10, 2006 "Financing Retirement: Saving, Investment, Spending and Insuring." Middlebury College, Vermont, October 6, 2006 "Equilibrium Simulation," The Institute for Quantitative Finance, Santa Barbara, CA, October 16, 2006 "Equilibrium Simulation," Sacramento CFA Society, Sacramento, Cal. Dec. 7, 2006 "Investment Theory and Practice," Institute for Private Investors Winter Forum, San Francisco, CA, Jan. 24, 2007 "Expected Utility Asset Allocation," UC Foundation Investment Forum, Berkeley, CA, March 22, 2007 "Expected Utility Asset Allocation," GAIM High New Worth Summit, Monaco, June 21, 2007 "Personal Wealth Management," NBA Players Association Business Opportunies Program, Stanford University, August 7, 2007 "Portfolio Optimization," Naval Postgraduate School, Monetery, CA, August 27, 28, 2007 "The Evolution of Indexing," Charles Schwab Impact Converence, Las Vegas, NV, Oct. 30, 2007 "Retirement Lockboxes," CFA Society of San Francisco, San Francisco, CA, Jan. 31, 2008 "Expected Utility Asset Allocation," Institutional Money Congress 2008, Frankfurt, Germany, Feb. 18, 2008 "Personal Wealth Management," NFL Business Management and Entrepreneurial Program, Stanford University, March 3, 2008 "The Economics of Retirement Income," Investment Management Consultants Association Spring Conference, New Orleans, LA, May 18, 2008 "Retirement Lockboxes," London Business School, July 2, 2008 "Post-retirement Economics," CFA Financial Analysts' Seminar, St. Charles, Ill., July 21, 2008 "Investment Risks and Returns," 2008 Stanford/IPI Wealth Management Program, Stanford, CA. August 12, 2008 "Portfolio Optimization," Naval Postgraduate School, Monterey, CA Sept. 9, 2008 "Derivatives," Sung Hung Kai Properties, Hong Kong, Nov. 28, 2009 "Financing Retirement: Collective and Individual Approaches," The Sung Hung Kai Properties, Chinese University of Hong Kong Nobel Laureates Distinguished Lecture, Hong Kong, Nov. 29, 2008 "The Global Financial Crisis (Interview)", Newsline, Asian Television (ATV), Hong Kong, Dec. 3, 2008 "Global Security and the Global Financial System: The Challenges Ahead (Roundtable)," American Economics Association, San Francisco, CA , Jan. 4, 2009 "Wealth Management," NFL Business Management & Entrepreneurship Program, Stanford Graduate School of Business, March 2, 2009 "Financing Retirement in Turbulent Times," York School Think Forward Forum Series, Monterey, CA, March 26, 2009 "Financing Retirement, Collective and Individual Approaches," The Institute of Pension Funds for Journalists, Rome, Italy, June 22, 2009 "Derivatives in Financial Markets," Conference on Financial Markets: The End of the Crisis or Endless Crisis? Bergamo, Italy, June 24, 2009 "Expected Utility and Post-Retirement Investment and Spending Strategies," I.S.E.O Summar School, Iseo, Italy, June 25, 2009 "Portfolio Optimization," Naval Postgraduate School, Monterey, CA Sept. 9, 2009 "Stanford Pioneers in Science: William F. Sharpe" (interview and discussion), Stanford, Ca., October 7, 2009 "How to Help Your Clients Choose a Post-Retirement Financial Strategy," National Association of Personal Financial Advisors 2010 Practice Management and Investments Conference, San Diego, Sept. 22, 2010 "Adaptive Asset Allocation Policies," World Investment Forum, Napa, California, May 17, 2011 "Post-Retirement Economics," Conference on the Future of Life-Cycle Saving & Investment," Boston University, May 24, 2011 "Post-Retirement Financial Strategies," European Financial Management Association, Braga, Portugal, June 24, 2011 "Post-Retirement Investment Strategies," FTSE World Investment Forum, Napa, California, May 2013 "Financing Retirement in Ageing Societies," I.S.E.O
Summer School, June, 2013 “Retirement Income Financial Products and Services,” Institute for Quantitative Research in Finance, Scottsdale, Arizona, October 2016 “Retirement Income Scenario Matrices,” FTSE World Investment Forum, Sea Island, Georgia, June 2017 “Financing Retirement: Social Security, Public Pensiona and Defined Contribution Plans,” Rice University Initiative for the Study of Economics, Houston, Texas, May 2018 “Retirement Income Analysis,” Iseo Summer School, Iseo Italy, June 2019 “The U.S. Social Security System,” University of Brescia, Brescia Italy, June 2019
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