Sanford J. Grossman

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Sanford Jay Grossman , also called Sandy Grossman (born July 21, 1953 in Brooklyn , New York City ), is an American economist and financial advisor.

Live and act

Grossman was born to Sloane and Florence Grossman and studied economics at the University of Chicago , where he received his Bachelor of Arts in 1973 and his Master of Arts in 1974 . In 1975 he was awarded a Ph.D. PhD . From 1975 to 1977 he was a lecturer at Stanford University before moving to the University of Pennsylvania , where he was a lecturer from 1978 to 1979 and a professor from 1979 to 1981. In 1981 he received a research grant from the Alfred P. Sloan Foundation ( Sloan Research Fellowship ). From 1981 to 1985 he was a professor at the University of Chicago, 1985 to 1989 at Princeton University and 1989 to 1999 at the Wharton School of the University of Pennsylvania. Then he ended his academic career and took care of his company Quantitative Financial Strategies , founded in 1988 , whose fortunes he directs as Chief Executive Officer .

Grossman worked in the fields of financial economics, particularly capital markets , property rights, risk management , liquidity , transaction costs and hedging . He also contributed to the theory of rational expectations and corporate takeovers .

He is married to Naava Binder Grossman and has two children. His hobbies are skiing , wine and good food.

Awards

  • 1975 Irving Fisher Graduate Monograph Award
  • 1987 John Bates Clark Medal ( American Economic Association )
  • 1988 Graham and Dodd Scroll Award for Best Article (Financial Analysts Journal) for Program Trading and Market Volatility: A Report on Interday Relationships.
  • 1988 Roger F. Murray Prize (Q Group) for An Analysis of the Implications for Stock and Future Price Volatility of Program Trading and Dynamic Hedging Strategies.
  • 1993 Best Paper Award (Mathematical Finance) for the article Optimal Investment Strategies for Controlling Drawdowns.
  • 1996 Leo Melamed Prize (University of Chicago Graduate School of Business)
  • 2002 Professional Achievement Citation (University of Chicago)
  • 2009 CME Group-MSRI Prize in Innovative Quantitative Applications

Memberships

Works

book
  • The Informational Role of Prices. MIT Press, Cambridge, Mass. [u. a.] 1989, ISBN 0-262-07121-5
Article (selection)
  • On the Efficiency of Competitive Stock Markets where Traders Have Diverse Information. In: Journal of Finance. Volume 31, No. 2, 1976, pp. 573-584.
  • with Joseph E. Stiglitz : Information and Competitive Price Systems. In: American Economic Review. Volume 66, No. 2, May 1976, pp. 246-253.
  • The Existence of Futures Markets, Noisy Rational Expectations and Informational Externalities. In: Review of Economic Studies. Volume 44, No. 3, October 1977, pp. 431-449.
  • Further results on the informational efficiency of competitive stock markets. In: Journal of Economic Theory. Volume 18, June 1978, pp. 81-101.
  • with Oliver Hart : Take-Over Bids, the Managerial Theory of the Firm and the Free Rider Problem. In: David A. Currie and W. Peters (Eds.): Contemporary Economic Analysis. Volume 2, Croom Helm, London 1980, ISBN 0-85664-803-5
  • with Oliver Hart: Disclosure Laws and Take-Over Bids. In: Journal of Finance. Volume 35, No. 2, May 1980, pp. 323-334
  • with Oliver Hart: Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation. In: Bell Journal of Economics. Volume 11, No. 1, 1980, pp. 42-64.
  • with Joseph E. Stiglitz: On the Impossibility of Informationally Efficient Markets. In: American Economic Review. Volume 70, No. 3, June 1980, pp. 393-408.
  • with Oliver Hart: Implicit Contracts, Moral Hazard, and Unemployment. In: American Economic Review. Volume 71, No. 2, May 1981, pp. 301-307.
  • with Robert J. Shiller : The Determinants of the Variability of Stock Market Prices. In: American Economic Review. Volume 71, No. 2, May 1981, pp. 222-227.
  • with Oliver Hart: The Allocational Role of Takeover Bids in Situations of Asymmetric Information. In: Journal of Finance. Volume 36, 1981, pp. 253-270
  • with Oliver Hart: Corporate Financial Structure and Managerial Incentives. In: John McCall (Ed.): The Economics of Information and Uncertainty. UCP, 1982
  • with Robert J. Shiller: Consumption correlatedness and risk measurement in economies with non-traded assets and heterogeneous information. In: Journal of Financial Economics. Volume 10, July 1982, pp. 195-210.
  • with Laurence Weiss: Heterogeneous Information and the Theory of the Business Cycle. In: Journal of Political Economy. Volume 90, No. 4, August 1982, pp. 699-727.
  • with Oliver Hart: An Analysis of the Principal-Agent Problem. In: Econometrica. Volume 51, No. 1, January 1983, pp. 7-45.
  • with Oliver Hart: Implicit Contracts under Asymmetric Information. In: The Quarterly Journal of Economics. Volume 98, No. 3, 1983, pp. 123-156.
  • with Laurence Weiss: A Transactions-Based Model of the Monetary Transmission Mechanism. In: American Economic Review. Volume 73, No. 5, December 1983, pp. 871-880.
  • with Oliver Hart and Eric S. Maskin : Unemployment with Observable Aggregate Shocks. In: Journal of Political Economy. Volume 91, No. 6, December 1983, pp. 907-928.
  • with Oliver Hart: The Costs and Benefits of Ownership. A Theory of Vertical and Lateral Integration. In: Journal of Political Economy. Volume 94, No. 4, August 1986, pp. 691-719.
  • An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies. In: Journal of Business. Volume 61, No. 3, July 1988, pp. 275-298.
  • Dynamic Asset Allocation and the Informational Efficiency of Markets. In: Journal of Finance. Volume 50, No. 3, 1995, pp. 773-787

literature

  • Who's Who in America 2008. 62nd Edition, Volume 1, Marquis Who's Who LLC, New Providence 2007, ISSN  0083-9396 , ISBN 978-0-8379-7011-0 (Complete Works ), ISBN 978-0-8379-7007- 3 (Volume 1), p. 1852
  • Mark Blaug and Howard R. Vane (Eds.): Who's who in economics . 4th edition, Elgar, Cheltenham and Northampton 2003, ISBN 1-84064-992-5 , pp. 327-328
  • David M. Kreps : In Honor of Sandy Grossman, Winner of the John Bates Clark Medal. In: Journal of Economic Perspectives. Volume 2, No. 2, 1988, pp. 111-135 (with picture, jstor )

Web links

Individual evidence

  1. ^ Past Fellows. Alfred P. Sloan Foundation, accessed July 12, 2019 .
personal data
SURNAME Grossman, Sanford J.
ALTERNATIVE NAMES Grossman, Sanford Jay (full name); Grossman, Sandy
BRIEF DESCRIPTION American economist and financial advisor
DATE OF BIRTH July 21, 1953
PLACE OF BIRTH Brooklyn , New York City