Ivo Welch, March 13, 2010.

Cross-Placements

This documents tabulates cross-placements among research schools in finance that have produced the largest number of students. (The placement is not first rookie placement, but current placement.) The data source was the Ohio State University Worldwide Directory of Finance Faculty. The data is not refined---there are some adjunct, lecturers, visitors, etc. I corrected some, but not all, mistakes to focus on permanent appointees. (Some of the summary numbers in the text may be off if a correction has been made.) Please email me mistakes that I have committed (e.g., classifying adjuncts as faculty here).

Although there is correlation with finance research department quality, none of the measures here are very good. There is only PhD production, placement, and constitution. Thus, the tables here may well exclude a number of top schools.

In addition, I will loosely refer to Chicago, MIT, Harvard, and Stanford as the top-4 schools here. This is because they have produced more than twice the number of graduates as the next programs (Penn and UCLA). I will refer to Chicago, MIT, Harvard, Stanford, Penn, UCLA, Columbia, Yale, Berkeley and Princeton as the top-10 schools. These pseudo-ranks are of course wildly misleading. If any of this language upsets you, please consider that neither the author nor the author's own school show up in the top-20 list.

The table is best thought of as overall average measure of the quality of PhD programs, the quality of PhD graduates, and the quality of long-term placement. It may help students decide among different programs. (The tables also give a partial picture of professional networks; however a better measure would include overlapping collegue-ships.)

The last table is most relevant for PhD students today. The other tables are more interesting from a historical perspective. In brief, my own ranking of PhD programs, if I were admitted today and had ambitions to become a researcher in a top school myself, would be (not necessarily in this order) Chicago, Harvard, MIT, Princeton, and Stanford, followed by UCLA and Berkeley.

The first table contains all professors, all years, and extends to more than the top-10 schools. Subsequent tables break this out into three "eras" (pre 1985, 1985-1994, 1995-2004) for the "top-10" schools. Corporate finance researchers are in blue background, asset pricing researchers in yellow, but not all are classified. The year is the year of graduation.


All Years

Now At
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U Uo Rochester Uo Michigan Northwestern U New York U Carnegie Mellon U Uo Illinois Cornell U Ohio State U Indiana U Uo North Carolina Uo Washington Uo Florida
Uo Chicago:
65/147=0.44
1974:Harris
1997:Culp
1998:Garicano
1964:Fama
1989:Heaton
1986:Lucas
2000:Schoar
2005:Verdelhan
1998:Cohen
1999:Stafford
2003:Malloy
2005:Becker
2005:Benmelech
1968:Blume
1977:Linneman
1981:Stambaugh
1983:Keim
1984:Gyourko
1985:Lewis
1985:MacKinlay
1994:Yaron
1995:Musto
1999:Bond
1982:Gibbons
1972:Jaffe
2008:Roussanov
1968:Roll
1989:Chowdhry
1976:Hodrick
2000:Johannes
2001:Jiang
1996:Santos
1974:Ibbotson
1981:Marsh
1975:Schwert
1976:Warner
1978:Jarrell
1985:Kaul
1996:Shumway
1997:Thompson
2000:Eisfeldt
1983:Korajczyk
1986:Fishman
2008:Melzer
1976:Brown
1977:Levich
1994:Lynch
2008:Agrawal
1988:Seppi
1986:France
1999:Poteshman
2000:Almeida
1954:Smidt
1973:McCulloch
1988:Ogaki
1991:Persons
1994:Minton
2002:Hou
2008:Ben-David
1986:Conrad
1969:Schall
1993:Dewenter
2000:Duarte
1981:Ritter
1988:Ryngaert
Uo Chicago
MIT:
66/112=0.59
1985:Vishny
1990:Rajan
1992:Zingales
2001:Mian
1989:Kashyap
1969:Hamada
2005:Panageas
2004:Rosu
2005:Sufi
1997:Rigobon
1989:Kogan
1998:Forbes
1970:Merton
1978:Frankel
1986:Scharfstein
1986:Shleifer
1986:Stein
2002:Bergstresser
2001:Jin
2005:Cole
1991:Zwiebel
1997:Henry
1971:Siegel
1972:Marston
1978:Abel
1995:Souleles
2007:Edmans
2006:Gormley
1970:Brennan
1976:Mishkin
1978:Greenwald
1984:Zeldes
1993:Mayer
2005:Rappoport
1967:Stiglitz
1976:Ingersoll
1993:Chevalier
1968:Pyle
1987:Lyons
1993:Ait-Sahalia
1997:Hong
2002:Karlan
2000:Yuan
1990:Petersen
1991:Eberly
1998:Krishnamurthy
1982:McDonald
1998:Vissing-Jorgensen
1996:Parker
2004:Rauh
2007:Kondo
2006:Matsa
2007:Papanikolaou
1974:Subrahmanyam
1976:Figlewski
1988:Marciano
2003:Petajisto
2003:Philippon
1984:Pennacchi
1990:Pearson
1999:Brown
1979:Jarrow
1980:Stulz
1987:Weisbach
2006:Erel
2009:Bao
MIT
Harvard U:
61/120=0.51
1988:Kaplan
1997:Veronesi
1998:Bertrand
1990:Kroszner
2009:Hassan
2007:Matvos
1969:Ross
1984:Lo
2006:Frydman
1969:Light
1970:Fruhan
1970:Piper
1972:Moore
1977:Baldwin
1981:Kester
1989:Tufano
1992:Lerner
1993:Gompers
1993:Esty
1998:Desai
1998:Viceira
2000:Baker
2002:Greenwood
2002:Foley
1986:Luehrman
1984:El-Hage
2006:Xuan
1972:Spence
1992:Grenadier
2002:Jenter
2001:Perez-Gonzalez
2005:Ishii
2008:Martin
2001:Wolfers
1971:Inman
2000:Wachter
2006:Savor
2004:Yogo
2003:Tate
1964:Edwards
1968:Adler
1983:Hubbard
1998:Fisman
1975:Noam
2004:Rockoff
1968:Leland
2002:Malmendier
1990:Bhattacharyya
1986:Hines
1985:Rogers
1996:Pulvino
1998:Sapienza
1966:Smith
1994:Yermack
1999:Wurgler
1951:Kavesh
1999:Gabaix
1977:Froewiss
2008:Schnabl
1996:Branstetter
1981:Kahn
Harvard U
Stanford U:
47/103=0.46
2000:Pan
2006:Manso
2007:Joslin
1979:Perold
2001:Steen
1967:McDonald
1967:Parker
1984:Duffie
1989:DeMarzo
2000:Piazzesi
1986:Bagwell
1970:Joss
1978:Ramaswamy
1975:Cornell
1994:Bernardo
1998:Garmaise
2001:Thomadsen
2004:Weill
1985:Calomiris
1988:Hodrick
1999:Ang
1983:Broadie
2002:Wang
2005:Sorensen
1992:Stanton
1995:Cantillo-Simon
1986:Barclay
2005:Yang
1995:Rajan
1992:Skiadas
2003:Hochberg
2006:Kuhnen
2007:Banerjee
2009:Green
1989:Richardson
1993:Whitelaw
2001:Pedersen
2003:Nieuwerburgh
2003:Berndt
1996:Huang
1990:Smart
1972:Pringle
1997:Dai
1968:Haley
1977:Siegel
1991:Koski
1969:Higgins
Stanford U
Uo Pennsylvania:
20/71=0.28
1999:Pastor
1975:Cox
1990:Wang
1976:Gultekin
1986:Diebold
1972:Cummins
1981:Torous
1976:Selden
1982:Lichtenberg
1999:Jean-Baptiste
1987:Siconolfi
2002:Vega
2002:Zhang
1995:Carpenter
1981:Hasbrouck
1979:Spatt
2005:Fahlenbrach
1999:Goldman
1987:Fulghieri
2001:Reed
Uo Pennsylvania
UCLA:
17/67=0.25
1998:Moskowitz
2006:Linnainmaa
1996:Coval
2001:Villalonga
1961:Sharpe
1990:Subrahmanyam
1966:Hakansson
1971:Rubinstein
2007:Ahern
1967:Altman
1985:Damodaran
1986:Bailey
1994:Swaminathan
1990:Holden
1966:Frost
1978:Rice
1982:Karpoff
UCLA
Columbia U:
13/45=0.29
1965:Reiling
1999:Wulf
1968:Arzac
1974:Bartel
1987:Sicherman
1956:Jacobs
1978:Stowell
1982:Christiano
1966:Gruber
2000:Ng
1990:Bhattacharya
1986:Kamara
2006:Siegel
Columbia U
Yale U:
14/39=0.36
1980:Diamond
1984:Campbell
1982:Pfleiderer
1983:Admati
1990:Berk
1982:Grinblatt
1980:Huberman
1990:Chen
1991:Goetzmann
2005:Walden
1997:Li
1992:Andersen
1981:Backus
1978:Flannery
Yale U
Berkeley:
14/60=0.23
1986:Cochrane
2003:Novy-Marx
1986:Froot
1994:Cuoco
2001:Roberts
1977:Geske
1981:Gabriel
1981:Riordan
1997:Odean
1985:Hagerty
1981:Economides
2003:Hackbarth
2007:Liu
2008:Gilbert
Berkeley
Princeton U:
15/40=0.38
1996:Oyer
1973:Herring
1998:Yilmaz
2007:Sigurdsson
2006:Martos-Vila
2000:Boivin
2001:Giannoni
2004:Yu
1987:Spiegel
1994:Lettau
2001:Hennessy
2004:Bayraktar
2002:Ayotte
1966:Silber
1996:Ludvigson
Princeton U
Uo Rochester:
16/46=0.35
1974:Thaler
1980:Ruback
1988:Gilson
1997:Gomes
1991:Rouwenhorst
1983:Gorton
1984:Seyhun
1989:Rebelo
2000:Coen-Pirani
1984:Chan
1988:Wruck
1990:Werner
1974:Hadjimichalakis
1982:Malatesta
2002:Young
1998:Harford
Uo Rochester
Uo Michigan:
14/56=0.25
2007:Morse
2007:Seru
1994:Jones
1990:Chopra
1984:Thomas
1974:Giddy
2004:Kacperczyk
1974:Finnerty
1975:Lynge
1988:Seth
1955:Bierman
2008:Stoffman
1978:James
1980:Nimalendran
Uo Michigan
Northwestern U:
13/49=0.27
1964:Horne
2000:Kremer
1974:Postlewaite
1980:Glosten
1992:Bekaert
2005:Ravina
1980:Wilcox
1983:Narayanan
1974:Raviv
1979:Easley
1979:O'Hara
1980:Ravenscraft
1985:Ghysels
Northwestern U
New York U:
13/66=0.20
2006:Ivashina
2002:Cremers
2007:Knyazeva
2003:Bharath
2003:Pasquariello
2002:Sunder
1966:Walter
1975:Amihud
2002:Zhang
1984:Gultekin
1996:Gao
1997:Ahn
1972:Livingston
New York U
Carnegie Mellon U:
12/42=0.29
1965:Crane
1980:Sundaresan
1976:Donaldson
1974:Sunder
1971:Long
1983:Jagannathan
1967:Keenan
1971:Elton
1992:Hollifield
1986:Bernhardt
1969:Hass
1969:Hess
Carnegie Mellon U
Uo Illinois:
10/52=0.19
1992:Dyer
1982:Darcy
2000:Campello
1994:Beard
1990:Ikenberry
1969:McDonald
1971:Rushing
1982:Sinow
1979:Waspi
1997:Karceski
Uo Illinois
Cornell U:
8/44=0.18
2003:Tookes
2005:Purnanandam
1965:Breen
1969:Engle
1974:Brenner
1988:Sundaram
1976:Lakonishok
2000:Saar
Cornell U
Ohio State U:
8/69=0.12
1965:Brophy
1982:Park
1980:Fisher
1991:Shivdasani
1972:Bradford
1971:Radcliffe
1984:Ling
2000:Gutter
Ohio State U
Indiana U:
8/50=0.16
1966:Linke
1966:Gentry
2001:Daouk
1983:Udell
1992:Shockley
1989:Larsen
1980:Tapley
1984:Archer
Indiana U
Uo North Carolina:
6/43=0.14
1975:SmithJr.
1999:Dittmar
2000:Dittmar
1999:Perry
1976:Rendleman
1985:Hartzell
Uo North Carolina
Uo Washington:
4/39=0.10
1975:Hite
1969:Dufey
1980:Kang
1999:Maloy
Uo Washington
Uo Florida:
2/42=0.05
1978:Babbel
1979:John
Uo Florida
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U Uo Rochester Uo Michigan Northwestern U New York U Carnegie Mellon U Uo Illinois Cornell U Ohio State U Indiana U Uo North Carolina Uo Washington Uo Florida

Total Grads in Table: 446 (CF=169, AP=137)

Some observations:
  • Chicago, MIT, Harvard, and Stanford each produced more than twice as many students as the next schools (Penn, UCLA).
  • Chicago faculty today consists of a modest cluster of Chicago grads in asset pricing; and only Harvard and MIT graduates in corporate finance (with one exception, Milton Harris).
  • MIT faculty today is asset-pricing heavy, with graduates from many universities.
  • Harvard before 1995 consisted almost exclusively of Harvard and MIT grads (exception: Perold). After 1998, this changed, with a small Chicago cluster developing.
  • Stanford faculty today consists of two main clusters (Harvard grads and Stanford grads), plus one minor cluster (Yale grads).
  • Wharton faculty today still has a cluster of Chicago grads, but it is widely spread.
  • Urbana-Champaign employs a cluster of its own graduates.
  • Princeton faculty has three MIT grads, and one Yale grad.
  • Illinois, Cornell, OSU, Indiana, UNC, Washington, and Florida have not placed in the top-10 schools (exception: Tookes). Carnegie has not placed into this group since 1980. NYU has only two students in the top-10 group.
  • In corporate finance, Chicago produced 7 researchers for the top-10 schools: Harris (1974), Chowdhry (1989), Musto (1995), Bond (1999), Stafford (1999), Schoar (2000), Becker (2005), and Benmelech (2005). MIT produced 17, Harvard produced 23 (although many self-placed).
  • In terms of bias towards top-tier schools: MIT placed 59%; Harvard placed 51%; Stanford placed 47%; Chicago placed 44%. Yale, and Princeton placed 39%. (NOTE: This is not relative to student intake, but relative to the number of remaining academic faculty in the data base.)

Cohorts by Year:

1951: 2 1 Kavesh
1954: 2 1 Smidt
1955: 2 1 Bierman
1956: 3 1 Jacobs
1961: 4 1 Sharpe
1964: 5 3 Fama:Edwards:Horne
1965: 10 4 Brophy:Breen:Crane:Reiling
1966: 14 8 Walter:Frost:Gruber:Hakansson:Silber:Gentry:Linke:Smith
1967: 14 5 Stiglitz:McDonald:Keenan:Parker:Altman
1968: 13 7 Adler:Blume:Leland:Roll:Arzac:Pyle:Haley
1969: 25 10 Engle:Dufey:Hamada:McDonald:Higgins:Ross:Light:Schall:Hess:Hass
1970: 15 5 Brennan:Merton:Fruhan:Piper:Joss
1971: 16 7 Inman:Rushing:Long:Rubinstein:Siegel:Radcliffe:Elton
1972: 28 8 Livingston:Cummins:Jaffe:Marston:Spence:Bradford:Moore:Pringle
1973: 21 2 McCulloch:Herring
1974: 30 12 Postlewaite:Giddy:Bartel:Thaler:Brenner:Ibbotson:Subrahmanyam:Harris:Raviv:Finnerty:Hadjimichalakis:Sunder
1975: 25 8 Noam:Cornell:Cox:Schwert:Amihud:Hite:SmithJr.:Lynge
1976: 32 11 Gultekin:Hodrick:Donaldson:Brown:Figlewski:Ingersoll:Lakonishok:Rendleman:Selden:Warner:Mishkin
1977: 26 6 Levich:Linneman:Siegel:Geske:Froewiss:Baldwin
1978: 36 10 Stowell:Frankel:Babbel:Abel:Greenwald:Ramaswamy:Flannery:James:Jarrell:Rice
1979: 30 7 Easley:O'Hara:Waspi:Jarrow:Spatt:Perold:John
1980: 32 12 Kang:Glosten:Nimalendran:Fisher:Huberman:Sundaresan:Diamond:Ravenscraft:Ruback:Stulz:Tapley:Wilcox
1981: 35 11 Hasbrouck:Economides:Riordan:Gabriel:Backus:Stambaugh:Torous:Marsh:Kahn:Ritter:Kester
1982: 37 11 Darcy:Sinow:Christiano:Pfleiderer:Gibbons:Grinblatt:Park:McDonald:Karpoff:Lichtenberg:Malatesta
1983: 39 9 Admati:Broadie:Korajczyk:Jagannathan:Keim:Gorton:Hubbard:Narayanan:Udell
1984: 35 13 Thomas:Ling:Zeldes:Archer:Gyourko:Campbell:Chan:Duffie:Lo:Gultekin:El-Hage:Pennacchi:Seyhun
1985: 27 10 Ghysels:Hagerty:Hartzell:Lewis:Rogers:Kaul:MacKinlay:Calomiris:Vishny:Damodaran
1986: 43 17 Hines:Bagwell:Bernhardt:Bailey:Froot:Shleifer:Cochrane:Conrad:Diebold:Kamara:Lucas:France:Fishman:Luehrman:Barclay:Scharfstein:Stein
1987: 38 6 Spiegel:Lyons:Sicherman:Siconolfi:Fulghieri:Weisbach
1988: 31 10 Ogaki:Seppi:Sundaram:Seth:Gilson:Hodrick:Kaplan:Wruck:Marciano:Ryngaert
1989: 30 9 Rebelo:Richardson:Kogan:Heaton:Larsen:Chowdhry:DeMarzo:Tufano:Kashyap
1990: 50 15 Subrahmanyam:Werner:Holden:Chen:Berk:Pearson:Wang:Bhattacharya:Petersen:Rajan:Bhattacharyya:Smart:Kroszner:Chopra:Ikenberry
1991: 35 7 Goetzmann:Shivdasani:Koski:Rouwenhorst:Eberly:Zwiebel:Persons
1992: 35 10 Andersen:Bekaert:Grenadier:Hollifield:Skiadas:Stanton:Zingales:Dyer:Lerner:Shockley
1993: 39 7 Dewenter:Mayer:Ait-Sahalia:Whitelaw:Gompers:Esty:Chevalier
1994: 34 10 Jones:Beard:Bernardo:Cuoco:Lynch:Swaminathan:Yaron:Lettau:Minton:Yermack
1995: 30 5 Rajan:Souleles:Cantillo-Simon:Carpenter:Musto
1996: 41 10 Coval:Oyer:Ludvigson:Parker:Branstetter:Gao:Huang:Santos:Pulvino:Shumway
1997: 39 12 Odean:Rigobon:Hong:Ahn:Culp:Dai:Karceski:Li:Veronesi:Thompson:Gomes:Henry
1998: 44 14 Cohen:Vissing-Jorgensen:Forbes:Harford:Fisman:Moskowitz:Viceira:Garicano:Bertrand:Desai:Garmaise:Krishnamurthy:Sapienza:Yilmaz
1999: 51 14 Pastor:Brown:Maloy:Dittmar:Ang:Poteshman:Gabaix:Bond:Goldman:Jean-Baptiste:Stafford:Wurgler:Wulf:Perry
2000: 51 18 Saar:Kremer:Eisfeldt:Gutter:Boivin:Ng:Coen-Pirani:Yuan:Pan:Johannes:Piazzesi:Duarte:Wachter:Dittmar:Campello:Almeida:Baker:Schoar
2001: 33 14 Daouk:Wolfers:Hennessy:Jiang:Steen:Giannoni:Thomadsen:Reed:Pedersen:Jin:Mian:Villalonga:Roberts:Perez-Gonzalez
2002: 42 15 Jenter:Malmendier:Karlan:Wang:Vega:Foley:Hou:Zhang:Zhang:Cremers:Greenwood:Young:Bergstresser:Sunder:Ayotte
2003: 40 12 Malloy:Pasquariello:Tookes:Berndt:Petajisto:Novy-Marx:Hackbarth:Hochberg:Tate:Bharath:Philippon:Nieuwerburgh
2004: 34 8 Rosu:Rockoff:Yu:Bayraktar:Kacperczyk:Weill:Yogo:Rauh
2005: 28 14 Purnanandam:Sorensen:Rappoport:Ravina:Panageas:Walden:Verdelhan:Becker:Fahlenbrach:Benmelech:Sufi:Cole:Ishii:Yang
2006: 25 12 Manso:Siegel:Gormley:Linnainmaa:Martos-Vila:Kuhnen:Savor:Erel:Matsa:Ivashina:Xuan:Frydman
2007: 18 12 Knyazeva:Liu:Banerjee:Morse:Papanikolaou:Joslin:Edmans:Ahern:Sigurdsson:Kondo:Matvos:Seru
2008: 14 8 Gilbert:Stoffman:Roussanov:Martin:Ben-David:Agrawal:Schnabl:Melzer
2009: 4 3 Green:Hassan:Bao

This and all subsequent tables end with Princeton. The reason is that subsequent schools have few enough students placed in this set that one can get an overview from the "all years" table.


Years: 1900 to 1984

Now At
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U
Uo Chicago:
13/55=0.24
1974:Harris
1964:Fama
1968:Blume
1977:Linneman
1981:Stambaugh
1983:Keim
1984:Gyourko
1982:Gibbons
1972:Jaffe
1968:Roll
1976:Hodrick
1974:Ibbotson
1981:Marsh
Uo Chicago
MIT:
13/34=0.38
1969:Hamada
1970:Merton
1978:Frankel
1971:Siegel
1972:Marston
1978:Abel
1970:Brennan
1976:Mishkin
1978:Greenwald
1984:Zeldes
1967:Stiglitz
1976:Ingersoll
1968:Pyle
MIT
Harvard U:
16/44=0.36
1969:Ross
1984:Lo
1969:Light
1970:Fruhan
1970:Piper
1972:Moore
1977:Baldwin
1981:Kester
1984:El-Hage
1972:Spence
1971:Inman
1964:Edwards
1968:Adler
1983:Hubbard
1975:Noam
1968:Leland
Harvard U
Stanford U:
8/38=0.21
1979:Perold
1967:McDonald
1967:Parker
1984:Duffie
1970:Joss
1978:Ramaswamy
1975:Cornell
1983:Broadie
Stanford U
Uo Pennsylvania:
6/21=0.29
1975:Cox
1976:Gultekin
1972:Cummins
1981:Torous
1976:Selden
1982:Lichtenberg
Uo Pennsylvania
UCLA:
3/22=0.14
1961:Sharpe
1966:Hakansson
1971:Rubinstein
UCLA
Columbia U:
3/18=0.17
1965:Reiling
1968:Arzac
1974:Bartel
Columbia U
Yale U:
6/17=0.35
1980:Diamond
1984:Campbell
1982:Pfleiderer
1983:Admati
1982:Grinblatt
1980:Huberman
Yale U
Berkeley:
3/22=0.14
1977:Geske
1981:Gabriel
1981:Riordan
Berkeley
Princeton U:
1/7=0.14
1973:Herring
Princeton U
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U

Total Grads in Table: 72 (CF=20, AP=35)

Before 1984,

  • Chicago produced the largest number of faculty, followed by MIT and Harvard. Basically, these three schools populated the top-10 schools roughly equally. Stanford, Penn, and Yale had smaller programs, but contributed.
  • Wharton absorbed almost half the Chicago grads, and they were almost all in asset pricing. Many of the remaining older (pre-1985) Wharton faculty today are Chicago grads. The only remaining researchers in the corporate finance set are Harris, and from 10-20, Warner, Jarrell, and Ritter.
  • MIT placed its graduates into many universities, with a cluster at Columbia today. It placed only one faculty at Chicago, and only two at MIT.
  • Harvard placed most of its grads into Columbia and into itself.
  • Cambridge schools had higher top-school placement success rates than Chicago.

In corporate finance, the most prominent active researchers in terms of impact from this era were Douglas Diamond (Yale), Hayne Leland (well, Harvard), and Milton Harris (Chicago). There was no Cambridge tilt.


Years: 1985 to 1994

Now At
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U
Uo Chicago:
6/46=0.13
1989:Heaton
1986:Lucas
1985:Lewis
1985:MacKinlay
1994:Yaron
1989:Chowdhry
Uo Chicago
MIT:
13/32=0.41
1985:Vishny
1990:Rajan
1992:Zingales
1989:Kashyap
1989:Kogan
1986:Scharfstein
1986:Shleifer
1986:Stein
1991:Zwiebel
1993:Mayer
1993:Chevalier
1987:Lyons
1993:Ait-Sahalia
MIT
Harvard U:
8/31=0.26
1988:Kaplan
1990:Kroszner
1989:Tufano
1992:Lerner
1993:Gompers
1993:Esty
1986:Luehrman
1992:Grenadier
Harvard U
Stanford U:
6/30=0.20
1989:DeMarzo
1986:Bagwell
1994:Bernardo
1985:Calomiris
1988:Hodrick
1992:Stanton
Stanford U
Uo Pennsylvania:
3/20=0.15
1990:Wang
1986:Diebold
1987:Siconolfi
Uo Pennsylvania
UCLA:
1/22=0.05
1990:Subrahmanyam
UCLA
Columbia U:
1/11=0.09
1987:Sicherman
Columbia U
Yale U:
3/10=0.30
1990:Berk
1990:Chen
1991:Goetzmann
Yale U
Berkeley:
3/14=0.21
1986:Cochrane
1986:Froot
1994:Cuoco
Berkeley
Princeton U:
2/16=0.12
1987:Spiegel
1994:Lettau
Princeton U
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U

Total Grads in Table: 46 (CF=19, AP=15)

From 1985 to 1994,

  • This is the era of Cambridge dominance:
    • Out of 23 students placed in the top-4, 16 were from Cambridge. (Exceptions: Heaton, Lucas, Wang, Cochrane, DeMarzo, Bagwell, Berk, Froot.)
    • Out of 46 students placed in the top-10, 20 were from Cambridge.
    This was more extreme in corporate finance:
    • Out of 15 corporate students placed in the top-4, 14 were from Cambridge. (Exception: DeMarzo)
    • Out of 19 corporate students placed in the top-10, 15 were from Cambridge. (Exception: Chowdhry, DeMarzo, Calomiris, Hodrick)

    Aside from Cambridge schools, only two schools placed more than 1 researcher at any other university over the entire 10 years: Chicago (three at Wharton) and Stanford (two at Columbia).

  • Chicago collapsed in this decade. It placed only half as many students (6) in the top-10 as MIT (12), although it continued to produce the largest number of graduates (still in the data base). Into the top-4, Chicago placed only 2 students, both in asset pricing (Heaton and Lucas). In corporate finance, Chicago placed only one researcher in a top-10 school (Chowdhry). (Not in this table, Chicago also placed one corporate student into Northwestern, two into OSU, and one into FL.)
  • MIT placed 7 students: 4 into Chicago, 3 into Harvard, 1 into Stanford; all except Shleifer were corporate finance.
  • Harvard placed 8 students into Chicago, Harvard, and Stanford, all out of corporate finance—although 5 are self-placements.
  • Stanford placed only DeMarzo and Bagwell into top-4 schools, both self-placements. However, it placed 6 students into top-10 schools.
  • Penn is declining, placing 3 students in top-10 schools (Wang, Diebold, Siconolfi).
  • UCLA and Columbia place no students into any top-10, other than themselves. Yale places one graduate into Stanford, or it would have been in the same category. (Northwestern placed only one student into a top-10 school. NYU and lower place practically none.)

Musings about my own cohorts: My own PhD was 1991 from Chicago, so it is this table that contains my (generous) cohorts. My area is primarily corporate finance. Of the 19 researchers in my cohorts and area, I already mentioned that 15 were from Cambridge. As interesting, 13 remain in the Chicago-MIT-Harvard quadrangle to this day, and only 2 MIT students (Chevalier and Zwiebel) left it. There are now literally only 4 corporate researchers without a Cambridge PhD from this decade remaining in the top-10 universities today, 1 from Chicago, 3 from Stanford. The Cambridge cohorts from the 1985-94 era were absolutely fantastic.


Years: 1995 to 2004

Now At
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U
Uo Chicago:
11/35=0.31
1997:Culp
1998:Garicano
2000:Schoar
1998:Cohen
1999:Stafford
2003:Malloy
1995:Musto
1999:Bond
2000:Johannes
2001:Jiang
1996:Santos
Uo Chicago
MIT:
10/34=0.29
2001:Mian
2004:Rosu
1997:Rigobon
1998:Forbes
2002:Bergstresser
2001:Jin
1997:Henry
1995:Souleles
1997:Hong
2002:Karlan
MIT
Harvard U:
16/36=0.44
1997:Veronesi
1998:Bertrand
1998:Desai
1998:Viceira
2000:Baker
2002:Greenwood
2002:Foley
2002:Jenter
2001:Perez-Gonzalez
2001:Wolfers
2000:Wachter
2004:Yogo
2003:Tate
1998:Fisman
2004:Rockoff
2002:Malmendier
Harvard U
Stanford U:
9/27=0.33
2000:Pan
2001:Steen
2000:Piazzesi
1998:Garmaise
2001:Thomadsen
2004:Weill
1999:Ang
2002:Wang
1995:Cantillo-Simon
Stanford U
Uo Pennsylvania:
2/28=0.07
1999:Pastor
1999:Jean-Baptiste
Uo Pennsylvania
UCLA:
3/19=0.16
1998:Moskowitz
1996:Coval
2001:Villalonga
UCLA
Columbia U:
1/13=0.08
1999:Wulf
Columbia U
Yale U:
0/11=0.00
Yale U
Berkeley:
3/20=0.15
2003:Novy-Marx
2001:Roberts
1997:Odean
Berkeley
Princeton U:
6/15=0.40
1996:Oyer
1998:Yilmaz
2000:Boivin
2001:Giannoni
2004:Yu
2001:Hennessy
Princeton U
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U

Total Grads in Table: 61 (CF=19, AP=18)

From 1994 to 2004,

  • The Cambridge dominance remains, but it is no longer primarily corporate finance:
    • Out of 26 students placed in the top-4, 17 were from Cambridge.
    • Out of 10 corporate students placed in the top-4, 8 were from Cambridge.
    • Out of 62 students placed in the top-10, 27 were from Cambridge.
    • Out of 19 corporate students placed in the top-10, 9 were from Cambridge.
  • Chicago was recovering. It placed 12 students into top-10 schools, including 4 corporate students.
  • Stanford was improving. It placed 10 students into top-10 schools, including four students into top-4 schools.
  • Princeton became a force. It started to place students quite well.
  • UCLA placed 4 students into top-10 schools.

Disappointing Placements:

  • Penn seemed to collapse. It placed only 2 students into top-10 schools.
  • Columbia placed only 1 student into a top-10 school (and only 2 into top-20 schools).
  • Yale placed only 1 student into a top-10 school (and only 3 into top-20 schools).
  • Not visible: Rochester has faded away. Carnegie had no placements. NYU placed no one in a top-4 department.

Years: 2005 to 2014

Now At
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U
Uo Chicago:
4/11=0.36
2005:Verdelhan
2005:Becker
2005:Benmelech
2008:Roussanov
Uo Chicago
MIT:
6/12=0.50
2005:Panageas
2005:Sufi
2005:Cole
2007:Edmans
2006:Gormley
2005:Rappoport
MIT
Harvard U:
7/9=0.78
2009:Hassan
2007:Matvos
2006:Frydman
2006:Xuan
2005:Ishii
2008:Martin
2006:Savor
Harvard U
Stanford U:
3/8=0.38
2006:Manso
2007:Joslin
2005:Sorensen
Stanford U
Uo Pennsylvania:
0/2=0.00
Uo Pennsylvania
UCLA:
1/4=0.25
2006:Linnainmaa
UCLA
Columbia U:
0/3=0.00
Columbia U
Yale U:
1/1=1.00
2005:Walden
Yale U
Berkeley:
0/4=0.00
Berkeley
Princeton U:
2/2=1.00
2007:Sigurdsson
2006:Martos-Vila
Princeton U
PhD From Uo Chicago MIT Harvard U Stanford U Uo Pennsylvania UCLA Columbia U Yale U Berkeley Princeton U

Total Grads in Table: 24 (CF=12, AP=5)

(have not looked at this yet. besides, I already know that the data is incomplete. the OSU directory, on which this is based, screwed up Chicago. Also, you may like Chan, Chen, Fung: Pedigree or Placement from The Financial Review, 2009. I hope their data was better than mine.)