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How Good Were Phd Networks in Finance?
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 now abandoned 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.
Note: All links to the OSU finance directory are dead now, so they had to be removed.
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.
- 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.)