Marshall E. Blume Faculty Profile

Marshall E. Blume
Howard Butcher III Professor of Financial Management; Professor of Finance
Director, Rodney L. White Center for Financial Research

PhD, University of Chicago, 1968; MBA, University of Chicago, 1965; SB, Trinity College, 1963

Research Areas
Financial markets; investments; investment behavior; fixed income securities

Current Projects
The institutional organization of the organized equity markets. Of particular interest is how the pricing of brokerage services, the rules of the exchanges, and ownership patterns of equities influence the structure and efficiency of this industry.

Academic Positions Held
Wharton: 1967-present (Director, Rodney L. White Center for Financial Research, 1986-present, Associate Director,1971-86; Director, Weiss Center for International Financial Research, 1990-92; Chairperson, Finance Department, 1982-86; named Howard Butcher III Professor of Financial Management, 1978). Previous appointment: University of Chicago. Visiting appointments: New University of Lisbon, Portugal; European Institute for Advanced Studies in Management, Belgium; Stockholm School of Economics; Free University of Brussels, Belgium

Professional Leadership 2003-2007
Editorial Board, Journal of Pension Fund Management & Investment, 1994-present; Associate Editor, Journal of Fixed Income, 1991-present

Corporate and Public Sector Leadership 2003-2007
Chairman, NASD Economic Advisory Board, 1995-present; Manager, Measey Foundation, 1995-present

Representative Publications
"An Anatomy of Morningstar Ratings." Financial Analysts Journal (March/April 1998).

(with D.B. Keim and S.A. Patel)
"Returns and Volatility of Low-Grade Bonds 1977-1989." Journal of Finance (March 1991).

(with A.C. MacKinlay and B. Terker)
"Order Imbalances and Stock Price Movements on October 19 and 20, 1987." Journal of Finance (September 1989).