Career
He earned his undergraduate degree in French from Tufts University in 1960 and his M.B.A. and Ph.D. from the Booth School of Business at the University of Chicago in economics and finance. His doctoral supervisors were Merton Miller and Harry Roberts, but Benoit Mandelbrot was also an important influence. He has spent all of his teaching career at the University of Chicago.
His Ph.D. thesis, which concluded that stock price movements are unpredictable and follow a random walk, was published in January, 1965 issue of the Journal of Business, entitled "The Behavior of Stock Market Prices". That work was subsequently rewritten into a less technical article, "Random Walks In Stock Market Prices", which was published in the Financial Analysts Journal in 1965 and Institutional Investor in 1968.
His article "The Adjustment of Stock Prices to New Information" in the International Economic Review, 1969 (with several co-authors) was the first event study that sought to analyze how stock prices respond to an event, using price data from the newly available CRSP database. This was the first of literally hundreds of such published studies.
Read more about this topic: Eugene Fama
Famous quotes containing the word career:
“I restore myself when I’m alone. A career is born in public—talent in privacy.”
—Marilyn Monroe (1926–1962)
“The 19-year-old Diana ... decided to make her career that of wife. Today that can be a very, very iffy line of work.... And what sometimes happens to the women who pursue it is the best argument imaginable for teaching girls that they should always be able to take care of themselves.”
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“A black boxer’s career is the perfect metaphor for the career of a black male. Every day is like being in the gym, sparring with impersonal opponents as one faces the rudeness and hostility that a black male must confront in the United States, where he is the object of both fear and fascination.”
—Ishmael Reed (b. 1938)