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VITA--EUGENE F. FAMA
November 2007
Born: February 14, 1939 - Boston, Massachusetts
Marital Status: Married - four children, ten grandchildren
Education
Undergraduate: Tufts University, Medford, Massachusetts; B.A., 1960.
Graduate: Graduate School of Business, University of Chicago; 1960-63.MBA, 1963; Ph.D., 1964,
Dissertation: The Behavior of Stock Market Prices.
Honors and Activities
At Tufts: Dean's List (1956-60); Society of Scholars (1957-60)--a group consisting of the top two
students in each of the sophomore, junior and senior classes; Phi Beta Kappa; Omicron Chi
Epsilon; Class of 1888 Prize Scholarship (1959)--given each year to the school's outstanding
student-athlete; graduated Magna Cum Laude with honors in Romance Languages.
At the University of Chicago: Dean's List, Beta Gamma Sigma
Chaire Francqui (Belgian National Science Prize), 1982.
Doctor of Law, University of Rochester, 1987.
Doctor of Law, DePaul University, 1989.
Fellow, Econometric Society.
Fellow, American Academy of Arts and Sciences, 1989.
Malden Catholic High School Athletic Hall of Fame, 1992.
Smith-Breeden Prize (with co-author Kenneth R French) for the best paper in the Journal of Finance in 1992,
"The Cross-Section of Expected Stock Returns."
Doctor Honoris Causa, Catholic University of Leuven, Belgium, 1995.
Fama-DFA Prize for the best paper published in 1998 in the Journal of Financial Economics in the areas of
capital markets and asset pricing, “Market Efficiency Long-Term Returns and Behavioral Finance.”
Fellow of the American Finance Association, January 2001. First elected fellow.
March 2001. Membre correspondant, Acadèmie des sciences morales et politique, section Économie,
politique, statistique et finance, de l’Institut de France.
Doctor of Science Honoris Causa, Tufts University, 2002. Eugene F. Fama
2
Jensen Prize (second place) for the best paper in corporate finance and organizations published in the
Journal of Financial Economics in 2001. “Disappearing Dividends: Changing Firm Characteristics or
Lower Propensity to Pay,” (with Kenneth R. French)
Deutsche Bank Prize in Financial Economics, 2005, first recipient.
Nicholas Molodovsky Award from the CFA Institute, 2006, presented for “outstanding contributions to
the investment profession of such significance as to change the direction of the profession and raise it to
higher standards of accomplishment.”
CME Fred Arditti Innovation Award, April 24, 2007.
Jensen Prize (second place) for the best paper in corporate finance and organizations published in the
Journal of Financial Economics in 2006. “Profitability, Investment, and Average Returns,” (with
Kenneth R. French).
Morgan Stanley American Finance Association Award for Excellence in Finance, 2007, first recipient.
Work Experience
1963-1965 Assistant Professor of Finance, University of Chicago, Graduate School of Business.
1966-1968 Associate Professor of Finance, University of Chicago, Graduate School of Business.
1968-1973 Professor of Finance, University of Chicago, Graduate School of Business.
1973-1984 Theodore O. Yntema Professor of Finance, University of Chicago, Graduate School of
Business.
1975-1976 Visiting Professor, Catholic University of Leuven and European Institute for
Advanced Studies in Management, Belgium.
1982-1995 Visiting Professor (Winter quarters), Anderson Graduate School of Management, University
of California, Los Angeles.
1982- Board of Directors, Dimensional Fund Advisors. Director of Research and member of the
Investment Strategy Committee.
1984-93 Theodore O. Yntema Distinguished Service Professor of Finance Graduate School of
Business, University of Chicago.
1993- Robert R. McCormick Distinguished Service Professor of Finance, Graduate School of
Business, University of Chicago.
Professional Activities
Eugene F. Fama
3
American Economic Association, American Finance Association. Associate Editor, Journal of Finance
(1971-73, 1977-80). Advisory Editor, Journal of Financial Economics (1974- ). Associate Editor, American
Economic Review (1975-77). Associate Editor, Journal of Monetary Economics (1984-96)
Publications (first in chronological order, then by category)
Publications - Chronological Order
1. "Mandelbrot and the Stable Paretian Hypothesis," Journal of Business (October 1963); reprinted in
Paul Cootner (ed.), The Random Character of Stock Prices (MIT Press, 1964).
2. "The Behavior of Stock Market Prices," Journal of Business (January 1965).
3. "Portfolio Analysis in a Stable Paretian Market," Management Science (January 1965).
4. "Tomorrow on the New York Stock Exchange," Journal of Business (July 1965).
5. "Random Walks in Stock Market Prices," paper number 16 in the series of Selected Papers of the
Graduate School of Business, University of Chicago, reprinted in the Financial Analysts Journal
(September-October 1965), The Analysts Journal, London (1966), The Institutional Investor, 1968.
6. "Filter Rules and Stock Market Trading Profits" (with Marshall Blume), Journal of Business,
Supplement (January 1966).
7. "Solutions for Cash Balance and Simple Dynamic Portfolio Problems" (with Gary Eppen), Journal
of Business (January 1968).
8. "Some Properties of Symmetric Stable Distributions" (with Richard Roll), Journal of the American
Statistical Association (September 1968).
9. "Risk, Return, and General Equilibrium: Some Clarifying Comments," Journal of Finance (March
1968).
10. "Dividend Policy of Individual Firms: An Empirical Analysis" (with Harvey Babiak), Journal of
the American Statistical Association (December 1968).
11. "Risk and the Evaluation of Pension Fund Portfolio Performance," Bank Administration Institute,
Park Ridge, Illinois, 1968.
12. "The Adjustment of Stock Prices to New Information" (with L. Fisher, M. Jensen, and R. Roll),
International Economic Review (February 1969).
13. "Cash Balance and Simple Dynamic Portfolio Problems with Proportional Costs" (with Gary
Eppen), International Economic Review (June 1969).
14. "Multi-Period Consumption-Investment Decisions," American Economic Review (March 1970).
15. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance (May Eugene F. Fama
4
1970).
16. "Three Asset Cash Balance and Dynamic Portfolio Problems" (with Gary Eppen), Management
Science (January 1971).
17. "Risk, Return and Equilibrium," Journal of Political Economy (January-February 1971).
18. "Parameter Estimates for Symmetric Stable Distributions" (with Richard Roll, Journal of the
American Statistical Association (June 1971).
19. "Information and Capital Markets" (with Arthur Laffer), Journal of Business (July 1971).
20. The Theory of Finance (with Merton Miller). (Holt, Rinehart and Winston, 1972).
21. "Ordinal and Measurable Utility." In Studies in the Theory of Capital Markets, edited by Michael
Jensen. New York: Praeger, 1972.
22. "Components of Investment Performance," Journal of Finance (June 1972).
23. "The Number of Firms and Competition" (with Arthur Laffer), American Economic Review
(September 1972).
24. "Perfect Competition and Optimal Production Decisions under Uncertainty," Bell Journal of
Economics and Management Science (Autumn 1972).
25. "Risk, Return, and Equilibrium: Empirical Tests" (with J. MacBeth), Journal of Political Economy
(May-June 1973).
26. "A Note on the Market Model and the Two-Parameter Model," Journal of Finance (December
1973).
27. "Tests of the Multiperiod Two-Parameter Model" (with J. MacBeth), Journal of Financial
Economics (March 1974).
28. "Long-Term Growth in a Short-Term Market" (with J. MacBeth), Journal of Finance (June 1974).
29. "The Empirical Relationships between the Dividend and Investment Decisions of Firms," American
Economic Review (June 1974).
30. "Short-Term Interest Rates as Predictors of Inflation," American Economic Review (June 1975).
31. Foundations of Finance (New York: Basic Books, 1976).
32. "Inflation Uncertainty and Expected Returns on Treasury Bills," Journal of Political Economy
(June 1976).
33. "Forward Rates as Predictors of Future Spot Rates," Journal of Financial Economics (October
1976).
Eugene F. Fama
5
34. "Human Capital and Capital Market Equilibrium" (with G. William Schwert), Journal of Financial
Economics (January 1977).
35. "Interest Rates and Inflation: The Message in the Entrails," American Economic Review (June
1977).
36. "Risk-Adjusted Discount Rates and Capital Budgeting under Uncertainty," Journal of Financial
Economics (August 1977).
37. "Asset Returns and Inflation" (with G. William Schwert), Journal of Financial Economics
(November 1977).
38. "The Effects of a Firm's Investment and Financing Decisions on the Welfare of Its Securityholders,"
American Economic Review (June 1978).
39. "Inflation, Interest and Relative Prices" (with G. William Schwert), Journal of Business (April
1979).
40. "Money, Bonds and Foreign Exchange" (with André Farber), American Economic Review
(September 1979)
.
41. "Banking in the Theory of Finance," Journal of Monetary Economics (January 1980).
42. "Agency Problems and the Theory of the Firm," Journal of Political Economy (April 1980).
43. "Stock Returns, Real Activity, Inflation and Money," American Economic Review (September
1981).
44. "Inflation, Output and Money," Journal of Business (April 1982).
45. "Inflation, Real Returns and Capital Investment" (with Michael Gibbons), Journal of Monetary
Economics (May 1982)
46. "Separation of Ownership and Control" (with Michael Jensen), Journal of Law and Economics
(June 1983).
47. "Agency Problems and Residual Claims" (with Michael Jensen), Journal of Law and Economics
(June 1983).
48. "Financial Intermediation and Price Level Control," Journal of Monetary Economics (July 1983).
49. "A Comparison of Inflation Forecasts" (with Michael Gibbons), Journal of Monetary Economics
(May 1984).
50. "The Information in the Term Structure," Journal of Financial Economics, (December 1984).
51. "Forward and Spot Exchange Rates," Journal of Monetary Economics, (November 1984).
52. "Term Premiums in Bond Returns," Journal of Financial Economics, (December 1984). Eugene F. Fama
6
53. "What's Different About Banks?," Journal of Monetary Economics, (January 1985).
54. "Organizational Forms and Investment Decisions" (with Michael Jensen), Journal of Financial
Economics, (March 1985).
55. "Term Premiums and Default Premiums in Money Markets," Journal of Financial Economics,
(September 1986).
56. "Commodity Futures Prices: Evidence on Forecast Power and Premiums," (with Kenneth R.
French), Journal of Business, (January 1987).
57. "The Information in Long-Maturity Forward Rates," (with Robert R. Bliss), American Economic
Review, (September 1987).
58. "Permanent and Temporary Components of Stock Prices," (with Kenneth R. French), Journal of
Political Economy, (April 1988).
59. "Dividend Yields and Expected Stock Returns," (with Kenneth R. French), Journal of Financial
Economics, 22 (October 1988), 3-25.
60. "Business Cycles and the Behavior of Metals Prices," (with Kenneth R. French), Journal of
Finance, (December 1988).
61. "Perspectives on October 1987, or, What Did we learn from the Crash?" in Black Monday and the
Future of Financial Markets, edited by R.W. Kamphuis, Jr., R.C. Kormendi, and J.W.H. Watson
(Homewood: Dow-Jones-Irwin, Inc.), 1989.
62. "Business Conditions and Expected Returns on Stocks and Bonds," (with Kenneth R. French),
Journal of Financial Economics, 25 (November 1989), 23-49.
63. "Contract Costs and Financing Decisions," Journal of Business, 63 (January 1990), S71-91.
64. "Term Structure Forecasts of Interest Rates, Inflation, and Real Returns," Journal of Monetary
Economics, 25 (January 1990), 59-76.
65. "Stock Returns, Expected Returns, and Real Activity," Journal of Finance, 45 (September 1990),
1089-1109.
66. "Time, Salary, and Incentive Payoffs in Labor Contracts," Journal of Labor Economics, 9 (January
1991), 25-44.
67. "Efficient Markets: II," Fiftieth Anniversary Invited Paper, Journal of Finance, 46 (December
1991), 1575-1617.
68. "The Cross-Section of Expected Stock Returns," (with Kenneth R. French), Journal of Finance, 47
(June 1992), 427-465. Winner of the Smith Breeden Prize for the best paper in the Journal during
1992.
Eugene F. Fama
7
69. "Diversification Returns and Asset Contributions," (with David G. Booth), Financial Analysts
Journal, (May/June 1992), 26-32.
70. "Transitory Variation in Investment and GNP," Journal of Monetary Economics, 30 (December
1992), 467-480.
71. "Differences in the Risks and Returns of NYSE and NASD Stocks," (with Kenneth R. French,
David G. Booth, and Rex Sinquefield), Financial Analysts Journal, (January/February 1993).
72. "Common Risk Factors in the Returns on Stocks and Bonds," (with Kenneth R. French), Journal of
Financial Economics, 33 (February 1993), 3-56.
73. "Size and Book-to-Market Factors in Earnings and Returns," (with Kenneth R. French), Journal of
Finance, 50 (March 1995), 131-156 .
74. "Multifactor Explanations of Asset Pricing Anomalies,” (with Kenneth R. French), Journal of
Finance, 51 (March 1996), 55-84.
75. "Discounting under Uncertainty," Journal of Business, 69 (October 1996), 415-428.
76. "The CAPM Is Wanted, Dead or Alive,” (with Kenneth R. French), Journal of Finance, 51
(December 1996), 1947-1958.
77. "Multifactor Portfolio Efficiency and Multifactor Asset Pricing,” Journal of Financial and
Quantitative Analysis, 31 (December 1996), 441-465.
78. "Industry Costs of Equity,” (with Kenneth R. French), Journal of Financial Economics, 43
(February 1997), 153-193.
79. "Determining the Number of Priced State Variables in the ICAPM,” Journal of Financial and
Quantitative Analysis, 33 (June 1998), 217-231.
80. "Taxes, Financing Decisions, and Firm Value,” (with Kenneth R. French), Journal of Finance, 53
(June 1998), 819-843.
81. “Market Efficiency, Long-Term Returns, and Behavioral Finance," Journal of Financial
Economics, 49 (September 1998), 283-306. Winner of the Fama-DFA Prize for the best asset
pricing paper in the journal during 1998.
82. "Value versus Growth: The International Evidence," (with Kenneth R. French), Journal of Finance,
53 (December 1998), 1975-1999.
83. "The Corporate Cost of Capital and the Return on Corporate Investment,” (with Kenneth R. French),
Journal of Finance, 54 (December 1999), 1939-1967.
84. "Characteristics, Covariances, and Average Returns: 1929-1997,” (with James L. Davis and Kenneth
R. French), Journal of Finance, 55 (February 2000), 389-406.
85. "Forecasting Profitability and Earnings,” (with Kenneth R. French), Journal of Business, 72 (April Eugene F. Fama
8
2000), 161-175.
86. "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay,” (with
Kenneth R. French), Journal of Financial Economics, 60 (April 2001), 3-43. Jensen Prize (second
place) for the best 2001 paper in corporate finance and organizations.
87. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt,” (with Kenneth R.
French), Review of Financial Studies, 15 (Spring 2002), 1-33.
88. "The Equity Premium,” (with Kenneth R. French), Journal of Finance, 57 (April 2002), 637-659.
89. "New Lists: Fundamentals and Survival Rates,” (with Kenneth R. French), Journal of Financial
Economics, 72 (August 2004), 229-269.
90. "The Capital Asset Pricing Model: Theory and Evidence,” (with Kenneth R. French), Journal of
Economic Perspectives, 18 (Summer 2004), 25-46.
91. "Financing Decisions: Who Issues Stock?,” (with Kenneth R. French), Journal of Financial
Economics, 76 (June 2005), 549-582.
92. "The Behavior of Interest Rates,” Review of Financial Studies, 19 (Summer 2005), 359-379.
93. "The Value Premium and the CAPM,” (with Kenneth R. French), Journal of Finance, 61 (October
2006), 2163-2185.
94. "Profitability, Investment, and Average Returns,” (with Kenneth R. French), Journal of Financial
Economics, 82 (December 2006), 491-518.
95. "Disagreement, Tastes, and Asset Pricing,” (with Kenneth R. French), Journal of Financial
Economics, 83 (March 2007), 667-689.
96. "Migration,” (with Kenneth R. French), Financial Analysts Journal, 63, number 3 (May/June 2007),
48-58.
97. "The Anatomy of Value and Growth Stock Returns,” (with Kenneth R. French), forthcoming in the
Financial Analysts Journal, 63, number 3 (November 2007).
98. "Dissecting Anomalies,” (with Kenneth R. French), Journal of Finance, forthcoming.
99. "Average Returns, B/M, and Share Issues,” (with Kenneth R. French), Journal of Finance,
forthcoming.
Publications by Category
Books
1. The Theory of Finance (with Merton Miller). (Holt, Rinehart and Winston, 1972).
Eugene F. Fama
9
2. Foundations of Finance (New York: Basic Books, 1976).
Portfolio Theory and Asset Pricing - Theoretical
1. "Mandelbrot and the Stable Paretian Hypothesis," Journal of Business (October 1963); reprinted in
Paul Cootner (ed.), The Random Character of Stock Prices (MIT Press, 1964).
2. "Portfolio Analysis in a Stable Paretian Market," Management Science (January 1965).
3. "Random Walks in Stock Market Prices," paper number 16 in the series of Selected Papers of the
Graduate School of Business, University of Chicago, reprinted in the Financial Analysts Journal
(September-October 1965), The Analysts Journal, London (1966), The Institutional Investor, 1968.
4. "Solutions for Cash Balance and Simple Dynamic Portfolio Problems" (with Gary Eppen), Journal
of Business (January 1968).
5. "Risk, Return, and General Equilibrium: Some Clarifying Comments," Journal of Finance (March
1968).
6. "Risk and the Evaluation of Pension Fund Portfolio Performance," Bank Administration Institute,
Park Ridge, Illinois, 1968.
7. "Cash Balance and Simple Dynamic Portfolio Problems with Proportional Costs" (with Gary
Eppen), International Economic Review (June 1969).
8. "Multi-Period Consumption-Investment Decisions," American Economic Review (March 1970).
9. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance (May
1970).
10. "Three Asset Cash Balance and Dynamic Portfolio Problems" (with Gary Eppen), Management
Science (January 1971).
11. "Risk, Return and Equilibrium," Journal of Political Economy (January-February 1971).
12. "Information and Capital Markets" (with Arthur Laffer), Journal of Business (July 1971).
13. "Components of Investment Performance," Journal of Finance (June 1972).
14. "A Note on the Market Model and the Two-Parameter Model," Journal of Finance (December
1973).
15. "Money, Bonds and Foreign Exchange" (with André Farber), American Economic Review
(September 1979)
16. "Efficient Markets: II," Fiftieth Anniversary Invited Paper, Journal of Finance, 46 (December
1991), 1575-1617.
Eugene F. Fama
10
17. "Diversification Returns and Asset Contributions," (with David G. Booth) Financial Analysts
Journal, (May/June 1992), 26-32.
18. “Market Efficiency, Long-Term Returns, and Behavioral Finance," Journal of Financial
Economics, 49 (September 1998), 283-306. Winner of the Fama-DFA Prize for the best asset
pricing paper in the journal during 1998.
19. "Multifactor Portfolio Efficiency and Multifactor Asset Pricing,” Journal of Financial and
Quantitative Analysis, 31 (December 1996), 441-465.
20. "Determining the Number of Priced State Variables in the ICAPM,” Journal of Financial and
Quantitative Analysis, 33 (June 1998), 217-231.
21. "The Capital Asset Pricing Model: Theory and Evidence,” (with Kenneth R. French), Journal of
Economic Perspectives, 18 (Summer 2004), 25-46.
22. "Disagreement, Tastes, and Asset Pricing,” (with Kenneth R. French), Journal of Financial
Economics, 83 (March 2007), 667-689.
Portfolio Theory and Asset Pricing - Empirical
1. "The Behavior of Stock Market Prices," Journal of Business (January 1965).
2. "Tomorrow on the New York Stock Exchange," Journal of Business (July 1965).
3. "Filter Rules and Stock Market Trading Profits" (with Marshall Blume), Journal of Business,
Supplement (January 1966).
4. "The Adjustment of Stock Prices to New Information" (with L. Fisher, M. Jensen, and R. Roll),
International Economic Review (February 1969).
5. "Risk, Return, and Equilibrium: Empirical Tests" (with J. MacBeth), Journal of Political Economy
(May-June 1973).
6. "Tests of the Multiperiod Two-Parameter Model" (with J. MacBeth), Journal of Financial
Economics (March 1974).
7. "Long-Term Growth in a Short-Term Market" (with J. MacBeth), Journal of Finance (June 1974).
8. "Short-Term Interest Rates as Predictors of Inflation," American Economic Review (June 1975).
9. "Inflation Uncertainty and Expected Returns on Treasury Bills," Journal of Political Economy
(June 1976).
10. "Forward Rates as Predictors of Future Spot Rates," Journal of Financial Economic (October
1976).
11. "Human Capital and Capital Market Equilibrium" (with G. William Schwert), Journal of Financial Eugene F. Fama
11
Economics (January 1977).
12. "Interest Rates and Inflation: The Message in the Entrails," American Economic Review (June
1977).
13. "Asset Returns and Inflation" (with G. William Schwert), Journal of Financial Economics
(November 1977).
14. "Inflation, Interest and Relative Prices" (with G. William Schwert), Journal of Business (April
1979).
15. "Stock Returns, Real Activity, Inflation and Money," American Economic Review (September
1981).
16. "The Information in the Term Structure," Journal of Financial Economics, (December 1984).
17. "Forward and Spot Exchange Rates," Journal of Monetary Economics, (November 1984).
18. "Term Premiums in Bond Returns," Journal of Financial Economics, (December 1984).
19. "Term Premiums and Default Premiums in Money Markets," Journal of Financial Economics,
(September 1986).
20. "The Information in Long-Maturity Forward Rates," (with Robert R. Bliss), American Economic
Review, (September 1987).
21. "Permanent and Temporary Components of Stock Prices," (with Kenneth R. French), Journal of
Political Economy, (April 1988).
22. "Dividend Yields and Expected Stock Returns," (with Kenneth R. French), Journal of Financial
Economics, 22 (October 1988), 3-25.
23. "Perspectives on October 1987, or, What Did we learn from the Crash?" in Black Monday and the
Future of Financial Markets, edited by R.W. Kamphuis, Jr., R.C. Kormendi, and J.W.H. Watson
(Homewood: Dow-Jones-Irwin, Inc.), 1989.
24. "Business Conditions and Expected Returns on Stocks and Bonds," (with Kenneth R. French),
Journal of Financial Economics, 25 (November 1989), 23-49.
25. "Term Structure Forecasts of Interest Rates, Inflation, and Real Returns," Journal of Monetary
Economics, 25 (January 1990), 59-76.
26. "Stock Returns, Expected Returns, and Real Activity," Journal of Finance, 45 (September 1990),
1089-1109.
28. "Differences in the Risks and Returns of NYSE and NASD Stocks," (with Kenneth R. French,
David G. Booth, and Rex Sinquefield, Financial Analysts Journal, (January/February 1993).
29. "Common Risk Factors in the Returns on Stocks and Bonds," (with Kenneth R. French), Journal of Eugene F. Fama
12
Financial Economics, 33 (February 1993), 3-56.
30. "Size and Book-to-Market Factors in Earnings and Returns," (with Kenneth R. French), Journal of
Finance, 50 (March 1995), 131-156 .
31. "Multifactor Explanations of Asset Pricing Anomalies,” (with Kenneth R. French), Journal of
Finance, 51 (March 1996), 55-84.
32. "The CAPM Is Wanted, Dead or Alive,” (with Kenneth R. French), Journal of Finance, 51
(December 1996), 1947-1958.
33. "Industry Costs of Equity,” (with Kenneth R. French), Journal of Financial Economics, 43
(February 1997), 153-193.
34. "Value versus Growth: The International Evidence," (with Kenneth R. French), Journal of Finance,
53 (December 1998), 1975-1999.
35. "Characteristics, Covariances, and Average Returns: 1929-1997,” (with James L. Davis and Kenneth
R. French), Journal of Finance, 55 (February 2000), 389-406.
36. "The Equity Premium,” (with Kenneth R. French), Journal of Finance, 57 (April 2002), 637-659.
37. "New Lists: Fundamentals and Survival Rates,” (with Kenneth R. French), Journal of Financial
Economics, 72 (August 2004), 229-269.
38. "The Behavior of Interest Rates,” Review of Financial Studies, 19 (Summer 2005), 359-379.
39. "The Value Premium and the CAPM,” (with Kenneth R. French), Journal of Finance, 61 (October
2006), 2163-2185.
40. "Profitability, Investment, and Average Returns,” (with Kenneth R. French), Journal of Financial
Economics, 82 (December 2006), 491-518. Winner of the Jensen Prize (second place) for the best
paper in corporate finance and organizations published in the Journal of Financial Economics in
2006.
41. "Migration,” (with Kenneth R. French), Financial Analysts Journal, 63, number 3 (May/June 2007),
48-58.
42. "The Anatomy of Value and Growth Stock Returns,” (with Kenneth R. French), forthcoming in the
Financial Analysts Journal, 63, number 3 (November 2007).
43. "Dissecting Anomalies,” (with Kenneth R. French), Journal of Finance, forthcoming.
44. "Average Returns, B/M, and Share Issues,” (with Kenneth R. French), Journal of Finance,
forthcoming.
Eugene F. Fama
13
Corporate Finance – Theoretical
1. "Perfect Competition and Optimal Production Decisions under Uncertainty," Bell Journal of
Economics and Management Science (Autumn 1972).
2. "Risk-Adjusted Discount Rates and Capital Budgeting under Uncertainty," Journal of Financial
Economics (August 1977).
3. "The Effects of a Firm's Investment and Financing Decisions on the Welfare of Its Securityholders,"
American Economic Review (June 1978).
4. "Contract Costs and Financing Decisions," Journal of Business, 63 (January 1990), S71-91.
5. "Discounting under Uncertainty," Journal of Business, 69 (October 1996), 415-428.
Corporate Finance – Empirical
1. "Dividend Policy of Individual Firms: An Empirical Analysis" (with Harvey Babiak), Journal of
the American Statistical Association (December 1968).
2. "The Empirical Relationships between the Dividend and Investment Decisions of Firms," American
Economic Review (June 1974).
3. "Taxes, Financing Decisions, and Firm Value,” (with Kenneth R. French), Journal of Finance, 53
(June 1998), 819-843.
4. "The Corporate Cost of Capital and the Return on Corporate Investment,” (with Kenneth R. French),
Journal of Finance, 54 (December 1999), 1939-1967.
5. "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay,” (with
Kenneth R. French), Journal of Financial Economics, 60 (April 2001), 3-43. Jensen Prize (second
place) for the best 2001 paper in corporate finance and organinzations.
6. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt,” (with Kenneth R.
French), Review of Financial Studies, 15 (Spring 2002), 1-33.
7. "Financing Decisions: Who Issues Stock?,” (with Kenneth R. French), Journal of Financial
Economics, 76 (June 2005), 549-582.
General Economics - Theory
1. "The Number of Firms and Competition" (with Arthur Laffer), American Economic Review
(September 1972).
2. "Ordinal and Measurable Utility." In Studies in the Theory of Capital Markets, edited by Michael Eugene F. Fama
14
Jensen. New York: Praeger, 1972.
3. "Banking in the Theory of Finance," Journal of Monetary Economics (January 1980).
4. "Agency Problems and the Theory of the Firm," Journal of Political Economy (April 1980).
5. "Separation of Ownership and Control" (with Michael Jensen), Journal of Law and Economics
(June 1983).
6. "Agency Problems and Residual Claims" (with Michael Jensen), Journal of Law and Economics
(June 1983).
7. "Financial Intermediation and Price Level Control," Journal of Monetary Economics (July 1983).
8. "What's Different About Banks?," Journal of Monetary Economics, (January 1985).
9. "Organizational Forms and Investment Decisions" (with Michael Jensen), Journal of Financial
Economics, (March 1985).
10. "Time, Salary, and Incentive Payoffs in Labor Contracts," Journal of Labor Economics, 9 (January
1991), 25-44.
General Economics - Empirical
1. "Inflation, Output and Money," Journal of Business (April 1982).
2. "Inflation, Real Returns and Capital Investment" (with Michael Gibbons), Journal of Monetary
Economics (May 1982)
3. "A Comparison of Inflation Forecasts" (with Michael Gibbons), Journal of Monetary Economics
(May 1984).
4. "Commodity Futures Prices: Evidence on Forecast Power and Premiums," (with Kenneth R.
French), Journal of Business, (January 1987).
5. "Business Cycles and the Behavior of Metals Prices," (with Kenneth R. French), Journal of
Finance, (December 1988).
6. "Transitory Variation in Investment and GNP," Journal of Monetary Economics, 30 (December
1992), 467-480.
7. "Forecasting Profitability and Earnings,” (with Kenneth R. French), Journal of Business, 72 (April
2000), 161-175.
Eugene F. Fama
15
General Statistics
1. "Some Properties of Symmetric Stable Distributions" (with Richard Roll), Journal of the American
Statistical Association (September 1968).
2. "Parameter Estimates for Symmetric Stable Distributions" (with Richard Roll), Journal of the
American Statistical Association (June 1971).
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