Dissecting Green Returns

Robert Stambaugh is the Miller Anderson & Sherrerd Professor of Finance at the Wharton School of the University of Pennsylvania. He is a fellow and former president of the American Finance Association, a fellow of the Financial Management Association, and a research associate of the National Bureau of Economic Research.

Stambaugh has been the editor of the Journal of Finance, an editor of the Review of Financial Studies, an associate editor of those journals as well as the Journal of Financial Economics, and a member of the first editorial committee of the Annual Review of Financial Economics. He has published articles on topics including return predictability, asset pricing tests, portfolio choice, parameter uncertainty, liquidity risk, volatility, performance evaluation, investor sentiment, and active-versus-passive investing.  His research awards include a Smith-Breeden first prize for an article in the Journal of Finance as well as a Fama-DFA first prize and three second prizes for articles in the Journal of Financial Economics.

Before joining Wharton in 1988, he was Professor of Finance at the University of Chicago, where he received his PhD in 1981. Stambaugh visited Harvard University as a Marvin Bower Fellow in 1997-98.

Lu Zhang is The John W. Galbreath Chair of Finance at Fisher College of Business, The Ohio State University, and a research associate at the National Bureau of Economic Research (asset pricing program). He is the founding president of the Macro Finance Society, an international academic society devoted to advancing and disseminating high-quality research at the intersection of financial economics and macroeconomics.

Zhang’s research provides a unified conceptual framework for understanding asset pricing anomalies. The Hou-Xue-Zhang (2015) q-factor model is a leading workhorse factor pricing model. His recent theoretical work shows how labor market frictions give rise endogenously to economic disasters. One chapter of his 2002 Wharton doctoral thesis titled “The Value Premium” won the Smith-Breeden Award for Best Paper for 2005 from the American Finance Association and the Journal of Finance. His 2019 article on “Which Factors?” (with Hou, Mo, and Xue) won the Spängler IQAM Best Paper Prize for the best investments paper published in the Review of Finance from the European Finance Association. His research has frequently been featured in the Wall Street Journal, Bloomberg, and the Economist.

Chris Geczy has been on the Finance Department faculty at the Wharton School since 1997. He is academic director of the Jacobs Levy Equity Management Center for Quantitative Financial Research and the Wharton Wealth Management Initiative at Wharton Executive Education. He previously worked for the Board of Governors of the Federal Reserve System, Washington, DC in its Division of Research and Statistics.

He currently serves on Intel’s U.S. Retirement Plans’ Investment Policy Committee, is a co-editor of Financial Planning Review, and formerly served on the Editorial Board of the Journal of Alternative Investments and the Economic Advisory Board of NASDAQ. His work has appeared in numerous books and scholarly journals including the Journal of Finance, Journal of Financial Economics, Journal of Portfolio Management, The Society for Industrial and Organizational Psychology and the Journal of Political Economy.

In 2018, Geczy and co-authors won the Investment for Impact Prize of the Center for Responsible Business at the University of California, Berkeley’s Haas School of Business for their research paper “Contracts With Benefits: The Implementation of Impact Investing.”

He has a bachelor’s degree in economics from the University of Pennsylvania and a doctorate in finance and econometrics from the Graduate School of Business at the University of Chicago.