Photo of Christopher Geczy

Christopher Geczy

Adjunct Associate Professor of Finance

Academic Director, Wharton Wealth Management Initiative Academic Director,Jacobs Levy Equity Management Center for Quantitative Financial Research

Links: Personal Website, The Jacobs Levy Equity Management Center for Quantitative Financial Research

Contact Information

Address: 2258 SH-DH, Philadelphia, PA 19104
Email: geczy@wharton.upenn.edu
Office: (215) 573-6154

Overview

Dr. Geczy has been on the Finance Faculty at Wharton since 1997 and has recently taken on the Academic Directorship of the Wharton Wealth Management Initiative at Wharton Executive Education. He has a B.A. in economics from the University of Pennsylvania and a Ph.D. in finance and econometrics from the Graduate School of Business at the University of Chicago.

He regularly teaches investment management and co-created the first full course on hedge funds at The Wharton School along with a number of executive education courses and has taught AIMR/CFA-Institute-accredited professional Risk Management courses through the University of Chicago's Graduate School of Business. Before his studies at Chicago, Chris worked for the Board of Governors of the Federal Reserve System, Washington, D.C., in its Division of Research and Statistics. Chris is a Fellow of the Wharton Financial Institutions Center and has been the New York Stock Exchange Fellow and the Geewax-Terker Fellow at the Rodney L. White Center for Financial Research at Wharton. He has been the Academic Director of a number of Wharton Executive Education programs including the 2009 Securities Industry Institute in partnership with SIFMA, the Investment Management Consultants Association Endowments and Foundations, Alternative Investments and the advanced Investment Strategist Certificate programs.

He has served on the Economic Advisory Board of NASDAQ, acts an editor of the Journal of Alternative Investments and has recently joined the Advisory Board of the Journal of Wealth Management. Chris is a founding board member of the Mid-Atlantic Hedge Fund Association and was its chairman from 2007 to 2008, and serves on the curriculum and exam committee of the Chartered Alternative Investment Analyst Association (CAIA). Chris also serves on the board of the Alexander Hamilton Friends Association. Chris’s current research focuses on various topics including multifactor models, wealth management, risk management, asset allocation, the performance of managed funds, and various aspects of equity lending and short-selling. His work has appeared in numerous books and scholarly journals including the Journal of Finance, Journal of Financial Economics, The Society for Industrial and Organizational Psychology and the Journal of Political Economy. It has also been covered in the Wall Street Journal, The New York Times, The Financial Times, Forbes, NPR, SmartMoney Magazine, on CNBC’s Squawk Box and in numerous other media outlets.

Research


  • Rich Evans, Christopher Geczy, David Musto, Adam V. Reed (2009), Failure is an Option: Impediments to Short Selling and Options Prices, Review of Financial Studies, Forthcoming.  Abstract
  • Christopher Geczy, Susan Christoffersen, David Musto, Adam Reed (2007), Vote Trading and Information Aggregation, Journal of Finance  Abstract
  • Christopher Geczy, Robert F. Stambaugh, David Levin (Working), Investing in Socially Responsible Mutual Funds.  Abstract
  • Susan Christoffersen, Christopher Geczy, David Musto, Adam Reed (2005), Cross-Border Dividend Taxation and the Preferences of Taxable and Non-Taxable Investors: Evidence from Canada, Journal of Financial Economics, Vol. 78 (Issue 1), 121 - 144. doi: 10.1016/j.jfineco.2004.08.004.  Abstract
  • Christopher Geczy, David Musto, Adam Reed (2002), Stocks are Special Too: An Analysis of the Equity Lending Market, Journal of Financial Economics, 241-269.  Abstract
  • Alon Brav, George Constantinides, Christopher Geczy (2002), Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence, Journal of Political Economy, 793-824.  Abstract
  • Alon Brav, Christopher Geczy, Paul Gompers (2000), Is the Abnormal Return Following Equity Issuances Anomalous?, Journal of Financial Economics, 209-249.  Abstract

Awards And Honors

  • Best Elective Course Teaching Award, Wharton West, Executive MBA Program, 2006
  • Best Paper Award, Annual Conference on Market Structure and Market Integrity, 2006
  • Caesarea Prize for the Best Paper on Risk Management, Western Finance Association, for ”Taking a View: On Corporate Speculation and Governance", 2004
  • Weiss Center for International Financial Research research grant, 2004
  • Moskowitz Prize (Honorable Mention) for ”Investing in Socially Responsible Mutual Funds,”, 2003
  • The Bank of Canada Award for ”The Limits to Dividend Arbitrage: Implications for Cross-Border Investment”., 2003
  • Zicklin Center Research Grant for “The Performance of Socially Screened Mutual Funds and the Convictions of Investors"., 2002-2003
  • Q Group Research Grant for ”Stocks are Special, Too"., 2000-2001
  • Nominated for the Smith Breeden Prize for the best paper in the Journal of Finance for “Why Firms Use Currency Derivatives"., 1997
  • Rodney L. White Center (Wharton) research grants, 1997 (1), 1999 (2), 2001(1), 2002(2), 2003, 2004, 1997-2004
  • Center for Research in Security Prices Research Grant, 1993-1994

Courses

Current

  • FNCE254 - IMPACT INVESTING

    This course explores Impact Investing, a discipline that seeks to generate social benefits as well as financial returns. From tiny beginnings, the Impact Investment space has expanded and now commands significant attention from policymakers, wealthy and public-spirited individuals, academia and, not least, the world's largest asset managers and philanthropic foundations. Evangelists believe it may be the key to freeing the world from poverty. Skeptics think it will remain confined to the boutique. Regardless, Impact Investing is becoming a distinct career specialization for finance professionals despite the diverse skillset each must have and the uncertainty of the new field's growth.

    FNCE254001  ( Syllabus

    FNCE254002  ( Syllabus

  • FNCE399 - Supervised Study in Finance

    Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.

    FNCE399006 

  • FNCE754 - IMPACT INVESTING

    This course explores Impact Investing, a discipline that seeks to generate social benefits as well as financial returns. From tiny beginnings, the Impact Investment space has expanded and now commands significant attention from policymakers, wealthy and public-spirited individuals, academia and, not least, the world's largest asset managers and philanthropic foundations. Evangelists believe it may be the key to freeing the world from poverty. Skeptics think it will remain confined to the boutique. Regardless, Impact Investing is becoming a distinct career specialization for finance professionals despite the diverse skillset each must have and the uncertainty of the new field's growth.

    FNCE754001 

    FNCE754701 

Previous

  • FNCE205 - Investment Management

    This course is designed to acquaint the student with the concepts of portfolio analysis in the general area of institutional investment management. The course discusses principles for managing financial assets. These principles apply, for example, to managing corporate pension funds, bank-administered trusts, and other institutional funds. Students will learn how to establish appropriate investment objectives, develop optimal portfolio strategies, estimate risk-return tradeoffs, and evaluate investment performance. Many of the latest quantitative approaches are discussed.

  • FNCE381 - IMPACT INVESTING

    This course explores Impact Investing, a discipline which seeks to generate social benefits as well as financial returns. From tiny beginnings, the Impact Investment space has expanded and now commands significant attention from policymakers, wealthy and public-spirited individuals, academia and, not least, the worlds largest asset managers and philanthropic foundations. Evangelists believe it may be the key to freeing the world from poverty. Skeptics think it will remain confined to the boutique. Regardless, Impact Investing is becoming a distinct career specialization for finance professionaldespite the diverse skillset each must have and the uncertainty of the new fields growth.

  • FNCE720 - Investment Management

    This course is designed to acquaint the student with the concepts of portfolio analysis in the general area of institutional investment management. The course discusses principles for managing financial assets. These principles apply, for example, to managing corporate pension funds, bank-administered trusts, and other institutional funds. Students will learn how to establish appropriate investment objectives, develop optimal portfolio strategies, estimate risk-return tradeoffs, and evaluate investment performance. Many of the latest quantitative approaches are discussed.

  • FNCE881 - IMPACT INVESTING

    This course explores Impact Investing, a discipline which seeks to generate social benefits as well as financial returns. From tiny beginnings, the Impact Investment space has expanded and now commands significant attention from policymakers, wealthy and public-spirited individuals, academia and, not least, the worlds largest asset managers and philanthropic foundations. Evangelists believe it may be the key to freeing the world from poverty. Skeptics think it will remain confined to the boutique. Regardless, Impact Investing is becoming a distinct career specialization for finance professionaldespite the diverse skillset each must have and the uncertainty of the new fields growth.