Photo of A. Craig MacKinlay

A. Craig MacKinlay

Joseph P. Wargrove Professor of Finance

Research Interests: asset pricing models, behavior of futures prices, econometric modeling, market microstructure, mutual fund performance., stock market behavior

Contact Information

Address: 3255 Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104
Office: (215) 898-5309



PhD, University of Chicago, 1985; MBA, University of Chicago, 1983; MBA, University of Western Ontario, 1980; BS, University of Western Ontario, 1978

Career and Recent Professional Awards; Teaching Awards

Oxford University Press Century Publication Celebration 100 Best Papers of All Time Award, 2006; IMCA Journalism Award, 2003; Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, 1997; Batterymarch Financial Management Fellowship, 1990; Outstanding Paper for 1990, Society for Financial Studies, 1990

Academic Positions Held

Wharton: 1984-present (named Joseph P. Wargrove Professor of Finance, 1995).

Other Positions

Research Associate, National Bureau of Economic Research, 1989-present

Professional Leadership 2005-2009

Editorial Board, The Journal of Investment Consulting, 1998-present; Member, Morgan Stanley Institutional Equity Academic Advisory Board, 2002-present


For information regarding FINANCE 100 Sections 001, 002, and 003 please visit


In The News



  • FNCE100 - Corporate Finance

    This course provides an introduction to the theory, the methods, and the concerns of corporate finance. The concepts developed in FNCE 100 form the foundation for all elective finance courses. The main topics include: 1) the time value of money and capital budgeting techniques; 2) uncertainty and the trade-off between risk and return; 3) security market efficiency; 4) optimal capital structure, and 5) dividend policy decisions. During the fall semester there are honors sections of FNCE 100 offered. The seats in the honors sections are awarded through an application process. Please go to for additional information.

  • FNCE399 - Supervised Study in Finance

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