A. Craig MacKinlay

A. Craig MacKinlay
  • Joseph P. Wargrove Professor of Finance
  • Academic Director, Jacobs Levy Center

Contact Information

  • office Address:

    3255 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

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

Links: CV



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

Inaugural Eugene Fama Prize for Doctoral Education, 2014; Wharton Undergraduate Excellence in Teaching Award, 2011;  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


Professional Leadership 2005-2009

Editorial Board, The Journal of Investment Consulting, 1998-present.


For information regarding FINANCE 100 Sections 001 and 002 please visit http://finance.wharton.upenn.edu/~acmack/


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All Courses

  • FNCE1000 - Corporate Finance

    This course provides an introduction to the theory, the methods, and the concerns of corporate finance. The concepts developed in FNCE 1000 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. ACCT 1010 + STAT 1010 may be taken concurrently.

  • FNCE3990 - Independent Study

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

In the News

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In the News

Is Behavioral Finance a Growth Industry?

Can psychology really help us understand financial markets? Yes, say many academics. The subdiscipline of behavioral finance – which argues that investors are not as rational as traditional theory assumes and that their biases can affect asset prices – has gained ground over the past five years. Although behavioral finance attracts powerful criticism – and at times is clearly been oversold -- it seems to be growing up. Experts at Wharton and other business schools provide some perspectives.Read More

Knowledge at Wharton - 10/10/2001
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All Over the Map

How Wharton’s research programs prepare undergraduates for careers in academia and the private sector.

Wharton Magazine - 01/01/2011