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Robert F. Whitelaw

Robert  F. Whitelaw

Joined Stern 1992

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-96
New York, NY 10012

E-mail rwhitela@stern.nyu.edu
Personal website

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Robert F. Whitelaw is the Edward C. Johnson 3d Professor of Entrepreneurial Finance at the Leonard N. Stern School of Business, New York University.

Professor Whitelaw is best known for his comprehensive research on empirical asset pricing, including the resolution of the market-level risk-return puzzle, the role of information processing in explaining excess volatility, and the impact of frictions in generating apparent market inefficiency. His research also addresses the pricing and hedging of fixed income securities, and risk measurement and management. In addition, he is increasingly recognized for his developing expertise on China's evolving financial system.

His papers have been published in academic journals such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies, as well as practitioner journals such as the Journal of Derivatives, the Journal of Fixed Income, Risk, and the Financial Analysts Journal. His research has received awards from organizations including Goldman Sachs Asset Management and the Chicago Quantitative Alliance. In addition, he is a Research Associate at the National Bureau of Economic Research (NBER), Program on Asset Pricing, and a past Associate Editor of the Review of Financial Studies and the Journal of Finance. His work on The Real Value of China's Stock Market has been presented at venues including the NBER, the People's Bank of China, the China Securities Regulatory Commission, and the Shanghai and Shenzhen Stock Exchanges.

He has a PhD in Finance from Stanford University, Graduate School of Business, and a BS in Mathematics from MIT. Professor Whitelaw teaches portfolio management, investments/capital markets and international finance in the MBA, undergraduate and executive programs and asset pricing at the doctoral level.

Research Interests

  • Market efficiency
  • Stock return predictability
  • Risk and return in the stock and bond markets
  • Hedging and risk management

Courses Taught

  • Foundations of Finance
  • International Financial Management
  • Portfolio Management

Academic Background

Ph.D., Finance, 1993
Stanford University

B.S., Mathematics, 1984
Massachusetts Institute of Technology

Selected Publications

Boudoukh, J., M. Richardson, & R.F. Whitelaw (2014)
New Evidence on the Forward Premium Puzzle
Journal of Financial and Quantitative Analysis, forthcoming

Bali, T., N. Cakici, & R.F. Whitelaw (2011)
Maxing Out: Stocks as Lotteries and the Cross-Section of Expected Returns
Journal of Financial Economics, Vol. 99, No. 2, pp. 427-446.

Boudoukh, J, M. Richardson & R.F. Whitelaw (2008)
The Myth of Long-Horizon Predictability
Review of Financial Studies, Vol. 24, No. 4, 1577-1605

Boudoukh, J, M. Richardson, Y. Shen & R.F. Whitelaw (2007)
Do Asset Prices Reflect Fundamentals? Freshly Squeezed Evidence from the FCOJ Market
Journal of Financial Economics, Vol. 83, No. 2, pp. 397-412

Guo, H. & R.F. Whitelaw (2006)
Uncovering the Risk-Return Relation in the Stock Market
Journal of Finance, Vol. 61, No. 3, pp. 1433-1463

Ofek, E., M. Richardson & R.F. Whitelaw (2004)
Limited Arbitrage and Short Sales Restrictions: Evidence from the Options Markets
Journal of Financial Economics, Vol. 74, No. 2, pp. 305-342

Related News & Research

Professor Robert Whitelaw comments on ESG investing; Research from Stern's Center for Business and Human Rights is featured

Environmental, Social, and Governance Factors in Portfolio Management

The Dual Role of China’s Stock Market: Capital Allocator and Platform for Global Diversification

Professor Robert Whitelaw discusses the current weakness of the US dollar

Professor Robert Whitelaw is interviewed about how artificial intelligence may impact venture capital investments in China

Professor Robert Whitelaw's research on China's stock market is referenced

Professor Robert Whitelaw weighs in on ChemChina's acquisition of Syngenta

Professor Robert Whitelaw illustrates why low-cost labor in China is no longer a considerable threat to the US economy

Professor Robert Whitelaw explains why some companies have returned their supply chain operations to the US

Professor Robert Whitelaw discusses reform of the Chinese healthcare system

Professor Robert Whitelaw discusses the impact of a US interest rate increase on China's markets

Professor Robert Whitelaw weighs in on China's new e-commerce tax

Professor Robert Whitelaw discusses Japan's efforts to revive its economy

Professor Robert Whitelaw explains how companies decide where to list their stock

Professor Robert Whitelaw comments on China's increased debt-to-GDP ratio

Professsor Robert Whitelaw discusses the jobless rate in China, particularly in the coal and steel industry

Professor Robert Whitelaw discusses China's efforts to boost potato production

Professor Robert Whitelaw discusses China's central bank's move to stimulate the housing market

Professor Robert Whitelaw participates in a panel discussion on China's economic growth

In an op-ed, Professors Jennifer Carpenter and Robert Whitelaw argue that it's time to let China's stock market self-correct

Areas of Expertise


  • Asset Management
  • Derivatives
  • High Frequency Trading
  • Risk Management
  • Stock Market