Edwin J. Elton

Edwin J. Elton

Joined Stern 1965

Leonard N. Stern School of Business
Tisch Hall
40 West Fourth Street, 902
New York, NY 10012

E-mail eje1@stern.nyu.edu
Personal website

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Edwin J. Elton is emeritus professor of finance and scholar in residence at the Leonard N. Stern School of Business, New York University.

Professor Elton has authored or coauthored eight books and over 125 articles. The eighth edition of his book, Modern Portfolio Theory and Investment Analysis, is the standard textbook used in most leading graduate schools of business. His collected works in investments are published in two volumes by MIT Press and one by world scientific. He was formerly co-managing editor of The Journal of Finance. He has been a member of the Board of Directors of the American Finance Association and an associate editor of Management Science. Professor Elton has served as a portfolio theory and investment management consultant for many major financial institutions in Asia, Europe, and the United States. He has been a senior research fellow at the International Institute of Management in Berlin, visiting scholar at the European Institute for Advanced Studies in Management (EIASM) in Brussels and at Katholieke Universiteit Leuven.

Professor Elton received the Graham Dodd award and The Roger Murray prize for research in investments and was named Distinguished Scholar by the Eastern Finance Association. He is a fellow of the American Finance Association and The Institute for Quantitative Research in Finance. He is a former president of the American Finance Association (1996).

Research Interests

  • Bonds, Equities, Futures
  • Portfolio Theory

Courses Taught

  • Corporate Finance
  • Financial Theory
  • Investments and Fixed Income
  • Portfolio Theory

Academic Background

Ph.D., Industrial Administration, 1971

M.S., Industrial Administration, 1965

B.A., Math, 1961
Ohio Wesleyan

Selected Publications

Edwin J. Eltona, Martin J. Grubera, and Andre de Souzab (2019)
Passive mutual funds and ETFs: Performance and comparison
Journal of Banking and Finance 106 (2019) 265–275

Edwin J. Elton, Martin J. Gruber, and Andre de Souza
Are Passive Funds Really Superior Investments? An Investor Perspective

Edwin J. Elton, Martin J. Gruber, and Andre de Souza
Fund of Funds Selection of Mutual Funds

Areas of Expertise


  • Asset Management
  • Credit/Debt Markets
  • Derivatives
  • Mutual Funds/Pensions
  • Portfolio Management