Martin J. Gruber

Martin J. Gruber

Joined Stern 1965

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-88
New York, NY 10012

Personal website

View/Download C.V.


Martin J. Gruber is Professor Emeritus and Scholar in Residence at the Leonard N. Stern School of Business of New York University where he previously served as Professor of Finance for 45 years.

He is a director and a member of the investment committee of the National Bureau of Economic Research. He is a fellow of the American Finance Association, the Financial Management Association, and the Institute for Quantitative Research in Finance. He is past president of the American Finance Association and served as Finance Department Chairman at NYU for nine years.

The ninth edition of his book, Modern Portfolio Theory and Investment Analysis, is one of the leading texts in graduate schools of business. In addition, he has published six other books in investment analysis and portfolio management. Professor Gruber has written over 100 articles which have appeared in the Journal of Finance, Review of Economics and Statistics, Journal of Financial Economics, Journal of Business, Management Science, Journal of Financial and Quantitative Analysis, Operations Research, Oxford Economic Papers and the Journal of Portfolio Management. A collection of his pre-1996 articles has been published as a two-volume anthology by The MIT Press entitled Investments. A collection of his post-1996 articles has been published by World Scientific Publishing Company. He was formerly co-managing editor of the Journal of Finance, Department editor for Finance of Management Science, a member of the Advisory Board of the European Finance Review and an Associate Editor of the Journal of Banking and Finance. He has been a director of both the Computer Applications Committee, and the Investment Technology Symposium of the New York Society of Security Analysts, and an Associate Editor of the Financial Analysts Journal. He has also been a director of the European Finance Association and a founding member of the Asian Finance Association.

Professor Gruber was named a distinguished scholar by the Eastern Finance Association, has received the Graham and Dodd Award for research in investments and in 2004 was awarded the prestigious James R. Vertin Award by AIMR in recognition of his research notable for its relevance and enduring quality to investment professionals. He has served as a consultant in the areas of investment analysis and portfolio management with many major financial institutions in the United States, Asia, and Europe. Professor Gruber has been a Director of the Singapore Equity Fund Inc., The Thai Equity Fund and chairman of the board of the Japan Equity Fund Inc. He has been chairman of the Equity Committee and a member of the DWS Mutual Funds New York Board. He has served as a member of the board of trustees of TIAA, a member of the board of CREF, chairman of the board of CREF, and a member of the board of the S.G. Cowen Funds.

Professor Gruber holds an S.B. degree in Chemical Engineering from MIT and both an MBA in Production Management and a Ph.D. in Finance and Economics from Columbia University. He also was awarded the degree of Docteur "honoris causa" by the University of Liege, Belgium.

Research Interests

  • General equilibrium theory
  • Expectations and their role in security price formation
  • Mutual funds
  • Pension funds

Courses Taught

  • Executive Education Courses on Mutual Funds and Portfolio Management

Academic Background

Ph.D., Finance and Economics, 1965
Columbia University

M.B.A., Production Management, 1961
Columbia University

S.B., Chemical Engineering, 1959

Awards & Appointments

American Finance Association President 1996
National Bureau of Economic Research Member of the Board and Executive Committee  
American Finance Association Fellow  
Financial Management Association Fellow  
Institute of Quantitative Research in Finance Fellow  
Eastern Finance Association Distinguished Scholar  
Graham and Dodd Award for Research and Investment  
AIMR James R. Vertin Award  
University of Liege, Belgium Degree of Doctor  

Selected Publications

Gruber, M. (2021)
Are Enhanced Index Funds Enhanced?
European Financial Management

Gruber, M. (2019)
Are Passive Funds Really Superior Investments? An Investor Perspective
Financial Analyst Journal

Gruber, M. (2019)
Passive Mutual Funds and ETFs: Performance and Comparison.
Journal of Banking and Finance

Gruber, M. (2018)
Fund of Funds Selection of Mutual Funds
Critical Finance Review

Gruber, M. (2015)
Target Date Funds; Characteristics and Performance
Review of Asset Pricing Studies

Gruber, M. (2013)
Why Do Closed-End Bond Funds Exist? An Additional Explanation for the Growth in Domestic Closed-End Bond Funds
Journal of Financial and Quantitative Analysis

Gruber, M. (2012)
Does Mutual Fund Size Matter? The Relationship Between Size and Performance
Review of Asset Pricing Studies

Gruber, M. (2011)
Holding Data, Security Returns, and the Selection of Superior Mutual Funds
Journal of Financial and Quantitative Analysis

Gruber, M. (2010)
The Effect of Frequency of Holding Data on Conclusions about Mutual Fund Management Behavior
Journal of Banking and Finance

Gruber, M.
The Performance of Separate Accounts and Collective Investment Trusts
Review of Finance

Areas of Expertise


  • Asset Management
  • Mutual Funds/Pensions
  • Portfolio Management
  • Portfolio Performance