Professor A. Craig MacKinlay on Smart Beta


The Wharton School
Joseph P. Wargrove Professor of Finance


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

Other Positions

Research Associate, National Bureau of Economic Research, 1989present

Professional Leadership 20052009

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


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


Past Courses


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 tradeoff 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.


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


This course is an introduction to empirical methods commonly employed in finance. It provides the background for FNCE 934, Empirical Research in Finance. The course is organized around empirical papers with an emphasis on econometric methods. A heavy reliance will be placed on analysis of financial data.

Knowledge @ Wharton

Is Behavioral Finance a Growth Industry?, Knowledge @ Wharton 10/10/2001

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