Gruber, Martin J. Professor Emeritus and Scholar in Residence Joined Stern 1965 Phone: (212) 998-0333 Fax : (212) 995-4233 Email:  mgruber@stern.nyu.edu 44 West Fourth Street Suite 9-190 New York, NY 10012-1126

Education

• PhD    Finance and Economics   Columbia University  1966
• MBA  Production Management  Columbia University  1961
• SB      Chemical Engineering       M.I.T.  1959

Research Interests:

• Portfolio Theory and Management
• Mutual Funds Structure and Performance
• Pension Funds

Business Experience:

• Director, National Bureau of Economic Research
• Director, DIAWA Mutual Funds
• Previously Director, DWS Mutual Funds, SG Cowen Mutual Funds, TIAA, CREF

Publications:

• "Why Do Closed-End Bond Funds Exist? An Additional Explanation for the Growth in Domestic Closed-End Bond Funds," forthcoming, Journal of Financial and Quantitative Analysis, 2012.
• "Does Mutual Find Size Matter? The Relationship Between Size and Performance," forthcoming, Review of Asset Pricing Studies, 2012.
• "Mutual Funds," forthcoming in Constantinides, George, Milt Harris and Rene Stulz, Handbook of the Economics of Finance, Elseview, 2012.
• "An Examination of Mutual Fund Timing Using Monthly Holding Data," forthcoming, Review of Finance, 2012.
• "Monthly Holding Data and the Selection of Superior Mutual Funds," forthcoming, Journal of Financial and Quantitative Analysis, April 2011.
• "The Effect of Frequency of Holding Data on Conclusions about Mutual Fund Management Behavior," Journal of Banking and Finance, May 2010.
• "Applications of the Markowitz Portfolio Theory to Pension Fund Design." In: John Guerard, Jr. The Handbook of Portfolio Construction: Contemporary Applications of Markowitz Techniques, Chapter 14, Springer, 2010.
• "Modern Portfolio Theory and Investment Analysis (New York, New York: John Wiley & Sons, Inc., Eighth Edition, 2010).
• "Improved Estimates or Correlation Coefficients and Their Impact on the Optimum Portfolios" European Financial Management, 12(3), August 2006, pp. 303-318.
• "The Impact of Mutual Fund Family Membership on Investor Risk", Journal of Financial and Quantitative Analysis, June 2007.
• "Participant Reaction and the Performance of Mutual Funds Offered by 401(k) Plans", Journal of Financial Intermediation, April 2007.
• "The Adequacy of Investment Choices Offered by 401K Plans," Journal of Public Economics, vol. 9, issues 6-7, pp. 1299-1314.
• "Marginal Stockholder Tax Effects and Ex-Dividend Price Behavior: Evidence from Taxable Versus Non-Taxable Closed End Funds," Review of Economics and Statistics, August 2005.
• "Optimum Centralized Portfolio Construction with Decentralized Portfolio Management," Journal of Financial and Quantitative Analysis, September 2004.
• "Are Investors Rational: Choices Among Index Funds, Journal of Finance, February 2004.
• "Incentive Fees and Mutual Fund Performance, Journal of Finance, April 2003.
• "Spiders: Where are the Bugs?" Journal of Business, July 2002.