William N. Goetzmann

School of Management
Yale University
Box 208200
New Haven, CT 06520-8200
Tel: 203/432-5950
Fax: 203/432-3003

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: AP
NBER Affiliation: Research Associate
Institutional Affiliation: Yale University

NBER Working Papers and Publications

September 2017Negative Bubbles: What Happens After a Crash
with Dasol Kim: w23830

Published: William N. Goetzmann & Dasol Kim, 2018. "Negative bubbles: What happens after a crash," European Financial Management, vol 24(2), pages 171-191. citation courtesy of

April 2016Crash Beliefs From Investor Surveys
with Dasol Kim, Robert J. Shiller: w22143
November 2015Momentum in Imperial Russia
with Simon Huang: w21700

Published: William Goetzmann & Simon Huaang, 2018. "Momentum in Imperial Russia," Journal of Financial Economics, . citation courtesy of

October 2015Bubble Investing: Learning from History

Published: Goetzmann William N. Research Foundation Books 2016 2016:3, 149-168

July 2015The Development of Corporate Governance in Toulouse: 1372-1946
with David Le Bris, Sébastien Pouget: w21335
August 2014The Economics of Aesthetics and Three Centuries of Art Price Records
with Elena Mamonova, Christophe Spaenjers: w20440

Published: Christophe Spaenjers, William N. Goetzmann, Elena Mamonova, The economics of aesthetics and record prices for art since 1701, Explorations in Economic History, Volume 57, 2015, Pages 79-94, ISSN 0014-4983,

July 2014Dutch Securities for American Land Speculation in the Late Eighteenth Century
with Rik Frehen, K. Geert Rouwenhorst
in Housing and Mortgage Markets in Historical Perspective, Eugene N. White, Kenneth Snowden, and Price Fishback, editors
June 2014Testing Asset Pricing Theory on Six Hundred Years of Stock Returns: Prices and Dividends for the Bazacle Company from 1372 to 1946
with David le Bris, Sébastien Pouget: w20199
October 2013Competition among University Endowments
with Sharon Oster
in How the Financial Crisis and Great Recession Affected Higher Education, Jeffrey R. Brown and Caroline M. Hoxby, editors
June 2012Competition Among University Endowments
with Sharon Oster: w18173
January 2010Securitization in the 1920's
with Frank Newman: w15650
November 2009Trust and Delegation
with Stephen Brown, Bing Liang, Christopher Schwarz: w15529

Published: Brown, Stephen & Goetzmann, William & Liang, Bing & Schwarz, Christopher, 2012. "Trust and delegation," Journal of Financial Economics, Elsevier, vol. 103(2), pages 221-234. citation courtesy of

Art and Money
with Luc Renneboog, Christophe Spaenjers: w15502

Published: William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-26, May. citation courtesy of

September 2009Tiebreaker: Certification and Multiple Credit Ratings
with Dion Bongaerts, K.J. Martijn Cremers: w15331

Published: Dion Bongaerts & K. J. Martijn Cremers & William N. Goetzmann, 2012. "Tiebreaker: Certification and Multiple Credit Ratings," Journal of Finance, American Finance Association, vol. 67(1), pages 113-152, 02. citation courtesy of

New Evidence on the First Financial Bubble
with Rik G.P. Frehen, K. Geert Rouwenhorst: w15332

Published: Frehen, Rik G.P. & Goetzmann, William N. & Geert Rouwenhorst, K., 2013. "New evidence on the first financial bubble," Journal of Financial Economics, Elsevier, vol. 108(3), pages 585-607. citation courtesy of

Risk Aversion and Clientele Effects
with Douglas W. Blackburn, Andrey D. Ukhov: w15333
The Subprime Crisis and House Price Appreciation
with Liang Peng, Jacqueline Yen: w15334

Published: William Goetzmann & Liang Peng & Jacqueline Yen, 2012. "The Subprime Crisis and House Price Appreciation," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 36-66, January. citation courtesy of

November 2005The History of Corporate Ownership in China: State Patronage, Company Legislation, and the Issue of Control
with Elisabeth Koll
in A History of Corporate Governance around the World: Family Business Groups to Professional Managers, Randall K. Morck, editor
April 2005British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach
with Andrey Ukhov: w11266

Published: Goetzmann, William N. and Andrey D. Ukhov. "British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach," Review of Finance, 2006, v10(2,Jun), 261-300. citation courtesy of

May 2004Soft Information, Hard Sell: The Role of Soft Information in the Pricing of Intellectual Property
with Vicente Pons-Sanz, S. Abraham Ravid: w10468
March 2004Fibonacci and the Financial Revolution

Published: Goetzmann, William N. and K. Geert Rouwenhorst (eds.) The Origins of Value: The Financial Innovations That Created Modern Capital Markets. Oxford and New York: Oxford University Press, 2005.

Portfolio Diversification and City Agglomeration
with Massimo Massa, Andrei Simonov: w10343
February 2003Disposition Matters: Volume, Volatility and Price Impact of a Behavioral Bias
with Massimo Massa: w9499


Fees on Fees in Funds of Funds
with Stephen J. Brown, Bing Liang: w9464

Published: Brown, S. J., W. N. Goetzmann, and B. Liang. “Fees on Fees in Funds of Funds.” Journal of Investment Management 2 (2004): 39-56.

Rain or Shine: Where is the Weather Effect?
with Ning Zhu: w9465

Published: Goetzmann, William N. and Ning Zhu. "Rain or Shine: Where is the Weather Effect?" European Financial Management 11, 5 (November 2005): 559-578. citation courtesy of

Efficiency and the Bear: Short Sales and Markets around the World
with Ning Zhu, Arturo Bris: w9466

Published: Goetzmann, William and Arturo Bris. "Efficiency and the Bear: Short Sales and Markets around the World." The Journal of Finance 62, 3 (June 2007): 1029-1079 citation courtesy of

Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares
with Matthew Spiegel, Andrey Ukhov: w9469
Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows
with Stephen J. Brown, Takato Hiraki, Noriyoshi Shirishi, Masahiro Watanabe: w9470
January 2003Does Governance Matter? The Case of Art Museums
with Sharon Oster
in The Governance of Not-for-Profit Organizations, Edward L. Glaeser, editor
August 2002Sharpening Sharpe Ratios
with Jonathan Ingersoll, Matthew I. Spiegel, Ivo Welch: w9116
December 2001Equity Portfolio Diversification
with Alok Kumar: w8686

Published: William N. Goetzmann & Alok Kumar, 2008. "Equity Portfolio Diversification," Review of Finance, Oxford University Press for European Finance Association, vol. 12(3), pages 433-463. citation courtesy of

November 2001Long-Term Global Market Correlations
with Lingfeng Li, K. Geert Rouwenhorst: w8612

Published: William N. Goetzmann & Lingfeng Li & K. Geert Rouwenhorst, 2005. "Long-Term Global Market Correlations," Journal of Business, University of Chicago Press, vol. 78(1), pages 1-38, January. citation courtesy of

April 2001The Bias of the RSR Estimator and the Accuracy of Some Alternatives
with Liang Peng: t0270

Published: Goetzmann, W. N. and L. Peng. "The Bias Of The RSR Estimator And The Accuracy Of Some Alternatives," Real Estate Economics, 2002, v30(1,Spring), 13-39.

March 2001Hedge Funds With Style
with Stephen J. Brown: w8173

Published: Brown, Stephen J. and William N. Goetzmann. "Hedge Funds With Style," Journal of Portfolio Management, 2003, v29(2,Winter), 101-112.

June 2000Stock Markets
NBER Reporter Summer 00
February 2000A Century of Global Stock Markets
with Philippe Jorion: w7565

Published: Published as "Global Stock Markets in the Twentieth Century", Journal of Finance, Vol. 54, no. 3 (June 1999): 953-980.

Global Real Estate Markets - Cycles and Fundamentals
with Bradford Case, K. Geert Rouwenhorst: w7566
Daily Momentum and Contrarian Behavior of Index Fund Investors
with Massimo Massa: w7567

Published: Goetzmann, William N. and Massimo Massa. "Daily Momentum And Contrarian Behavior Of Index Fund Investors," Journal of Financial and Quantitative Analysis, 2002, v37(3,Sep), 375-389. citation courtesy of

March 1999Pairs Trading: Performance of a Relative Value Arbitrage Rule
with Evan G. Gatev, K. Geert Rouwenhorst: w7032

Published: Evan Gatev & William N. Goetzmann & K. Geert Rouwenhorst, 2006. "Pairs Trading: Performance of a Relative-Value Arbitrage Rule," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 19(3), pages 797-827. citation courtesy of

Index Funds and Stock Market Growth
with Massimo Massa: w7033

Published: William N. Goetzmann & Massimo Massa, 2003. "Index Funds and Stock Market Growth," Journal of Business, University of Chicago Press, vol. 76(1), pages 1-28, January. citation courtesy of

February 1998Positive Portfolio Factors
with Stephen J. Brown, Mark Grinblatt: w6412
High Water Marks
with Jonathan Ingersoll, Jr., Stephen A. Ross: w6413

Published: William N. Goetzmann & Jonathan E. Ingersoll & Stephen A. Ross, 2003. "High-Water Marks and Hedge Fund Management Contracts," Journal of Finance, American Finance Association, vol. 58(4), pages 1685-1718, 08.

Hedge Funds and the Asian Currency Crisis of 1997
with Stephen J. Brown, James Park: w6427

Published: Brown, Stephen J., William N. Goetzmann and James M. Park. "Hedge Funds And The Asian Currency Crisis," Journal of Portfolio Management, 2000, v26(4,Summer), 95-101.

January 1998The Japanese Open-End Fund Puzzle
with Stephen J. Brown, Takato Hiraki, Toshiyuki Otsuki, Noriyoshi Shiraishi: w6347

Published: Brown, Stephen J, et al, 2001. "The Japanese Open-End Fund Puzzle," Journal of Business, University of Chicago Press, vol. 74(1), pages 59-77, January. citation courtesy of

January 1997A Century of Global Stock Markets
with Philippe Jorion: w5901

Published: Published as "Global Stock Markets in the Twentieth Century", JF, Vol. 54,no. 3 (June 1999): 953-980.

Re-emerging Markets
with Philippe Jorion: w5906

Published: Goetzmann, William N. & Jorion, Philippe, 1999. "Re-Emerging Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 34(01), pages 1-32, March. citation courtesy of

Offshore Hedge Funds: Survival and Performance 1989-1995
with Stephen J. Brown, Roger G. Ibbotson: w5909

Published: Journal of Business, Vol. 72, no. 1 (January 1999): 91-117.

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