Robert Korajczyk
Harry G. Guthmann Professor of Finance
Co-Director, Financial Institutions and Markets Research Center
Senior Associate Dean - Faculty and Research
A member of the Kellogg School faculty since 1982, Robert A. Korajczyk is Senior Associate Dean, Faculty and Research and the Harry G. Guthmann Professor of Finance and co-director of the Center for Financial Institutions and Markets. At Kellogg, Korajczyk has previously served as Senior Associate Dean: Curriculum and Teaching, Chair of the Department of Finance, Director of Graduate Studies for the Department of Finance, and Director of the Zell Center for Risk Research.
Professor Korajczyk’s research interests are in the areas of investments and empirical asset pricing. He is a recipient of the 2024 Invesco Factor Investing Prize, 2022 Journal of Investment Management Harry Markowitz Special Distinction Award; 2009 Crowell Prize for best paper in the field of quantitative asset management, awarded by PanAgora Asset Management; the Alumni Choice Faculty Award 2000; the Core Teaching Award 1998 and 2000; the Sidney J. Levy Teaching Award 1996; the New York Stock Exchange Award for Best Paper on Equity Trading, presented at the 1993 Western Finance Association annual meetings; and the Review of Financial Studies Best Paper Award, 1991.
Professor Korajczyk is an associate editor of Gospodarka Narodowa, past editor of the Review of Financial Studies, and a past associate editor of the Review of Financial Studies, Journal of Business & Economic Statistics, Journal of Empirical Finance, and the Journal of Financial and Quantitative Analysis.
He has held visiting faculty appointments at the University of Chicago, the Vienna University of Economics and Business, the University of Melbourne, the University of Vienna, and the Hong Kong University of Science and Technology.
Professor Korajczyk received his BA, MBA, and PhD degrees from the University of Chicago.
- Investments
- corporate finance.
- Investments
- corporate finance
- empirical research in finance.
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PhD, 1983, Economics (Finance), University of Chicago
MBA, 1977, Finance, Econometrics, University of Chicago
AB, 1976, Mathematics, University of Chicago, General Honors -
Harry G. Guthmann Professor of Finance, Kellogg School of Management, Northwestern University, 1995-present
Engelbert Dockner Fellow, Vienna University of Economics and Business (Wirtschaftsuniversität Wien), WU Research Institute for Capital Markets, 2023
Member: Academic Advisory Board, Wirtschaftsuniversität Wien, IQAM Research Center, 2018-present
Director of Graduate Studies, Finance, Kellogg School of Management, Northwestern University, 2019-2022
Sessional Lecturer, Finance, Faculty of Business and Economics, University of Melbourne, 2014
Senior Associate Dean: Curriculum and Teaching, Kellogg School of Management, Northwestern University, 2010-2011
Gutmann Fellow, Finance, Wirtschaftsuniversität Wien, Vienna University of Economics and Business (Wirtschaftsuniversität Wien), 2010
Member: Academic Advisory Board, Wirtschaftsuniversität Wien, Gutmann Center for Portfolio Managemen, 2009-2017
Senior Associate Dean: Curriculum and Teaching, Kellogg School of Management, Northwestern University, 2003-2006
Director, Zell Center for Risk Research, Kellogg School of Management, Northwestern University, 2006-2013
Member: Academic Advisory Board, University of Vienna, Gutmann Center for Portfolio Managemen, 2002-2009
Gutmann Fellow, University of Vienna, 2006
Co-Director, Financial Institutions and Markets Research Center, Kellogg School of Management, Northwestern University, 2005-2006
Gutmann Fellow, University of Vienna, 2003
Visiting Professor of Finance, School of Business and Management, Hong Kong University of Science and Technology, 1997
Professor of Finance, Kellogg School of Management, Northwestern University, 1994-1995
Chairman, Department of Finance, Kellogg School of Management, Northwestern University, 1994-1996
Associate Professor of Finance, Kellogg School of Management, Northwestern University, 1989-1994
Visiting Associate Professor of Finance, Graduate School of Business, University of Chicago, 1989-1990
Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 1982-1989
Lecturer in Finance, Graduate School of Business, University of Chicago, 1981-1982 -
Principal, Global Economics Group, 2022-present
Member of Product Development Committee, DSC Quantitative Group, 2012-present
Principal, Chicago Partners, 1995-2008
Member: Scientific Advisory Board, ITG, Inc., 2003-2004
Consultant, The Rand Corporation, 1979-1980
Financial Analyst, Atlantic Richfield Company, 1977-1978
Financial Analyst, Northwest Industries, 1976 -
Investco Factor Investing Prize, Frontiers of Factor Investing Conference, Lancaster University, 2024
Harry Markowitz Special Distinction Award, Journal of Investment Management, 2022
Crowell Memorial Research Paper Prize: First Place, PanAgora Asset Management Quantitative Research Institute, 2009
Microstructure Research Grant, Morgan Stanley, 2005
Kellogg Alumni Professor of the Year Award, Kellogg School of Management, 2000
Chairs Core Teaching Award, Kellogg School of Management, 1999-2000, 1997-1998
Core Teaching Award, Kellog School of Management, 1997-1998 and 1999-2000
Sidney Levy Teaching Award, Kellog School of Management, 1995-1996
Sidney J. Levy Teaching Award, Kellogg School of Management, 1995-1996
New York Stock Exchange Award for Best Paper and Equity Trading, Western Finance Association annual meetings, 1993
Award for Best Paper on Equity Trading presented at the Western Finance Association annual meetings, New York Stock Exchange, 1993
Best Paper Award, Review of Financial Studies, 1991 - Volume 4
Review of Financial Studies, Best Paper Award, Review of Financial Studies, 1991 -
Associate Editor, Gospodarka Narodowa, 2020
Associate Editor, Review of Financial Studies, 1997-2000
Editor, Review of Financial Studies, 1993-1996
Associate Editor, Journal of Financial and Quantitative Analysis, 1992-2003
Associate Editor, Journal of Empirical Finance, 1991-2003
Associate Editor, Review of Financial Studies, 1989-1993
Associate Editor, Journal of Business and Economic Statistics, 1988-1993
Research (FINC-590-0)
Independent investigation of selected problems pertaining to thesis or dissertation. May be repeated for credit.
Field Study (FINC-498-0)
Field Studies include those opportunities outside of the regular curriculum in which a student is working with an outside company or non-profit organization to address a real-world business challenge for course credit under the oversight of a faculty member.
Asset Management Practicum III (FINC-458-0)
Students enrolled in the Asset Management Practicum's (AMP) sequence of courses participate in managing a portion of the Kellogg School's endowment. Across five different portfolios, the Practicum manages around $19.5 million in total. In the practicum students will rotate across roles of industry analysts and portfolio managers. The AMP courses provides weekly exposure to leading asset management practitioners. Students must take two of the three AMP courses: FINC-456, FINC-457 and FINC-458. AMP requires students to have taken either FINC 431 Finance II or FINC 440 Accelerated Corporate Finance before enrolling in the Practicum. Practicum students have the following additional requirements. Prior to, or during their first quarter of the Practicum, students must have taken or be simultaneously enrolled in one of the following classes: FINC 442 (Financial Decisions); FINC 444 (Value Investing); FINC 448 (M&As, LBOs and Corporate Restructuring); FINC 477 (Global Entrepreneurial Finance), ACCT 451 (Financial Reporting and Analysis) or ACCT 452 (Issues in Financial Reporting). Before their graduation: AMP students must take either FINC-450 (Capital Markets) or FINC-465 (Derivative Markets I). Some of these co-requisites can be waived based on a student's background.
Finance I (FINC-430-0)
Finance 1 answers managers' and investors' most fundamental finance question: how should a project or an asset be valued? Managers must determine the value of building a factory, entering a new market, or purchasing an entire firm when deciding in which projects to invest. Similarly, individuals must assess the value of financial securities to decide how to invest their wealth. Using a combination of lectures and business cases, Finance 1 teaches the discounted cash flow and multiples methods to value projects or assets. These valuation tools lay the foundation for all work in capital markets and corporate finance.
Prerequisite: Business Analytics I (DECS-430-5)
Corequisite/Prerequisite: Accounting for Decision Making (ACCT-430) and Business Analytics II (DECS 431-0)
