Robert Novy-Marx

Robert Novy-Marx is an American financial economist and professor noted for empirical research on equity returns, value investing, and measures of firm quality. He has been affiliated with prominent institutions and has contributed to academic debates involving asset pricing, factor models, and portfolio construction. His work intersects with practitioners and scholars in finance, investing, and business education.

Early life and education

Novy-Marx received his undergraduate and graduate training in environments tied to notable institutions. He completed studies that connected him to universities and departments where figures associated with Harvard University, Massachusetts Institute of Technology, Stanford University, and University of Chicago shaped curricula. His doctoral work involved methodologies and advisors with links to National Bureau of Economic Research, American Finance Association, and doctoral programs influencing Chicago School of Economics-adjacent research.

Academic career

Novy-Marx has held faculty positions and visiting appointments at research-oriented business schools and economics departments. He has been a professor at the University of Chicago Booth School of Business and has collaborated with scholars from Columbia Business School, Yale School of Management, Princeton University, and London Business School. His teaching and supervision connected him to graduate programs, executive education offerings, and seminars involving the American Finance Association, Journal of Finance editorial networks, and seminar series at the National Bureau of Economic Research.

Research and contributions

Novy-Marx is known for empirical analyses of stock returns, factor investing, and quality measures that complement value and momentum frameworks. He proposed measures of "quality" and profitability that have been compared with the Fama–French three-factor model, the Carhart four-factor model, and subsequent multi-factor frameworks promoted by scholars associated with Eugene Fama, Kenneth French, and Mark Carhart. His work on profitability, asset pricing anomalies, and return predictability has been cited in literature alongside research from Roberto Mariano, Cliff Asness, Antti Ilmanen, and James O'Shaughnessy. Novy-Marx contributed to debates on factor stability and implementation costs discussed in venues such as the Journal of Financial Economics, Review of Financial Studies, and practitioner outlets connected to BlackRock, Vanguard, and AQR Capital Management.

He developed empirical tests using accounting data from databases assembled by contributors to the Center for Research in Security Prices and datasets used by researchers from Wharton School, MIT Sloan School of Management, and Columbia Business School. His portfolio construction experiments engaged with risk-adjustment techniques familiar to researchers at Federal Reserve Bank of New York, European Central Bank, and International Monetary Fund working groups. Collaborations and citations link his findings to studies by Richard Roll, John Cochrane, Luigi Zingales, and Renne Le Breton.

Awards and honors

Novy-Marx has received recognition in academic and practitioner communities through awards and invited presentations. He has been an invited speaker at conferences organized by the American Finance Association, awarded paper prizes in competitions associated with the Review of Financial Studies and the Journal of Finance, and named in lists curated by outlets connected to Bloomberg, The Wall Street Journal, and Financial Times. His research has influenced curricula used at the University of Pennsylvania Wharton School, Northwestern University Kellogg School of Management, and programs at the London Business School.

Selected publications

- "The other side of value: The gross profitability premium" — published in journals with editorial boards including scholars from Harvard Business School, Columbia Business School, and Stanford Graduate School of Business. - Papers on asset pricing anomalies and factor models appearing in forums read by members of the American Finance Association and researchers at the National Bureau of Economic Research. - Empirical studies comparing profitability, value, and momentum portfolios cited in working papers distributed at seminars hosted by University of Chicago Booth School of Business and MIT Sloan School of Management.

Category:Living people Category:Financial economists Category:University of Chicago faculty