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<body background = "grayalum.gif" > <CENTER> <IMG SRC="schwert.gif" width="15%" ALIGN=middle alt="Picture of G. William Schwert"><BR> <H2>G. William Schwert<br> Gleason Professor of Finance and Statistics<br></h2> <h4><A HREF="gws.wav" alt="Welcome Message">Welcome Message</A>, [543K WAV format]</CENTER><HR><P> <B>Office: </B>3-110L Carol Simon Hall<BR> <B>Phone: </B>(716) 275-2470<BR> <B>Fax: </B>(716) 461-5475<BR> <B>E-Mail: </B><A HREF="mailto:schwert@mail.ssb.rochester.edu">schwert@mail.ssb.rochester.edu</A><BR> <B>With Simon School since: </B>1976<BR> <B>Current Courses: </B><A HREF="aps420.htm">APS 420</A>, <A HREF="exp481.htm">EXP 481</A>, <A HREF="fin423.htm">FIN 423</A>, <A HREF="fin533.htm">FIN 533</A><P> A.B. with Honors (Economics), <A HREF="http://www.trincoll.edu/">Trinity College (Hartford, Connecticut)</a>, 1971.<BR> M.B.A., University of Chicago, 1973.<BR> Ph.D., University of Chicago, (Economics, Finance, Econometrics), 1975.<P><HR><P> Bill Schwert is the Gleason Professor of Finance and Statistics at the <A HREF="http://www.ssb.rochester.edu/">University of Rochester's William E. Simon Graduate School of Business Administration</A>. He came to Rochester in 1976, after spending the 1975-76 academic year at the <A HREF="http://www-gsb.uchicago.edu/index.html">University of Chicago</A> as an Assistant Professor of Finance. He received his A.B. with honors in economics from Trinity College in Hartford, Connecticut in 1971, his M.B.A. in 1973 and his Ph.D. in 1975 both from the University of Chicago.<P> Bill has been a Research Associate of the <A HREF="http://www.nber.org/">National Bureau of Economic Research</A> since 1988. He was the Chair of the Business and Economics Section of the American Statistical Association in 1990, and from 1987-89 he was a Director of the American Finance Association. He has been one of the Editors of the <A HREF="http://jfe.rochester.edu"><I>Journal of Financial Economics</I></a> since 1979. Beginning in 1996, Bill is the Managing Editor of the <i>JFE</i>. He is an Associate Editor of the <A HREF="http://www.cob.ohio-state.edu/~fin/journal/jof.htm"><I>Journal of Finance</I></A>, the <I>Journal of Monetary Economics</I>, and of <I>Abstracts of Working Papers in Economics</I>. Bill serves on the Advisory Board of the <I>Journal of Applied Corporate Finance</I>. He is a co-founder of <A HREF="http://www.knollwood.com/default.htm" target=_top>Knollwood Consulting Group, Inc.,</a> an economic and financial consulting firm.<P> In 1982, Bill was the first Center for Research in Security Prices Distinguished Research Scholar at the University of Chicago. He was one of three recipients of the Batterymarch Research Fellowship for the 1982-83 academic year. He was also among the first group of ten Mentors at the University of Rochester, an award based on scholarship and teaching. He is included <I>Who's Who in Finance and Industry</I>, <I>Who's Who in American Education</I>, and <I>Who's Who in the East</I>. His paper <A HREF="afa.htm">"Why Does Stock Market Volatility Change Over Time?"</A> won a Smith-Breeden Distinguished Paper Prize from the <I>Journal of Finance</I> in 1990 and his paper <A HREF="faj.htm">"Stock Market Volatility"</A> won the Graham and Dodd Plaque from the <I>Financial Analysts Journal</I> in 1990.<P> Bill's research has covered broad areas of economics, finance and statistics, including: (a) the relations among interest rates, inflation rates and asset returns; (b) the effects of stock market volatility on asset returns; (c) the effects of government regulation on business; and (d) the use of modern time series techniques to analyze economic and financial data. His papers have been cited more than 2,000 times by published books and journal articles covered in the <I>Social Science Citation Index</I>. Doctoral students he has supervised are now faculty members at the University of Chicago, Harvard University, the University of Pennsylvania, the University of Michigan, and Northwestern University, among others.<P><HR> <h4><A HREF="position.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Current Position</B></A><bR> <A HREF="papers.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Publications</B></A><bR> <A HREF="cites.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Citations to Research</B></A><bR> <A HREF="teach.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Teaching</B></A><bR> <A HREF="service.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Service</B></A><bR> <A HREF="data.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Data Available to Researchers</B></A><bR> <A HREF="http://jfe.rochester.edu"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B><I>Journal of Financial Economics</I></B></A><bR> <A HREF="consult.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Consulting Activities</B></A><bR> <A HREF="fun.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Hobbies</B></A><bR> <A HREF="acct.htm" target="display"><B>Visits to this home page</B></A><br> <A HREF="other.htm"><IMG SRC="cy_ball.gif" ALIGN=MIDDLE><B>Other Interesting Web Sites</B></A><HR> The page's <A HREF="http://www.digits.com/">Web-Counter</A> says that you are visitor number <IMG SRC="http://counter.digits.com/wc/-d/6/schwert" ALIGN=middle WIDTH=90 HEIGHT=20 BORDER=0 HSPACE=4 VSPACE=2> since August 1996.<br> <IMG SRC="wc03a.gif" WIDTH=113 HEIGHT=12 VSPACE=2 HSPACE=4 align=right><p><p><hr> © Copyright 1996, <i>G. 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