Simon Business School

Faculty Profile

Robert E Novy-Marx
Associate Professor
Phone: 585.275.3914
Office: CS-3-206 Carol Simon Hall


Novy-Marx earned the American Real Estate and Urban Economics Association Dissertation Award in 2005 and the Western Finance Association’s Trefftz Award in 2004 for “An Equilibrium Model of Investment Under Uncertainty.” His “Hot and Cold Markets” won the 2010 Mill’s Prize for the best paper in real estate economics. Novy-Marx is also a former professional triathlete, a member of the National Bureau of Economic Research and taught at the Booth School of Business before coming to the Simon School.

Research Interests

Professor Novy-Marx’s research focuses primarily on asset pricing, both theoretical and empirical, though he also works in industrial organization, public finance and real estate.

Professional History

Associate Professor
University of Rochester Simon Business School, Rochester NY
2013 -
Assistant Professor of Finance
University of Chicago Booth School of Business, Chicago IL
2003 - 2010


University of California - 2003
Ph D
Swarthmore College - 1991


Operating Leverage
Journal/Publisher/Proceedings Publisher: Review of Finance
Volume: 15(1)
Issue: 2011
The Crisis in Local Government Pensions in the United States
Journal/Publisher/Proceedings Publisher: Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis / Brookings Institution Press with the Nomura Institute of Capital Markets Research
Issue: Yasuyuki Fuchita, Richard Herring and Robert Litan (eds.)
Hot and Cold Markets
Journal/Publisher/Proceedings Publisher: Real Estate Economics
Volume: 37(1)
Issue: 2009
The Liabilities and Risks of State-Sponsored Pension Plans
Contribution Type: Journal Article, Academic Journal
Journal/Publisher/Proceedings Publisher: Journal of Economics Perspectives
Volume: 23(4)
Issue: 2009
An Equilibrium Model of Investment Under Uncertainty
Journal/Publisher/Proceedings Publisher: Review of Financial Studies
Volume: 20(5)
Issue: 2007