About George M. Constantinides

George M. Constantinides studies the causes of the historically observed premium of equity returns over bond returns, the value premium, and the size premium; the pricing and hedging of fixed-income securities, options, futures, and other derivatives; the effects of transaction costs and taxes on the pricing of derivatives; and portfolio management. He has published numerous papers in distinguished academic periodicals. Subjects he has covered include “Asset Pricing with Countercyclical Household Consumption Risk,” written with A. Ghosh in the Journal of Finance; "Mispricing of S&P 500 Index Options," written with J. C. Jackwerth and S. Perrakis in the Review of Financial Studies; "Rational Asset Prices," in the Journal of Finance; and "Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle," written with J. B. Donaldson and R. Mehra in the Quarterly Journal of Economics.

A former president of the American Finance Association and of the Society for Financial Studies, Constantinides is a research associate at the National Bureau of Economic Research. He serves as a director and trustee of the Dimensional Fund Advisors' family of funds and trusts.

Constantinides earned a bachelor's degree from Oxford University and MBA and DBA degrees from Indiana University. He joined the Chicago Booth faculty in 1979, having previously taught at Carnegie Mellon University. He also visited Harvard University as a Marvin Bower Fellow.

Outside his research and teaching, he likes to spend time with family and friends, travel, scuba dive, read, listen to music, and discover new people, ideas, places, and restaurants.



  • Oxford University, Oxford, England: BA-1970; MA-1974.
  • Indiana University, Bloomington, Indiana: MBA-1972; DBA-1975.

Related Experience

  • Assistant Professor, GSIA, Carnegie-Mellon University, 1974-79.
  • Ford Foundation Visiting Assistant Professor (1978-79), Associate Professor (1979-83), Professor (1983-), Graduate School of Business, University of Chicago.
  • Marvin Bower Fellow, Graduate School of Business, Harvard University, 1985-86.