Ivo Welch, March 13, 2010.

Cross-Placements

This documents tabulates cross-placements among research schools in finance that have produced the largest number of students. (The placement is not first rookie placement, but current placement.) The data source was the now abandoned Ohio State University Worldwide Directory of Finance Faculty. The data is not refined---there are some adjunct, lecturers, visitors, etc. I corrected some, but not all, mistakes to focus on permanent appointees. (Some of the summary numbers in the text may be off if a correction has been made.) Please email me mistakes that I have committed (e.g., classifying adjuncts as faculty here).

Although there is correlation with finance research department quality, none of the measures here are very good. There is only PhD production, placement, and constitution. Thus, the tables here may well exclude a number of top schools.

In addition, I will loosely refer to Chicago, MIT, Harvard, and Stanford as the top-4 schools here. This is because they have produced more than twice the number of graduates as the next programs (Penn and UCLA). I will refer to Chicago, MIT, Harvard, Stanford, Penn, UCLA, Columbia, Yale, Berkeley and Princeton as the top-10 schools. These pseudo-ranks are of course wildly misleading. If any of this language upsets you, please consider that neither the author nor the author's own school show up in the top-20 list.

The table is best thought of as overall average measure of the quality of PhD programs, the quality of PhD graduates, and the quality of long-term placement. It may help students decide among different programs. (The tables also give a partial picture of professional networks; however a better measure would include overlapping collegue-ships.)

The last table is most relevant for PhD students today. The other tables are more interesting from a historical perspective. In brief, my own ranking of PhD programs, if I were admitted today and had ambitions to become a researcher in a top school myself, would be (not necessarily in this order) Chicago, Harvard, MIT, Princeton, and Stanford, followed by UCLA and Berkeley.

The first table contains all professors, all years, and extends to more than the top-10 schools. Subsequent tables break this out into three "eras" (pre 1985, 1985-1994, 1995-2004) for the "top-10" schools. Corporate finance researchers are in blue background, asset pricing researchers in yellow, but not all are classified. The year is the year of graduation.

Note: All links to the OSU finance directory are dead now, so they had to be removed.

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All Years

	Now At
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U	Uo Rochester	Uo Michigan	Northwestern U	New York U	Carnegie Mellon U	Uo Illinois	Cornell U	Ohio State U	Indiana U	Uo North Carolina	Uo Washington	Uo Florida
Uo Chicago: 65/147=0.44	1974:Harris 1997:Culp 1998:Garicano 1964:Fama 1989:Heaton	1986:Lucas 2000:Schoar 2005:Verdelhan	1998:Cohen 1999:Stafford 2003:Malloy 2005:Becker 2005:Benmelech		1968:Blume 1977:Linneman 1981:Stambaugh 1983:Keim 1984:Gyourko 1985:Lewis 1985:MacKinlay 1994:Yaron 1995:Musto 1999:Bond 1982:Gibbons 1972:Jaffe 2008:Roussanov	1968:Roll 1989:Chowdhry	1976:Hodrick 2000:Johannes 2001:Jiang 1996:Santos	1974:Ibbotson	1981:Marsh		1975:Schwert 1976:Warner 1978:Jarrell	1985:Kaul 1996:Shumway	1997:Thompson 2000:Eisfeldt 1983:Korajczyk 1986:Fishman 2008:Melzer	1976:Brown 1977:Levich 1994:Lynch 2008:Agrawal	1988:Seppi	1986:France 1999:Poteshman 2000:Almeida	1954:Smidt	1973:McCulloch 1988:Ogaki 1991:Persons 1994:Minton 2002:Hou 2008:Ben-David		1986:Conrad	1969:Schall 1993:Dewenter 2000:Duarte	1981:Ritter 1988:Ryngaert	Uo Chicago
MIT: 66/112=0.59	1985:Vishny 1990:Rajan 1992:Zingales 2001:Mian 1989:Kashyap 1969:Hamada 2005:Panageas 2004:Rosu 2005:Sufi	1997:Rigobon 1989:Kogan 1998:Forbes	1970:Merton 1978:Frankel 1986:Scharfstein 1986:Shleifer 1986:Stein 2002:Bergstresser 2001:Jin 2005:Cole	1991:Zwiebel 1997:Henry	1971:Siegel 1972:Marston 1978:Abel 1995:Souleles 2007:Edmans 2006:Gormley	1970:Brennan	1976:Mishkin 1978:Greenwald 1984:Zeldes 1993:Mayer 2005:Rappoport 1967:Stiglitz	1976:Ingersoll 1993:Chevalier	1968:Pyle 1987:Lyons	1993:Ait-Sahalia 1997:Hong 2002:Karlan		2000:Yuan	1990:Petersen 1991:Eberly 1998:Krishnamurthy 1982:McDonald 1998:Vissing-Jorgensen 1996:Parker 2004:Rauh 2007:Kondo 2006:Matsa 2007:Papanikolaou	1974:Subrahmanyam 1976:Figlewski 1988:Marciano 2003:Petajisto 2003:Philippon		1984:Pennacchi 1990:Pearson 1999:Brown	1979:Jarrow	1980:Stulz 1987:Weisbach 2006:Erel 2009:Bao					MIT
Harvard U: 61/120=0.51	1988:Kaplan 1997:Veronesi 1998:Bertrand 1990:Kroszner 2009:Hassan 2007:Matvos	1969:Ross 1984:Lo 2006:Frydman	1969:Light 1970:Fruhan 1970:Piper 1972:Moore 1977:Baldwin 1981:Kester 1989:Tufano 1992:Lerner 1993:Gompers 1993:Esty 1998:Desai 1998:Viceira 2000:Baker 2002:Greenwood 2002:Foley 1986:Luehrman 1984:El-Hage 2006:Xuan	1972:Spence 1992:Grenadier 2002:Jenter 2001:Perez-Gonzalez 2005:Ishii 2008:Martin	2001:Wolfers 1971:Inman 2000:Wachter 2006:Savor 2004:Yogo	2003:Tate	1964:Edwards 1968:Adler 1983:Hubbard 1998:Fisman 1975:Noam 2004:Rockoff		1968:Leland 2002:Malmendier			1990:Bhattacharyya 1986:Hines	1985:Rogers 1996:Pulvino 1998:Sapienza	1966:Smith 1994:Yermack 1999:Wurgler 1951:Kavesh 1999:Gabaix 1977:Froewiss 2008:Schnabl	1996:Branstetter	1981:Kahn							Harvard U
Stanford U: 47/103=0.46		2000:Pan 2006:Manso 2007:Joslin	1979:Perold 2001:Steen	1967:McDonald 1967:Parker 1984:Duffie 1989:DeMarzo 2000:Piazzesi 1986:Bagwell 1970:Joss	1978:Ramaswamy	1975:Cornell 1994:Bernardo 1998:Garmaise 2001:Thomadsen 2004:Weill	1985:Calomiris 1988:Hodrick 1999:Ang 1983:Broadie 2002:Wang 2005:Sorensen		1992:Stanton 1995:Cantillo-Simon		1986:Barclay 2005:Yang	1995:Rajan	1992:Skiadas 2003:Hochberg 2006:Kuhnen 2007:Banerjee 2009:Green	1989:Richardson 1993:Whitelaw 2001:Pedersen 2003:Nieuwerburgh	2003:Berndt		1996:Huang		1990:Smart	1972:Pringle 1997:Dai	1968:Haley 1977:Siegel 1991:Koski 1969:Higgins		Stanford U
Uo Pennsylvania: 20/71=0.28	1999:Pastor	1975:Cox 1990:Wang			1976:Gultekin 1986:Diebold 1972:Cummins	1981:Torous	1976:Selden 1982:Lichtenberg 1999:Jean-Baptiste 1987:Siconolfi				2002:Vega	2002:Zhang		1995:Carpenter 1981:Hasbrouck	1979:Spatt			2005:Fahlenbrach	1999:Goldman	1987:Fulghieri 2001:Reed			Uo Pennsylvania
UCLA: 17/67=0.25	1998:Moskowitz 2006:Linnainmaa		1996:Coval 2001:Villalonga	1961:Sharpe		1990:Subrahmanyam			1966:Hakansson 1971:Rubinstein			2007:Ahern		1967:Altman 1985:Damodaran			1986:Bailey 1994:Swaminathan		1990:Holden		1966:Frost 1978:Rice 1982:Karpoff		UCLA
Columbia U: 13/45=0.29			1965:Reiling 1999:Wulf				1968:Arzac 1974:Bartel 1987:Sicherman						1956:Jacobs 1978:Stowell 1982:Christiano	1966:Gruber			2000:Ng		1990:Bhattacharya		1986:Kamara 2006:Siegel		Columbia U
Yale U: 14/39=0.36	1980:Diamond		1984:Campbell	1982:Pfleiderer 1983:Admati 1990:Berk		1982:Grinblatt	1980:Huberman	1990:Chen 1991:Goetzmann	2005:Walden			1997:Li	1992:Andersen	1981:Backus								1978:Flannery	Yale U
Berkeley: 14/60=0.23	1986:Cochrane 2003:Novy-Marx		1986:Froot		1994:Cuoco 2001:Roberts	1977:Geske 1981:Gabriel	1981:Riordan		1997:Odean				1985:Hagerty	1981:Economides		2003:Hackbarth	2007:Liu				2008:Gilbert		Berkeley
Princeton U: 15/40=0.38				1996:Oyer	1973:Herring 1998:Yilmaz 2007:Sigurdsson	2006:Martos-Vila	2000:Boivin 2001:Giannoni 2004:Yu	1987:Spiegel	1994:Lettau 2001:Hennessy			2004:Bayraktar	2002:Ayotte	1966:Silber 1996:Ludvigson									Princeton U
Uo Rochester: 16/46=0.35	1974:Thaler		1980:Ruback 1988:Gilson		1997:Gomes			1991:Rouwenhorst 1983:Gorton				1984:Seyhun	1989:Rebelo		2000:Coen-Pirani	1984:Chan		1988:Wruck 1990:Werner			1974:Hadjimichalakis 1982:Malatesta 2002:Young 1998:Harford		Uo Rochester
Uo Michigan: 14/56=0.25	2007:Morse 2007:Seru						1994:Jones 1990:Chopra	1984:Thomas						1974:Giddy 2004:Kacperczyk		1974:Finnerty 1975:Lynge 1988:Seth	1955:Bierman		2008:Stoffman			1978:James 1980:Nimalendran	Uo Michigan
Northwestern U: 13/49=0.27				1964:Horne 2000:Kremer	1974:Postlewaite		1980:Glosten 1992:Bekaert 2005:Ravina		1980:Wilcox			1983:Narayanan	1974:Raviv				1979:Easley 1979:O'Hara			1980:Ravenscraft 1985:Ghysels			Northwestern U
New York U: 13/66=0.20			2006:Ivashina					2002:Cremers			2007:Knyazeva	2003:Bharath 2003:Pasquariello	2002:Sunder	1966:Walter 1975:Amihud			2002:Zhang			1984:Gultekin 1996:Gao 1997:Ahn		1972:Livingston	New York U
Carnegie Mellon U: 12/42=0.29			1965:Crane				1980:Sundaresan 1976:Donaldson	1974:Sunder			1971:Long		1983:Jagannathan	1967:Keenan 1971:Elton	1992:Hollifield	1986:Bernhardt	1969:Hass				1969:Hess		Carnegie Mellon U
Uo Illinois: 10/52=0.19																1992:Dyer 1982:Darcy 2000:Campello 1994:Beard 1990:Ikenberry 1969:McDonald 1971:Rushing 1982:Sinow 1979:Waspi						1997:Karceski	Uo Illinois
Cornell U: 8/44=0.18								2003:Tookes				2005:Purnanandam	1965:Breen	1969:Engle 1974:Brenner 1988:Sundaram		1976:Lakonishok	2000:Saar						Cornell U
Ohio State U: 8/69=0.12												1965:Brophy				1982:Park			1980:Fisher	1991:Shivdasani	1972:Bradford	1971:Radcliffe 1984:Ling 2000:Gutter	Ohio State U
Indiana U: 8/50=0.16																1966:Linke 1966:Gentry	2001:Daouk		1983:Udell 1992:Shockley 1989:Larsen			1980:Tapley 1984:Archer	Indiana U
Uo North Carolina: 6/43=0.14											1975:SmithJr.	1999:Dittmar 2000:Dittmar							1999:Perry	1976:Rendleman 1985:Hartzell			Uo North Carolina
Uo Washington: 4/39=0.10							1975:Hite					1969:Dufey							1980:Kang		1999:Maloy		Uo Washington
Uo Florida: 2/42=0.05					1978:Babbel									1979:John									Uo Florida
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U	Uo Rochester	Uo Michigan	Northwestern U	New York U	Carnegie Mellon U	Uo Illinois	Cornell U	Ohio State U	Indiana U	Uo North Carolina	Uo Washington	Uo Florida

Total Grads in Table: 446 (CF=169, AP=137)

Some observations:

• Chicago, MIT, Harvard, and Stanford each produced more than twice as many students as the next schools (Penn, UCLA).
• Chicago faculty today consists of a modest cluster of Chicago grads in asset pricing; and only Harvard and MIT graduates in corporate finance (with one exception, Milton Harris).
• MIT faculty today is asset-pricing heavy, with graduates from many universities.
• Harvard before 1995 consisted almost exclusively of Harvard and MIT grads (exception: Perold). After 1998, this changed, with a small Chicago cluster developing.
• Stanford faculty today consists of two main clusters (Harvard grads and Stanford grads), plus one minor cluster (Yale grads).
• Wharton faculty today still has a cluster of Chicago grads, but it is widely spread.
• Urbana-Champaign employs a cluster of its own graduates.
• Princeton faculty has three MIT grads, and one Yale grad.
• Illinois, Cornell, OSU, Indiana, UNC, Washington, and Florida have not placed in the top-10 schools (exception: Tookes). Carnegie has not placed into this group since 1980. NYU has only two students in the top-10 group.
• In corporate finance, Chicago produced 7 researchers for the top-10 schools: Harris (1974), Chowdhry (1989), Musto (1995), Bond (1999), Stafford (1999), Schoar (2000), Becker (2005), and Benmelech (2005). MIT produced 17, Harvard produced 23 (although many self-placed).
• In terms of bias towards top-tier schools: MIT placed 59%; Harvard placed 51%; Stanford placed 47%; Chicago placed 44%. Yale, and Princeton placed 39%. (NOTE: This is not relative to student intake, but relative to the number of remaining academic faculty in the data base.)

Cohorts by Year:

	1951:	2	1	Kavesh
	1954:	2	1	Smidt
	1955:	2	1	Bierman
	1956:	3	1	Jacobs
	1961:	4	1	Sharpe
	1964:	5	3	Fama:Edwards:Horne
	1965:	10	4	Brophy:Breen:Crane:Reiling
	1966:	14	8	Walter:Frost:Gruber:Hakansson:Silber:Gentry:Linke:Smith
	1967:	14	5	Stiglitz:McDonald:Keenan:Parker:Altman
	1968:	13	7	Adler:Blume:Leland:Roll:Arzac:Pyle:Haley
	1969:	25	10	Engle:Dufey:Hamada:McDonald:Higgins:Ross:Light:Schall:Hess:Hass
	1970:	15	5	Brennan:Merton:Fruhan:Piper:Joss
	1971:	16	7	Inman:Rushing:Long:Rubinstein:Siegel:Radcliffe:Elton
	1972:	28	8	Livingston:Cummins:Jaffe:Marston:Spence:Bradford:Moore:Pringle
	1973:	21	2	McCulloch:Herring
	1974:	30	12	Postlewaite:Giddy:Bartel:Thaler:Brenner:Ibbotson:Subrahmanyam:Harris:Raviv:Finnerty:Hadjimichalakis:Sunder
	1975:	25	8	Noam:Cornell:Cox:Schwert:Amihud:Hite:SmithJr.:Lynge
	1976:	32	11	Gultekin:Hodrick:Donaldson:Brown:Figlewski:Ingersoll:Lakonishok:Rendleman:Selden:Warner:Mishkin
	1977:	26	6	Levich:Linneman:Siegel:Geske:Froewiss:Baldwin
	1978:	36	10	Stowell:Frankel:Babbel:Abel:Greenwald:Ramaswamy:Flannery:James:Jarrell:Rice
	1979:	30	7	Easley:O'Hara:Waspi:Jarrow:Spatt:Perold:John
	1980:	32	12	Kang:Glosten:Nimalendran:Fisher:Huberman:Sundaresan:Diamond:Ravenscraft:Ruback:Stulz:Tapley:Wilcox
	1981:	35	11	Hasbrouck:Economides:Riordan:Gabriel:Backus:Stambaugh:Torous:Marsh:Kahn:Ritter:Kester
	1982:	37	11	Darcy:Sinow:Christiano:Pfleiderer:Gibbons:Grinblatt:Park:McDonald:Karpoff:Lichtenberg:Malatesta
	1983:	39	9	Admati:Broadie:Korajczyk:Jagannathan:Keim:Gorton:Hubbard:Narayanan:Udell
	1984:	35	13	Thomas:Ling:Zeldes:Archer:Gyourko:Campbell:Chan:Duffie:Lo:Gultekin:El-Hage:Pennacchi:Seyhun
	1985:	27	10	Ghysels:Hagerty:Hartzell:Lewis:Rogers:Kaul:MacKinlay:Calomiris:Vishny:Damodaran
	1986:	43	17	Hines:Bagwell:Bernhardt:Bailey:Froot:Shleifer:Cochrane:Conrad:Diebold:Kamara:Lucas:France:Fishman:Luehrman:Barclay:Scharfstein:Stein
	1987:	38	6	Spiegel:Lyons:Sicherman:Siconolfi:Fulghieri:Weisbach
	1988:	31	10	Ogaki:Seppi:Sundaram:Seth:Gilson:Hodrick:Kaplan:Wruck:Marciano:Ryngaert
	1989:	30	9	Rebelo:Richardson:Kogan:Heaton:Larsen:Chowdhry:DeMarzo:Tufano:Kashyap
	1990:	50	15	Subrahmanyam:Werner:Holden:Chen:Berk:Pearson:Wang:Bhattacharya:Petersen:Rajan:Bhattacharyya:Smart:Kroszner:Chopra:Ikenberry
	1991:	35	7	Goetzmann:Shivdasani:Koski:Rouwenhorst:Eberly:Zwiebel:Persons
	1992:	35	10	Andersen:Bekaert:Grenadier:Hollifield:Skiadas:Stanton:Zingales:Dyer:Lerner:Shockley
	1993:	39	7	Dewenter:Mayer:Ait-Sahalia:Whitelaw:Gompers:Esty:Chevalier
	1994:	34	10	Jones:Beard:Bernardo:Cuoco:Lynch:Swaminathan:Yaron:Lettau:Minton:Yermack
	1995:	30	5	Rajan:Souleles:Cantillo-Simon:Carpenter:Musto
	1996:	41	10	Coval:Oyer:Ludvigson:Parker:Branstetter:Gao:Huang:Santos:Pulvino:Shumway
	1997:	39	12	Odean:Rigobon:Hong:Ahn:Culp:Dai:Karceski:Li:Veronesi:Thompson:Gomes:Henry
	1998:	44	14	Cohen:Vissing-Jorgensen:Forbes:Harford:Fisman:Moskowitz:Viceira:Garicano:Bertrand:Desai:Garmaise:Krishnamurthy:Sapienza:Yilmaz
	1999:	51	14	Pastor:Brown:Maloy:Dittmar:Ang:Poteshman:Gabaix:Bond:Goldman:Jean-Baptiste:Stafford:Wurgler:Wulf:Perry
	2000:	51	18	Saar:Kremer:Eisfeldt:Gutter:Boivin:Ng:Coen-Pirani:Yuan:Pan:Johannes:Piazzesi:Duarte:Wachter:Dittmar:Campello:Almeida:Baker:Schoar
	2001:	33	14	Daouk:Wolfers:Hennessy:Jiang:Steen:Giannoni:Thomadsen:Reed:Pedersen:Jin:Mian:Villalonga:Roberts:Perez-Gonzalez
	2002:	42	15	Jenter:Malmendier:Karlan:Wang:Vega:Foley:Hou:Zhang:Zhang:Cremers:Greenwood:Young:Bergstresser:Sunder:Ayotte
	2003:	40	12	Malloy:Pasquariello:Tookes:Berndt:Petajisto:Novy-Marx:Hackbarth:Hochberg:Tate:Bharath:Philippon:Nieuwerburgh
	2004:	34	8	Rosu:Rockoff:Yu:Bayraktar:Kacperczyk:Weill:Yogo:Rauh
	2005:	28	14	Purnanandam:Sorensen:Rappoport:Ravina:Panageas:Walden:Verdelhan:Becker:Fahlenbrach:Benmelech:Sufi:Cole:Ishii:Yang
	2006:	25	12	Manso:Siegel:Gormley:Linnainmaa:Martos-Vila:Kuhnen:Savor:Erel:Matsa:Ivashina:Xuan:Frydman
	2007:	18	12	Knyazeva:Liu:Banerjee:Morse:Papanikolaou:Joslin:Edmans:Ahern:Sigurdsson:Kondo:Matvos:Seru
	2008:	14	8	Gilbert:Stoffman:Roussanov:Martin:Ben-David:Agrawal:Schnabl:Melzer
	2009:	4	3	Green:Hassan:Bao

This and all subsequent tables end with Princeton. The reason is that subsequent schools have few enough students placed in this set that one can get an overview from the "all years" table.

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Years: 1900 to 1984

	Now At
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U
Uo Chicago: 13/55=0.24	1974:Harris 1964:Fama				1968:Blume 1977:Linneman 1981:Stambaugh 1983:Keim 1984:Gyourko 1982:Gibbons 1972:Jaffe	1968:Roll	1976:Hodrick	1974:Ibbotson	1981:Marsh		Uo Chicago
MIT: 13/34=0.38	1969:Hamada		1970:Merton 1978:Frankel		1971:Siegel 1972:Marston 1978:Abel	1970:Brennan	1976:Mishkin 1978:Greenwald 1984:Zeldes 1967:Stiglitz	1976:Ingersoll	1968:Pyle		MIT
Harvard U: 16/44=0.36		1969:Ross 1984:Lo	1969:Light 1970:Fruhan 1970:Piper 1972:Moore 1977:Baldwin 1981:Kester 1984:El-Hage	1972:Spence	1971:Inman		1964:Edwards 1968:Adler 1983:Hubbard 1975:Noam		1968:Leland		Harvard U
Stanford U: 8/38=0.21			1979:Perold	1967:McDonald 1967:Parker 1984:Duffie 1970:Joss	1978:Ramaswamy	1975:Cornell	1983:Broadie				Stanford U
Uo Pennsylvania: 6/21=0.29		1975:Cox			1976:Gultekin 1972:Cummins	1981:Torous	1976:Selden 1982:Lichtenberg				Uo Pennsylvania
UCLA: 3/22=0.14				1961:Sharpe					1966:Hakansson 1971:Rubinstein		UCLA
Columbia U: 3/18=0.17			1965:Reiling				1968:Arzac 1974:Bartel				Columbia U
Yale U: 6/17=0.35	1980:Diamond		1984:Campbell	1982:Pfleiderer 1983:Admati		1982:Grinblatt	1980:Huberman				Yale U
Berkeley: 3/22=0.14						1977:Geske 1981:Gabriel	1981:Riordan				Berkeley
Princeton U: 1/7=0.14					1973:Herring						Princeton U
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U

Total Grads in Table: 72 (CF=20, AP=35)

Before 1984,

• Chicago produced the largest number of faculty, followed by MIT and Harvard. Basically, these three schools populated the top-10 schools roughly equally. Stanford, Penn, and Yale had smaller programs, but contributed.
• Wharton absorbed almost half the Chicago grads, and they were almost all in asset pricing. Many of the remaining older (pre-1985) Wharton faculty today are Chicago grads. The only remaining researchers in the corporate finance set are Harris, and from 10-20, Warner, Jarrell, and Ritter.
• MIT placed its graduates into many universities, with a cluster at Columbia today. It placed only one faculty at Chicago, and only two at MIT.
• Harvard placed most of its grads into Columbia and into itself.
• Cambridge schools had higher top-school placement success rates than Chicago.

In corporate finance, the most prominent active researchers in terms of impact from this era were Douglas Diamond (Yale), Hayne Leland (well, Harvard), and Milton Harris (Chicago). There was no Cambridge tilt.

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Years: 1985 to 1994

	Now At
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U
Uo Chicago: 6/46=0.13	1989:Heaton	1986:Lucas			1985:Lewis 1985:MacKinlay 1994:Yaron	1989:Chowdhry					Uo Chicago
MIT: 13/32=0.41	1985:Vishny 1990:Rajan 1992:Zingales 1989:Kashyap	1989:Kogan	1986:Scharfstein 1986:Shleifer 1986:Stein	1991:Zwiebel			1993:Mayer	1993:Chevalier	1987:Lyons	1993:Ait-Sahalia	MIT
Harvard U: 8/31=0.26	1988:Kaplan 1990:Kroszner		1989:Tufano 1992:Lerner 1993:Gompers 1993:Esty 1986:Luehrman	1992:Grenadier							Harvard U
Stanford U: 6/30=0.20				1989:DeMarzo 1986:Bagwell		1994:Bernardo	1985:Calomiris 1988:Hodrick		1992:Stanton		Stanford U
Uo Pennsylvania: 3/20=0.15		1990:Wang			1986:Diebold		1987:Siconolfi				Uo Pennsylvania
UCLA: 1/22=0.05						1990:Subrahmanyam					UCLA
Columbia U: 1/11=0.09							1987:Sicherman				Columbia U
Yale U: 3/10=0.30				1990:Berk				1990:Chen 1991:Goetzmann			Yale U
Berkeley: 3/14=0.21	1986:Cochrane		1986:Froot		1994:Cuoco						Berkeley
Princeton U: 2/16=0.12								1987:Spiegel	1994:Lettau		Princeton U
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U

Total Grads in Table: 46 (CF=19, AP=15)

From 1985 to 1994,

• This is the era of Cambridge dominance:
  • Out of 23 students placed in the top-4, 16 were from Cambridge. (Exceptions: Heaton, Lucas, Wang, Cochrane, DeMarzo, Bagwell, Berk, Froot.)
  • Out of 46 students placed in the top-10, 20 were from Cambridge.
  This was more extreme in corporate finance:
  • Out of 15 corporate students placed in the top-4, 14 were from Cambridge. (Exception: DeMarzo)
  • Out of 19 corporate students placed in the top-10, 15 were from Cambridge. (Exception: Chowdhry, DeMarzo, Calomiris, Hodrick)

  Aside from Cambridge schools, only two schools placed more than 1 researcher at any other university over the entire 10 years: Chicago (three at Wharton) and Stanford (two at Columbia).

• Chicago collapsed in this decade. It placed only half as many students (6) in the top-10 as MIT (12), although it continued to produce the largest number of graduates (still in the data base). Into the top-4, Chicago placed only 2 students, both in asset pricing (Heaton and Lucas). In corporate finance, Chicago placed only one researcher in a top-10 school (Chowdhry). (Not in this table, Chicago also placed one corporate student into Northwestern, two into OSU, and one into FL.)
• MIT placed 7 students: 4 into Chicago, 3 into Harvard, 1 into Stanford; all except Shleifer were corporate finance.
• Harvard placed 8 students into Chicago, Harvard, and Stanford, all out of corporate finance—although 5 are self-placements.
• Stanford placed only DeMarzo and Bagwell into top-4 schools, both self-placements. However, it placed 6 students into top-10 schools.
• Penn is declining, placing 3 students in top-10 schools (Wang, Diebold, Siconolfi).
• UCLA and Columbia place no students into any top-10, other than themselves. Yale places one graduate into Stanford, or it would have been in the same category. (Northwestern placed only one student into a top-10 school. NYU and lower place practically none.)

Musings about my own cohorts: My own PhD was 1991 from Chicago, so it is this table that contains my (generous) cohorts. My area is primarily corporate finance. Of the 19 researchers in my cohorts and area, I already mentioned that 15 were from Cambridge. As interesting, 13 remain in the Chicago-MIT-Harvard quadrangle to this day, and only 2 MIT students (Chevalier and Zwiebel) left it. There are now literally only 4 corporate researchers without a Cambridge PhD from this decade remaining in the top-10 universities today, 1 from Chicago, 3 from Stanford. The Cambridge cohorts from the 1985-94 era were absolutely fantastic.

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Years: 1995 to 2004

	Now At
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U
Uo Chicago: 11/35=0.31	1997:Culp 1998:Garicano	2000:Schoar	1998:Cohen 1999:Stafford 2003:Malloy		1995:Musto 1999:Bond		2000:Johannes 2001:Jiang 1996:Santos				Uo Chicago
MIT: 10/34=0.29	2001:Mian 2004:Rosu	1997:Rigobon 1998:Forbes	2002:Bergstresser 2001:Jin	1997:Henry	1995:Souleles					1997:Hong 2002:Karlan	MIT
Harvard U: 16/36=0.44	1997:Veronesi 1998:Bertrand		1998:Desai 1998:Viceira 2000:Baker 2002:Greenwood 2002:Foley	2002:Jenter 2001:Perez-Gonzalez	2001:Wolfers 2000:Wachter 2004:Yogo	2003:Tate	1998:Fisman 2004:Rockoff		2002:Malmendier		Harvard U
Stanford U: 9/27=0.33		2000:Pan	2001:Steen	2000:Piazzesi		1998:Garmaise 2001:Thomadsen 2004:Weill	1999:Ang 2002:Wang		1995:Cantillo-Simon		Stanford U
Uo Pennsylvania: 2/28=0.07	1999:Pastor						1999:Jean-Baptiste				Uo Pennsylvania
UCLA: 3/19=0.16	1998:Moskowitz		1996:Coval 2001:Villalonga								UCLA
Columbia U: 1/13=0.08			1999:Wulf								Columbia U
Yale U: 0/11=0.00											Yale U
Berkeley: 3/20=0.15	2003:Novy-Marx				2001:Roberts				1997:Odean		Berkeley
Princeton U: 6/15=0.40				1996:Oyer	1998:Yilmaz		2000:Boivin 2001:Giannoni 2004:Yu		2001:Hennessy		Princeton U
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U

Total Grads in Table: 61 (CF=19, AP=18)

From 1994 to 2004,

• The Cambridge dominance remains, but it is no longer primarily corporate finance:
  • Out of 26 students placed in the top-4, 17 were from Cambridge.
  • Out of 10 corporate students placed in the top-4, 8 were from Cambridge.
  • Out of 62 students placed in the top-10, 27 were from Cambridge.
  • Out of 19 corporate students placed in the top-10, 9 were from Cambridge.
• Chicago was recovering. It placed 12 students into top-10 schools, including 4 corporate students.
• Stanford was improving. It placed 10 students into top-10 schools, including four students into top-4 schools.
• Princeton became a force. It started to place students quite well.
• UCLA placed 4 students into top-10 schools.

Disappointing Placements:

• Penn seemed to collapse. It placed only 2 students into top-10 schools.
• Columbia placed only 1 student into a top-10 school (and only 2 into top-20 schools).
• Yale placed only 1 student into a top-10 school (and only 3 into top-20 schools).
• Not visible: Rochester has faded away. Carnegie had no placements. NYU placed no one in a top-4 department.

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Years: 2005 to 2014

	Now At
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U
Uo Chicago: 4/11=0.36		2005:Verdelhan	2005:Becker 2005:Benmelech		2008:Roussanov						Uo Chicago
MIT: 6/12=0.50	2005:Panageas 2005:Sufi		2005:Cole		2007:Edmans 2006:Gormley		2005:Rappoport				MIT
Harvard U: 7/9=0.78	2009:Hassan 2007:Matvos	2006:Frydman	2006:Xuan	2005:Ishii 2008:Martin	2006:Savor						Harvard U
Stanford U: 3/8=0.38		2006:Manso 2007:Joslin					2005:Sorensen				Stanford U
Uo Pennsylvania: 0/2=0.00											Uo Pennsylvania
UCLA: 1/4=0.25	2006:Linnainmaa										UCLA
Columbia U: 0/3=0.00											Columbia U
Yale U: 1/1=1.00									2005:Walden		Yale U
Berkeley: 0/4=0.00											Berkeley
Princeton U: 2/2=1.00					2007:Sigurdsson	2006:Martos-Vila					Princeton U
PhD From	Uo Chicago	MIT	Harvard U	Stanford U	Uo Pennsylvania	UCLA	Columbia U	Yale U	Berkeley	Princeton U

Total Grads in Table: 24 (CF=12, AP=5)

(have not looked at this yet. besides, I already know that the data is incomplete. the OSU directory, on which this is based, screwed up Chicago. Also, you may like Chan, Chen, Fung: Pedigree or Placement from The Financial Review, 2009. I hope their data was better than mine.)