Gorton Named First Frederick Frank Professor

Gary B. Gorton, the inaugural Frederick Frank Class of 1954 Professor of Management and Finance, has done research in many areas of finance, examining such topics as the role of stock markets and banks, credit cycles, arbitrage pricing, commodity futures, bank capital, bank production of liquidity, loan sales, securitization, bank loan pricing and bank regulation.

He also works on corporate control issues and asset pricing theory, including models of asset price bubbles and game theoretic models of trading and asset pricing. His research has been published in the American Economic Review, the Review of Economic Studies, the Review of Financial Studies, the Journal of Economic Theory, the Journal of Political Economy, the Journal of Finance, the Journal of Monetary Economics, the Journal of Business and the Journal of Money, Credit and Banking, among other publications.

Gorton came to Yale in 2008 after teaching for 24 years at The Wharton School of the University of Pennsylvania (UPenn), where most recently he was the Robert Morris Professor of Banking and Finance. He was also a professor of economics in UPenn’s College of Arts and Sciences. He previously taught at the Graduate School of Business at the University of Chicago and began his career as an economist and senior economist at the Federal Reserve Bank of Philadelphia. During 1994 he was the Houblon-Norman Fellow at the Bank of England.

A graduate of Oberlin College, where he earned his B.A. with a major in Chinese language and literature, Gorton earned an M.A. in Chinese studies from the University of Michigan, M.A. degrees in economics from Cleveland State University and the University of Rochester, and a Ph.D. from the University of Rochester.

Currently a research associate of the National Bureau of Economic Research, Gorton is a former member of the Moody’s Investors Services Academic Advisory Panel. He is also a former director of the Research Program on Banks and the Economy for the Federal Deposit Insurance Corporation. He has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve banks, the Bank of England, the Bank of Japan and the Central Bank of Turkey, as well as for a number of private firms.

Gorton was a foreign editor of the Review of Economic Studies and an editor of the Review of Financial Studies, and served on the editorial boards of many economic or financial journals. He is a former director of the Western Finance Association.

The Frederick Frank chair was established by Frederick Frank, an active member of the Class of 1954 and a longtime member of its Reunion Gift Committee, for which he is a past chair. He is a member of the board of advisers for the Yale School of Management, and also serves on the Yale Tomorrow Campaign Committee. He is a former member of the Yale Development Board.

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