Finance professor at the University of California, Irvine and a persistent critic of the efficient market hypothesis; died in 2013.
The New Finance argues that the value premium comes from investors extrapolating past growth rates too far rather than from bearing extra risk, contradicting the risk-based explanation Fama and French offered. The Inefficient Stock Market assembles the cross-sectional evidence, including the low-volatility result that factor products were later built on.
2 books of their own