Michael Brennan (finance)

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Michael J. Brennan (born November 14, 1942) is emeritus professor of finance at the UCLA Anderson School of Management.[1] Brennan co-designed the Brennan-Schwartz interest rate model[2] and was a pioneer of real options theory.[3] His writings on real options and asset pricing, corporate finance, derivative securities, market microstructure, the role of information in capital markets, and risk management have been published extensively.

He is a former president of the American Finance Association, and has served as editor of the Journal of Finance and was the founding editor of the Review of Financial Studies; the Michael Brennan Award is named for him. He was a founding partner and director of the Real Options Group since its inception. He has served as consultant to businesses and governments in the USA and Canada. He was previously a professor at the London Business School.

Professor Brennan holds a B.Phil. in Economics (1964) from Oxford University, an MBA (1967) from the University of Pittsburgh and a Ph.D. in Business (1970) from the MIT Sloan School of Management.

On May 22, 2011, Brennan was awarded an honorary Doctor of Laws from the University of Notre Dame.[4]

Selected publications[edit]

  • Brennan, M.J., The Role of Learning in Dynamic Portfolio Decisions, European Finance Review, 1, 295-306 (1998).
  • Brennan, M.J. and Torous, W.N., Individual Decision Making and Investor Welfare, Economic Notes, 28, 2, 119-143 (July 1999).
  • Brennan, M.J., Chordia, T. and Subrahmanyam, A., Alternative Factor Specifications, Security Characteristics, and the Cross-Section of Expected Stock Returns, Journal of Financial Economics, 49, 3, 345-373 (September 1998).
  • Brennan, M.J. and Franks, J.R., Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK, Journal of Financial Economics, 45, 391-413 (September 1997).


  1. ^ UCLA Anderson School of Management website
  2. ^ Brennan-Schwartz interest rate model
  3. ^ See for example: Eduardo Schwartz and Lenos Trigeorgis, Eds. Real Options and Investment under Uncertainty: Classical Readings and Recent Contributions Archived 2011-06-29 at the Wayback Machine. Cambridge, MA: MIT Press, 2004. ISBN 0-262-69318-6
  4. ^ University of Notre Dame. "Honorary Degrees". Archived from the original on 13 August 2011. Retrieved 20 June 2011.

External links[edit]