Andrew Weiss (economist)

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Andrew Weiss (economist)

Andrew Weiss is Founder and Chief Executive Officer of Weiss Asset Management, a Boston-based investment firm, and Professor Emeritus at Boston University. Dr. Weiss and his wife Bonnie have lived in Brookline, Massachusetts for the past 20 years where they raised their three daughters, Annie, Kara, and Judith.

Weiss graduated from Williams College in 1968 and received his Ph.D. in Economics from Stanford University in 1976. He is ranked in the top 2 percent of published economists by the number of citations to his papers. The award of the Nobel Prize in Economics to Joseph Stiglitz in 2001 cited Weiss’s research with Stiglitz as having had "a substantial impact in the domains of corporate finance, monetary theory and macroeconomics."^{[citation needed]}

Prior to joining the faculty at Boston University, Weiss was an Associate Professor at Columbia University, as well as a Research Economist in the Mathematics Center at Bell Laboratories. He has served as a consultant to the World Bank and the National Research Council (the research arm of the National Academy of Sciences). In 1989, Weiss was elected a Fellow of the Econometric Society. He has lectured at every major University in the United States.

Andrew Weiss and the investment strategies used at Weiss Asset Management have been the subject of numerous articles in newspapers and magazines throughout the U.S. and Europe, including featured articles in Forbes, Outstanding Investor Digest, Micropal, and The Motley Fool^{[citation needed]}. During a CNBC program, Michael Metz, the Chief Investment Strategist for Oppenheimer, proclaimed Weiss “one of the most brilliant money managers that I know.” Bruce Greenwald, the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University and author of Value Investing, said of Weiss in an interview with The Motley Fool, “If I had one person to pick and one guy to put the money in, I would pick him.” Robert Solow, a Nobel Prize Laureate in Economics and an Institute Professor at MIT, said at a press conference on March 15, 2005 “[Weiss] is a significant person among US economists. I have known him personally for 30 years and I have the highest respect for him.” Laurence Kotlikoff, Professor of Economics at Boston University, was quoted in the The Boston Globe article "Nighmare in Prague" as saying “[Weiss]’s a brilliant economist, and he’s an outstanding investor. He’s scrupulously honest, and I’d trust him with anything.”

[edit] External links

• Mystery shrouds Prague building, Sunday Business Post
• Nightmare in Prague, The Boston Globe

[edit] Curriculum Vitae

EDUCATION

    1977   Ph.D. Economics, Stanford University (with Distinction) 
    1968   B.A. Political Economy, Williams College (with honors)

HONORS AND AWARDS

    2006   Professor Emeritus Economics, Boston University
    2004   Nominated to the Institute for Advanced Study
    1992   Who's Who in the World
    1990   Who's Who in Business and Finance
    1989   Elected a Fellow of the Econometric Society
    1983   Distinguished Merit Award, Bell Laboratories
    1968   Woodrow Wilson Fellow

OVERSEAS EXPERIENCE

    1994 - 1995   Visiting Professor of Economics, Tel Aviv University
    1990 - 1992   Supervised dissertations and served on Ph.D. dissertation committee on policy issues in 
                              Indonesia, Ecuador, Sri Lanka, and India. Supervised two dissertations on the effects of default 
                              on sovereign debt in LDCs.
    1991, 1992   Visiting Professor, Summer in Tel Aviv Program Tel Aviv University, Israel
    1982 - 1983   Analyzed differences between Western Electric Co.s managerial practices and those of five
                               Japanese electronic manufacturers. Results published in Harvard Business Review.
    1982   Visiting Professor, Nagoya City University, Japan
    1978   Visiting Fellow, Institute for Advance Studies, Hebrew University
    1977   Visiting Fellow, Social Science Research Council, Warwick, England

OTHER TEACHING EXPERIENCE

    1987 - 2006   Professor of Economics, Boston University
    Spring 2002   Visiting Professor of Economics, Williams College
    1981 - 1985   Associate Professor of Economics, Columbia University
    1979 - 1980   Adjunct Assistant Professor, New York University
    1976 -1978   Assistant Professor, Columbia University

OTHER AFFILIATIONS

    1983   USIA sponsored consulting and lecture tour to Uruguay and Argentina
    1991 - 1993    National Academy of Sciences Committee
    1983 -1992   National Bureau of Economic Research
    1978   Visiting Fellow, Institute for Advanced Studies, Hebrew University
    1977   Visiting Fellow, Social Science Research Council
    1977   Mathematics in the Social Sciences Board

BUSINESS EXPERIENCE

     2002 - present   President and Chief Investment Officer, Weiss Asset Management
    1991 - present   Investment Advisor: Brookdale Equity Partners, L.P., Brookdale International Partners, L.P.
    1979 - 1991   Portfolio Manager for Individual Trusts and Individuals
    1976 - 1987   Research Economist for Bell Laboratories and Bell Communications Research

[edit] Publications

PUBLICATIONS | Books

“Efficiency Wages: Models of Unemployment, Layoffs and Wage Dispersion,” Princeton: Princeton University Press, 1990. Reprinted by Oxford University Press, 1991. Italian translation, Edizioni Laterza, translation by Fabio Jeran, 1995.

PUBLICATIONS | Referred

“A Model of Dysfunctional Urges and Addiction with an Application to Cigarette Smoking,” [with Jacob Glazer]. Contributions to Economic Analysis & Policy, forthcoming in 2007.

""Does Financial Reform Improve the Allocation of Investment? Micro Evidence From Developing Countries," [with A. Galindo and F. Schiantarelli], Journal of Development Economics, forthcoming.

"Foreign Portfolio Investment Improves Performance: Evidence from the Czech Republic," [with Georgiy Nikitin] Topics in Economic Analysis & Policy: Vol. 4: No. 1, Article 15, 2004.

“Conflicting Preferences and Voluntary Restrictions on Choices,” [with Jacob Glazer],” in Economics for an Imperfect World: Essays in Honor of Joseph E. Stiglitz, MIT Press, 2003.

"Effects of Ownership by Investment Funds on the Performance of Czech Firms'," [with Georgiy Nikitin], in Designing Financial Systems in Transition Economies: Strategies for Reform in Central and Eastern Europe, Anna Meyendorff and Anjan V. Thakor (eds.), MIT Press, 2002.

“Probation, Layoffs, and Wage-Tenure Profiles: A Sorting Explanation,” [with Ruqu Wang], Labour Economics, 5(3), September 1998, pp. 359-383.

“Capital Market Imperfections Before and After Financial Liberalization: An Euler Equation Approach to Panel Data for Ecuadorian Firms,” [with Jaramillo F., F. Schiantarelli], Journal of Development Economics, 51(2), December 1996, pp. 367-386.

“Human Capital vs. Signaling Explanation of Wages and Sorting Models of Education and Training,” Journal of Economic Perspectives, 9(4), Fall 1995, pp. 133-154.

“Sorting Out the Differences between Screening and Signaling Models,” [with Joseph Stiglitz], Mathematical Models in Economics: M.O.L. Bacharach, M.A.H. Dempster and J.L. Enos (Eds.), Oxford: Oxford University Press, 1994.

“Impact of Alcohol and Other Drug Use: Observational/Field Studies,” [with J. Miron], in Under the Influence? Drugs and the American Work Force, Jacques Normand, Richard O. Lempert, and Charles P. O'Brien (eds.), Washington, D.C.: National Academy Press, 1994.

“Productivity Changes Without Formal Training,” Training and the private sector: International comparisons, National Bureau of Economic Research Comparative Labor Markets Series, Lynch,-Lisa-M. (ed), Chicago and London: University of Chicago Press, 1994, pp. 149-60.

“Credit Where It Is Due? A Review of the Macro and Micro Evidence of Financial Reform,” [with Jaramillo F.F. Schiantarelli, F.I. Atyias and G. Caprio, Jr.], Financial Reform, Theory and Practice, Caprio et al. (eds.), New York: 'Cambridge University' Press, 1994, pp. 64-84.

“A Signaling Theory of Unemployment,” [with Ching-to Albert Ma], European Economic Review, 37(1), January 1993, pp. 135-157.

“Is Learning-By-Doing the Source of the Experience Curve?” IRRA, 1993, pp. 20-31.

“Asymmetric Information in Credit Markets: Implications for Macro-Economics,” [with Joseph Stiglitz], Oxford Economic Papers, 44(4), October 1992, pp. 694-724. Reprinted in Financial Markets, Institutions and Policy, A.S. Courakis (ed.), Oxford University Press.

“Review of Paying for Productivity,” Journal of Economic Literature, 29(2), June 1991, pp. 625-627.

“Factors Affecting the Output and Quit Propensities of Production Workers,” [with R. Klein and R. Spady], The Review of Economic Studies, 58(5), October 1991, pp. 929-954.

“Pricing and Coordination: Strategically Stable Equilibria,” [with Jacob Glazer], Games and Economic Behavior, 2(2), June 1990, pp. 118-128.

“Banks as Social Accountants and Screening Devices,” [with Joseph Stiglitz], Greek Economic Review, 12(0) Supplement, Autumn 1990, pp. 85-118. Reprinted in Courakis A. and Goodhart C., (eds.), Essays in Monetary Economics in Honor of Sir John Hicks, MacMillan Publishers, 1990; Lewis, Mervyn K., ed. Financial Intermediaries. Elgar Reference Collection: International Library of Critical Writings in Economics, Vol. 43, Aldershot, U.K.: Elgar, distributed in the U.S. by Ashgate, Brookfield, Vt, 1995, pp. 297-330.

“High School Graduation, Performance and Wages,” Journal of Political Economy, 96(4), August 1988, pp. 785-820.

“The War of Attrition in Continuous Time with Complete Information," [with Kenneth Hendriks and Charles Wilson], International Economic Review, 29(4), November 1988, pp. 663-680.

“Existence of an Optimal Random Monitor: The Labor Market Case,” [with Luis J. Guasch], Investigaciones-Economicas, 11(1), 1987, pp. 95-99.

“Credit Rationing with Many Borrowers,” [with Joseph Stiglitz], American Economic Review, Vol. 77, No. 3, pp. 228-231, 1987.

“Credit Rationing: Reply,” [Credit Rationing in Markets with Imperfect Information.] [Incentives Effects of Termination: Applications to the Credit and Labor Markets]. [with Joseph Stiglitz], American Economic Review, 77(1), March 1987, pp. 228-231.

“Incentives and Worker Behavior: Some Evidence,” Incentives, cooperation, and risk sharing: Economic and psychological perspectives on employment contracts, Haig R. Nalbantian (ed.), Totowa, N.J.: Littlefield, Adams, Rowman and Littlefield, 1987, pp. 137-50.

“Imperfect Information, Credit Markets and Macro-economic Fluctuations,” Frontiers of Financial Theory, S. Bhattacharya and G. Constantanides (eds.), Littlefield: Adams and Co., 1987.

“Credit Rationing with Collateral,” [with Joseph Stiglitz], Recent Developments in Corporate Finance, Jeremy Edwards et al. (eds.), Cambridge, New York and Melbourne: Cambridge University Press, 1986, pp. 101-136.

“Education as a Test,” Economics of Education Review, 4(2), 1985, pp. 123-128.

“Absenteeism and Wages,” Economics Letters, No. 19, 1985, pp 277-279.

“Mobility and Wages,” [with Henry Landau], Economics Letters, No. 15, 1984, pp. 97-102.

“Mixed Strategy Equilibrium in a Market with Asymmetric Information,” [with Robert Rosenthal], Review of Economic Studies, 51(2), April 1984, pp. 333-342.

“Simple Truths of Japanese Manufacturing,” Harvard Business Review, 84, July-August 1984, pp. 119-125.

“Informational Imperfections and Macro-economic Fluctuations,” [with Bruce Greenwald and Joseph Stiglitz], American Economic Review, 74(2), May 1984, pp. 194-199.

“Determinants of Quit Behavior,” Journal of Labor Economics, 2(3), July 1984, pp. 371-387.

“Wages, Hiring Standards and Firm Size,” [with Henry Landau], Journal of Labor Economics, 2(4), October 1984, pp. 477-499.

“A Sorting-Cum Learning Model of Education,” Journal of Political Economy, 91(3), June 1983, pp. 420-442.

“Incentive Effects of Terminations: Applications to the Credit and Labor Markets,” [with Joseph Stiglitz], American Economic Review, 73(5), December 1983, pp. 912-927.

“Alternative Approaches to Analyzing Markets with Asymmetric Information,” [with Joseph Stiglitz], American Economic Review, 73(1), March 1983, pp. 246-249.

“An Equilibrium Analysis of Wage Productivity Gaps,” [with J. Luis Guasch], Review of Economic Studies, 49(4), October 1982, pp. 485-497.

“Credit Rationing in Markets with Imperfect Information,” [with Joseph Stiglitz], American Economic Review, 71(3), 1981, pp. 393-410. Reprinted in Mankiw,-N.-Gregory; Romer,-David, eds. New Keynesian economics. Volume 2. Coordination failures and real rigidities. MIT Press Readings in Economics, Cambridge, Mass. and London: MIT Press, 1991, pages 247-76; Bird, Graham; Snowden, P. Nicholas, eds. International debt. Volume 1. Elgar Reference Collection. International Library of Critical Writings in Economics, vol. 56. Cheltenham, U.K.: Elgar; distributed by Ashgate, Brookfield, Vt., 1995, pages 93-110; Laidler, David, ed. The foundations of monetary economics. Volume 2. Elgar Reference Collection. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation Williston, Vt., 1999, pages 273-90.

“Information and the Law: Evaluating Legal Restrictions on Competitive Contracts,” [with Janusz Ordover], American Economic Review, 71(2), May 1981, pp. 399-404.

“Self Selection in the Labor Market,” [with J. Luis Guasch], American Economic Review, 71(3), June 1981, pp. 275-284.

“Adverse Selection by Markets and the Advantage of Being Late,” [with J. Luis Guasch], Quarterly Journal of Economics, 94(3), May 1980, pp. 453-466. Addendum: Quarterly Journal of Economics, 95(1), August 1980, pp. 201.

“Job Queues and Layoffs in Labor Markets with Flexible Wages,” Journal of Political Economy, 88(3),1980, pp. 526-538. Reprinted in Efficiency Wage Models of the Labor Market, George A. Akerlof and Janet L. Yellen (eds.), Cambridge, New York and Melbourne: Cambridge University Press, 1986, pp. 102-114.

“Wages as Sorting Mechanisms in Competitive Markets with Asymmetric Information: A Theory of Testing,” [with J. Luis Guasch], Review of Economic Studies, 47(4), July 1980, pp. 653-64.

“Would Hedge Fund Investors Benefit From Paying Operating Expenses?,” The Journal of Investing, Vol. 13, No. 1, Spring 2004, pp. 91-95.

“Diversity Training for Your Dollars,” Optimize Magazine, April 2002.

“Why Institutions Systematically Underperform Broadly Based Market Indexes,” The Journal of Investing, 8(1), Spring 1999, pp. 65-74.

PUBLICATIONS | Working Papers

“Does Financial Liberalization Improve the Allocation of Investment? Micro Evidence from Developing Countries,” [with Fabio Schiantarelli], Boston College Working Papers in Economics, #503, 2003.

“Performance of Czech companies by ownership structure,” [with Georgiy Nikitin], Boston University Institute for Economic Development Discussion Paper Series, #85. May 1998. The William Davidson Institute Working Paper Series, June 1998.

“The Fair Tax: A Tax Proposal to Smooth Business Cycles, Encourage Investment and Remove Biases Against Small Firms,” Boston University, Industry Studies Program Working Paper Series on Economics, March 1998.

“The Effects of Financial Liberalization on the Efficiency of Investment: Evidence from Indonesia,” [Joint with Fabio Schiantarelli].

“The Effect of Financial Liberalization on the Allocation of Credit: Panel Data Evidence for Ecuador,” Policy Research Working Papers, The World Bank, WPS 1092, 1992.

“A Sorting Model of Labor Contracts: Implications for Layoffs and Wage-Tenure Profiles,” [with Ruqu Wang], NBER Working Paper No. w3448, September 1990.

“Drug Testing in the Work Place,” [with Jacob Glazer], paper for N.I.D.A., 1990.

“Validating Hiring Criteria,” [with Henry Landau], NBER Working Paper No. w2167, February 1987.

“Macro-Economic Equilibrium and Credit Rationing,” [with Joseph E. Stiglitz], NBER Working Paper No. w2164, January 1987.

“On the Negative Correlation Between Performance and Experience and Education,” [with Henry Landau], NBER Working Paper No. w1613, April 1985.

“The Effect of Job Complexity on Job Satisfaction: Evidence From Turnover and Absenteeism,” NBER Working Paper No. w1597, April 1985.

“Testing the Sorting Model of Education,” NBER Working Paper No. w1420, August 1984.

“Cutting Off Credit: An Application of Constraints on Incentive Devices,” [with Joseph Stiglitz], 1982.