Career
He earned his undergraduate degree in French from Tufts University in 1960 and his M.B.A. and Ph.D. from the Booth School of Business at the University of Chicago in economics and finance. His doctoral supervisors were Merton Miller and Harry Roberts, but Benoit Mandelbrot was also an important influence. He has spent all of his teaching career at the University of Chicago.
His Ph.D. thesis, which concluded that stock price movements are unpredictable and follow a random walk, was published in January, 1965 issue of the Journal of Business, entitled "The Behavior of Stock Market Prices". That work was subsequently rewritten into a less technical article, "Random Walks In Stock Market Prices", which was published in the Financial Analysts Journal in 1965 and Institutional Investor in 1968.
His article "The Adjustment of Stock Prices to New Information" in the International Economic Review, 1969 (with several co-authors) was the first event study that sought to analyze how stock prices respond to an event, using price data from the newly available CRSP database. This was the first of literally hundreds of such published studies.
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—Lawrence Kutner (20th century)