Sanford J. Grossman

Dr. Sanford J.
Grossman is Chairman & Chief Executive Officer at QFS Asset Management, Inc. He founded the firm in 1988.
In addition, Dr. Grossman was an Economist with the Board of Governors of the Federal Reserve System from 1977 to 1978, and was a Public Director of the Chicago Board of Trade from 1992 to 1996.
In 1988, he was elected a Director, in 1992 served as Vice President, and in 1994 was President of the American Finance Association.
Dr. Grossman earned his BA in 1973, MA in 1974 and PhD in 1975, all in Economics, from the University of Chicago.
Since receiving his doctorate, he has held academic appointments at Stanford University, the University of Chicago, Princeton University (as the John L.
Weinberg Professor of Economics, from 1985 to 1989) and at the University of Pennsylvania’s Wharton School of Business.
At Wharton, Dr. Grossman held the position of Steinberg Trustee Professor of Finance from 1989 to 2000 (a title now held in Emeritus) and also served as the Director of the Wharton Center for Quantitative Finance from 1994 to 1999.
Dr. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management.
He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica and Journal of Finance.
His papers include The Existence of Futures Markets, Noisy Rational Expectations and Information Externalities; On the Efficiency of Competitive Stock Markets Where Traders Have Diverse Information; On the Impossibility of Informationally Efficient Markets, with Joseph Stiglitz; An Introduction to the Theory of Rational Expectations Under Asymetric Information; and The Costs and Benefits of Ownership: A Theory of Vertical Integration, with Oliver Hart.