| 1962-1964 | MBA, emphasis on Finance and Economics, University of Chicago |
| 1964-1969 | Ph.D. in Finance at the Graduate School of Business. Emphasis on Financial Economics, Economics and Statistics. Thesis: A Test of the Competitive Market Hypothesis: "The Market for New Issues and Secondary Offerings." |
| 1966-1967 | Research Associate, Center for Mathematical Studies in Business and Economics, University of Chicago |
| 1967-1968 | Instructor in Finance, Graduate School of Business, University of Chicago |
| 1968-1972 | Assistant Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology |
| 1972-1973 | Associate Professor of Finance, Sloan School of Management, Massachusetts Institute of Technology |
| 1973-1974 | Ford Foundation Visiting Research Associate Professor of Finance, Graduate School of Business, University of Chicago |
| 1975-1976 | Associate Professor of Finance, Graduate School of Business; Executive Director, Center for Research in Security Prices, University of Chicago |
| 1976-1980 | Professor of Finance, Graduate School of Business; Director, Center for Research in Security Prices, University of Chicago |
| 1980-1981 | Professor of Finance, Graduate School of Business, University of Chicago; Research Associate, National Bureau of Economic Research |
| 1981-1982 | Distinguished Visiting Professor of Research, Graduate School of Business, Stanford University |
| 1981-1983 | Edward Eagle Brown Professor of Banking and Finance, Graduate School of Business, University of Chicago; Research Associate, National Bureau of Economic Research |
| 1983-1988 | Frank E. Buck Professor of Finance, Graduate School of Business, and Professor of Law, Stanford Law School, Stanford University; Research Associate, National Bureau of Economic Research |
| 1988-1996 | Frank E. Buck Professor of Finance, Senior Research Fellow, Hoover Institution, Stanford University; Research Associate, National Bureau of Economic Research |
| 1990-1993 | Senior Advisor, Managing Director, Salomon Brothers, New York |
| 1994-1998 | Principal, Long-Term Capital Management, L.P. |
| since 1996 | Frank E. Buck Professor Emeritus of Finance, Stanford University |
| since 1999 | Chairman, Platinum Grove Asset Management, L.P. |
