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Josef Lakonishok
William G. Karnes Professor of Finance

Educational Background

Ph.D., M.S. Business Administration, Cornell University, 1976, 1974
M.B.A., B.A. Economics and Statistics, Tel Aviv University, 1972, 1970

Positions Held

At the University of Illinois since 1987. Visiting professor of finance at Cornell University, 1985-87. Professor of finance and accounting at Tel Aviv University, 1976-1980, 1983-1985, 1985-1987.

Recent Publications

Chan, L., Chan, K., Jegadeesh, N., & Lakonishok, J. Earnings quality and stock returns. Journal of Business, forthcoming.

Chan, L., & Lakonshok, J. 2004. Value and growth investing: Review and update. Financial Analysts Journal, 60: 71-86.

Chan, L., Karceski, J., & Lakonishok, J. 2002. The level and persistence of growth rates. Journal of Finance, 58: 643-684.

Chan, L., Chen H., & Lakonishok, J. 2002. On mutual fund investment styles. Review of Financial Studies, 15: 1407-1437.

Lakonishok, J., & Lee, I. 2001. Are insiders' trades informative? Review of Financial Studies, Spring.

Sougiannis, T., Chan, L., & Lakonishok, J. 2001. The stock market valuation of research and development expenditures. Journal of Finance, 61: 2431-2456.

Lakonishok, J., Ikenberry, D., & Vermaelen, T. 2000. Stock repurchases in Canada: Performance and strategic trading. Journal of Finance, 55: 2373-2398.

Chan, L., Karceski, J., &. Lakonishok, J. 2000. A new paradigm or the same old hype? The future of value versus growth investing. Financial Analysts Journal, 56: 23-36.

Honors and Awards

Senior Faculty Award for Excellence in Research, College of Business, University of Illinois, 1999. Smith Breeden Prize for Distinguished Paper, "Contrarian Investment, Extrapolation and Risk," with A. Shleifer and R. Vishny, 1994. Research Grants, National Bureau of Economic Research, 1993-1994; National Science Foundation, 1992-93.

Academic Service

Editorial Boards, Journal of Portfolio Management, Journal of Investment Management, Journal of Investing, 2004 Journal of Financial and Quantitative Analysis, Financial Analyst Journal. Honorary Director, Center for Investment Research, 1999-2002.

Teaching and Research

Teaches and does research in the area of investment, with emphasis on the stock market. Has been a consultant in the area of investment strategies to major U.S. and European pension plans and money managers, 1990-94; and to various financial institutions in the area of execution cost, 1989-94.

Contact Information:
393 Wohlers Hall
1206 South Sixth Street
Champaign, IL 61820
(217) 333-7185

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