Keith Brown - The University of Texas at Austin, McCombs School of Business. Austin, TX, US

Keith Brown Keith Brown

Professor, Department of Finance | The University of Texas at Austin, McCombs School of Business

Austin, TX, US

Specializing in teaching Investments, Portfolio Management and Security Analysis, Capital Markets and Derivatives.

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Areas of Expertise (5)

Portfolio Management Security Valuation and Analysis Endowment Funds Corporate Governance and Incentives Financial Regulation

Biography

Keith Brown holds the positions of University Distinguished Teaching Professor and Fayez Sarofim Fellow at the McCombs School of Business at the University of Texas at Austin, where he specializes in teaching Investments, Portfolio Management and Security Analysis, Capital Markets, and Derivatives courses at the BBA and MBA levels. He is also a member of the University’s Academy of Distinguished Teachers. For eleven years, he served as President and Chief Executive Officer of The MBA Investment Fund LLC, a private complex of equity and fixed-income portfolios managed by graduate students at the University of Texas and also was the Director of the Department of Finance’s Hicks, Muse, Tate & Furst Center for Private Equity Finance.

Before joining The University of Texas a professor, Brown taught at San Diego State University and Purdue University.

Media

Publications:

Keith Brown Publication Keith Brown Publication Keith Brown Publication

Documents:

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Videos:

Staying the Course: The Role of Investment Style Consistency in the Performance of Mutual Funds Staying the Course: The Role of Investment Style Consistency in the Performance of Mutual Funds

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Education (4)

Institute of Chartered Financial Analysts: CFA., Financial Analysis 1988

Purdue University: Ph.D., Financial Economics 1981

Purdue University: M.Sc., Economics 1978

San Diego State University: B.A., Economics 1977

Media Appearances (4)

Financial Management Association Recognizes Brown For Best Paper

McCombs TODAY  online

2011-01-07

Keith Brown, professor of finance at McCombs, won the best paper of the conference award for investments during the 2011 Financial Management Association European Conference. The conference was held in June, in Porto, Portugal.

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Three Confident Voices: Conversations with the 2008-09 Hall of Fame Inductees

McCombs TODAY  online

2010-01-13

In a conversation with Keith Brown, the University Distinguished Teaching Professor and Fayez Sarofim Fellow in Finance, Huffines discussed his views on banking in these troubled economic times, his passion for the University of Texas and his strong belief in the importance of public service.

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Investment Style, Consistency Matter for Mutual Fund Performance

Texas Enterprise | Big Ideas in Business  online

2009-11-17

Brown and his research team found that while a mutual fund’s investment style (small cap vs. large cap and value vs. growth continuum) influences the returns it generates, little is known about how a manager’s execution of the style decision affects portfolio performance.

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Five Faculty from McCombs School Honored in Inaugural UT System Teaching Awards

McCombs TODAY  online

2009-08-19

Seventy-three faculty members from The University of Texas System academic institutions have been selected as the inaugural recipients of the Board of Regents’ Outstanding Teaching Awards and will be sharing $2 million in awards. The awards, which range from $15,000 to $30,000 depending on level of experience, are believed to be among the highest in the country for rewarding outstanding undergraduate faculty performance and innovation.

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Articles (5)

The Interaction of Spending Policies, Asset Allocation Strategies and Investment Performance at University Endowment Funds How the Financial Crisis and Great Recession Affected Higher Education

2015-01-01

National Bureau of Economic Research working paper with C. Tiu

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Do Endowment Funds Select the Optimal Mix of Active and Passive Risks Journal of Investment Management

2010-01-01

In this paper, we investigate whether managers select the appropriate
combination of active and passive allocations in their portfolios. Noting that this issue is ultimately a risk management question, we adapt a simple framework for establishing what constitutes the optimal level of active and passive risk exposures.

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Asset Allocation and Portfolio Performance: Evidence From University Endowment Funds Journal of Financial Market

2010-05-01

We use university endowment funds to study the relationship between asset allocation decisions and performance in multiple asset class portfolios. Contrary to both theory and prevailing beliefs, asset allocation is not related to portfolio returns in the cross-section but does indirectly influence performance.

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The Right Answer to the Wrong Question: Identifying Superior Active Portfolio Management Journal of Investment Management

2006-09-01

The debate over the value of active portfolio management has often centered on whether the average active manager is capable of producing returns that exceed expectations. We argue that a more useful way to frame this issue is to focus on identifying those managers who are the most likely to generate superior risk-adjusted returns (i.e., alpha) in the
future.

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Governance, Incentives, and Industry Consolidations Review of Financial Studies

2005-01-01

This paper studies the determinants of the success of these industry consolidations using a unique sample of firms that were created at the time of their initial public offering: rollup-up IPOs.

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