Robert J. Hodrick is a visiting fellow at the Hoover Institution.  He is also the Nomura Professor of International Finance at the Columbia Business School, a research associate of the National Bureau of Economic Research, and a visiting scholar at the Federal Reserve Bank of San Francisco.   

Hodrick’s research explores the empirical implications of theoretical asset pricing models that generate time-varying risk premiums in the markets for equities, bonds, and foreign currencies. His research is fundamentally important for understanding the movements of stock prices, interest rates, and exchange rates, and it has been supported by several grants from the National Science Foundation. His recent research on the stock market explores how changes in the conditional volatility of the equity market affect the expected return on the market and how high idiosyncratic volatility of individual stocks leads to low future returns.  In the bond and foreign exchange market, he recently examined the risks of the carry trade in which investors borrow low interest rate currencies and lend high interest rate currencies, and he is currently investigating the links between the term structure of interest rates and expected returns in bond and foreign exchange markets. 

He teaches PhD courses in time series econometrics and empirical asset pricing and MBA courses in international finance.  The third edition of his textbook, International Financial Management, co-authored with Geert Bekaert, appeared in 2017.

Hodrick received an A.B. in Public and International Affairs from Princeton University in 1972 and a Ph.D. in Economics from the University of Chicago in 1976. His previous academic appointments include Carnegie-Mellon University and the Kellogg Graduate School of Management at Northwestern University. He also worked in the research department of the International Monetary Fund.  At Columbia Business School he has been the Academic Director of the Jerome A. Chazen Institute of International Business from 1997-2002 and the Senior Vice Dean from 2002-2004.

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