Raviv helped rewrite finance at Kellogg, dedicating nearly
25 years to this effort as a world-class scholar, teacher
and administrator. He's won a few fans along the way
Artur Raviv's office is dominated by a large desk set
in the middle of the room, facing the door in what seems a
forthright and vigilant manner. Then there's the chalkboard
filled with detailed mathematic symbols. What looks like indecipherable
scrawls to the layperson are, in fact, a formal algebraic
representation of Raviv's thinking on optimal corporate board
"It keeps me busy,"
he says, smiling.
Raviv himself seems perpetually congenial—self-effacing
even—the latter quality at odds with the obviously remarkable
achievements he's accomplished during his nearly 25-year tenure
at the Kellogg School.
© Nathan Mandell
Alan E. Peterson Distinguished Professor of Finance
wall in his office is lined with Outstanding Professor of
the Year awards bestowed upon him for his teaching excellence.
Esteemed by members of both the Kellogg Executive
Education and MBA
programs, the Alan E. Peterson Distinguished Professor
of Finance has built a reputation for being a classroom leader
as well as an innovative scholar.
also played an instrumental role in creating the modern Kellogg
School Finance Department,
serving as its chair from 1985 to 1988.
PhD graduate of the Kellogg School Managerial
Economics and Decisions Science Department, Raviv was
researching and teaching in Carnegie Mellon's Economics Department
before returning to Kellogg in 1981. His task? To transform
the Kellogg finance curriculum from a traditional, middling
effort to the rigorous, research-based discipline it is today.
Emeritus Donald P. Jacobs was responsible for recruiting
Raviv. "Art is an extraordinary person with remarkable intellectual
attributes and institution-building skills," says Jacobs.
"From the beginning, he took a strong role in bringing a research
focus to the department. I'm forever thrilled he's here."
Jacobs is hardly
alone in his respect for Raviv.
is one of the ultimate multidimensional players in the department.
His coming to Kellogg, along with [longtime research colleague]
Milt Harris, really led to the change in the department,"
Korajczyk, senior associate dean: curriculum and teaching.
"They helped set the tone and got people to think about the
Kellogg Finance Department as a good place to be, and then
they developed these faculty members."
was one of those young professors, joining the Kellogg School
in 1982 as part of the new finance team. Today he is the Harry
G. Guthmann Distinguished Professor of Finance.
member of the Finance Department was Stuart Greenbaum, now
dean of the Olin School of Business.
"Art Raviv brought
a level of teaching and research prowess to Kellogg's finance
group that elevated the standard of performance for all,"
remembers Greenbaum, who assumed his deanship in 1995 after
a career that included 20 years at the Kellogg School. "He
is neither obtrusive nor pushy. His own behavior serves to
establish the model of academic professionalism that others
naturally aspire to."
Harris, who remained
at Kellogg until 1987, is now a finance professor and associate
dean at the University of Chicago Graduate School of Business.
He continues working with Raviv, and the two regularly enjoy
"Art has been
my closest collaborator and best friend for 30 years," says
Harris, noting that the duo has written 17 research papers
and two surveys together, employing a strategy that has proven
very successful for them.
"We work together
on every aspect of a project from identifying the issues,
to constructing a model, to drawing out the implications,
to writing each draft," explains Harris. "From the beginning,
we have always tried to Žswing for the fences.' We have never
been satisfied to write papers that are extensions of other
work, but have instead tried to open new areas of research."
As a result, Harris
says he and Raviv were among the first contributors to agency
theory, the theory of contracts, corporate governance, security
design, capital budgeting systems, and behavioral asset pricing.
Raviv's work has been published in a variety of journals,
including Journal of Finance (of which he is a former
associate editor), the Journal of Financial Economics,
and the American Economic Review.
an important place in Raviv's life, but so does teaching,
as is evidenced by the effusive praise of present and former
"Prof. Raviv is
clearly one of the most outstanding professors I have had
ever," says Sam Hocking (EMP-57), managing director in the
global corporate investment bank of Banc of America Securities.
"His passion for the subject, his leadership in the classroom,
is second to none. He takes what could be a complex subject
and teaches it in a way that is understandable."
Elizabeth T. Crane
(EMP-51) shares Hocking's admiration for Raviv. Director of
planning and analysis for the Cancer Treatment Centers of
America, Crane says, "Sitting in Prof. Raviv's classroom,
one can only feel a sense of awe at his brilliance and ability
to synthesize his lifelong expertise into concrete concepts
that are highly applicable to one's work."
Cisek Jones, director of Kellogg's Executive
MBA Program, is not surprised by these rave reviews. "Art
Raviv is the heart and soul of what our program is all about,"
says Jones. "He is the embodiment of excellence. He actively
listens and honestly cares about every one of his students."