Duke University, Fuqua School of Business, July 2001-Present
- William W. Priest Professor of Finance and Former Dean, July 2007-Present
- Dean & William W. Priest Professor of Finance, July 2001-June 2007
- Courses taught: Investments. Global Asset Allocation and Speculative Strategies
The University of North Carolina, Kenan-Flagler Business
- Dalton McMichael Professor of Finance, July 2000-July 2001
- Visiting Professor of Finance, January-June 2000
Duke University, Fuqua School of Business, July 1985-December 1999
- Research Professor of Finance, 1992-1999
- Professor of Finance, December 1989-1992
- Associate Professor of Finance (with tenure), 1985-1989
- Area Coordinator for Finance and Economics, 1985-1986, 1987-1988
- Courses: Investments, Banking & Bond Markets, Futures & Options
Massachusetts Institute of Technology, Sloan School of Management, 1984-1985
- Visiting Associate Professor of Finance, September 1984-June 1985
- Courses Taught: Finance Theory, Futures and Options Markets
Yale University, School of Organization and Management, 1981-1982
- Visiting Associate Professor in Finance, Dean Witter Fellow
Stanford University, Graduate School of Business, July 1979-June 1985
- Associate Professor of Finance, September 1981-June 1985
- Assistant Professor of Finance, July 1979-September 1981
- Courses Taught: Futures Markets, Doctoral Seminar in Finance, Investments and executive programs in Finance. Finance Ph.D. Liaison
University of Chicago, Graduate School of Business, 1977-1979
- Assistant Professor of Finance, August 1977-May 1979
Stanford University, Graduate School of Business, July 1974-August 1977
- Received M.A. in Economics, 1976; Ph.D. in Finance, January 1978
- Dissertation: Changes in Consumption and Investment Opportunities and the Valuation of Securities (Robert Litzenberger, Chair)
Harvard University, Graduate School of Business, July 1973-June 1974
- in D.B.A. Program in Managerial Economics (transferred to Stanford)
Massachusetts Institute of Technology, September 1968-June 1972
- Received B.S. in Management Science, June 1972
- Sigma Xi, Scientific research honorary, 1972
ACADEMIC AWARDS AND LISTINGS
- Financial Engineer of the Year for 2013, International Association of Quantitative Finance (Formerly the IAFE)
- Fischer Black Visiting Professor, Massachusetts Institute of Technology, 2011-2012.
- Fellow of the American Finance Association. Elected January 2010. The Society of Fellows has approximately 47 members worldwide, including 37 former Presidents of the American Finance Association and 9 Nobel Prize winners. Biography and photo to be printed in the October 2010 issue of the Journal of Finance.
- Honorary Professor, Chinese Academy of Sciences, Graduate University, 2006.
- Western Finance Association, 2005 Distinguished Speaker talk on “Consumption-Based Asset Pricing After 25 Years” at the 2005 Annual Meetings, Portland, Oregon.
- Article “An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities” was an “All Star Paper” on the Top 10 List of citations of articles published in the Journal of Financial Economics according to a JFE study by William Schwert in 1993. It ranked 7th in citations from 1974 to 1991 with 226 citiations through 1991.
- American Banker magazine’s Banking on Top Bankers, 1991-1993
- Board of Directors, American Finance Association, December 1988-1991
- Academic Member, Batterymarch Award Selection Committee, 1988
- Dean Witter Fellow in Finance, 1981-1982
Yale University School of Organization and Management
- Batterymarch Fellowship Recipient, 1981-1982
Award permits 3 non-tenured faculty to pursue major research projects.
- Rotary International Graduate Fellow in Business, 1972-1973
University of Edinburgh, Edinburgh, Scotland
- Who‘s Who in the World, 2007-present
- Who‘s Who in America, 2005-present
- Who‘s Who in Finance and Business, 1991-present
- Editor and Founder, The Journal of Fixed Income, 1991-2001
- Associate Editor, The Journal of Finance, February 1988-1991
- Associate Editor, The Review of Financial Studies, 1987‑1989
- Associate Editor, The Journal of Financial and Quantitative Analysis, 1985‑1987
- Associate Editor, The Journal of Financial Economics, January 1982‑1988
- Associate Editor, The Journal of Money, Credit and Banking, 1980‑1983
Other Professional Academic Activities:
- Speaker on “The Role of Credit in the Macroeconomy and Root Causes of the Financial Panic of 2008/2009” at the Duke Symposium on “The Future of Capitalism,” February 27, 2010.
- Speaker on “Uses and Misuses of Models in Investment Management,” at the CFA Institute Annual Conference, Orlando, Florida, April 26-29, 2009
- Keynote Speaker on “Consumer Behavior As A Leading Indicator” at the Society of Financial Econometrics (SoFiE) Conference at New York University, June 4-6, 2008.
- Keynote Speaker on “Speculative Strategies and Credit Risk” at the University of Michigan’s 15th Mitsui Life Symposium, May 29-31, 2008.
- Speaker on “Consumption-based Asset Pricing After 30 Years,” at the Econometric Society meetings at Duke University, June 2008.
- Stanford Graduate School of Business Advisory Council, 2007-2010.
- Visiting Committee for the Sloan School of Management, MIT, 2006-Present.
- Chair and Speaker, “Opportunities and Challenges in Global Partnerships” session at the AACSB’s Deans Convention in Las Vegas, 2007
- Chair, 2007, AACSB Accreditation Review Committee for the Haas School of Business at the Haas School of Business, University of California at Berkeley.
- Chair, 2006, AACSB Accreditation Review Committee for the Mason School of Business at the College of William and Mary.
- Board of Directors, 2005-2007, Goethe Business School at the University of Frankfurt, Frankfurt, Germany.
- Member, 2005, American Academy of Collegiate Schools of Business (AACSB) Accreditation Review Committee for Goizueta School of Business at Emory University.
- Chairman of the Board, Duke Corporate Education, Inc. 2001-2006
- President’s Council, Massachusetts Institute of Technology, 2000-2001.
- Dean’s Advisory Council, Sloan School of Management, MIT, 1999-2001.
- Board of Visitors member, Fuqua School of Business, Duke University, 1995-1999.
- Co-Director, Futures and Options Research Center (FORCE), 1987-1990 Fuqua School of Business, Duke University
- Nominating Committee, American Finance Association, 1982
- Research Associate, Center for Research in Futures Markets, Graduate School of Business, Columbia University, September 1979‑1981
1. "Prices of State‑contingent Claims Implicit in Option Prices," (with Robert H. Litzenberger), Journal of Business 51, No. 4, pp. 621-651, October 1978. Reprinted in Options: Classic Approaches, Risk Books.
2. "An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities," Journal of Financial Economics 7, pp. 265-2966, September 1979. Reprinted in Theory of Valuation: Frontiers of Modern Financial Theory, pp. 53-84, Volume 1, (edited by S. Bhattacharya and G.Constantinides), Rowman and Littlefield press, 1989.
3. "Consumption Risk in Futures Markets," Journal of Finance, Proceedings issue,Volume 35, No. 2, pp. 503-520, May 1980.
4. "Futures Markets and Commodity Options: Hedging and Optimality in Incomplete Markets," Journal of Economic Theory, 32, No.2, pp. 275-300, April 1984.Reprinted as Chapter 1 in Frontiers of Finance, pp. 7-32, Deborah H. Miller and Stewart C. Myers (ed.), Basil Blackwell, Ltd, 1990.
5. "Consumption, Production, Inflation and Interest Rates: A Synthesis," Journal of Financial Economics, 16, May 1986, pp. 3-39. (lead article).
6. "Intertemporal Portfolio Theory and Asset Pricing," in The New Palgrave: A Dictionary for Economics, MacMillan Press (London), 1987.
7. "An Introduction to Hedging Interest Rate Risks with Futures, Swaps and Options," (with Michael G. Giarla), in The Handbook of Mortgage-Backed Securities, pp. 889-986, Frank J. Fabozzi (editor), 3rd edition, Probus Publishing (Chicago), 1991; 2nd edition, 1987. Reprinted in Asset / Liability Management, pp.237-328, Frank J. Fabozzi and Atsuo Konishi (ed.), Probus Publishing Company, 1991.
8. "Bank Risk Management," in The Handbook of Modern Finance, chapter 34, pp. 1-55, Dennis Logue (ed.), Warren, Gorham and Lamont, 1989.
9. “Empirical Tests of the Consumption-Oriented CAPM," (with Michael R. Gibbons and Robert H. Litzenberger), Journal of Finance, June 1989, pp. 231-262. (lead article). Reprinted in Empirical Research in Capital Markets, pp. 413-444, G. William Schwert and Clifford W. Smith (ed.), McGraw-Hill, Inc., 1992. McGraw-Hill, Inc., 1992.
10. "Risk, Return, and Hedging of Fixed Rate Mortgages," Journal of Fixed Income, September 1991, pp. 85-107. Reprinted in The Handbook of Mortgage-Backed Securities, pp. 783-826, Frank J. Fabozzi (ed.), Probus Publishing Company, 1995.
11."Strategies for Profitable Lending in the 1990s: The New Basics," in The Secondary Mortgage Market, pp. 473-491, Jess Lederman (ed.), Probus Publishing Company, 1992. Reprinted in The Secondary Mortgage Market, pp.473-492, Jess Lederman (ed.), Probus Publishing Company, 1992.
12. "Complexities of Hedging Mortgages" Journal of Fixed Income, December, 1994, pp. 6-41. (lead article).
13. "Pricing Bank Assets and Liabilities: A Path-Dependent Approach," (with James H. Gilkeson), Journal of Banking and Finance, June 1997.
14. "Convexity and Empirical Option Costs of Mortgage Securities," Journal of Fixed Income, March, 1997, pp. 64-87. Reprinted in Interest Rate Risk Measurement and Management, pp. 343-376, Sanjay K. Nawalkha and Donald R. Chambers (ed.), Institutional Investor, Inc., 1999.
15. “Optimal Dynamic Trading Strategies,” Economic Notes, Vol. 33, pp. 55-81, 2004.
16. “The Use and Misuse of Models in Investment Management,” CFA Institute Conference Proceedings Quarterly,” December 2009.
SELECTED WORKING PAPERS AND NOTES
“A Stocks, Bonds, Consumers Leading Indicator: Consumer Behavior As A Leading Indicator,” working paper, Duke University, September 2010.
"Why Do Firms Hedge? An Asymmetric Information Model", (with S. Viswanathan), Working paper, Duke University, 1999.
“Corporate Bonds and Banking” Lecture presented at the Berkeley Program in Finance, La Jolla, California, March, 1999.
"Consumption and Market Risks of Corporate Cash Flows", Working paper, Duke University, September 1991.
“Capital Budgeting with Consumption,” Working paper, Duke University, Fuqua School of Business. Presented at the French Finance Association in June 1989.
PUBLISHED NOTES AND COMMENTS
"Equilibrium Term Structure Models: Discussion", Journal of Finance, May 1980.
Chairman of Community First Financial Group, Chapel Hill, North Carolina.
A commercial bank holding company which owns control of Bay Cities National Bank of Palos Verdes, California and Harrington Bank of Chapel Hill, North Carolina. Assets total over $500 million.
Chairman of the Board and Principal Shareholder, 2001 present. Principal Shareholder, 1986-2001.
Manager of Leavenworth Properties, LLC, Leavenworth, Indiana.
Owns the The Leavenworth Inn, which Breeden founded in 1997.
Smith Breeden Associates, Chapel Hill, North Carolina
Co-founded in 1982 with Gregory L. Smith. After 28 years, now manages over $8 billion for institutional clients -- pensions, endowments and national banks.
Co-founder and Chairman Emeritus, 2005-present
Chairman of the Board and Co-founder, 1982-2005
Chairman of the Board, Smith Breeden Mutual Funds, 1992-2000. Board members include Nobel Laureates William F. Sharpe and Myron S. Scholes.
Harrington Financial Group (ticker HFGI) 1988-2002, an Indiana thrift.
Chairman and Principal Shareholder. Thrift was sold in January, 2002.
Roosevelt Financial Group (RFED), a $9 billion Missouri thrift.
Director from 1990-1997. Chairman, 1995-1996. Bank merged with Mercantile Bancorporation Inc. in July, 1997.
Nomura School of Advanced Management, Tokyo, Japan.
Lead Professor in the Portfolio Management Program, 1987, 1989-1992.
International Management Institute - Stanford University, Geneva, Switzerland.
Taught in Investment Management Program, 1984, 1985.
COMMUNITY AND PHILANTHROPIC ACTIVITIES
Chairman, Breeden Family Foundation. Major gifts: Breeden Memorial Library, Leavenworth Community Center, Leavenworth Town Hall renovation, Corydon Public library renovation.
Chairman and principal owner, Wyandotte Community Corporation, 1989-2009, in hometown of Leavenworth, Indiana. Purchased and did major renovations of the Overlook Restaurant, the Dock Restaurant, Old Capital Golf Course in Corydon, IN, the Leavenworth Inn, and Annabelle’s Gift Shop, Gallery and ArtsCenter. Over $30 million invested in community businesses over 20 years from 1989 to 2009.
Lead donor, Breeden Hall, at the Fuqua School of Business, Duke University. Grand Opening August 9, 2008.
Former Board Member, Center for the Advancement of Social Entrepreneurship (CASE) at Duke University’s Fuqua School of Business. 2006-2007.
Lead donor, Breeden Theater, Episcopal High School, Alexandria, Virginia.
Principal donor: Smith Breeden Prizes for best articles published in the Journal of Finance, 1989-2005. Smith Breeden has continued these to the present.
Lead donor, Franco Modigliani, Fischer Black and Robert C. Merton chairs at MIT, William F. Sharpe and George G.C. Parker chairs at Stanford, Merton Miller and Myron S. Scholes chairs at Chicago, Hans Stoll chair at Vanderbilt.
Lead donor, Robert H. Litzenberger Ph.D. Fellowships at Stanford GSB.
Endowed professorship donor, 2002, Douglas and Josie Breeden Doctoral Professorship at Duke University’s Fuqua School of Business.
Member of Founding Grant Societies at Duke, Stanford and MIT.
Member, Chapel Hill-Carrboro Public School Board 1989-1993
Member, Chapel Hill-Carrboro Public School Foundation 1987-1989
Former Board Member, Fund for Human Possibilities, Chapel Hill, a foundation that supports education of at-risk students.
Founding Editor of The Journal of Fixed Income
Fellow of the American Finance Association
At MIT Sloan:
- Seminar on Applied Fixed Income and Speculative Strategies
At Duke Fuqua:
- Advanced Topics in Finance
- Global Asset Allocation
and Speculative Strategies
- Global Financial Management
Dean of The Fuqua School of Business, Duke University (2001-2007)