Rethinking the Equity Risk Premium

P. Brett Hammond is managing director and chief investment strategist at TIAA-CREF Asset Management. His group is responsible for asset allocation modeling and institutional advising, economic and market commentary, and investment product and portfolio research. Previously, he was responsible for performance attribution modeling, the creation of inflation-linked bond and life-cycle funds, and pension research at TIAA-CREF. Dr. Hammond has also held positions at the National Academy of Sciences, the University of California, Los Angeles, and the University of California, Berkeley. He holds AB degrees in economics and political science from the University of California, Santa Cruz, and a PhD from MIT.

Martin L. Leibowitz is a managing director on Morgan Stanley's Global Research Strategy team, responsible for producing studies on such topics as beta-based asset allocation, long/short equity strategies and the need for greater fluidity in policy portfolios. Prior to joining Morgan Stanley, Mr. Leibowitz was vice-chairman and chief investment officer of TIAA-CREF from 1995 to 2004, with responsibility for the management of more than $300 billion in equity, fixed income and real estate assets. Previously, he had a 26-year association with Salomon Brothers, where he became director of global research, covering both fixed income and equities. Mr. Leibowitz has written more than 150 articles on various financial and investment analysis topics and has been the most frequently published author in both the Financial Analysts Journal and the Journal of Portfolio Management. Ten of his articles have received the Graham and Dodd Award for excellence in financial writing. He also has written several books: his first, Inside the Yield Book, is considered an investment standard. The CFA Institute has presented him with three of its highest awards. Mr. Leibowitz received an AB and MS from the University of Chicago and a PhD in mathematics from the Courant Institute of New York University.

Laurence B. Siegel is the Gary P. Brinson Director of Research at CFA Institute Research Foundation and an independent consultant. He has authored, edited, or co-edited six CFA Institute Research Foundation monographs and is the author of Fewer, Richer, Greener, published by Wiley in 2019. Mr. Siegel serves on the editorial boards of several prominent journals and on the board of directors of the Q Group and the American Business History Center. He has assisted a variety of nonprofit organizations in the role of investment committee chair or member. Previously, Mr. Siegel was director of research in the Investment Division of the Ford Foundation. Before that, he served as a managing director at Ibbotson Associates (now Morningstar). His website is www.larrysiegel.org. Mr. Siegel received a BA in urban geography and an MBA in finance from the University of Chicago.