Aron Gottesman

Aron Gottesman

Department Chairperson
Lubin School of Business

Aron Gottesman

One Pace Plaza



Aron Gottesman is Professor of Finance and the Chair of the Department of Finance and Economics at the Lubin School of Business at Pace University. He hold a Ph.D. in Finance, an MBA in Finance, and a BA in Psychology, all from York University. He has published more than 30 academic articles and books, including publications in the Journal of Financial Intermediation, Journal of Banking and Finance, Journal of Empirical Finance, and the Journal of Financial Markets, among others. His research has also been cited in newspapers and popular magazines. In 2017, Gottesman authored a book titled Understanding Systemic Risk in Global Financial Markets (Wiley Finance), coauthored with the DTCC’s Michael Leibrock. In 2016, Gottesman authored a book titled Derivatives Essentials: An Introduction to Forwards, Futures, Options and Swaps (Wiley Finance), based on the popular course that he teaches at Pace University. Aron Gottesman received Pace University’s Kennan Award for Teaching Excellence in 2017. Gottesman teaches undergraduate, graduate, and doctoral courses on financial markets, derivative securities, and asset management. His approach to teaching is to show students that while quantitative skills are important, success in finance is fundamentally driven by one’s ability to comprehend, reason, and communicate. He strives to give each student a sense of “ownership” of every topic that he teaches, as well as the tools that they require to succeed during their professional careers.


PhD, York University, Toronto, Ontario

MBA, York University, Toronto, Ontario

BA, York University, Toronto, Ontario

Publications and Presentations


Gottesman, A., Jacoby, G., Li, H. (2017). Value investing or investing in illiquidity? The profitability of contrarian investment strategies, revisited. Financial Innovation. 3(34), 12.

Beyhaghi, M., Panyagometh, K., Gottesman, A., Roberts, G. (2017). Do Tighter Loan Covenants Signal Improved Future Corporate Results? The Case of Performance Pricing Covenants. Financial Management. 46(3), 593-625.

Gottesman, A., Morey, M. (2017). Active Share and Emerging Market Equity Funds. Journal of Investment Consulting. 18(1).

Gottesman, A., Leibrock, M. (2017). Understanding Systemic Risk in Global Financial Markets Wiley Finance.

Gottesman, A., Morey, M. (2016). Getting What You Paid For: Using Mutual Fund Governance to Predict the Activeness of Mutual Funds. Journal of Investing. 25(1), 25-36. Read More >>

Gottesman, J.T. (2016). Derivatives Essentials: An Introduction to Forwards, Futures, Options and Swaps (1 ed., pp. 328). Hoboken, New Jersey: John Wiley & Sons, Inc. Read More >>

Gottesman, A., Morey, M., Rosenberg, M. (2013). Is there an Incentive for Active Retail Mutual Funds to Closet Index in Down Markets? Fund Performance and Subsequent Annual Fund Flows between 1997 and 2011. Journal of Investment Consulting. 14(2), 47-58. Read More >>

Allen, L., Gottesman, A., Saunders, A., Tang, Y. (2012). The Role of Banks in Dividend Policy. Financial Management. 41(3), 591-613.

Allen, L., Gottesman, A., Peng, L. (2012). The impact of joint participation on liquidity in equity. Journal of Financial Intermediation. 2150-78.

Gottesman, A., Morey, M. (2012). Does a Mutual Fund's Corporate Culture Predict Fund Performance?. Review Of Financial Economics. 2169-81.

Puskar, D., Gottesman, A. (2012). An Investigation of Underwriting Fees for Asset-Backed Securities. American Economist.

Gottesman, A. (2012). Corporate Loan Spreads, Market Power, and the Default-Free Rate. In C.F. Lee (Ed.), Advances in Quantitative Analysis of Finance and Accounting. (10 ed., pp. 117-139).

Gottesman, A., Roberts, G. (2011). Bank Relationships and Collateralization. In H.K. Baker and G. Martin (Ed.), Capital Structure and Corporate Financing Decisions. Robert W. Kolb Series in Finance, Wiley.

Gottesman, A., Nam, J., Thornton, J.H., Wynne, K. (2010). NYSE Listings and Firm Borrowing Costs: An Empirical Investigation. Global Finance Journal. 21(1), 26-42.

Gottesman, A., Morey, M. (2010). CEO Educational Background and Firm Financial Performance. Journal of Applied Finance. 20(2), 70-82.

Morey, M., Gottesman, A.R., Baker, E., Godridge, B. (2009). Does better corporate governance result in higher valuations in emerging markets? Another examination using a new data set. Journal of Banking & Finance.

Gottesman, A., Morey, M. (2007). Predicting Emerging Market Mutual Fund Performance. . 16(3), 111-122.

Allen, L., Gottesman, A. (2006). The Informational Efficiency of the Equity Market as Compared to the Syndicated Bank Loan Market. Journal of Financial Services Research. 30(1).

Szenberg, M., Ramrattan, L., Gottesman, A. (2006). Ten ways to know Paul A. Samuelson. Economics of Education Review. 257-11.

Gottesman, A., Jacoby, G. (2006). Payout Policy, Taxes, and the Relation Between Returns and the Bid-Ask Spread. Journal of Banking & Finance. 3037-58.

Morey, M., Gottesman, A. (2006). Morningstar Mutual Fund Ratings Redux. Journal of Investment Consulting. 9(1).

Gottesman, A., Morey, M. (2006). Manager Education and Mutual Fund Performance. Journal of Empirical Finance. 13(2), 145-182.

Gottesman, A. (2006). Contrarian Investment Strategies: Application to India. Strategic Innovators (India).

Szenberg, M., Ramrattan, L., Gottesman, A. (2006). In Szenberg, M., Ramrattan, L., and Gottesman, A. (Ed.), Samuelsonian Economics and the Twenty-First Century Oxford University Press.

Jacoby, G., Smimou, K., Gottesman, A. (2006). Mean-Variance Theory and the Bid-Ask Spread. In C.F. Lee (Ed.), Advances in Financial Planning and Forecasting.

Gottesman, A. (2006). Loan Contract Terms. In C.F. Lee and A.C. Lee (Ed.), The Encyclopedia of Finance. Springer.

Gottesman, A., Roberts, G.S. (2006). An Investigation of the Mid-Loan Relationship Between Bank Lenders and Borrowers. In A.H. Chen (Ed.), Research in Finance. Greenwich, CT: JAI Press.

Gottesman, A., Szenberg, M., Ramrattan, L. (2005). Samuelson's Economics: The Continuing Legacy. Quarterly Journal of Austrian Economics. 95-104.

Szenberg, M., Gottesman, A., Ramrattan, L. (2005). Paul A. Samuelson: Philosopher and Theorist. International Journal of Social Economics. 32(4), 325-338.

Szenberg, M., Gottesman, A., Ramrattan, L. (2005). Paul A. Samuelson: On Being an Economist New York: Jorge Pinto Books.

Milevsky, M., Gottesman, A. (2005). Insurance Logic, Second edition Toronto, Canada: Captus Press.

Ramrattan, L., Gottesman, A.A., Szenberg, M. (2005). The Flow of Capital to Latin America During the Period 1973-2000. In Arbelaez, H., Click, R.W., and Choi, J.J. (Ed.), International Finance Review, Latin American Financial Markets: Developments in Financial Innovations. Amsterdam: Elsevier.

Gottesman, A. (2004). The Strategic Use of Convertible Debt in 'Deep Pocket' Predatory Games. American Economist. 48(1), 50-60.

Gottesman, A., Roberts, G.S. (2004). Maturity and Corporate Loan Pricing. Financial Review. 38(4).

Mason, C.F., Gottesman, A., Prevost, A.K. (2003). Shareholder Intervention, Managerial Resistance, and Corporate Control: A Nash Equilibrium Approach. Quarterly Review Of Economics And Finance. 43(3), 466-482.

Jacoby, G., Fowler, D.J., Gottesman, A. (2000). The Capital Asset Pricing Model and the Liquidity Effect: A Theoretical Approach. Journal of Financial Markets. 3(1), 69-81.

Chin, J.Y., Prevost, A.K., Gottesman, A. (2002). Contrarian Investing in a Small Cap Market: Evidence from New Zealand. Financial Review. 37421-446.

Milevsky, M.A., Gottesman, A. (2002). Insurance Logic Toronto, Canada: Stoddart Publishing.