Aron Gottesman

Aron Gottesman

Department Chairperson
Lubin School of Business

Aron Gottesman

One Pace Plaza



Aron Gottesman is Chair of the Department of Finance and Economics and Professor of Finance at the Lubin School of Business at Pace University. He holds a Ph.D. in Finance, an MBA in Finance, and a BA in Psychology, all from York University, and is a CFP® Professional. He has published articles in the Journal of Banking and Finance, Journal of Behavioral Finance, Journal of Empirical Finance, Journal of Financial Markets, and the Journal of Financial Intermediation, among many others. He has also authored or co-authored several books.

Gottesman is a recipient of Pace University’s Kennan Award for Teaching Excellence and a recipient of the Investments & Wealth Institute Edward D. Baker III Journal Research Award. Gottesman teaches undergraduate, graduate, and doctoral courses on financial markets, derivative securities, and asset management.


PhD, York University, Toronto, Ontario

MBA, York University, Toronto, Ontario

BA, York University, Toronto, Ontario

Publications and Presentations


Gottesman, A. Tracking Error Volatility Mitigation by Managers of Multiple Mutual Funds. Journal of Investing.

Gottesman, A., Morey, M. Investor Confidence and Reaction to a Stock Market Crash. Journal of Behavioral Finance.

Gottesman, A. (2023). Tracking Error Volatility and Relative Risk Budgets. Investment Analysts Journal.

Gottesman, A., Morey, M. (2021). What Do Capture Ratios Really Capture in Mutual Fund Performance?. Journal of Investing.

Gottesman, A., Morey, M. (2021). The Argument for Bonds in Strategic Asset Allocation. The Journal of Wealth Management .

Gottesman, A. (2021). Mortgage Analysis. In C.F. Lee and A.C. Lee (Ed.), The Encyclopedia of Finance. Springer.

Gottesman, A., Ismailescu, I. (2020). Student selectivity and higher education institutions credit ratings. Journal of Financial Economic Policy. 13(1), 136-159.

Gottesman, A., Morey, M. (2019). Mutual Fund Manager Educational Background and Activeness. Journal of Investing. 28(6), 128-139.

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.

Related News and Stories

Faculty and Staff

We sat down for a Q&A with Aron Gottesman, PhD, Professor and Chairperson of the Finance and Economics Department, who joined Pace 20 years ago. We learned about his research interests, teaching methodology, and the "language and culture of finance."