The PhD origins of finance faculty

Abstract

We document the doctoral origins of finance faculty in U.S. finance departments. In our main sample, we find that graduates from top-ranked universities are disproportionately represented; for instance, nearly half of faculty come from universities with top 25 Ph.D. programs, and many of these attended a top 5 university. Many of the faculty at top universities went to another (or the same) top university for their Ph.D. Among regional universities, we find evidence that it is common for departments to hire graduates from universities in the same geographical region.