Introducing the First Holders of the Sir Clive Granger Endowed Chair in Econometrics

By the Department of Economics

The Department of Economics is proud to introduce the first holders of the Sir Clive W. J. Granger Endowed Chair in Econometrics. The endowed chair was made possible by a generous group of donors in honor of the life of UC San Diego Professor Emeritus Clive W. J. Granger. The chair will be co-held by UC San Diego Department of Economics assistant professors Andres Santos and Brendan Beare.

Andres Santos, Ph.D.

Andres Santos, Ph.D.

Reflecting back on the day he received the news, Santos recalled, “When Hal White told us about the chair, Brendan and I stared at him in disbelief! It is just an incredible honor, and we are both extremely grateful for the generosity of the donors and their support of junior faculty.” In recent work, Santos has examined the implications of deteriorating data quality for conclusions about changes in the U.S. wage distribution. Due to the recent high nonresponse rates to income questions in the U.S. Census, it has become increasingly difficult to measure changes over time. Santos has helped develop econometric tools for dealing with these kinds of data problems. When asked about the impact of establishing the chair, Santos commented: “I think the Granger Chair will be a fantastic asset in recruiting assistant professors in econometrics. Not only will it help make offers extremely attractive, but I believe it also sends a strong signal that UCSD is incredibly supportive of junior faculty.”

Brendan Beare, Ph.D.

Brendan Beare, Ph.D.

Beare also responded to the news with admiration: “The Granger Chair name carries a great deal of prestige. Professor Granger was undoubtedly one of the most widely respected and admired figures in the history of the econometrics discipline.” Beare’s recent research focuses on anomalies in the prices of options written on market indices such as the S&P 500. In joint work with Larry Schmidt, an economics graduate student at UC San Diego, Beare has developed a new statistical procedure for identifying anomalies in option prices. Empirical results suggest that such anomalies exist and cannot be easily attributed to statistical noise. This has implications both for strategies that individual investors might follow as well as for understanding how financial markets function.

As the first of what will be a long line of researchers, Beare noted: “I would like to extend my heartfelt thanks to all the donors to the chair. It is a huge honor for me to be the inaugural co-holder. Professor Granger's contributions to time series econometrics were inspirational to me when I first encountered them as an undergraduate student, and certainly one of the main reasons I chose to pursue further study in this area. So, this is a really wonderful honor for me, and very humbling.” From a personal point of view, Beare looked forward to the future: “The funds from the Granger Chair will certainly help with my work. They come at a good time, as I appear to have just exhausted the research funds made available to me when I started my position at UCSD. Those funds were used to purchase financial data on options markets, hire a research assistant for one summer, travel to conferences and obtain summer income support. The Granger Chair funds will allow me to continue investing in similar ways.”

The Sir Clive W. J. Granger Endowed Chair in Econometrics

Sir Clive W. J. Granger

The Granger Chair endowment fund will yield an estimated $20,500 annually to sponsor econometric research. Patricia Granger had the following message about Beare and Santos: “Clive would be so pleased to have this chair filled by promising academics like Brendan and Andres. Clive found the environment at UC San Diego to be ideal for academic exploration and discovery. He truly believed that investing in young, brilliant professors would foster more discoveries. The growth of these professors would be the bedrock for UC San Diego’s strength as an economics force moving forward. I am deeply grateful for all of the wonderful people who contributed to this chair in Clive’s honor.”

Department Chair Valerie Ramey is especially appreciative of those who contributed to establish this chair ensuring UC San Diego’s prominence in econometrics. She explains how the generosity of our donors “allows us to maintain the tradition of world-class econometrics at UCSD by supporting our most talented junior econometrics faculty. Clive was a wonderful mentor to his junior colleagues throughout his career and this chair is part of his legacy.”

A very special thank you to each of our donors:

John and Kim Iorillo, Ken and Jennifer Kroner, W. P. Carey Foundation, Samuel and Leslie Armstrong, Richard and Jessica Attiyeh, Julian Betts and Carolyn Lee, Richard and Julia Carson, Susan Charette, Xiohong Chen, Siu Cheung and Clara Chu, Vincent and Zoe Crawford, Zhuanxin Ding and Lei Shen, Alvaro Escribano and Isabel Sanchez, Carroll and Helen Foster, Devajyoti Ghose, Michelle Glenn, Tae-Hwy Lee and Tammie Park, Craig and Stephanie Leupold, Robert and Alison Leupold, Jin Lin, Norman and Darlene Morin, Loan Nguyen, Marianne Ramer, Russell and Marilyn Robbins, David and Takako Selover, Joel Sobel, Ross and Susan Starr, Norman Swanson, Joel Watson and Carina York, Alice Marie Young and Inigo Zapater