It is with deep sadness that we share the passing of Michael J. Brennan, Professor Emeritus of Finance at UCLA Anderson and one of the most distinguished finance scholars of his generation. Michael served as President of the American Finance Association in 1989 and as Editor of the Journal of Finance.
Michael’s research made important contributions across finance, including asset pricing, corporate finance, derivative securities, and market microstructure. He was also a pioneering figure in corporate real options, applying the principles of financial options to investment decisions involving real assets. At UCLA Anderson, he taught courses across finance, chaired numerous doctoral committees, and served as chair of the Finance area.
Michael was the founding Editor of The Review of Financial Studies and served as President of both the Western Finance Association and the Society for Financial Studies. His scholarship and contributions to the profession earned him numerous honors, including honorary degrees from universities around the world. In 2017, he was named the International Association for Quantitative Finance/Northfield Financial Engineer of the Year.
Michael profoundly influenced the field of finance through his scholarship, leadership, teaching, and mentorship. He leaves an enduring legacy throughout the academic finance community and will be greatly missed.