Keith C. Brown, Ph.D., CFA 

University Distinguished Teaching Professor & Fayez Sarofim Fellow

McCombs School of Business

Department of Finance 

The University of Texas at Austin 









Keith Brown holds the positions of University Distinguished Teaching Professor and Fayez Sarofim Fellow at the McCombs School of Business at the University of Texas at Austin, where he specializes in teaching Investments, Portfolio Management and Security Analysis, Capital Markets, and Derivatives courses at the BBA and MBA levels.  He is also a member of the University’s Academy of Distinguished Teachers.  For eleven years, he served as President and Chief Executive Officer of The MBA Investment Fund LLC, a private complex of equity and fixed-income portfolios managed by graduate students at the University of Texas and also was the Director of the Department of Finance’s Hicks, Muse, Tate & Furst Center for Private Equity Finance.

Keith is the co-founder and Senior Partner of Fulcrum Financial Group, a portfolio management, investment advisory, and business valuation firm located in Austin, Texas and Las Vegas, Nevada.  Keith currently is Advisor to the Board of Trustees of Teacher Retirement System of Texas and to the Board of Directors of University of Texas Investment Management Company.  He also serves as Associate Editor for Journal of Behavioral Finance and Journal of Investment Management and formerly held the position of Research Director for the Research Foundation of the Association for Investment Management and Research.

For more information on Keith's research and professional background, please follow the link to view a biographical sketch and curriculum vitae.

Contact Information:

Address:                                                         Office:   CBA 6.256

Department of Finance, #B6600                       Office Hours:
McCombs School of Business                          For the Fall 2015 semester, my hours are:
The University of Texas at Austin                        MW 11:00 am - 12:30 pm
Austin, Texas 78712-1179                                                                                                                            

Phone: (512) 471-6520
Fax: (512) 471-5073



Ph.D. (Financial Economics), Purdue University, 1981

CFA, Institute of Chartered Financial Analysts, 1988

M.S. (Economics), Purdue University, 1978

B.A. (Economics), San Diego State University, 1977


My research interests include topics ranging from empirical investigations of how markets react to the arrival of “uncertain” information to the design and implementation of financial risk management strategies to performance and contracting in the professional money management industry.  For abstracts and downloads of my past and current projects, please select from the following links:


   Published Papers


   Working Papers & Work in Progress



The following classes are part of my regular teaching rotation:


   FIN 377.1:  Portfolio Analysis and Management


 •  FIN 397.1:   Investment Theory and Practice


   TC 357:  Finance, Fiction, and Film


Professional Links:

  The AIM Investment Center in the Department of Finance at the University of Texas also sponsors many educational and professional programs:


AIM Investment Center


  For information about the Chartered Financial Analysts (CFA) program as well as research and advocacy efforts in the investment management industry, see:


CFA Institute (formerly AIMR)


  The main website for the Department of Finance at the University of Texas is:


Department of Finance Home Page


• For a quick link to the Blackboard entry page at the University of Texas:

          Blackboard Entry Portal

Other Links of Interest:

• Some of the documents stored on this website are saved in PDF format.  They can be opened with an Adobe Acrobat Reader available at the following location:

               Adobe Acrobat Reader

• This season is a dead-weight loss.  Fortunately, the 2016 season is less than a year away:

                                San Diego Padres


 • Here are a few good books to help you pass those idle moments:

             Some Suggested Reading


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Last Updated During the Week of:  September 8, 2015