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American economist (born 1934)

William Forsyth Sharpe (born June 16, 1934) is an American economist. He is the STANCO 25 Professor of Finance, Emeritus at Stanford University's Graduate School of Business, and the winner of the 1990 Nobel Memorial Prize in Economic Sciences. Sharpe was one of the originators of the capital asset pricing model (CAPM). He created the Sharpe ratio for risk adjusted investment performance analysis, and he contributed to the development of the binomial method for the valuation of options, the gradient method for asset allocation optimization, and returns based style analysis for evaluating the style and performance of investment funds.

William Sharpe was born on June 16, 1934, in Boston, Massachusetts. As his father was in the National Guard, the family moved several times during World War II, until they finally settled in Riverside, California. Sharpe spent the rest of his childhood and teenage years in Riverside, graduating from Riverside Polytechnic High School in 1951. He then enrolled at the University of California, Berkeley planning to pursue a degree in medicine. Fraternity and Phi Beta Kappa Society. He earned a B. A. in 1955, an M. A. in 1956, and a Ph. D. in 1961, all from UCLA.

After graduation, in 1956 Sharpe joined the RAND Corporation. While doing research at RAND, he also started work for a Ph. D. at UCLA under the supervision of Armen Alchian. While searching for a dissertation topic, J. Fred Weston suggested him to ask Harry Markowitz at RAND. Working closely with Markowitz, who in practice "filled a role similar to that of dissertation advisor", which would become one of the foundations of financial economics was initially considered irrelevant and rejected from publication. Sharpe had to wait for the editorial staff to change until finally getting the paper published in 1964. At the same time, the CAPM was independently developed by John Lintner, Jan Mossin, and Jack Treynor. In 1968 Sharpe moved to the University of California, Irvine but stayed there for only two years, and in 1970 he moved, this time to Stanford University. While teaching at Stanford, Sharpe continued research in the field of investments, in particular on portfolio allocation and pension funds. He also became directly involved in the investment process by offering consultance to Merrill Lynch and to Wells Fargo, thus having the opportunity to put in practice the prescriptions of financial theory. In 1986, in collaboration with the Frank Russell Company, he founded Sharpe Russell Research, a firm specialized in providing research and consultancy on asset allocation to pension funds and foundations. His 1988 paper, 'Determining a Fund's Effective Asset Mix', established the model later referred to as returns based style analysis.