Marshall Edward Blume (1941 – 2019), Howard Butcher III Professor Emeritus of Finance at the Wharton School of the University of Pennsylvania, died January 27th after a sudden and brief illness.
After graduating from Trinity College (Hartford, Connecticut) in 1963 with a degree in mathematics, Dr. Blume earned an MBA in 1965 and his PhD in Finance in 1968, both from the University of Chicago. He joined the Penn faculty in 1968 and was named the Howard Butcher III Professor of Finance in 1978.
From 1982 to 1986, Dr. Blume served as Chair of the Finance Department. He was also Director of the Rodney L. White Center for Financial Research (1986-2009) which established the Marshall Blume Prizes in Financial Research in 2011 in his honor. He helped develop OTIS, Wharton’s Online Trading and Investment Simulator to help teach students investment and portfolio management.
Dr. Blume was widely recognized as a pioneer in empirical asset pricing research and was a noted scholar in investment strategies, investor behavior, and measurement of risk. He was a member of Standard & Poor’s Academic Advisory Board and was Chair of the National Association of Securities Dealers (NASD) Economic Advisory Board. He served on the U.S. Government Accounting Office Advisory Committee that investigated the October 1987 stock market crash. He co-founded Prudent Management Associates, and he advised numerous corporations, including AT&T, Dresser, and Exxon Mobil.
Dr. Blume was awarded the Alumni Achievement Award in 1998 from Trinity College. In addition, he served on the Board of Trustees (1980-1986) and the Presidential Advisors. He endowed the Blume Family Scholarship Fund and, in 2000, he and his wife, Loretta, founded the Blume Language & Culture Center named in honor of their daughter, Caroline Blume Sanderson.
Dr Blume is survived by his wife, Loretta (Ryan) Blume, son Christopher Blume, daughters Caroline Blume Sanderson and Catherine Blume Meyerle, and seven grandchildren.