University of Chicago Booth School of Business

Dr. Kamin received a M.B.A. and Ph.D. in Business from the University of Chicago Booth School of Business. His areas of concentration were Business Economics, Finance and Management Science, often known as Operations Research. (Management Science applies advanced mathematics to complex business systems.)

While conducting his doctoral research at Chicago, Dr. Kamin was employed as research assistant to Professor Lawrence Fisher, Associate Director of the Center for Research in Security Prices (CRSP). Funded by Merrill Lynch, Prof. Fisher compiled the CRSP data file of monthly prices of the stocks listed on the New York Stock Exchange starting in 1926. This data source is still recognized as the best available for stock prices.

Dr. Kamin’s doctoral research concerned the optimal adjustment through time of risky investment portfolios subject to proportional transactions costs. He pioneered development of a “dynamic programming” model to deal with this problem and published his theory in Management Science, a leading academic journal of applied business mathematics. This work was built on and advanced the portfolio-management theories of three Nobel Laureate economists, Harry Markowitz, William Sharpe and Paul Samuelson, as well as Eugene Fama, Professor of Finance.

Dr. Kamin’s work with Professor Fisher concerned improvement of the statistical efficiency of measurement of “systematic risk,” the key determinant of the cost of equity capital in modern financial theory. Professor Fisher and Dr. Kamin published the results of this research in the Journal of Financial and Quantitative Analysis.

University of Toronto

Department of Economics

Dr. Kamin earned an M.A. in Economics.

School of Engineering

Dr. Kamin earned a B.A.Sc. with first class honors in Engineering Physics. Engineering Physics was an advanced course designed to develop research scientists. It combined an accelerated program of mathematics, physics and chemistry with an engineering curriculum. After two years of general engineering studies, students specialized in one of numerous branches of engineering. Dr. Kamin’s was electrical engineering.