Who Are We?

CRSP Mission Statement

CRSP is dedicated to excellence in providing enriched and accessible data products and solutions which provide a basis for scholarly achievement, original innovative research, and sound investment decisions.

Consistent with the research reputation of Chicago Booth, CRSP seeks to encourage the dissemination of knowledge and expansion of the frontier of financial research in a professional environment committed to mutual respect and teamwork. 

photo of a red sculpture in chicago called "flamingo". it is surrounded by office buildings

Committed to continued quality, innovation and excellence

CRSP History

1959
photo of louis engel
A "Silly Idea"

Louis Engel (Vice President at Merrill Lynch, Pierce, Fenner & Smith) wondered, relative to other asset classes, how have the returns of stocks performed over the long term? He contacted the Chicago Graduate School of Business Associate Dean James Lorie who proposed Merrill fund a study to compile the historical data needed to calculate the returns.

1960
black and white photo of james h. lorie talking to lawrence fisher in an office setting
CRSP is Established

In March 1960, with the initial grant of $50,000 from Merrill Lynch, the Center for Research in Security Prices was established. James Lorie and Professor Lawrence Fisher collaborate on collecting and researching NYSE common stock returns between 1926 and 1960.

1963
new york press club, inc. and foundation seal
CRSP Study Debuts at New York Press Club

Professors Lorie and Fisher announced the results of their 3 1/2-year data development and analysis project at the Press Club in New York. The results of the study made headlines across the country.

1964
image of CRSP article in the Journal of Business in 1964
Journal of Business Publishes ‘Rate of Return on Investment in Common Stocks’

Fisher and Lorie findings are published in the Journal of Business in January.

1964
photo of data tapes on shelves
Data Files Completed from Fisher and Lorie Research

The master files that became the foundation of the CRSP US Stock flagship database are completed.

1965
photo of a university with students sitting on lawn
Value of CRSP Data Quickly Recognized by Universities

Within a year of the initial release of data, 60 universities begin licensing CRSP data files for research and educational programs.

1966
CRSP research products logo
CRSP Launches Research Indexes

CRSP introduces its first research indexes which would eventually serve as the foundation for much of the empirical research in finance.

1971
photos of eugena fama, myron scholes, and fisher black
Wells Fargo Credits CRSP

Wells Fargo Bank establishes the first index fund: a $6 million fund for Samsonite Corporation's pension program. The fund's director, Mac McQuown, credited Booth professors Myron Scholes and Fischer Black, whom he met through Booth professor and CRSP Board Director Gene Fama.

1994
CRSP Treasuries logo
US Treasury Database

CRSP expands product line with CRSP US Treasuries Database.  The CRSP US Treasury and Inflation Series is comprised of 1.7 million end-of-day price observations for nearly 7000 US Treasury bills, notes, and bonds, as well as supplemental files.

1996
crsp mutual funds logo
Survivor-Bias-Free US Mutual Fund Database

CRSP expands product line with the CRSP Survivor-Bias-Free US Mutual Fund Database, the first survivor-bias-free database available on the market.”

1997
crsp access logo
CRSPAccess Launched

The CRSP Access software, also known as CUPL, CRSP Utilities and Programming Libraries, includes utilities that may be used to extract CRSP stock and index data from the CRSP proprietary databases.

1999
Old S&P logo: "Standard & Poor's Ratings Services" with "McGraw Hill Financial" underneath
CRSP Joins Efforts with S&P

The CRSP/Compustat Database (CCM) combines linked CRSP stock data and Compustat® fundamental data.

1999
Wharton WRDS logo
CRSP Enters into an Agreement with WRDS

CRSP enters into agreement with Wharton Research Data Services (WRDS) to allow WRDS to host CRSP databases for academic subscribers.

1999
calendar icon
Introduces Monthly Releases

CRSP evolved from annual to a monthly data update/release cycle, with subscriptions now offered on annual, quarterly, and monthly update frequencies.

2003
CRSP Provides Daily Returns to Nasdaq

CRSP proved its ability to calculate investable index returns, and from 2003-2009 CRSP provided total returns daily to NASDAQ for NASDAQ Composite, NASDAQ 100, NASDAQ Biotechnology and ABA NASDAQ Community Bank Indexes.

2005
CRSP and Ziman Launch New Data Series

CRSP collaborates with Ziman Center at the Anderson School of Business at UCLA to create the CRSP/Ziman Real Estate Data Series.

2006
CRSP Database Spans Back to 1925

CRSP daily stock database is extended from July 2, 1962, back to December 31, 1925, for NYSE common issues matching the universe and range of the CRSP monthly stock databases.

2007
CRSP Sift old logo
CRSPSift Launches

CRSPSift, CRSP’s Securities Information Filtering Tool, makes querying CRSP databases easier.

2008
CRSP Indexes old logo
New Investable Indexes Develop

CRSP begins developing the new CRSP Indexes.  CRSP begins developing the new investable indexes under the premise that an index must reflect the way money managers actually invest.

2010
50 years; 1960-2010
CRSP Turns 50!

CRSP celebrates 50 years since it began as a research center at the University of Chicago.

2010
CRSP Launches New CRSP Indexes

The investable indexes blend advancements in academic research with current commercial practice.

2012
CRSP Announces Index Licensing Agreement with Investment Giant Vanguard

Vanguard announces plan to transition 16 US stock and balanced index funds to new benchmarks developed by CRSP.

2012
CRSP Indexes logo
CRSP Launches Investable Value and Growth Indexes

CRSP Indexes expand to include value and growth style indexes.

2016
90 years of data
CRSP Celebrates the Inclusion of 90 Years of Data in its Data Products

CRSP continued to build the depth and breadth of its research products which now include 90 years of data.

2017
icon of 2 arrows making a circle and a gear icon inside the circle
CRSP Implements Transitional Reconstitution to the Quarterly Rebalance

CRSP introduced a five-day transitional reconstitution that moves 20% of the change in holdings each day from the current index to the new target index’s holdings.

2017
CRSP Adds Cboe BZX Data

CRSP adds Cboe BZX stock exchange to more fully reflect active US markets.

2019
old CRSP10 logo
CRSP Launches CRSP10

CRSP makes 10-year monthly history of the research-quality stock database available to facilitate the use of data in academic classrooms.

2020
CRSP logo
CRSP Becomes LLC

On January 1, 2020, CRSP officially became a limited liability company. Center for Research in Security Prices, LLC is a wholly-owned subsidiary of the University of Chicago.

2021
CRSP celebrates 95 years of research data, 60 years (established in 1960), and 10 years of indexes.
CRSP Celebrates

CRSP celebrates 95 Years of Data, 60 Years of CRSP, and 10 Years of CRSP Indexes.

2021
CRSP ISS ESG Indexes logo
CRSP launches ESG Indexes

The suite is comprised of three ESG index pairs: CRSP ISS ESG Large Cap Prime, CRSP ISS ESG Large Cap, and CRSP ISS ESG Large Cap Industry Balanced.

2022
CRSP market indexes logo
CRSP Indexes becomes CRSP Market Indexes (CRSPMI)

CRSP rebrands investable indexes as CRSP Market Indexes.

1959
photo of louis engel
A "Silly Idea"

Louis Engel (Vice President at Merrill Lynch, Pierce, Fenner & Smith) wondered, relative to other asset classes, how have the returns of stocks performed over the long term? He contacted the Chicago Graduate School of Business Associate Dean James Lorie who proposed Merrill fund a study to compile the historical data needed to calculate the returns.

1960
black and white photo of james h. lorie talking to lawrence fisher in an office setting
CRSP is Established

In March 1960, with the initial grant of $50,000 from Merrill Lynch, the Center for Research in Security Prices was established. James Lorie and Professor Lawrence Fisher collaborate on collecting and researching NYSE common stock returns between 1926 and 1960.

1963
new york press club, inc. and foundation seal
CRSP Study Debuts at New York Press Club

Professors Lorie and Fisher announced the results of their 3 1/2-year data development and analysis project at the Press Club in New York. The results of the study made headlines across the country.

1964
image of an article in the journal of business
Journal of Business Publishes ‘Rate of Return on Investment in Common Stocks’

Fisher and Lorie findings are published in the Journal of Business in January.

1964
photo of data tapes on shelves
Data Files Completed from Fisher and Lorie Research

The master files that became the foundation of the CRSP US Stock flagship database are completed.

1965
photo of a university with students sitting on lawn
Value of CRSP Data Quickly Recognized by Universities

Within a year of the initial release of data, 60 universities begin licensing CRSP data files for research and educational programs.

1966
CRSP research products logo
CRSP Launches Research Indexes

CRSP introduces its first research indexes which would eventually serve as the foundation for much of the empirical research in finance.

1971
photos of eugena fama, myron scholes, and fisher black
Wells Fargo Credits CRSP

Wells Fargo Bank establishes the first index fund: a $6 million fund for Samsonite Corporation's pension program. The fund's director, Mac McQuown, credited Booth professors Myron Scholes and Fischer Black, whom he met through Booth professor and CRSP Board Director Gene Fama.

1994
CRSP Treasuries logo
US Treasury Database
Wells Fargo Bank establishes the first index fund: a $6 million fund for Samsonite Corporation's pension program. The fund's director, Mac McQuown, credited Booth professors Myron Scholes and Fischer Black, whom he met through Booth professor and CRSP Board Director Gene Fama.
1996
crsp mutual funds logo
Survivor-Bias-Free US Mutual Fund Database

CRSP expands product line with the CRSP Survivor-Bias-Free US Mutual Fund Database, the first survivor-bias-free database available on the market.”

1997
crsp access logo
CRSPAccess Launched

The CRSP Access software, also known as CUPL, CRSP Utilities and Programming Libraries, includes utilities that may be used to extract CRSP stock and index data from the CRSP proprietary databases.

1999
Old S&P logo: "Standard & Poor's Ratings Services" with "McGraw Hill Financial" underneath
CRSP Joins Efforts with S&P

CRSP/Compustat Database (CCM) combines linked CRSP stock data and Compustat® fundamental data.

1999
Wharton WRDS logo
CRSP Enters into an Agreement with WRDS

CRSP enters into agreement with Wharton Research Data Services (WRDS) to allow WRDS to host CRSP databases for academic subscribers.

1999 - 2002
calendar icon
Introduces Monthly Releases

CRSP evolved from annual to a monthly data update/release cycle, with subscriptions now offered on annual, quarterly, and monthly update frequencies.

2003
CRSP Provides Daily Returns to Nasdaq

CRSP proved its ability to calculate investable index returns, and from 2003-2009 CRSP provided total returns daily to NASDAQ for NASDAQ Composite, NASDAQ 100, NASDAQ Biotechnology and ABA NASDAQ Community Bank Indexes.

2005
CRSP and Ziman Launch New Data Series

CRSP collaborates with Ziman Center at the Anderson School of Business at UCLA to create the CRSP/Ziman Real Estate Data Series.

2006
CRSP Database Spans Back to 1925

CRSP daily stock database is extended from July 2, 1962, back to December 31, 1925, for NYSE common issues matching the universe and range of the CRSP monthly stock databases.

2007
CRSP Sift old logo
CRSPSift Launches

CRSPSift, CRSP’s Securities Information Filtering Tool, makes querying CRSP databases easier.

2008
CRSP Indexes old logo
New Investable Indexes Develop

CRSP begins developing the new CRSP Indexes.  CRSP begins developing the new investable indexes under the premise that an index must reflect the way money managers actually invest.

2010
50 years; 1960-2010
CRSP Turns 50!

CRSP celebrates 50 years since it began as a research center at the University of Chicago.

2012
CRSP Launches New CRSP Indexes

The investable indexes blend advancements in academic research with current commercial practice.

2012
CRSP Announces Index Licensing Agreement with Investment Giant Vanguard

Vanguard announces plan to transition 16 US stock and balanced index funds to new benchmarks developed by CRSP.

2012
CRSP Indexes logo
CRSP Launches Investable Value and Growth Indexes

CRSP Indexes expand to include value and growth style indexes.

2016
large number ninety with "years of data" in text underneath it
CRSP Celebrates the Inclusion of 90 Years of Data in its Data Products

CRSP continued to build the depth and breadth of its research products which now include 90 years of data.

2017
icon of 2 arrows making a circle and a gear icon inside the circle
CRSP Implements Transitional Reconstitution to the Quarterly Rebalance

CRSP introduced a five-day transitional reconstitution that moves 20% of the change in holdings each day from the current index to the new target index’s holdings.

2017
CRSP Adds Cboe BZX Data

CRSP adds Cboe BZX stock exchange to more fully reflect active US markets.

2019
old CRSP10 logo
CRSP Launches CRSP10

CRSP makes 10-year monthly history of the research-quality stock database available to facilitate the use of data in academic classrooms.

2020
CRSP current logo with "Center for Research in Security Prices, LLC" on the right and "An Affiliate of the University of Chicago Booth School of Business" underneath
CRSP Becomes LLC

On January 1, 2020, CRSP officially became a limited liability company. Center for Research in Security Prices, LLC is a wholly-owned subsidiary of the University of Chicago.

2021
CRSP celebrates 95 years of research data, 60 years (established in 1960), and 10 years of indexes.
CRSP Celebrates

CRSP celebrates 95 Years of Data, 60 Years of CRSP, and 10 Years of CRSP Indexes.

2021
CRSP ISS ESG Indexes logo
CRSP launches ESG Indexes

The suite is comprised of three ESG index pairs: CRSP ISS ESG Large Cap Prime, CRSP ISS ESG Large Cap, and CRSP ISS ESG Large Cap Industry Balanced.

2022
CRSP market indexes logo
CRSP Indexes becomes CRSP Market Indexes (CRSPMI)

CRSP rebrands investable indexes as CRSP Market Indexes.

Fiduciary Board of Directors

photo of john c. heaton

John C. Heaton

Joseph L. Gidwitz Professor of Finance, Booth School of Business

Stefan Nagel

Fama Family Distinguished Service Professor of Finance, Booth School of Business

photo of madhav rajan

Madhav Rajan

Dean of the Booth School of Business and George Pratt Shultz Professor of Accounting

Kim Taylor

Vice President and General Counsel, the University of Chicago

photo of andy ward

Andy Ward

Vice President and Chief Investment Officer, the University of Chicago

photo of john c. heaton

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Stefan Nagel

Fama Family Distinguished Service Professor of Finance, Booth School of Business

photo of madhav rajan

Madhav Rajan

Dean of the Booth School of Business and George Pratt Shultz Professor of Accounting

Kim Taylor

Vice President and General Counsel

photo of andy ward

Andy Ward

Vice President and Chief Investment Officer

Academic Advisory Board

Lubos Pastor

Charles P. McQuaid Distinguished Service Professor of Finance
Booth School of Business

Professor Pastor has been teaching at Chicago Booth since 1999 when he obtained a PhD in finance from the Wharton School at the University of Pennsylvania. His research focuses mostly on financial markets and investment management. His articles have appeared in the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Journal of Political Economy, Review of Financial Studies, and other outlets, and they have won numerous prizes. Pastor also serves as a member of the CRSP Index Advisory Council, member of the board of the Fama-Miller Center for Research in Finance, and vice president of the European Finance Association. Outside academia, he serves as an independent director and trustee of Vanguard. In the past, he served as director of CRSP, member of the Bank Board of the National Bank of Slovakia, director of the American Finance Association, director of the European Finance Association, president of the Western Finance Association, and associate editor of three leading academic finance journals.




Lubos Pastor
photo of stefan nagel

Stefan Nagel

Fama Family Distinguished Service Professor of Finance
Booth School of Business

Professor Nagel’s research focuses on asset pricing, investor behavior, and the formation of investor expectations. His most recent work explores the role of personal experiences in shaping expectations about the macroeconomy and financial market returns, models of investor learning about long-run growth with decaying memory, and the application of machine learning techniques to understand the risk and return of investment strategies in the stock market. Nagel has won various awards for his research, among them the Smith-Breeden Prize of the American Finance Association for the best paper in the Journal of Finance in 2004 and the Fama/DFA prize for the best asset pricing paper in the Journal of Financial Economics in 2006 and 2020 (first prize) and 2010 (second prize).

 

Before joining Booth, Nagel taught at the University of Michigan’s Ross School of Business (2013-17), Stanford Graduate School of Business (2004-13) and in the Economics Department at Harvard University (2003-04). He received his PhD from the London Business School in 2003 and his Diplom (M.S. equiv.) in Business Economics from the University of Trier (Germany) in 1999.

Stefan Nagel
photo of douglas diamond

Douglas Diamond

Merton H. Miller Distinguished Service Professor of Finance
Booth School of Business 

Douglas W. Diamond is the 2022 recipient of the Nobel Memorial Prize in Economic Sciences (Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) for his groundbreaking research on banks and financial crises. He specializes in the study of financial intermediaries, financial crises, and liquidity. Professor Diamond holds a bachelor’s degree in economics from Brown University and a PhD in economics from Yale University. He is a research associate of the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of Richmond. Prior to joining the Booth School of Business faculty in 1979, Diamond taught at Yale and was a visiting professor at the MIT Sloan School of Management, the Hong Kong University of Science and Technology, and the University of Bonn.

 

Douglas Diamond
photo of john c. heaton

John C. Heaton

Joseph L. Gidwitz Professor of Finance
Booth School of Business

John C. Heaton studies asset pricing, portfolio allocation, and time-series econometrics. He first became drawn to this area because he was “intrigued by the idea of understanding economic phenomena both to guide policy and to help people make better decisions.” His academic pursuits have thus solidified his position as an esteemed authority in these domains. Professor Heaton holds a bachelor’s degree in commerce from the University of Windsor, a master’s degree in economics from the University of Western Ontario, and a PhD in economics from the University of Chicago. Prior to joining the Chicago Booth faculty in 2000, Heaton was the Nathan S. and Mary P. Sharp Distinguished Professor of Finance at Northwestern University’s Kellogg School of Management. He also has held positions at MIT’s Sloan School of Management and at the Hoover Institution.

John C. Heaton

Leadership Team

David Barclay


Chief Executive Officer

Jennifer Haffner


Chief Financial Officer

Randall Forester


Chief Information Officer; Managing Director, Project Management

Eric Frait


Managing Director, Business Development, Strategy & Analytics

Kenneth Kraus

 

Paul Lohrey


Managing Director, Business Development & Strategy

C. Alan Myers


Managing Director, Data Research & Operations

Diane Roman


Senior Director, Client Services & Communications

Historical Faces of CRSP

CRSP Directors have included several of the most influential and well-recognized individuals in finance.

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