Former Wharton professor Marshall Edward Blume died after a brief illness at age 77 on Jan. 27, the Penn Almanac reported.
Blume arrived at Penn as an assistant professor of Finance in 1968, the same year he received his Ph.D. in finance from the University of Chicago. He was named the Howard Butcher III Professor of Finance in 1978 and remained a member of Wharton's faculty until his retirement in 2011. He was a member of Penn's faculty for 44 years.
While at Penn, Blume taught courses on investment management, conducted research on stock and bond trading, and moderated several independent study projects and senior capstone projects. He chaired the Finance Department from 1982 to 1986 and directed Wharton's Rodney L. White Center for Financial Research from 1986 to 2009. When he retired, the Center established the Marshall Blume Prizes in Financial Research in his honor.
Blume was known for his work in empirical asset pricing, investment strategies and behavior, and risk measurement.
At Penn, Blume also sat on several Faculty Senate committees in the 1990s and helped develop OTIS, Wharton’s Online Trading and Investment Simulator, to teach students investment strategies.
Blume also co-founded Prudent Management Associates and assisted several large corporations such as Exxon Mobil and AT&T in developing investment strategies.
Blume is survived by his wife, Loretta Ryan, and his children, Christopher Blume, Caroline Blume Sanderson, and Catherine Blume Meyerle.