Finance

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As markets become increasingly intertwined on a global scale, the financial world is shifting in fundamental ways.

This poses challenges for both academics and practitioners. We work to form a deep understanding of the changing climate through relevant coursework and groundbreaking research, which gives our students a competitive edge in today’s financial environment.

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Current Areas of Research

Financial econometrics
International capital markets and corporate finance
Informational imperfections in capital markets and corporate financial policy, including dividend policy, capital structure theory, the capital acquisition process, corporate restructuring, and entrepreneurial finance
Portfolio management and asset pricing
Theory of financial intermediation and analysis of financial services
Valuation of derivative securities and the expansion of derivative securities markets

Recent Student Dissertations

Three Essays on Institutional Investors and Corporate Governance
Three Essays on the Role of Information
Networks in Financial Markets
Convergence in Global Markets
Governance in the Mutual Fund Industry
Financing and Debt Maturity Choices by the Undiversified Owner-Managers:
Theory and Evidence
Monitoring versus Incentives
Essays on Financial Economics
Essays on International Asset Pricing
Price Discovery for Dually Traded
Securities: Evidence from the
U.S.-Listed Canadian Stocks

Recent Student Placements

Bank of Korea
Emory University
Georgia State University
KAIST
Loyola University - Baltimore
Loyola University - Chicago
Rutgers University
San Jose State University
Singapore Management University
University of Central Florida
University of Connecticut
University of Hawaii
University of Rhode Island
University of South Florida
University of Texas - Dallas

CFA Program Scholarships

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Georgia Tech Scheller College of Business Welcomes 16 New Faculty Members

Did Student Loan Forbearance Push Distressed Borrowers Further into Debt?

Georgia Tech Scheller College of Business Hosts 21st Macro Finance Society Workshop

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Finance-Related Student Activities and Resources

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Faculty Research in Finance

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Year	Title	Journal	Author(s)	Type
2023	The Real Response to Uncertainty Shocks: the Risk Premium Channel	Management Science	Bretscher, Lorenzo Hsu, Alex Tamoni, Andrea	Published Papers
Bretscher, Lorenzo, Alex Hsu, and Andrea Tamoni. “The Real Response to Uncertainty Shocks: the Risk Premium Channel.” Management Science, Volume 69, Issue 1, January 2023, Pages 119-140.
2023	Gone with the Vol: A Decline in Asset Return Predictability During the Great Moderation	Management Science	Hsu, Alex Palomino, Francisco Qian, Charles	Published Papers
Hsu, Alex, Francisco Palomino, and Charles Qian. “Gone with the Vol: A Decline in Asset Return Predictability during the Great Moderation." Management Science, Volume 69, Issue 5, May 2023, Pages 2547-3155.
2023	When It Rains It Pours: Cascading Uncertainty Shocks	Journal of Political Economy	Diercks, Anthony Hsu, Alex Tamoni, Andrea	Published Papers
Diercks, Anthony, Alex Hsu, and Andrea Tamoni. “When It Rains It Pours: Cascading Uncertainty Shocks.” Journal of Political Economy, Accepted.
2022	A Clash of Cultures- The Effect of Governance and Valuation Effects of Corporate Cultural Distance	Journal of Business Finance and Accounting	Jayarama, Narayanan Ferris, Steve Zhang, Teng	Published Papers	View
A Clash of Cultures: The Effect of Governance and Valuation Effects of Corporate Cultural Distance, co-authored with Steve Ferris and Teng Zhang, 2022, Forthcoming in Journal of Business Finance and Accounting.
2022	The Influence of Learning and Bargaining on CEO-Chair Duality-Evidence from Firms that Pass the Baton	Financial Management	Jayaraman, Narayanan Nanda, Vikram Ryan, Chip	Published Papers	View
The Influence of Learning and Bargaining on CEO-Chair Duality: Evidence from Firms that Pass the Baton, co-authored with Vikram Nanda and Chip Ryan, Financial Management, 2022, 51, 297-350.
2021	The Effect of Investor Attention on the Corporate Litigation Process	Journal of Financial Research	Jayaraman, Narayanan Abdulmanova, Anna Kothari, Pratik Ferris, Steve	Published Papers	View
The Effect of Investor Attention on the Corporate Litigation Process, co-authored with Anna Abdulmanova, Pratik Kothari, and Steve Ferris, Journal of Financial Research, 2021, 44, 513-552.
2020	COVID-19 and the Cross-Section of Equity Returns: Impact and Transmission	Review of Asset Pricing Studies	Lorenzo Bretscher Alex Hsu Peter Simasek Andrea Tamoni	Published Papers
Bretscher, Lorenzo, Alex Hsu, Peter Simasek and Andrea Tamoni. "COVID-19 and the Cross-Section of Equity Returns: Impact and Transmission." Review of Asset Pricing Studies, Volume 10, Issue 4, December 2020, Pages 705–741.
2020	Financial Constraints, Monetary Policy Shocks, and the Cross-Section of Equity Returns	Review of Financial Studies	Chava, Sudheer Hsu, Alex	Published Papers
Chava, Sudheer and Alex Hsu. “Financial Constraints, Monetary Policy Shocks and the Cross-Section of Equity Returns." Review of Financial Studies, Volume 33, Issue 9, September 2020, Pages 4367–4402.
2020	Shareholder Activism with Strategic Investors	Finance Research Letters	Danis, A.	Published Papers
Shareholder Monitoring with Strategic Investors. Accepted at Finance Research Letters.
2020	Fiscal Policy Driven Bond Risk Premia	Journal of Financial Economics	Bretscher, Lorenzo Hsu, Alex Tamoni, Andrea	Published Papers
Bretscher, Lorenzo, Alex Hsu, and Andrea Tamoni. “Fiscal Policy Driven Bond Risk Premia.” Journal of Financial Economics, Volume 138, Issue 1, October 2020, Pages 53-73.
2020	Implementing Stochastic Volatility in DSGE Models: A Comment	Macroeconomic Dynamics	Bretscher, Lorenzo Hsu, Alex Tamoni, Andrea	Published Papers
Bretscher, Lorenzo, Alex Hsu, and Andrea Tamoni. “Implementing Stochastic Volatility in DSGE Models: A Comment.” Macroeconomic Dynamics, Volume 24, Issue 4, June 2020, Pages 935-950.
2020	Does History Repeat Itself? Business Cycle and Industry Returns	Journal of Monetary Economics	Chava, Sudheer Hsu, Alex Zeng, Linghang	Published Papers
Chava, Sudheer, Alex Hsu, and Linghang Zeng. “Does History Repeat Itself? Business Cycle and Industry Returns." Journal of Monetary Economics, Volume 116, December 2020, Pages 201-218.
2020	The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies	Journal of Financial Economics	Chava, Sudheer Danis, A. Hsu, Alex	Published Papers
Chava, Sudheer, Andras Danis, and Alex Hsu. “The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies.” Journal of Financial Economics, Volume 137, Issue 2, August 2020, Pages 451-469.
2020	Real and Nominal Equilibrium Yield Curves	Management Science	Hsu, Alex Li, Erica X.N. Palomino, Francisco	Published Papers
Hsu, Alex, Erica X.N. Li, and Francisco Palomino. “Real and Nominal Equilibrium Yield Curves." Management Science, Volume 67, Issue 2, May 2020, Pages 1138-1158.
2020	Default Risk and the Pricing of U.S. Sovereign Bonds	Journal of Finance	Dittmar, Robert Hsu, Alex Roussellet, Guillaume Simasek, Peter	Working Papers
Dittmar, Robert, Alex Hsu, Guillaume Roussellet, and Peter Simasek. “Default Risk and the Pricing of U.S. Sovereign Bonds." Revise and Resubmit, Journal of Finance.
2020	Better Directors or Distracted Directors- An International Analysis of Busy Boards	Global Finance Journal	Jayaraman, Narayanan Ferris, Steve Liao, Min-Yu	Published Papers	View
Better Directors or Distracted Directors? An International Analysis of Busy Boards, co-authored with Steve Ferris and Min-Yu Liao, Global Finance Journal, 2020, 44, 100437.
2020	Tales of Tails-Jumps in Currency Markets	Journal of Financial Markets	Lee, Suzanne Wang, M.	Published Papers	View
Lee, S.S. and M. Wang, Tales of Tails: Jumps in Currency Markets, Journal of Financial Markets, forthcoming
2019	The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies	Journal of Financial Economics	Danis, A. Chava, Sudheer Hsu, Alex	Published Papers
The Economic Impact of Right-to-Work Laws: Evidence from Collective Bargaining Agreements and Corporate Policies. Accepted at Journal of Financial Economics. Co-authored with Sudheer Chava and Alex Hsu.
2019	Labor Market Consequences for Busy Directors-Evidence from International Mergers and Acquisitions	Journal of Financial Research	Jayaraman, Narayanan Ferris, Steve Liao, Min-Yu	Published Papers	View
Labor Market Consequences for Busy Directors: Evidence from International Mergers and Acquisitions, co-authored with Steve Ferris and Min-Yu Liao, Journal of Financial Research, 2019, 42 (3), 449-489. (Lead Article).
2019	The Impact of Jumps on Carry Trade Returns	Journal of Financial Economics	Lee, Suzanne Wang, M.	Published Papers	View
Lee, S.S. and M. Wang, The Impact of Jumps on Carry Trade Returns, Journal of Financial Economics, Vol. 131, pp. 433-455, 2019
2018	The Real Eﬀects of Credit Default Swaps	Journal of Financial Economics	Danis, A. Gamba, Andrea	Published Papers
The Real Eﬀects of Credit Default Swaps, Journal of Financial Economics, 2018, Volume 117, Issue 1. Co-authored with Andrea Gamba.
2018	Banking Structure and Monetary Policy Potency- Evidence from Firm-Level Investment	TBD	Hsu, Alex	Working Papers
Hsu, Alex. “Banking Structure and Monetary Policy Potency: Evidence from Firm-Level Investment.” Working Paper, 2018.
2017	Do Empty Creditors Matter? Evidence from Distressed Exchange Oﬀers	Management Science	Danis, A.	Published Papers
Do Empty Creditors Matter? Evidence from Distressed Exchange Oﬀers, Management Science, 2017, Volume 63, Number 5.
2017	Asset Pricing with Hand-to-Mouth Households: Joint Resolution of the Equity and Bond Risk Premium Puzzles	TBD	Hsu, Alex	Working Papers
Hsu, Alex. “Asset Pricing with Hand-to-Mouth Households: Joint Resolution of the Equity and Bond Risk Premium Puzzles.” Working Paper, 2017.
2015	A Simple Nonnegative Process for Equilibrium Models	Economics Letters	Hsu, Alex Palomino, Francisco	Published Papers
Hsu, Alex and Francisco Palomino. “A Simple Nonnegative Process for Equilibrium Models.” Economics Letters, Volume 132, July 2015, p. 39 – 44.
2014	Reﬁnancing, Proﬁtability, and Capital Structure	Journal of Financial Economics	Danis, A. Rettl, Daniel Whited, Toni	Published Papers
Reﬁnancing, Proﬁtability, and Capital Structure, Journal of Financial Economics, December 2014, Volume 114, Issue 3. Co-authored with Daniel Rettl and Toni Whited.
2014	Are Analysts’ Recommendations Informative- Intraday Evidence on the Impact of Time-stamp Delays	Journal of Finance	Bradley, D. Clarke, J. Lee, Suzanne Ornthanalai, C.	Published Papers	View
Bradley, D., J. Clarke, S.S. Lee, and C. Ornthanalai, Are Analysts’ Recommendations Informative? Intraday Evidence on the Impact of Time-stamp Delays, Journal of Finance, Vol. 69, Issue 2, pp. 645–673, 2014
2013	CEO Overconfidence and International Mergers and Acquistion Activity	Journal of Financial and Quantitative Analysis	Jayaraman, Narayanan Ferris, Steve Sabherwal, Sanjiv	Published Papers	View
CEO Overconfidence and International Mergers and Acquistion Activity, co-authored with Steve Ferris and Sanjiv Sabherwal, Journal of Financial and Quantitative Analysis 2013, 48(1), 137-154.
2012	Do Pension-Related Business Ties Influence Mutual Fund Proxy Voting- Evidence from Shareholder Proposals on Executive Compensation	Journal of Financial and Quantitative Analysis	Jayaraman, Narayanan Ashraf, Rasha Ryan, Harley	Published Papers	View
Do Pension-Related Business Ties Influence Mutual Fund Proxy Voting? Evidence from Shareholder Proposals on Executive Compensation, co-authored with Rasha Ashraf and Harley Ryan, Journal of Financial and Quantitative Analysis, 2012, 47(3), 567-588.
2012	Jumps in Equilibrium Prices and Market Microstructure Noise	Journal of Econometrics	Lee Suzanne Mykland, P.A.	Published Papers	View
Lee, S.S. and P.A. Mykland, Jumps in Equilibrium Prices and Market Microstructure Noise, Journal of Econometrics, Vol. 168, pp. 396-406, 2012
2012	Jumps and Information Flow in Financial Markets	Review of Financial Studies	Lee, Suzanne	Published Papers	View
Lee, S.S., Jumps and Information Flow in Financial Markets, Review of Financial Studies, Vol. 25, Issue 2, pp. 439-479, 2012
2010	Detecting Jumps from Levy Jump Diffusion Processes	Journal of Financial Economics	Lee, Suzanne Hannig, J.	Published Papers	View
Lee, S.S. and J. Hannig, Detecting Jumps from Levy Jump Diffusion Processes, Journal of Financial Economics, Vol. 96, Issue 2, pp. 271-290, 2010
2009	Mars-Venus Marriages– Culture and Cross-Border M&A	Journal of International Business Studies	Jayaraman, Narayanan Chakrabarti, Rajesh Gupta-Mukherjee, Swasti	Published Papers	View
Mars-Venus Marriages – Culture and Cross-Border M&A, co-authored with Rajesh Chakrabarti and Swasti Gupta-Mukherjee, Journal of International Business Studies, 2009, 40, 216-236.
2009	Catering effects in corporate dividend policy-The international evidence	Journal of Banking and Finance	Jayaraman, Narayanan Ferris, Steve Sabherwal, Sanjiv	Published Papers	View
Catering effects in corporate dividend policy: The international evidence, co-authored with Steve Ferris and Sanjiv Sabherwal, 2009 (Forthcoming Journal of Banking and Finance)
2009	The Effects of Regulation on Industry Structure and Trade Generation in the U. S. Securities Industry	Journal of Banking and Finance	Jayaraman, Narayanan Choi, Hyung-Suk Clarke, Jonathan Ferris, Steve	Published Papers	View
The Effects of Regulation on Industry Structure and Trade Generation in the U. S. Securities Industry, co-authored with Hyung-Suk Choi, Jonathan Clarke, and Steve Ferris, 2009 (Forthcoming Journal of Banking and Finance)
2009	Is Reversal of Large Stock-Price Declines Caused by Overreaction or Information Asymmetry- Evidence from Stock and Option Markets	Journal of Futures Markets	Jayaraman, Narayanan Choi, Hyung-Suk	Published Papers	View
Is Reversal of Large Stock-Price Declines Caused by Overreaction or Information Asymmetry: Evidence from Stock and Option Markets, co-authored with Hyung-Suk Choi, Journal of Futures Markets, 2009, 29, 348-376.
2009	Takeover Immunity, Takeovers and the Market for Non-Executive Directors	Financial Management	Jayaraman, Narayanan Ashraf, Rasha Chakrabarti, Rajesh Fu, Richard	Published Papers	View
Takeover Immunity, Takeovers and the Market for Non-Executive Directors, co-authored with Rasha Ashraf, Rajesh Chakrabarti and Richard Fu, 2009 (Forthcoming Financial Management)
2008	The Path-to-Profitability of Internet IPO Firms	Journal of Business Venturing	Jayaraman, Narayanan Jain, Bharat Kini, Omesh	Published Papers	View
The Path-to-Profitability of Internet IPO Firms, co-authored with Bharat Jain and Omesh Kini, Journal of Business Venturing, 2008, 23, 165-194.
2008	Jumps in Financial Markets- A New Nonparametric Test and Jump Dynamics	Review of Financial Studies	Lee, Suzanne Mykland, P.A.	Published Papers	View
Lee, S.S. and P.A. Mykland, Jumps in Financial Markets: A New Nonparametric Test and Jump Dynamics, Review of Financial Studies, Vol. 21, Issue 6, pp. 2535-2563, 2008
2006	Are Analyst Recommendations Biased- Evidence from Corporate Bankruptcies	Journal of Financial and Quantitative Analysis	Jayaraman, Narayanan Clarke, Jonathan Ferris, Steve Lee, Jinsoo	Published Papers
Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies, co-authored with Jonathan Clarke, Steve Ferris, and Jinsoo Lee, Journal of Financial and Quantitative Analysis, 2006, Vol. 41, 169-196.
2005	Price and Volume Effects of Changes in MSCI Indices – Nature and Causes	Journal of Banking and Finance	Jayaraman, Narayanan Chakrabarti, Rajesh Huang, Wei Lee, Jinsoo	Published Papers	View
Price and Volume Effects of Changes in MSCI Indices – Nature and Causes, co-authored with Rajesh Chakrabarti, Wei Huang, and Jinsoo Lee, Journal of Banking and Finance, 2005, Vol. 29, 1237-1264.
2002	The Determinants of Mutual Fund Mergers and their Impact on Fund Shareholders	Journal of Finance	Jayaraman, Narayanan Khorana, Ajay Telling, Ed	Published Papers	View
The Determinants of Mutual Fund Mergers and their Impact on Fund Shareholders. co-authored with Ajay Khorana and Ed Nelling, Journal of Finance, 2002, Vol. LVII, 1521-1551.
2001	An Experimental Study of Circuit Breakers- The Effect of Mandated Market Closures and Temporary Halts on Market Behavior	Journal of Financial Markets	Narayanan Jayaraman Ackert, Lucy Church, Bryan	Published Papers	View
An Experimental Study of Circuit Breakers: The Effect of Mandated Market Closures and Temporary Halts on Market Behavior, co-authored with Lucy Ackert and Bryan Church, Journal of Financial Markets, 2001, Vol. 4, 185-208.
2000	CEO Founder Status and Firm Financial Performance	Strategic Management Journal	Jayaraman, Narayanan Khorana, Ajay Nelling, Ed Covin, Jeff	Published Papers
CEO Founder Status and Firm Financial Performance, co-authored with Ajay Khorana, Ed Nelling, and Jeff Covin, Strategic Management Journal, 2000, 21, 1215-1224.

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