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.
Finance

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
Finance News
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Finance Faculty
Finance Ph.D. Students
Faculty Research in Finance
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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