THE UNIVERSITY OF ALABAMA

DEPARTMENT OF ECONOMICS, FINANCE AND LEGAL STUDIES

FACULTY RESEARCH PROFILES

2015-2016

2015-2016 Faculty

Economics
PETER BRUMMUND, Assistant Professor
SUSAN E. CHEN, Assistant Professor
PAULA CORDERO SALAS, Assistant Professor
JAMES P. COVER, Professor, Reese Phifer Faculty Fellow
HAROLD W. ELDER, Professor
WALTER ENDERS, Professor Emeritus
GREGORY GIVENS, Assistant Professor
DANIEL J. HENDERSON, Professor, J. Weldon and Delores Cole Faculty Fellow
MATTHEW HOLT, Department Head and Professor, Dwight Harrigan Faculty Fellow
GARY A. HOOVER, Professor
PAAN JINDAPON, Associate Professor
JUNSOO LEE, Professor, Rick and Elaine Horsley Faculty Fellow
JUN MA, Associate Professor
ROBERT R. REED III, Professor, Robert C. Morrow and Rosa P. Morrow Faculty Excellence Fellow
PAUL PECORINO, James Patrick and Elizabeth B. Hayes Professor
KEVIN PFLUM, Assistant Professor
HARRIS SCHLESINGER, (joint with finance, see below)
MATT VAN ESSEN, Assistant Professor
LE WANG, Assistant Professor
Finance
ANUP AGRAWAL, Professor, William A. Powell, Jr. Chair of Finance and Banking
ROBERT BROOKS, Professor, Wallace D. Malone, Jr. Endowed Chair of Financial Management
DAVID CICERO, Assistant Professor
SHERWOOD CLEMENTS, Instructor, William Carey Hulsey Faculty Fellow
DOUGLAS COOK, Professor, Ehney A. Camp, Jr. Endowed Chair of Finance and Investments
TOMMY COOPER, Instructor of Finance
THOMAS W. DOWNS, Associate Professor, Cooper Endowed Faculty Excellence Fellow
VICTORIA JAVINE, Instructor
ROBERT W. MCLEOD, Professor, John S. Bickley Faculty Fellow
SHAWN MOBBS, Associate Professor
HARRIS SCHLESINGER, Professor, Frank Park Samford Chair of Insurance
SHANE UNDERWOOD, Associate Professor, Fitzpatrick Endowed Professor of Value Investing
ALBERT WANG, Assistant Professor

ANUP AGRAWAL
William A. Powell, Jr. Chair of Finance and Banking
Professor of Finance
Education:
Ph.D., University of Pittsburgh, 1986, Finance.
Specialty Fields:
Corporate Finance, Investments
Selected Publications:
Common Advisors in Mergers and Acquisitions: Determinants and Consequences. (With T. Cooper, Q.
Lian, and Q. Wang.) Journal of Law and Economics. August 2013.
Insider Trading in Takeover Targets. (With T. Nasser.) Journal of Corporate Finance. June 2012.
Accounting Scandals in IPO Firms: Do Underwriters and VCs Help? (With T. Cooper.) Journal of

Economics and Management Strategy. Winter 2010.

Do Analyst Conflicts Matter? Evidence from Stock Recommendations. (With M. Chen.) Journal of Law
and Economics. August 2008.
Who is Afraid of Reg FD? The Behavior and Performance of Sell-side Analysts Following the SECs Fair
Disclosure Rules. (With S. Chadha and M. Chen.) Journal of Business. November 2006.
Corporate Governance and Accounting Scandals. (With S. Chadha.) Journal of Law and Economics.
October 2005.
Do Takeover Targets Under-perform? Evidence from Operating and Stock Returns. (With J. Jaffe.)

Journal of Financial and Quantitative Analysis. December 2003.

Do Some Outside Directors Play a Political Role? (With C. Knoeber.) Journal of Law and Economics.
April 2001.
Management Turnover and Corporate Governance Changes Following the Revelation of Fraud. (With J.
Jaffe and J. Karpoff.) Journal of Law and Economics. April 1999.
Managerial Compensation and the Threat of Takeover. (With C. Knoeber.) Journal of Financial

Economics. February 1998.

Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.
(With C. Knoeber.) Journal of Financial and Quantitative Analysis. September 1996.
Does Section 16b Deter Insider Trading by Target Managers? (With J. Jaffe.) Journal of Financial

Economics. October-November 1995.

Executive Careers and Compensation Surrounding Takeover Bids. (With R. Walkling.) Journal of

Finance. July 1994.

The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. (With J. Jaffe and
G.N. Mandelker.) Journal of Finance. September 1992.

ROBERT BROOKS
Wallace D. Malone, Jr. Endowed Chair of Financial Management
Professor of Finance
Education:
Ph.D. University of Florida, 1986, Finance
Specialty Field:
Investments, Financial Derivatives, Enterprise Risk Management
Selected Publications:
Valuation of Contingent Claims. (With David Gentle.), CFA Examination Reading, Level II. 2015. And
Pricing and Valuing Forward Commitments. (With Barbara Valbussi.) CFA Examination Reading, Level II.
Forthcoming.
A Comparison of the Information in the LIBOR and CMT Term Structures of Interest Rates. (With
Brandon N. Cline and Walt Enders.) Journal of Banking and Finance. 2015.

An Introduction to Derivatives and Risk Management. 10th edition. (With Don M. Chance.) Fort Worth,
Texas. Thomson South-Western. 2015.

Some Subtle Relationships and Results in Option Pricing. (With Don Chance). Journal of Applied
Finance. 2014.

Building Financial Risk Management Applications with C++. CreateSpace Independent Publishing
Platform. 2013.

Samuelson Hypothesis and Carry Arbitrage. Journal of Derivatives. Winter 2013.

Private Information and the Exercise of Executive Stock Options. (With Don M. Chance and Brandon N.
Cline.) Financial Management. Fall 2012.
The Life Cycle View of Enterprise Risk Management: The Case of Southwest Airlines Jet Fuel Hedging.
Journal of Financial Education. Summer 2012.
The Naked Truth: Examining Prevailing Practices in Short-Sales and the Resultant Voter
Disenfranchisement. (With Clay Moffett.) Journal of Trading. Summer 2008.
Realtime Assessment of Value-at-Risk and Volatility Accuracy. Nonlinear Analysis: Real World
Application. (Series B) (With Joe Sullivan and Zachary Stoumbos.) August 2005.
History of the Forecasters: An Assessment of the Semi-Annual U.S. Treasury Bond Yield Forecast
Survey as Reported in The Wall Street Journal. (With Brian Gray.) Journal of Portfolio Management. Fall
2004.
The Cost of Tax Policy Uncertainty: Evidence from the Municipal Swap Market. Journal of Fixed Income.
Fall 2002.
Approaches to Valuation Illustrated with Interest Rate Swaps. Derivatives Quarterly. Spring 1998.
"Are Jumps in Stock Returns Diversifiable: Evidence and Implications for Option Pricing." (With M.J. Kim
and Y.H. Oh.) Journal of Financial and Quantitative Analysis. December 1994.

PETER BRUMMUND
Assistant Professor of Economics
Education:
Ph.D. Cornell University, 2012, Economics
Specialty Fields:
Labor Economics, Development Economics
Selected Publications:
Trends in Occupational Segregation by Gender 1970-2009: Adjusting for the Impact of Changes in the
Occupational Coding System. (With Francine D. Blau and Albert Yung-Hsu Liu.) Demography. April
2013.
Variation in Monopsonistic Behavior Across Establishments: Evidence from the Indonesian Labor
Market. Working Paper.
Impact of Firing Restrictions on Establishment Performance: Evidence from Indonesia. Working Paper.
Heterogeneous Impacts of the Minimum Wage. (With Michael Strain.) Working Paper.
Job Quality and Poverty in Latin America. (With Christopher Mann and Carlos Rodriguez-Castelan.)
Working Paper.
Who Creates Stable Jobs? Evidence from Brazil. (With Laura Connolly.) Working Paper.
Wage Contracts and Import competition: Evidence from Brazil. Working Paper.

SUSAN E. CHEN
Assistant Professor of Economics
Education:
Ph.D. University of North Carolina at Chapel Hill, 2004, Economics
Specialty Fields:
Health Economics, Labor Economics, Economic Demography
Selected Publications:
Price Search in Retail Food Markets. (With J. Binkley.) Journal of Consumer Affairs. Forthcoming.
Too Busy to Eat with Kids: Parental Work and Childrens Eating. (With A. Moser and R. Nayga.) Applied
Economic Perspectives and Policy. 2015.
Obesity and Fast food in Urban Food Markets: A New Approach Using Geo-referenced Micro Data. (With
R. Florax, and S. Snyder.) Health Economics. 2013.
Associations between maternal employment and time spent in nutrition related behaviors among
German children and mothers. (With A. Mser, S.B. Jilcott and R.M. Nayga.) Public Health Nutrition.
2012.
An Exploration of the Relationship between Income and Eating Behavior. (With J. Liu and J. Binkley.)
Agricultural and Resource Economics Review. 2012.
Input Choices in Agriculture: Is There a Gender Bias?. (With P. Bhagowalia and G. Shively.) World
Development. 2011.
Food stamp participation is associated with fewer meals away from home, yet higher body mass index
and waist circumference in a nationally representative sample. (With S. Jilcott, H. Liu, H. Duboxe, and
S. Kranz.) Journal of Nutrition Education and Behavior. 2011.
"Obesity and Access to Chain Grocers." (With R. Florax and S. Snyder.) Economic Geography Journal.
2011.
Effects and Determinants of Mild Underweight among Preschool Children Across Countries and Over
Time. (With P. Bhagowalia and W. Masters.) Economics & Human Biology. 2011.
Zoning For Health: The Obesity Epidemic and Opportunities for Local Policy Intervention. (With R.
Florax.) Journal of Nutrition. 2010.
Healthcare Accessibility and Health Outcomes. (With Brigitte Waldorf.) In A. Pez, J. Le Gallo, R.
Buliung and S. DallErba eds., Progress in Spatial Analysis: Theory and Computation, and Thematic
Applications. Springer 2009.
The Work Disincentive Effects of the Disability Insurance Program in the 1990s. (With H. W. Van der
Klaauw.) Journal of Econometrics. 2008.

DAVID C. CICERO
Assistant Professor of Finance
Education:
Ph.D. University of Georgia, 2008, Finance
J.D. University of Virginia, 1998
Specialty Fields:
Corporate Finance, Corporate Governance, Executive Compensation
Selected Publications:
FORE! An Analysis of CEO Shirking. (With Lee Biggerstaff and Andy Puckett.) Management Science.
Forthcoming.
Unethical Culture, Suspect CEOs and Corporate Misbehavior. (With Lee Biggerstaff and Andy Puckett.)
Journal of Financial Economics. July 2015.
Attentive Insider Trading. (With Dallin M. Alldredge.) Journal of Financial Economics. January 2015.
How Do Public Companies Adjust Their Board Structure? (With Babajide Wintoki and Tina Yang.) Journal

of Corporate Finance. December 2013.

CEO Compensation Contagion: Evidence from an Exogenous Shock. (With Fred Bereskin.) Journal of
Financial Economics. February 2013.
The Manipulation of Executive Stock Option Exercise Strategies: Information Timing and Backdating.

Journal of Finance. December 2009.

Equity Analysts Affiliated with Corporate Lenders. (With Swaminathan Kalpathy and Johan Sulaeman.)
Working Paper.
Insider Trading Patterns. (With Babajide Wintoki.) Working Paper.

SHERWOOD CLEMENTS
Instructor of Real Estate
Education:

Ph.D. Georgia State University, 2010, Real Estate

M.B.A. Augusta State University, 2005, Management
B.S. University of Georgia, 1993, Real Estate
Specialty Fields:
Real Estate Valuation, Investments and Development
Selected Publications:
Lumber Futures and Timberland Investment. (With Alan Ziobrowski and Mark Holder.) Journal of Real

Estate Research. Winter 2011.

Testing a Forecast Model to Predict Movement of Older Americans into Retirement Housing. (With
Karen Gibler.) International Journal of Housing Markets and Analysis. Winter 2011.
The Inflation Hedging Ability of Real Estate in China. (With Xiaorong Zhou.) Journal of Real Estate
Portfolio Management. Fall 2010.
Experience and Real Estate Investment Decision-making: A Process Tracing Investigation. (With Vivek
Sah and Paul Gallimore.) Journal of Property Research. September 2010.
Mixed-Use Development and Financial Factors: Part 1 Economic and Financial Factors. (With Joseph
Rabianski, Karen Gibler and Alan Tidwell.) Real Estate Issues. Spring 2009.
Mixed-Use Development and Financial Factors: Part 2 Physical, Phasing, Design and Public Policy
Factors. (With Joseph Rabianski, Karen Gibler and Alan Tidwell.) Real Estate Issues. Summer 2009.
Mixed-Use Development: A Call for Research. (With Joseph Rabianski, Karen Gibler and Alan Tidwell.)
Journal of Real Estate Literature. Number 2, 2009.

DOUGLAS O. COOK
Ehney A. Camp, Jr. Endowed Chair of Finance and Investments
Professor of Finance
Education:
B.S., M.B.A., University of Michigan; Ph.D. University of Texas, 1987, Finance
Specialty Field:
Corporate Finance, Financial Markets, Financial Institutions
Selected Publications:
The Effect of Liquidity and Solvency Risk on the Inclusion of Bond Covenants. (With Xudong Fu and
Tian Tang.) Journal of Banking and Finance. November 2014.
Corporate Transparency and Firm Growth: Evidence from Real Estate Investment Trusts (REITS).
(With Heng An and Leonard Zumpano.) Real Estate Economics. Fall 2011.
On the Insider Trading of Multi-firm Directors, (With Huabing (Barbara) Wang.) Journal of Corporate
Finance. February 2011.
The Impact of Regulation FD On Institutional Investor Informativeness. (With Tian Tang.) Financial

Management. 2010.

On the Decision to Go Public with Dual Class Stock. (With Onur Arugaslan and Robert Kieschnick.)

Journal of Corporate Finance. 2010.

Macroeconomic Conditions and Capital Structure Adjustment Speed. (With Tian Tang.) Journal of

Corporate Finance. 2009.

Regression Analysis of Proportions in Finance with Self Selection. (With Robert Kieschnick and B.D.
McCullough.) Journal of Empirical Finance. 2008.
On the Marketing of IPOs. (With Robert Kieschnick and Robert Van Ness.) Journal of Financial

Economics. October 2006.

Monitoring as a Motivation for IPO Underpricing. (With Onur Arugaslan and Robert Kieschnick.) Journal

of Finance. 2004.

"On the Timing and Execution of Open Market Repurchases. (With Laurie Krigman and Chris Leach.)

Review of Financial Studies. 2004.

"A Study of the Corporate Governance of Thrifts." (With Arthur Hogan and Robert Kieschnick.) Journal of

Banking and Finance. 2004.

"Safe Harbor or Smoke Screen? Compliance and Disclosure Under SEC Rule 10b-18." (With Laurie
Krigman and Chris Leach.) Journal of Business. 2003.
"Firm and Guarantor Risk, Risk Contagion and the Interfirm Spread Among Insured Deposits." (With
Lewis Spellman.) Journal of Financial and Quantitative Analysis. 1996.
"Poison Put Bonds: An Analysis of Their Economic Role." (With John Easterwood.) Journal of Finance.
1994.

TOMMY COOPER
Instructor of Finance
Education:
Ph.D. University of Alabama, 2007, Finance
M.A. University of Alabama, 2002, Finance
M.Acc. Auburn University, 1996
B.S. Auburn University, 1996, Accounting
Specialty Fields:
Mergers and Acquisitions, Investment Banking, Venture Capital, Accounting Scandals, Insider Trading,
Corporate Governance
Selected Publications:
Insider Trading Before Accounting Scandals. (With Anup Agrawal.) Journal of Corporate Finance.
Forthcoming.
Do Regulatory Changes Affect the Underpricing of European IPOs? (With Ali Akyol, Michele Meoli, and
Silvio Vismara.) Journal of Banking and Finance. August 2014.
Common Advisers in Mergers and Acquisitions: Determinants and Consequences. (With Anup Agrawal,
Qin Lian, and Qiming Wang.) Journal of Law and Economics. August 2013.
Accounting Scandals in IPO Firms: Do Underwriters and VCs Help? (With Anup Agrawal.) Journal of

Economics and Management Strategy. Winter 2010.

PAULA CORDERO SALAS

Assistant Professor of Economics
Education:
Ph.D. The Ohio State University, 2011, AED Economics
Specialty Fields:
Development Economics, Applied Microeconomics, Contract Economics.
Selected Publications:
Incentive Contracts for Environmental Services and their Potential in REDD. (With Lea Fortmann, Brent
Sohngen and Brian Roe.) World Bank Policy Research Working Paper Series #6829. April 2014.
Implementation of REDD+ Mechanisms in Tanzania. World Bank Policy Research Working Paper Series
#6815. 2014.
Cooperation and Reciprocity in Carbon Sequestration Contracts. World Bank Policy Research Working
Paper Series #6521. 2013.
Designing Contracts for Reducing Emissions from Deforestation and Forest Degradation. World Bank
Policy Research Working Paper Series #6503. June 2013.
Addressing Additionality in REDD Contracts when Formal Enforcement is Absent. (With Brian Roe and
Brent Sohngen.) World Bank Policy Research Working Paper Series #6502. June 2013.
The Role of Cooperation and Reciprocity in Structuring Carbon Sequestration Contracts in Developing
Countries. (With Brian Roe.) American Journal of Agricultural Economics (Proceedings Issue.) January
2012.
Relational Contracts and Product Quality: The Effect of Bargaining on Efficacy and Distribution. Working
Paper.
The Limits of Bargaining Power When Contracts are Incomplete: Evidence from Experiments. Working
Paper.
Self-Enforcing, Cost-Effective REDD+ Contracts in Ecuador. Working Paper.
The Effect of Agricultural Diversification on the Anthropometric Outcome of Children: Evidence from
Tanzania. (With Susan Chen.) Working Paper.
Agricultural Contracts Violations in Agribusiness Value Chains in Ghana. (With Mitchris Chapman
Kodam, Eugenis Maiga and Francis Mulangu.) Working Paper.

JAMES PEERY COVER

Reese Phifer Faculty Fellow
Professor of Economics
Education:
Ph.D. University of Virginia, 1982, Economics
Specialty Fields:
Monetary Theory and Policy, Macroeconomics and Economic Development
Selected Publications:
Do Market Prices Aggregate Information about Macroeconomic Uncertainty (or Risk)? (With Hyejin
Lee.) Applied Economics. 2015.
Tax Tilting and Politics: Some Theory and Evidence for Latin America (With Roberto Pasten.) Journal of
Macroeconomics. June 2015.
Using Romer and Romers New Measure of Monetary Policy Shocks to Identify AD and AS Shocks. (With
Eric Olson.) Applied Economics. 2013.
Identifying Sources of Macroeconomic and Exchange Rate Fluctuations in the UK. (With Sushanta
Mallick.) Journal of International Money and Finance. October 2012.
Risk and Macroeconomic Activity. Southern Economic Journal. July 2011.
Using the Aggregate Demand-Aggregate Supply Model to Identify Demand-Side and Supply-Side Shocks:
Results from a Bivariate VAR. (With C. James Hueng and Walter Enders.) Journal of Money, Credit and
Banking. April 2006.
The Length of U.S. Business Expansions: When Did the Break in the Date Occur? (With Paul Pecorino.)
Journal of Macroeconomics. September 2005.
Price and Output Stability Under Price Level Targeting. (With Paul Pecorino.) Southern Economic
Journal. July 2005.
The Role of Seasonal Interest Rate Fluctuations in a Classical Model. Journal of Money, Credit and

Banking. November 1999.

Money Demand and Income Distribution: Evidence from Annual Data." (With D. Hooks.) Review of

Economics and Statistics. August 1993.

"Asymmetric Effects of Positive and Negative Money-Supply Shocks. Quarterly Journal of Economics.
November 1992.
"A Keynesian Macroeconomic Model with New-Classical Econometric Properties." Southern Economic
Journal. (Received Georgescu-Roegen Award). April 1988.
"Time Series, Homicide, and the Deterrent Effect of Capital Punishment."(With P. Thistle.) Southern

Economic Journal. January 1988.

THOMAS W. DOWNS
Cooper Endowed Faculty Excellence Fellow
Education:
Ph.D. Purdue University, 1982, Economics
Specialty Fields:
Valuation Issues, Financial Accounting, and Public Finance
Selected Publications:
Is there a Lottery Premium in the Stock Market? (With Quan Wen.) Journal of Portfolio Management.
Fall 2001.
Beta, Size, and Return. (With Rob Ingram.) Journal of Financial Research. Fall 2000.
"Security Market Values and Tax Adjusted Fundamental Values for Public Utility Property." National Tax

Association Proceedings. 1993.

"Corporate Leverage and Non-Debt Tax Shields: Evidence on Crowding-Out." The Financial Review.
November 1993.
"The Analytical Derivation and Empirical Test of a Tax-Adjusted Fundamental Value Model." (With K.
Shriver.) Journal of Accounting Research. Supplement 1992.
"The Asset Price Theory of Shareholder Reevaluations: Tests with the Tax Reforms of the 1980s." (With
C. Demirgures.) The Financial Review. May 1992.
"Q and the Tax Bias Theory: The Role of Depreciation Tax Shields." The Journal of Public Economics.
February 1992.
"An Alternative Approach to Fundamental Analysis: The Asset Side of The Equation." Journal of Portfolio

Management. Winter 1991.

"Predicting Stock Price Responses to Tax Policy Changes." (With H. Tehranian.) The American Economic

Review. December 1988.

"Tax Policy and Stock Prices." (With P. Hendershott.) National Tax Journal. June 1987.
"Using the User Cost." Journal of Economics and Business. December 1986.
"The User Cost and Capital Budgeting." The Financial Review. May 1986.

HAROLD W. ELDER
Professor of Economics
Education:
Ph.D. Virginia Polytechnic Institute, 1982, Economics
Specialty Fields:
Public Sector Economics, Law and Economics, Economics of Regulation
Selected Publications:
Beliefs and Actions: Expectations and Savings Decisions by Older Americans. (With Patricia M.
Rudolph.) Financial Services Review. 2000.
Buyer Brokers: Their Impact on Selling Price and Search Effectiveness. (With Leonard V. Zumpano and
Edward Baryla.) Real Estate Economics. Summer 2000.
Does Retirement Planning Affect the Level of Retirement Satisfaction? (With Patricia M. Rudolph.)

Financial Services Review. 1999, Issue 2.

"Buying a House and the Decision to Use a Real Estate Broker." (With L. Zumpano and E. Baryla.)

Journal of Real Estate Finance and Economics. September 1996.

"Economies of Scope and Density in the Market for Real Estate Brokerage Services." (With L.V.
Zumpano.) AREUEA Journal. September 1994.
"The Market for Residential Real Estate Brokerage Services: Cost of Production and Economies of Scale."
(With L.V. Zumpano and G. Crellin.) The Journal of Real Estate Finance and Economics. May 1993.
"Exploring the Tax Revolt: An Analysis of the Effects of State Tax and Expenditure Limitation Laws."

Public Finance Quarterly. January 1992.

"Location, Tenure Choice and Residential Housing Demand." (With L.V. Zumpano.) Journal of Real Estate

Research. Fall 1991.

"Trials and Settlements in the Criminal Courts: An Empirical Analysis of Dispositions and Sentencing."

Journal of Legal Studies. January 1989.

"Strategic Manipulation of Markets for Pollution Rights." (With W.S. Misiolek.) Journal of Environmental

Economics and Management. January 1989.

"Tax Structure and the Size of Government: An Empirical Analysis of the Fiscal Illusion and Fiscal Stress
Arguments." (With W. S. Misiolek.) Public Choice. June 1988.
"Property Rights Structures and Courts: An Empirical Study of State Criminal Court Systems."

International Review of Law and Economics. June 1987.

"Cost Effective Redistribution: Implications of a Basic Needs Approach to Transfer Programs." (With W.S.
Misiolek.) Public Finance Quarterly. January 1987.

WALTER ENDERS
Professor of Economics Emeritus
Education:
Ph.D., Columbia University, 1975, Economics
Specialty Fields:
Open-Economy Macroeconomics, Time-Series Econometrics, Transnational Terrorism
Selected Publications:
The Asymmetric Effects of Uncertainty on Macroeconomic Activity. (With Paul Jones.) Macroeconomic

Dynamics. April 2015.

Pretesting for Multi-Step Ahead Forecasts with STAR Models. (With R. Pascalau.) International Journal

of Forecasting. April-June 2015.

Grain Prices, Oil Prices, and Multiple Structural Breaks in a VAR. (With Paul Jones.) Studies in Nonlinear

Dynamics and Econometrics. 2015.

Applied Econometric Time Series, 4th edition. New York: John Wiley and Sons. 2015.
The Economics of Terrorism. Elgar. 2015.
RATS Programming Manual, 2nd edition. (With T. Doan.) Estima 2014.
The Changing Nonlinear Relationship between Income and Terrorism. (With G.A. Hoover and T.
Sandler.) Journal of Conflict Resolution. May 2014.

The Political Economy of Terrorism, 2nd edition. (With Todd Sandler.) Cambridge University Press. 2012.
A Unit Root Test Using a Fourier Series to Approximate Smooth Breaks. (With Junsoo Lee.) Oxford
Bulletin of Economics and Statistics. August 2012.
An Historical Analysis of the Taylor Curve. (With Eric Olson.) Journal of Money, Credit and Banking.
August 2012.
The Nonlinear Relationship Between Terrorism and Poverty. (With Gary Hoover.) American Economic

Review Papers and Proceedings. May 2012.

Sharp Breaks or Smooth Shifts? An Investigation of the Evolution of Commodity Prices. (With Matt Holt.)
American Journal of Agricultural Economics. April 2012.
An Evaluation of INTERPOLs Cooperative-based Counterterrorism Linkages. (With Todd Sandler and
Dan Arce.) Journal of Law and Economics. February 2011.
Sources of the Great Moderation: A Time-Series Analysis of GDP Subsectors. (With Jun Ma.) Journal of

Economic Dynamics and Control. January 2011.

The Taylor Rule and Opportunistic Monetary Policy. (With Helle Bunzel.) Journal of Money, Credit,

and Banking. August 2010.

GREGORY GIVENS
Assistant Professor of Economics
Education:
Ph.D. University of North Carolina, 2005, Economics
Specialty Fields:
Macroeconomics and Monetary Economics
Selected Publications:
A Note on Comparing Deep and Aggregate Habit Formation in an Estimated New Keynesian Model.
Macroeconomic Dynamics. July 2015.
Inferring Monetary Policy Objectives with a Partially Observed State. (With Michael Salemi.) Journal of

Economic Dynamics and Control. March 2015.

Estimating Central Bank Preferences under Commitment and Discretion. Journal of Money, Credit, and
Banking. September 2012.
Unemployment Insurance in a Sticky-Price Model with Worker Moral Hazard. Journal of Economic

Dynamics and Control. August 2011.

Which Price Level to Target? Strategic Delegation in a Sticky Price and Wage Economy. Journal of

Macroeconomics. December 2009.

Generalized Method of Moments and Inverse Control. (With Michael Salemi.) Journal of Economic
Dynamics and Control. October 2008.
Unemployment, Imperfect Risk Sharing, and the Monetary Business Cycle. The B.E. Journal of

Macroeconomics (Contributions). March 2008.

Monetary Policy and Investment Dynamics: Evidence from Disaggregate Data. (With Robert R. Reed.)
Working Paper.
On the Gains from Monetary Policy Commitment under Deep Habits. Working Paper.

DANIEL J. HENDERSON
Professor of Economics
J. Weldon and Delores Cole Faculty Fellow
Education:
Ph.D. University of California, Riverside, 2003, Economics
Specialty Fields:
Nonparametric Econometrics, Economic Growth and Development, Economics of Education
Selected Publications:

Applied Nonparametric Econometrics. (With Christopher Parmeter.) Cambridge University Press. 2015.
Gradient Based Smoothing Parameter Selection for Nonparametric Regression Estimation. (With Qi Li,
Christopher Parmeter and Shuang Yao.) Journal of Econometrics. 2015.
Smooth Coefficient Estimation of a Seemingly Unrelated Regression. (With Subal Kumbhaker, Qi Li and
Christopher Parmeter.) Journal of Econometrics. 2015.
Additive Nonparametric Regression in the Presence of Endogenous Regression. (With Deniz Ozabaci
and Liangjun Su.) Journal of Business and Economic Statistics. 2014.
Does Education Matter for Economic Growth? (With Michael Delgado and Christopher Parmeter.) Oxford

Bulletin of Economics and Statistics. 2014.

Who benefits from Financial Development? New Methods, New Evidence. (With Chris Papageorgiou and
Christopher Parmeter.) European Economic Review. 2013.
When, Where and How to Perform Efficiency Estimation. (With Oleg Badunenko and Subal Kumbhakar.)
Journal of the Royal Statistical Society, Series A. 2012.
Growth Empirics without Parameters. (With Chris Papageorgiou and Christopher Parmeter.) Economic

Journal. 2012.

Empirical Implementation of Nonparametric First-Price Auction Models. (With John List, Daniel Millimet,
Christopher Parmeter and Michael Price.) Journal of Econometrics. 2012.
A Nonparametric Examination of Capital-Skill Complementarity. Oxford Bulletin of Economics and

Statistics. 2009.

Nonparametric Estimation and Testing of Fixed Effects Panel Data Models. (With Raymond Carroll and
Qi Li.) Journal of Econometrics. 2008.
Is Gravity Linear? (With Daniel Millimet.) Journal of Applied Econometrics. 2008.
Pollution Abatement Costs and Foreign Direct Investment Inflows to U.S. States: A Nonparametric
Reassessment. (With Daniel Millimet.) Review of Economics and Statistics. 2007.
Human Capital and Convergence: A Production-Frontier Approach. (With Robert Russell.) International

Economic Review. 2005.

MATTHEW HOLT
Department Head of Economics, Finance and Legal Studies
Dwight Harrigan Endowed Faculty Fellow in Natural Resource Economics
Professor of Economics
Education:
Ph.D. University of Missouri, 1987, Agricultural Economics
Specialty Fields:
Natural Resource Economics, Commodity Market Behavior, Applied Time-Series Econometrics.
Selected Publications:
El Nio Southern Oscillation and Its Effect on World Vegetable Oil Prices. (With D. Ubilava.) The
Australian Journal of Agricultural Economics. February 2013.
Sharp Breaks or Smooth Shifts? An Investigation of the Evolution of Primary Commodity Prices. (With
W. Enders.) American Journal of Agricultural Economics. April 2012.
North American Oriented Strand Board Markets, Arbitrage Activity, and Market Price Dynamics: A
Smooth Transition Approach. (With B.K. Goodwin and J.P. Prestemon.) American Journal of Agricultural
Economics. July 2011.
"Bootstrapping Your Fish or Fishing for Bootstraps?: Precision of Welfare Loss Estimates from a Globally
Concave Inverse Demand Model of Commercial Fish Landings in the U.S. Great Lakes." (With C.E. Hilmer
and R.C. Bishop.) American Journal of Agricultural Economics. January 2011.
Econometric Developments in Agricultural and Resource Economics: The First 100 Years. (With D.A.
Bessler, J.H. Dorfman, and J.T. LaFrance.) American Journal of Agricultural Economics. Special Issue
Commemorating the Centennial of the AAEA, April 2010.
The Role of Theoretical Restrictions in Price Forecasting with Inverse Demand Models. (With H.A.
Klaiber.) American Journal of Agricultural Economics. January 2010.
The Commodity Terms of Trade, Unit Roots, and Nonlinear Alternatives: A Smooth Transition Approach.
(With J.V. Balagtas.) American Journal of Agricultural Economics. February 2009.
Mechanical Refrigeration, Seasonality, and the Hog-Corn Cycle in the United States, 1870-1940. (With
L.A. Craig.) Explorations in Economic History. 2008.
Quasi-Rational and Ex Ante Price Expectations in Commodity Supply Models: An Empirical Analysis of
the U.S. Broiler Market. (With A.M. McKenzie.) Journal of Applied Econometrics. 2003.
Crack-Spread Hedging: Accounting for Time-Varying Volatility Spillovers in Energy Futures Markets.
(With M.S. Haigh.) Journal of Applied Econometrics. 2002.
Inverse Demand Systems and Choice of Functional Form. European Economic Review. 2002.
Endogenous Risk in Rational Expectations Commodity Models: A Multivariate GARCH-M Approach.
(With S.V. Aradhyula.) Journal of Empirical Finance. 1998.
Economic Behavior Under Uncertainty: A Joint Analysis of Risk Preferences and Technology. (With J.P.
Chavas.) Review of Economics and Statistics. 1996.

GARY A. HOOVER
Professor of Economics
Education:
M.A. and Ph.D. Washington University in St. Louis, 1998, Economics
Specialty Fields:
Public Policy Analysis, Income Distribution, Public Finance
Selected Publications:
The Changing Nonlinear Relationship between Income and Terrorism. (With Walt Enders and Todd
Sandler.) Journal of Conflict Resolution. Forthcoming.
An Experimental Study of the Impact of Social Comparison on Investment. (With Erik Kimbrough.)

Social Science Quarterly. Forthcoming.

The Impact of Economic Freedom on the Black/White Income Gap. (With Daniel Giedeman and Ryan
Compton.) American Economic Review. May 2015.
A Distributional Analysis of the Benefits of Economic Freedom. (With Daniel Giedeman and Ryan
Compton.) European Journal of Political Economy. March 2014.
The Non-Linear Relationship between Terrorism and Poverty. (With Walter Enders.) American Economic

Review. May 2012.

Panel Evidence on Economic Freedom and Growth in the United States. (With Ryan Compton and
Daniel Giedeman.) European Journal of Political Economy. September 2011.
Elected versus Appointed School District Officials: Is there a Difference in Student Outcomes? Public

Finance Review. September 2008.

Non-White Poverty and the Macro-economy: The Impact of Growth. (With Walter Enders and Donald G.
Freeman.) American Economic Review. May 2008.
Putting out Fires: An Examination of the Determinants of State Clean Indoor-Air Law. (With Craig
Gallet and Junsoo Lee.) Southern Economic Journal. July 2006.
Group Welfare and the Formation of a Common Labor Market: Some Global Results. (With Paul
Rothstein.) International Tax and Public Finance. January 2006.
The Political Determinants of Federal Expenditure at the State Level. (With Paul Pecorino.) Public

Choice. April 2005.

Whose Line Is It? Plagiarism in Economics. (With Walter Enders.) Journal of Economic Literature. June
2004.
Market Structure and Racial Earnings: Evidence from Displaced Workers. (With Jackie Agesa and
Richard U. Agesa.) American Economic Review. May 2001.

VICTORIA JAVINE
Instructor of Finance
Education:

Ph.D. University of Tennessee, 2009, Finance

B.S. University of Alabama, 2002, Finance
Specialty Fields:
Executive Compensation, Investments, Socially Responsible Investing, Financial Knowledge
Selected Publications:
Bookcase: A Project Decision for a Public Library. (With Don Mosley and Gwen Pennywell.) Journal of

Applied Case Research. Fall 2014.

A Comparison of Energy Stock Return Models Using Pitman Closeness Criterion. (With Al Chow and
Gwen Pennywell.) International Journal of Service and Standards: Special Issue - Energy Hedging and
Risk Management. September 2014.
Financial Knowledge and Student Loan Usage in College Students. Financial Services Review: The

Journal of Individual Financial Management. Winter 2013.

Impact of SOX on Bank CEO and Director Compensation. (With Mike Ehrhardt and Harold Black.)
Journal Financial and Economic Practice. Spring 2013.
Exchange Traded Funds Market Reaction to Option Introduction. (With Ken Hunsader and Ross
Dickens.) Banking and Finance Review. December 2012.
The Oil Industry's Stock Price Response to the Gulf Drilling Moratorium and other Events Surrounding
the Deepwater Horizon Explosion. (With Ken Hunsader and Ross Dickens.) The Coastal Business Journal.
Spring 2012.

PAAN JINDAPON
Associate Professor of Economics
Education:
Ph.D. Texas A&M University, 2006, Economics
Specialty Fields:
Behavioral Decision Theory, Industrial Organization
Selected Publications:
Risk Lovers and the Rent Over-investment Puzzle. (With Chris Whaley.) Public Choice. July 2015.
Price Discrimination through Refund Contracts in Airlines. (With Diego Escobari.) International Journal
of Industrial Organization. May 2014.
Persuasive Communication when the Senders Incentives are Uncertain. (With Carlos Oyarzun.) Journal
of Economic Behavior & Organization. November 2013.
Do Risk Lovers Invest in Self-Protection? Economics Letters. November 2013.
On the Economics of Interrogation: The Big 4 Versus the Little Fish Game. (With Walter Enders.)

Journal of Peace Research. May 2011.

Prudence Probability Premium. Economics Letters. October 2010.

Network Externalities and the Structure of Terror Networks. (With Walter Enders.) Journal of Conflict
Resolution. April 2010.
The Impact of Societal Risk Attitude on Terrorism and Counterterrorism. (With William S. Neilson.)

Economics and Politics. November 2009.

Option Price without Expected Utility. (With W. Douglass Shaw.) Economics Letters. September 2008.
Higher-order Generalizations of Arrow-Pratt and Ross Risk Aversion: A Comparative Statics Approach.
(With William S. Neilson.) Journal of Economic Theory. September 2007.
Competition and Market Making with Nonlinear Quotes. (With Hae-shin Hwang.) Working Paper.
Political Business Cycles in a Dynamic Bipartisan Voting Model. (With Matt Van Essen.) Working Paper.
Risk Attitudes and Heterogeneity in Simultaneous and Sequential Contests. (With Zhe Yang.) Working
Paper.

JUNSOO LEE
Professor of Economics
Rick and Elaine Horsley Faculty Fellow
Education:
Ph.D. Michigan State University, 1991, Economics
Specialty Fields:
Econometrics, Applied Econometrics, Macroeconomics
Selected Publications:
More Powerful Cointegration Tests with Non-Normal Errors. (With Hyejin Lee and Kyung-so Im.) Studies
in Nonlinear Dynamics and Econometrics. Forthcoming.
More Powerful Engle and Granger Cointegration Tests. (With Hyejin Lee.) Journal of Statistical
Computation and Simulation. Forthcoming.
Improved Autoregressive Forecasts in the Presence of Non-normal Errors. (With Jing Li.) Journal of
Statistical Computation and Simulation. July 2015.
Stationarity of Global Per Capita Carbon Dioxide Emissions: Implications for Global Warming Scenarios.
(With Mark Strazicich and R. McKitrick.) Journal of Forecasting. June 2013.
Convergence in Per Capita Energy Use among OECD Countries, (With M. Meng and J.E. Payne.) March
2013.
A Unit-root Test Using a Fourier series to Approximate Smooth Breaks. (With Walter Enders) Oxford

Bulletin of Economics and Statistics. August 2012.

ADL Tests for Threshold Cointegration. (With Jing Li.) Journal of Time Series Analysis. July 2010.
Does Solicitation Matter in Bank Credit Ratings? (With Benton Gup and Winnie Poon.) Journal of Money,
Credit and Banking. March 2009.
Stationarity Tests with Unattended Nonlinearity. (With Walter Enders and Ralf Becker.) Journal of Time

Series Analysis. May 2006.

Nonrenewable Resource Prices: Deterministic or Stochastic Trend? (With John A. List and Mark
Strazicich.) Journal of Environmental Economics and Management. January 2006.
Panel LM unit Root Tests with Level Shifts. (With Kyung-So Im and Margie Tieslau.) Oxford Bulletin of

Economics and Statistics. June 2005.

Minimum LM Unit Root Tests with Two Structural Breaks. (With M. Strazicich.) Review of Economics and
Statistics. November 2003.
Stationarity of Health Expenditures: a Re-examination Using Panel Unit root Tests with Heterogeneous
Structural Breaks." (With T. Jewell, M. Tieslau and M. Strazicich.) Journal of Health Economics. March
2003.

JUN MA
Associate Professor of Economics
Education:
Ph.D. University of Washington, 2007, Economics
Specialty Fields:
Time Series Econometrics, Macroeconomics, Finance, International Finance
Selected Publications:
Understanding Housing Market Volatility. (With Joseph Fairchild and Shu Wu.) Journal of Money, Credit
and Banking. Forthcoming.
A Bayesian Analysis of Weak Identification in Stock Price Decompositions. (With Mark Wohar and
Nathan Balke.) Macroeconomic Dynamics. June 2015.
Determining What Drives Stock Returns? Proper Inference is Crucial: Evidence from the U.K. (With Mark
Wohar.) International Review of Economics and Finance. September 2014.
Expected Returns and Expected Dividend Growth: Time to Rethink an Established Empirical Literature.
(With Mark Wohar.) Applied Economics. April 2014.
Sources of the Stock Price Fluctuations in Chinese Equity Market. European Journal of Finance. (With
Zhenhua Su and Mark E. Wohar.) July 2014.
An Unobserved Components Model That Yields Business and Medium-Run Cycles. (With Mark E.
Wohar.) Journal of Money, Credit and Banking. October 2013.
Portfolio Reallocation and Exchange Change Rate Dynamics. (With Liang Ding.) Journal of Banking

and Finance. August 2013.

The Contributions of Economic Fundamentals to Movements in Exchange Rates. (With Nathan Balke
and Mark Wohar.) Journal of International Economics. May 2013.
Long-Run Risk and Its Implications for the Equity Premium Puzzle: New Evidence from a Multivariate
Framework. Journal of Money, Credit and Banking. February 2013.
Sources of the Great Moderation: A Time-Series Analysis of GDP Subsectors. (With Walter Enders.)

Journal of Economic Dynamics & Control. January 2011.

Spurious Inference in the GARCH(1,1) Model When It Is Weakly Identified. (With Charles R. Nelson and
Richard Startz.) Studies in Nonlinear Dynamics & Econometrics. March 2007.

ROBERT W. McLEOD
John S. Bickley Faculty Fellow
Professor of Finance
Education:
Ph.D. University of Texas at Austin, 1977, Finance
CFA, CFP, CLU, CVA
Specialty Fields:
Financial Institutions and Markets, Personal Financial Planning
Selected Publications:
Does it Pay to Diversify Internationally: U.S. vs International ETFs. (With Srinidhi Kanuri.) Financial

Services Review. Forthcoming.

Performance of Alternative Mutual Funds. (With Srinidhi Kanuri.) Financial Services Review. Summer
2014.
Bad News Bears: Effects of Expected Market Volatility on Daily Tracking Error of Leveraged Bull and Bear
ETFs. (With H. Holzhauer, X. Lu and J. Mehran.) Managerial Finance. December 2013.
Determinants of Cost Efficiencies in the Closed-End Fund Industry. (With D.K. Malhotra and Rand
Martin.) Financial Services Review. Summer 2009.
Investment Selection and Open-and Closed-end Bond Fund Expenses.(With D.K. Malhotra and Rand
Martin.) Journal of Business and Economic Studies. No. 1, 2003.
Closed-End Fund Expenses and Investment Selection. (With D.K. Malhotra.) Financial Review.
February 2000.
An Analysis of Nondeductible IRA Contributions and Roth IRA Conversions, (With S. Horan and J.
Peterson.) Financial Services Review. Summer 1998.
"An Empirical Analysis of Mutual Fund Expenses. (With D. K. Malhotra.) The Journal of Financial

Research. Summer 1997.

"The Effect of Rule 12b-1 on Bond Fund Expense Ratios." (With D. K. Malhotra.) The Journal of

Economics and Finance. April 1996.

"Intra-Year Compounding and Fundamental Bond Valuation." (With H. Jeng.) The Quarterly Journal of

Business and Economics. Summer 1995.

"A Reexamination of Equity Fund Expense Ratios and 12b-1 Plans. (With D. K. Malhotra.) Journal of

Financial Research. Summer 1994.

"The Risks in Pension Plans. (With A. Phillips and S. Moody.) Financial Services Review. 1993.
"Interest Rates and Bank Portfolio Adjustments."(With P. Thistle and B. L. Conrad.) Journal of Banking

and Finance. 1989.

SHAWN MOBBS
Associate Professor of Finance
Education:
Ph.D. Vanderbilt University, 2008, Finance
Specialty Fields:
Corporate Governance, Executive Compensation, Mergers and Acquisitions
Selected Publications:
Is an outside chair always better? The role of non-CEO inside chairs on corporate boards. Financial
Review. Forthcoming.
Tradeoffs between Internal and External Governance: Evidence from Exogenous Regulatory Shocks.
(With Patrick Lach and Lixiong Guo.) Financial Management. March 2015.
Independent Director Incentives: Where do talented directors spend their limited time and energy?
(With Ronald W. Masulis.) Journal of Financial Economics. February 2014.
CEOs Under Fire: The Effects of Directors on CEO Compensation and Turnover. Journal of Quantitative

Analysis. June 2013.

Internal Managerial Promotions: Insider Incentives and CEO Succession. (With Charu Raheja.) Journal
of Corporate Finance. December 2012.
Are All Inside Directors the Same? Do they entrench CEOs or enhance board decision making? (With
Ronald W. Masulis.) Journal of Finance. June 2011.
Independent Director Reputation Incentives: CEO Compensation Contracting and Earnings
Management. (With Ronald W. Masulis.) Working Paper.
Internal Financial Expertise on the Board: Implications of CFO board membership on firm financial
policies. Working Paper.
Directors with Forced CEO Turnover Experience. (With Jesse Ellis and Lixiong Guo.) Working Paper.
CEO Selection and Executive Appearance. (With Doug Cook.) Working Paper.
Independent Directors and Corporate Litigation. (With James Malm.) Working Paper.
Derivatives and Governance. (With Robert Brooks.) Working Paper.

PAUL PECORINO
James Patrick and Elizabeth B. Hayes Professor of Economics
Education:
Ph.D. Duke University, 1990, Economics
Specialty Fields:
Public Economics, Law and Economics
Selected Publications:
Costly Voluntary Disclosure in a Screening Game. (With Mark Van Boening.) International Review of
Law and Economics. Forthcoming.
Litigation with a Variable Cost of Trial. (With Amy Farmer.) Review of Law and Economics. Forthcoming.
Olsons Logic of Collective Action at Fifty. Public Choice. March 2015.
Monopolistic Competition and Public Good Provision with By-product Firms. Journal of Economics and

Management Strategy. Winter 2013.

Pretrial Bargaining with Asymmetric Information and Endogenous Expenditure at Trial. (With Amy
Farmer.) Journal of Legal Studies. January 2013.
Title IX and the Allocation of Resources to Womens and Mens Sports. (With Amy Farmer.) American
Law and Economics Review. Spring 2012.
Is the Coach Paid too Much?: Coaching Salaries and the NCAA Cartel. (With Amy Farmer.) Journal of

Economics and Management Strategy. Fall 2010.

Fairness in an Embedded Ultimatum Game. (With Mark Van Boening.) Journal of Law and Economics.
May 2010.
Monopolistic Competition, Growth and Public Good Provision. Economic Journal. January 2009.
Civil Litigation with Mandatory Discovery and Voluntary Transmission of Private Information. (With Amy
Farmer.) Journal of Legal Studies. January 2005.
The Causes of Bargaining Failure Evidence From Major League Baseball. (With Amy Farmer and Victor
Stango.) Journal of Law and Economics. October 2004.
An Empirical Analysis of Bargaining with Voluntary Transmission of Private Information. (With Mark Van
Boening.) Journal of Legal Studies. January 2004.
Should the U.S. Permit Re-import of Prescription Drugs From Canada? Journal of Health Economics.
July 2002.
Can By-product Lobbying Firms Compete? Journal of Public Economics. December 2001.
Bargaining and Information: An Empirical Analysis of a Multistage Arbitration Game. (With Mark Van
Boening.) Journal of Labor Economics. October 2001.

KEVIN PFLUM
Assistant Professor of Economics
Education:
Ph.D. The Ohio State University, 2011, Economics
Specialty Fields:
Industrial Organization, Health Economics
Selected Publications:
Revealed Reputation in Finitely-Repeated Prisoners' Dilemmas. (With Caleb Cox, Matthew Jones, and
Paul J. Healy.) Economic Theory. September 2015.
Diagnosing Hospital System Bargaining Power in Managed Care Networks. (With Matthew Lewis.) AEJ:

Economic Policy. February 2015.

Physician Incentives and Treatment Choice. Journal of Economics and Management Strategy. Winter
2015.
Regulating a Monopolist with Unverifiable Quality. Working Paper.
Marketing a Product with Idiosyncratic Matching: The Use of Samples in the Pharmaceutical Industry.
Working Paper.
Hospital Competition and Quality Choice: Evidence from California. (With Matthew Lewis.) Working
Paper.
Hospital Systems and Bargaining Power: Evidence from Out-of-Market Acquisitions. (With Matthew
Lewis.) Working Paper.
Contracting for Publicly Funded Services: Unmonitored Quality and Efficiency. Working Paper.

ROBERT R. REED
Robert C. Morrow and Rosa P. Morrow Faculty Excellence Fellow
Professor of Economics
Education:
Ph.D. Pennsylvania State University, 1998, Economics
Specialty Fields:
Monetary Theory, Labor Economics, Endogenous Growth, Search Theory
Selected Publications:
The Size Distribution of the Banking Sector and the Effects of Monetary Policy. (With E. Ghossoub.)
European Economic Review. April 2015.
The Cost of Capital, Asset Prices, and the Effects of Monetary Policy. (With E. Ghossoub.) Journal of

Macroeconomics. December 2014.

Negative Equity and Wages. (With Chris Cunningham.) Regional Science and Urban Economics.
November 2013.
Time Inconsistency and the Long-Run Effects of Inflation. (With K. Boulware and E. Ume.) Economics
Letters. August 2013.
The Stock Market, Monetary Policy, and Economic Development. (With E. Ghossoub.) Southern

Economic Journal. January 2013.

The Effects of Monetary Policy at Different Stages of Economic Development. (With E. Ghossoub.)
Economics Letters. October 2012.
The Role of Financial Sector Competition for Monetary Policy. (With E. Ghossoub and T. Laosuthi.)

Canadian Journal of Economics. February 2012.

Liquidity Risk, Economic Development, and the Effects of Monetary Policy. (With E. Ghossoub.)

European Economic Review. February 2010.

Regional External Economics and Economic Growth under Asymmetry. (With Dmtryo Holod.) Southern
Economic Journal. April 2009.
Money and Risk Sharing. (With Chris Waller.) Journal of Money, Credit, and Banking. September 2006.
Knowledge Exchange, Matching, and Agglomeration. (With Marcus Berliant and Ping Wang.) Journal of

Urban Economics. July 2006.

Decentralized International Exchange. (With Kathleen Trask.) Canadian Journal of Economics. May
2006.
Social Security and Intergenerational Redistribution. in H. Bunzel, B.J. Christensen, G.R. Neumann, and
J.M. Robin (eds), (With Joydeep Bhattacharya.) Structural Models of Wage and Employment Dynamics.
2006.
Money and Specialization in a Neoclassical Growth Model. (With Edgar Ghossoub.) Journal of Money,

Credit, and Banking. October 2005.

HARRIS SCHLESINGER
Frank Park Samford Chair of Insurance
Professor of Finance and Economics
Education:
Ph.D. University of Illinois, 1980, Economics
Specialty Fields:
Insurance, Finance Theory, Economics of Uncertainty
Selected Publications:
Consistency of Higher Order Risk Preferences. (With C. Deck.) Econometrica. September 2014.
Behavioral Insurance: Theory and Experiments. (With A. Richter and J. Schiller.) Journal of Risk and

Uncertainty. April 2014.

Risk Measures and Attitudes. (Editor, with F. Biagini and A. Richter.) London, U.K., Springer 2013.
When Ross Meets Bell: The Linex Utility Function. (With M. Denuit and L. Eeckhoudt.) Journal of

Mathematical Economics. March 2013.

Risk Taking with Additive and Multiplicative Background Risks, (With G. Franke and R. Stapleton.)
Journal of Economic Theory. July 2011
Simplifying and Solving Decision Problems by Stochastic Dominance Relations. (With L. Eeckhoudt and
I. Tsetlin.) Wiley Encyclopedia of Operations Research and Management Science. 2011.
Exploring Higher-Order Risk Effects. (With C. Deck.) Review of Economic Studies. October 2010.
On the Utility Premium of Friedman and Savage. (With L. Eeckhoudt.) Economics Letters. October 2009.
Apportioning of Risks via Stochastic Dominance. (With L. Eeckhoudt and I. Tsetlin.) Journal of Economic
Theory. May 2009.
Changes in Risk and the Demand for Saving. (With L. Eeckhoudt.) Journal of Monetary Economics.
October 2008.
A Good Sign for Multivariate Risk taking. (With L. Eeckhoudt and B. Rey.) Management Science.
January 2007.
Putting Risk in its Proper Place. (With L. Eeckhoudt.) American Economic Review. May 2006.
Multiplicative Background Risk. (With G. Franke and R. Stapleton.) Management Science. January
2006.
Coping with Credit Risk, (With H. Louberg.) Journal of Risk Finance. May 2005.

Economic and Financial Decisions under Risk. Princeton NJ: Princeton University Press (With L.

Eeckhoudt and C. Gollier.) January 2005.

SHANE UNDERWOOD
Fitzpatrick Endowed Professor of Value Investing
Associate Professor of Finance
Education:

Ph.D. Wharton School, University of Pennsylvania, 2004, Finance

M.A. Wharton School, University of Pennsylvania, 2001, Finance
B.S. University of Alabama, 1999, Quantitative Finance
Specialty Fields:
Investments, Corporate Finance
Selected Publications:
Comovement and Investment Banking Networks. (With Gustavo Grullon and James Weston.) Journal of
Financial Economics. July 2014.
Geographic Proximity and Price Discovery: Evidence from Nasdaq. (With Amber Anand, Vladimir
Gatchev, Leonardo Madureira, and Christo Pirinsky.) Journal of Financial Markets. May 2011.
Has the Propensity to Pay Out Declined? (With Gustavo Grullon, Bradley Paye, and James Weston.)
Journal of Financial and Quantitative Analysis. February 2011.
The Relative Informational Efficiency of Stocks and Bonds: An Intraday Analysis. (With Chris Downing
and Yuhang Xing.) Journal of Financial and Quantitative Analysis. October 2009.
The Cross-Market Information Content of Stock and Bond Order Flow. Journal of Financial Markets.
May 2009.
Information, Sell-Side Research, and Market Making. (With Leonardo Madureira.) Journal of Financial

Economics. November 2008.

Price Discovery in the Treasury Futures Market. (With Michael Brandt and Kenneth Kavajecz.) Journal of
Futures Markets. November 2007

MATT VAN ESSEN

Assistant Professor of Economics
Education:
Ph.D. University of Arizona, 2010, Economics
Specialty Fields:
Public Economics, Game Theory, Experimental Economics
Selected Publications:
Blind-Stealing: Experience and Expertise in a Mixed Strategy Poker Experiment. (With John Wooders.)
Games and Economic Behavior. 2015.
A Nearly Optimal Auction for an Uninformed Seller. (With Natalia Lazzsati.) Economic Letters. 2014.
A Clarke Tax Ttonnement that Converges to the Lindahl Allocation. Social Choice and Welfare. 2014.
Bartering Games in the Kolm Triangle. Journal of Public Economic Theory. 2014.
Regulating Anti-commons: Insights from Public Expenditure Theory. Southern Economic Journal. 2013.
An Equilibrium Analysis of Knasters Fair Division Procedure. Games. 2013.
Making Efficient Public Good Decisions using an Augmented Ausubel Auction. Economic Theory Bulletin.
2013.
Hold-up: With a Vengeance. (With Martin Dufwenberg and Alec Smith.) Economic Inquiry. 2013.
A Simple Supermodular Mechanism that Implements Lindahl Allocations. Journal of Public Economic
Theory. 2013.
Tacit Collusion in Price Setting Oligopoly: A Puzzle Redux. (With William B. Hankins.) Southern
Economic Journal. 2013.
Information Complexity, Punishment, and Stability in Two Nash Efficient Lindahl Mechanisms. Review of

Economic Design. March 2012.

A Note on the Stability of Chens Lindahl Mechanism. Social Choice and Welfare. February 2012.
Out-of-Equilibrium Performance of Three Lindahl Mechanisms. (With Mark Walker and Natalia Lazzati.)
Games and Economic Behavior. January 2012.
Cournot Oligopoly and the Theory of Public Goods. Working Paper.
Political Business Cycles in a Dynamic Bipartisan Voting Model. (With Paan Jindapon.) Working Paper.
Equilibrium and Maximin Perfection in a Dynamic Fair Division Auction. (With John Wooders.) Working
Paper.

LE WANG
Assistant Professor of Economics
Education:
Ph.D. Southern Methodist University, 2006, Economics
Specialty Fields:
Microeconometrics, Labor and Development Economics, Health Economics, Political Economy
Selected Publications:
The Inequality-Growth Plateau. (With D.J. Henderson and J. Qian.) Economics Letters. March 2015.
How Does Education Affect the Earnings Distribution in Urban China? Oxford Bulletin of Economics and
Statistics. 2013.
Estimating Returns to Education when the IV Sample is Selective. Labour Economics. 2013.
Party Politics, Governors and Economic Policy. (With P. G. Fredriksson and P. L. Warren.) Southern
Economic Journal. 2013.
Estimating Semiparametric Panel Data Models by Marginal Integration. (With J. Qian) Journal of

Econometrics. 2012.

The Eects of 9/11 on Intermarriage between Natives and Immigrants to the U.S. (With C. Wang.)
Review of Economics of the Household. 2012.
Economic Transition and College Premium in Urban China. China Economic Review. 2012.
The Oh-So Straight and Narrow Path: Can the Health Care Expenditure Curve Be Bent? (With B.
Woodward.) Health Economics. 2012.
Heterogeneity in Schooling Rates of Return. (With D. J. Henderson and S. Polachek.) Economics of

Education Review. 2011.

Sex and Environmental Policy in the U.S. House of Representatives. (With P. G. Fredriksson) Economics
Letters. 2011.
Is the Quantity-Quality Trade-o a Trade-o for All, None, or Some? (With D. Millimet.) Economic
Development and Cultural Change. 2011.
Language Skills and the Earnings Distribution among Immigrants. (With C. Wang.) Industrial Relations.
2011.
Are Politicians Oce or Policy Motivated? The Case of U.S. Governors Environmental Policies. (With P.
G. Fredriksson and K. A. Mamun.) Journal of Environmental Economics and Management. 2011.
Economic Reform, Growth and Convergence in China. (With E. Maasoumi.) Econometrics Journal. 2008.

ALBERT (YAN) WANG

Assistant Professor of Finance
Education:
PhD Arizona State University, 2007, Finance
Specialty Fields:
Empirical Corporate Finance and Mutual Funds.
Selected Publications:
The Predictability of Managerial Heterogeneities in Mutual Funds. (With Jun Huang.) Financial
Management. 2015.
Is the Stock Market Just a Side Show? Evidence from a Structural Reform. (With Murillo Campello and
Rafael Ribas.) Review of Corporate Financial Studies. 2014.
Competition Among Mutual Funds. (With Sunil Wahal.) Journal of Financial Economics. 2011.
Industry Tournament Incentives. (With Jeffrey Coles and Frank Li.) Working Paper.
Flow-induced Mispricing and Corporate Investment. (With Xiaoxia Lou.) Working Paper.
Mutual Fund Flows, Performance Persistence and Manager Skill. Working Paper.
The Joint Determinants of Managerial Ownership, Board Independence and Firm Performance. (With
Jeffrey Coles and Michael Lemmon.) Working Paper.
Product Market Competition, Accounting Performance, and CEO Turnover. (With Sudipto Dasgupta, Xi
Li.) Working Paper.
Director Network and CEO Turnover. (With Jeff Coles and Chenqi Zhu.) Working Paper.