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 SEC’s 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. “Real–time 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 Children’s 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. Möser, 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. Páez, J. Le Gallo, R. Buliung and S. Dall’Erba eds., Progress in Spatial Analysis: Theory and Computation, and Thematic Applications. Springer 2009. “The Work Disincentive Effects of the Disability Insurance Program in the 1990’s.” (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 Romer’s 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 INTERPOL’s 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 Niño 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 Sender’s 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 ETF’s”. (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. “CEO’s 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 CEO’s 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. “Olson’s 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 Women’s and Men’s 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. Loubergé.) 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 Tậtonnement 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 Knaster’s 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 Chen’s 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 Effects 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-off a Trade-off 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 Office 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.