This is Brad Jordan's website, not just Bradford Jordan's. Hopefully, someday, google will realize that. And then, we will have a better world. He is Brad Jordan, of the Univesity of Kentucky, Gatton College, Mr. Google.
B radford D. Jordan is Professor of Finance and holder of the Richard W. and Janis H. Furst Endowed Chair in Finance in the Gatton College of Business and Economics at the University of Kentucky. He received a BSBA and PhD in Finance from the University of Florida. He joined the Gatton College in 1997 after serving on the faculties of the University of Georgia and the University of Missouri. Dr. Jordan specializes in corporate finance and financial asset valuation. He has published numerous articles in leading finance journals and has received a variety of research awards.
Dr. Jordan's recent research examines the pricing of U.S. Treasury obligations, the effect of taxes on security values, the valuation of exotic options, and the pricing of IPOs. His recent publications include “The Good News in Short Interest,” with E. Boehmer and Z.R. Huszar, Journal of Financial Economics, forthcoming; “Analyst Behavior Following IPOs: The ‘Bubble Period’ Evidence,” with D.J. Bradley and J.R. Ritter, Review of Financial Studies, 21, 2008, 101- 134; and “Penny Stock IPOs,” with D.J. Bradley, J.W. Cooney, and S.D. Dolvin, Financial Management 35, Spring 2006, 5 - 30 (lead article).
Dr. Jordan is coauthor of Fundamentals of Corporate Finance 9/e and Essentials of Corporate Finance 7/e, two of the most widely used business finance textbooks in the world, along with Fundamentals of Investments: Valuation and Management 5/e, a widely used investments text. He is an associate editor of The Journal of Financial Research and a past-President of the Southern Finance Association.
E. Boehmer, Z.R. Huszar, and B.D. Jordan, “The Good News in Short Interest,” Journal of Financial Economics, forthcoming
“Analyst Behavior Following IPOs: The ‘Bubble Period’ Evidence,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Review of Financial Studies, 21, 2008, 101 - 134.
“Negotiation and the IPO Offer Price: A Comparison of Integer versus Non-integer IPOs,” D.J. Bradley, J.W. Cooney, B.D. Jordan, and A.K. Singh, Journal of Financial and Quantitative Analysis 39, 2004, 517-540.
“The Quiet Period Goes Out with a Bang,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Journal of Finance 58, 2003, 1 - 36 (lead article).
“Partial Adjustment to Public Information and IPO Underpricing,” D.J. Bradley and B.D. Jordan, Journal of Financial and Quantitative Analysis 37, 2002, 595 - 616.
“The Relative Pricing of U.S. Treasury STRIPS: Empirical Evidence,” B.D. Jordan, R.D. Jorgensen, and D.R. Kuipers, Journal of Financial Economics 56, 2000, 89 - 123.
“Special Repo Rates: An Empirical Analysis,” B.D. Jordan and S.D. Jordan. Journal of Finance 52, 1997, 2051 - 2072. Abstracted in Contemporary Financial Digest 2, Summer 1998. ANBAR Citation of Highest Quality Rating.
“Negative Option Values are Possible: The Impact of Treasury Bond Futures on the Cash U.S. Treasury Market,” B.D. Jordan and D.R. Kuipers. Journal of Financial Economics 46, 1997, 67 - 102.
“A Reexamination of Option Values Implicit in Callable U.S. Treasury Bonds,” B.D. Jordan, S.D. Jordan, and R.D. Jorgensen. Journal of Financial Economics 38, 1995, 141 - 162.
“Tax Options and the Pricing of Treasury Bond Triplets: Theory and Evidence,” B.D. Jordan and S.D. Jordan, Journal of Financial Economics 30, 1991, 135 - 164.
“Seasonality in Daily Bond Returns,” S.D. Jordan and B.D. Jordan, Journal of Financial and Quantitative Analysis 26, 1991, 269 - 285.
“The Pricing of Short-Term Debt and the Miller Hypothesis: A Note,” B.D. Jordan and R.H. Pettway, Journal of Finance 40, 1985, 589 - 594.
E. Boehmer, Z.R. Huszar, and B.D. Jordan, “The Good News in Short Interest,” Journal of Financial Economics, forthcoming
“Underpricing, Overhang, and the Cost of Going Public to Preexisting Shareholders,” S.D. Dolvin and B.D. Jordan, Journal of Business, Finance, and Accounting, 35, 2008, 434 - 458
“Do Long-term Interest Rates Ever Fall?” B.D. Jordan, S.D. Jordan, J.C Smolira, and D.H. Travis, Advances in Financial Planning and Forecasting, 3, 2008, 21 - 36
“Analyst Behavior Following IPOs: The ‘Bubble Period’ Evidence,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Review of Financial Studies, 21, 2008, 101 - 134.
“Penny Stock IPOs,” D.J. Bradley, J.W. Cooney, S.D. Dolvin, and B.D. Jordan, Financial Management 35, Spring 2006, 5 - 30 (lead article).
“Negotiation and the IPO Offer Price: A Comparison of Integer versus Non-integer IPOs,” D.J. Bradley, J.W. Cooney, B.D. Jordan, and A.K. Singh, Journal of Financial and Quantitative Analysis 39, 2004, 517 - 540.
“Do Demand Curves for Small Stocks Slope Down?” E.N. Biktimirov, A.R. Cowan, and B.D. Jordan, Journal of Financial Research 27, Summer 2004, 161 - 178 (lead article).
“The IPO Quiet Period Revisited,” D.J. Bradley, B.D. Jordan, J.R. Ritter, and J.G. Wolf, Journal of Investment Management 3, 2004, 1 - 11 (lead article).
“The Performance of Mutual Funds that Close to New Investors,” B.D. Jordan, R.D. Jorgensen, and J.C. Smolira Journal of Investment Consulting 6, Winter 2004, 56 - 66.
“The Quiet Period Goes Out with a Bang,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Journal of Finance 58, 2003, 1 - 36 (lead article).
“Partial Adjustment to Public Information and IPO Underpricing,” D.J. Bradley and B.D. Jordan, Journal of Financial and Quantitative Analysis 37, 2002, 595 - 616.
“On the Performance of Affine Term Structure Models: Evidence from the U.S. Treasury STRIPS Market,” B.D. Jordan and D.R. Kuipers, Journal of Bond Trading and Management 1, 2002, 52 - 87.
“Venture Capital and IPO Lockup Expiration: An Empirical Analysis,” D.J. Bradley, B.D. Jordan, I.C. Roten, and H.C. Yi, Journal of Financial Research 24, 2001, 465 - 492 (lead article).
“Turnover and Mutual Fund Distributions,” B.D. Jordan, D.T. Officer, and J.C. Smolira, Journal of Investment Consulting, Spring 2001.
“Repricing and the Valuation of Employee Stock Options,” C.J. Corrado, B.D. Jordan, T.J. Miller, and J.A. Stansfield, Journal of Banking and Finance 25, 2001, 1059 - 1082.
“The Relative Pricing of U.S. Treasury STRIPS: Empirical Evidence,” B.D. Jordan, R.D. Jorgensen, and D.R. Kuipers, Journal of Financial Economics 56, 2000, 89 - 123.
“The Mispricing of Callable U.S. Treasury Bonds: A Closer Look,” B.D. Jordan, S.D. Jordan, and D.R. Kuipers, Journal of Futures Markets 18, 1998, 35 - 52.
“Measuring the Benefit of a Bond Refunding,” B.D. Jordan and R.D. Jorgensen, Financial Practice and Education 8, 1998, 29 - 36.
“Special Repo Rates: An Empirical Analysis,” B.D. Jordan and S.D. Jordan, Journal of Finance 52, 1997, 2051 - 2072. Abstracted in Contemporary Financial Digest 2, Summer 1998. ANBAR Citation of Highest Quality Rating.
“Negative Option Values are Possible: The Impact of Treasury Bond Futures on the Cash U.S. Treasury Market,” B.D. Jordan and D.R. Kuipers, Journal of Financial Economics 46, 1997, 67 - 102.
“Real Estate and the Arbitrage Pricing Theory: Macro-Variables vs. Derived Factors,” S.J. Chen, C.H. Hsieh, and B.D. Jordan, Real Estate Economics 25, 1997, 505 - 523.
“Risk Aversion, Uncertain Information, and Market Efficiency: Reexamining the Evidence,” C.J. Corrado and B.D. Jordan, Review of Quantitative Finance and Accounting 8, 1997, 51 - 68.
“Salomon Brothers and the May 1991 Treasury Auction: Analysis of a Market Corner,” B.D. Jordan and S.D. Jordan, Journal of Banking and Finance 20, 1996, 25 - 40. Abstracted in CFA Digest, Fall 1996.
“A Reexamination of Option Values Implicit in Callable U.S. Treasury Bonds,” B.D. Jordan, S.D. Jordan, and R.D. Jorgensen. Journal of Financial Economics 38, 1995, 141 - 162.
“Short-term Price Reversals Following Major Price Innovations: Additional Evidence on Market Overreaction,” D.N. Ketcher and B.D. Jordan, Journal of Economics and Business 46, 1994, 307 - 324.
“Some Empirical Tests of the APT: Macrovariables versus Derived Factors,” S.J. Chen and B.D. Jordan, Journal of Banking and Finance 17, 1993, 65 - 90. Abstracted in CFA Digest, Fall 1993.
“The Simple Analytics of Depository Intermediary Soundness Regulations: A Pedagogic Note,” J.M. Finkelstein and B.D. Jordan, The Mid-Atlantic Journal of Business 28, 1992.
“Uncovered Interest Parity: Some New Tests,” B.D. Jordan and A. Patel, Journal of International Finance 2, 1992.
“Tax Options and the Pricing of Treasury Bond Triplets: Theory and Evidence,” B.D. Jordan and S.D. Jordan, Journal of Financial Economics 30, 1991, 135 - 164.
“Seasonality in Daily Bond Returns,” S.D. Jordan and B.D. Jordan, Journal of Financial and Quantitative Analysis 26, 1991, 269 - 285.
“Short-term Market Overreaction and the Bid-Ask Spread: An Empirical Investigation of NMS Securities,” B.D. Jordan and J. Stansfield, Journal of the Midwest Finance Association, 1991.
“The Overreaction Hypothesis, Firm Size, and Stock Market Seasonality,” G.N. Pettengill and B.D. Jordan, Journal of Portfolio Management 16, 1990, 60 - 64.
“Seasonality and Price Reversals in Daily Security Returns,” G.N. Pettengill and B.D. Jordan, Journal of the Midwest Finance Association, 1990, 1 - 15.
“Returns to Initial Shareholders in Savings Institution Conversions: Evidence and Regulatory Implications,” B.D. Jordan, J.A. Verbrugge, and R.M. Burns, Journal of Financial Research 11, 1988, 125 - 136.
“A Comprehensive Examination of Seasonality and Volume Effects in Daily Security Returns,” G.N. Pettengill and B.D. Jordan, Journal of Financial Research 11, 1988, 57 - 70.
“APT versus CAPM Estimates of the Return Generating Function Parameters for Regulated Public Utilities,” R.H. Pettway and B.D. Jordan, Journal of Financial Research 10, Fall 1987, Abstracted in CFA Digest, Winter 1988.
“The Pricing of Short-Term Debt and the Miller Hypothesis: A Note,” B.D. Jordan and R.H. Pettway, Journal of Finance 40, 1985, 589 - 594.
“Diversification, Double Leverage, and the Cost of Capital,” R.H. Pettway and B.D. Jordan, Journal of Financial Research 6, 1983, 289 - 300.
PhD students are indicated in boldface.
E. Boehmer, Z.R. Huszar, and B.D. Jordan, “The Good News in Short Interest,” Journal of Financial Economics, forthcoming
“Underpricing, Overhang, and the Cost of Going Public to Preexisting Shareholders,” S.D. Dolvin and B.D. Jordan, Journal of Business, Finance, and Accounting, 35, 2008, 434 - 458“Do Long-term Interest Rates Ever Fall?” B.D. Jordan, S.D. Jordan, J.C. Smolira, and D.H. Travis, Advances in Financial Planning and Forecasting, 3, 2008, 21 - 36
“Analyst Behavior Following IPOs: The ‘Bubble Period’ Evidence,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Review of Financial Studies, 21, 2008, 101 - 134.
“Penny Stock IPOs,” D.J. Bradley, J.W. Cooney, S.D. Dolvin, and B.D. Jordan, Financial Management 35, Spring 2006, 5 - 30 (lead article).
“Negotiation and the IPO Offer Price: A Comparison of Integer versus Non-integer IPOs,” D.J. Bradley, J.W. Cooney, B.D. Jordan, and A.K. Singh, Journal of Financial and Quantitative Analysis 39, 2004, 517 - 540.
“Do Demand Curves for Small Stocks Slope Down?” E.N. Biktimirov, A.R. Cowan, and B.D. Jordan, Journal of Financial Research 27, Summer 2004, 161 - 178 (lead article).
“The IPO Quiet Period Revisited,” D.J. Bradley, B.D. Jordan, J.R. Ritter, and J.G. Wolf, Journal of Investment Management 3, 2004, 1 - 11 (lead article).
“The Performance of Mutual Funds that Close to New Investors,” B.D. Jordan, R.D. Jorgensen, and J.C. Smolira Journal of Investment Consulting 6, Winter 2004, 56 - 66.
“The Quiet Period Goes Out with a Bang,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Journal of Finance 58, 2003, 1 - 36 (lead article).
“Partial Adjustment to Public Information and IPO Underpricing,” D.J. Bradley and B.D. Jordan, Journal of Financial and Quantitative Analysis 37, 2002, 595 - 616.
“On the Performance of Affine Term Structure Models: Evidence from the U.S. Treasury STRIPS Market,” B.D. Jordan and D.R. Kuipers, Journal of Bond Trading and Management 1, 2002, 52 - 87.
“Venture Capital and IPO Lockup Expiration: An Empirical Analysis,” D.J. Bradley, B.D. Jordan, I.C. Roten, and H.C. Yi, Journal of Financial Research 24, 2001, 465 - 492 (lead article).
“Turnover and Mutual Fund Distributions,” B.D. Jordan, D.T. Officer, and J.C. Smolira, Journal of Investment Consulting, Spring 2001.
“Repricing and the Valuation of Employee Stock Options,” C.J. Corrado, B.D. Jordan, T.J. Miller, and J.A. Stansfield, Journal of Banking and Finance 25, 2001, 1059 - 1082.
“The Relative Pricing of U.S. Treasury STRIPS: Empirical Evidence,” B.D. Jordan, R.D. Jorgensen, and D.R. Kuipers, Journal of Financial Economics 56, 2000, 89 - 123.
“The Mispricing of Callable U.S. Treasury Bonds: A Closer Look,” B.D. Jordan, S.D. Jordan, and D.R. Kuipers, Journal of Futures Markets 18, 1998, 35 - 52.
“Measuring the Benefit of a Bond Refunding,” B.D. Jordan and R.D. Jorgensen, Financial Practice and Education 8, 1998, 29 - 36.
“Negative Option Values are Possible: The Impact of Treasury Bond Futures on the Cash U.S. Treasury Market,” B.D. Jordan and D.R. Kuipers, Journal of Financial Economics 46, 1997, 67 - 102.
“Real Estate and the Arbitrage Pricing Theory: Macro-Variables vs. Derived Factors,” S.J. Chen, C.H. Hsieh, and B.D. Jordan, Real Estate Economics 25, 1997, 505 - 523.
“A Reexamination of Option Values Implicit in Callable U.S. Treasury Bonds,” B.D. Jordan, S.D. Jordan, and R.D. Jorgensen. Journal of Financial Economics 38, 1995, 141 - 162.
“Short-term Price Reversals Following Major Price Innovations: Additional Evidence on Market Overreaction,” D.N. Ketcher and B.D. Jordan, Journal of Economics and Business 46, 1994, 307 - 324.
“Some Empirical Tests of the APT: Macrovariables versus Derived Factors,” S.J. Chen and B.D. Jordan, Journal of Banking and Finance 17, 1993, 65 - 90. Abstracted in CFA Digest, Fall 1993.
“The Simple Analytics of Depository Intermediary Soundness Regulations: A Pedagogic Note,” J.M. Finkelstein and B.D. Jordan, The Mid-Atlantic Journal of Business 28, 1992.
“Uncovered Interest Parity: Some New Tests,” B.D. Jordan and A. Patel, Journal of International Finance 2, 1992.
“Short-term Market Overreaction and the Bid-Ask Spread: An Empirical Investigation of NMS Securities,” B.D. Jordan and J. Stansfield, Journal of the Midwest Finance Association, 1991.
“The Overreaction Hypothesis, Firm Size, and Stock Market Seasonality,” G.N. Pettengill and B.D. Jordan, Journal of Portfolio Management 16, 1990, 60 - 64.
“Seasonality and Price Reversals in Daily Security Returns,” G.N. Pettengill and B.D. Jordan, Journal of the Midwest Finance Association, 1990, 1 - 15.
“Returns to Initial Shareholders in Savings Institution Conversions: Evidence and Regulatory Implications,” B.D. Jordan, J.A. Verbrugge, and R.M. Burns, Journal of Financial Research 11, 1988, 125 - 136.
“A Comprehensive Examination of Seasonality and Volume Effects in Daily Security Returns,” G.N. Pettengill and B.D. Jordan, Journal of Financial Research 11, 1988, 57 - 70.
(2001 — current, partial listing)
Former University of Kentucky PhD students are indicated in boldface.
“Analysts Get SAD Too: The Effect of Seasonal Affective Disorder on Stock Market Analysts' Earnings Forecasts,” M.K. Pyles, S.D. Dolvin, and Q. Wu, Journal of Behavioral Finance, forthcoming.
“The Influence of University Investment Education on Asset Allocation,” M.K. Pyles, S.D. Dolvin and J. Gonas, Journal of Economics and Finance Education, forthcoming.
“REIT IPOs and the Cost of Going Public,” M.K. Pyles and S.D. Dolvin, Journal of Real Estate Finance and Economics, forthcoming.
“Net Operating Working Capital Behavior: A Closer Look,” M.D. Hill, G.W. Kelly, and M.J. Highfield, Financial Management, forthcoming.
“The Determinants of REIT Cash Holdings,” W.G. Hardin, M.J. Highfield, M.D. Hill, and G.W. Kelly, Journal of Real Estate Finance and Economics, forthcoming.
“Anti-takeover Techniques and Corporate Ownership Structure,” M.K. Pyles, J. Evans and H. Choo, Managerial Finance, 35, 2009, 6 - 24
“An Examination of IPO Secondary Market Returns,” D.J. Bradley, J.S. Gonas, M.J. Highfield, and K. D. Roskelley, Journal of Corporate Finance, 15, 2009, 316 - 330
“On Demand: Cross-Country Evidence from Commercial Real Estate Asset Markets,” S.H. Ott, T.J. Riddiough, H.C. Yi, and J. Yoshida, International Real Estate Review, 2008 (1), 1 - 37
“Do Long-term Interest Rates Ever Fall?” B.D. Jordan, S.D. Jordan, J.C. Smolira, and D.H. Travis, Advances in Financial Planning and Forecasting, 3, 2008, 21 - 36
“Market Efficiency at the Derby: A Real Horse Race,” M.K. Pyles and S.D. Dolvin, Journal of Applied Economics and Policy, 27, 2008, 1-14.
“Constraints on Loan Sales and the Price of Liquidity,” M.K. Pyles and D.J. Mullineaux, Journal of Financial Services Research, 33, 2008, 21-36.
“The Quiet Period is Making Noise Again,” M.J. Highfield, P.A. Lach, and L.R. White, Applied Financial Economics, 18, 2008, 1363-1378.
“On the Maturity of Incremental Corporate Debt Issues,” M.J. Highfield, Quarterly Journal of Finance and Accounting, 47, 2008, 59-81.
“Are There Long-Run Implications of Analyst Coverage for IPOs?,” D.J. Bradley, K. Chan, J. Kim and A. Singh, Journal of Banking and Finance, 32, 2008, 1120-1132.
“How Students Change Investment Objectives and Risk Tolerances After an Undergraduate Investments Course”, S. Dolvin, J.S. Gonas, and M.K. Pyles, Journal of Economics and Finance Education, 2008
“Analyst Behavior Following IPOs: The ‘Bubble Period’ Evidence,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Review of Financial Studies, 21, 2008, 101-134.
“Are Donor Advised Funds Always the Best Economic Choice”, B. Childs, J.S. Gonas, and J.P. Thornton, The Journal of Financial Planning, June 2008, 54-64.
“The Effect of Resale Constraints on Abnormal Returns of Borrowers in Syndicated Loans,” M.K. Pyles and S.D. Dolvin and P. Woodside, Academy of Banking Studies Journal, 6, 2007, 81-96.
“Prior Debt and the Cost of Going Public,” M.K. Pyles and S.D. Dolvin, Quarterly Journal of Finance and Accounting (formerly Quarterly Journal of Business and Economics), 46, 2007, 23-42.
“Seasonal Affective Disorder and the Pricing of IPO's,” M.K. Pyles and S.D. Dolvin, Review of Accounting and Finance, 6, 2007, 214-228.
“The Impact of Bank Venture Capital on Initial Public Offerings,” M.K. Pyles, S.D. Dolvin and D.J. Mullineaux, Venture Capital: An International Journal of Entrepreneurial Finance, 9, 2007, 145-164.
“The Determinants of the Debt Maturity Decision for Real Estate Investment Trusts,” M.J. Highfield, K. D. Roskelley, and F. Zhao, Journal of Real Estate Research, 29, 2007, 173-199.
“Analyst Behavior Surrounding Tender Offer Announcements,” D.J. Bradley, A. Morgan and J. Wolf, Journal of Financial Research, 30, 2007, 1-20 (lead article).
“A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks,” D.J. Mullineaux, M. Harjoto, and H.C. Yi, Financial Management, 35, 2006, 49-70.
“The Informational Role of Bank Loan Ratings,” D.J. Mullineaux, and H.C. Yi, Journal of Financial Research, 29, 2006, 481-501.
“The Effect of Instructional Technologies on the Finance Classroom,” M.K. Pyles, S.D. Dolvin and J.M. Morgan, Journal of Economics and Finance Education, 5, 2006, 33-42.
“Venture Capitalist Quality and IPO Certification,” M.K. Pyles and S.D. Dolvin, Venture Capital: An International Journal of Entrepreneurial Finance, 8, 2006, 353-371.
“IPO Long-Run Returns: A New Approach,” M.K. Pyles and S.D. Dolvin, Financial Decisions, Volume 18, 2006 Article 4.
“Market Timing Wealth Effects of American Depository Receipts: The Cases of Emerging and Developed Market Issues,” M. Schaub and M. J. Highfield, Journal of International Financial Markets, Institutions & Money, 16, July 2006, 270-282.
“Contagion or Competition: Going Concern Audit Opinions for Real Estate Firms,” Elliott, R. S., M. J. Highfield, and M. Schaub, Journal of Real Estate Finance and Economics, 32, 2006, 435-448.
“Access to Computer Technologies at Home Improves Wages in the Marketplace,” P. Maskara, R. Aggarwal, and R. Maskara, Journal of International Technology and Information Management, 15, 2006, 67-77.
“Gains from Trade in a Small Monetary Economy,” G. Darko, R. Dusansky, P. Maskara, and N. Naqvi, Journal of International Trade and Economic Development, 15, 2006, 403-430.
“Penny Stock IPOs,” D.J. Bradley, J. Cooney, S. Dolvin, and B.D Jordan, Financial Management, 35, 2006, 5-29
“Finance, Investment, and Investment Performance: Evidence from the REIT Sector,” S.H. Ott, T.J. Riddiough, and H.C. Yi, Real Estate Economics, 33, 2005, 203-235.
“A Note on Hybrid Mortgages,” B.W. Ambrose, M. LaCour-Little, Z. Huszar, Real Estate Economics, 33, 2005, 765-782
“Equity Underwriting Spreads at Commercial Bank Holding Companies and Investment Banks,” I.C. Roten and D.J. Mullineaux, Journal of Financial Services Research, 27, 2005, 243-258
“Legislative vs. Regulatory Reform of the Glass-Steagall Act: A Comparison of Market Reactions,” I.C. Roten and D.J. Mullineaux, Financial Decisions, 17, 2005, 1-21
“Real Estate and Economies of Scale: The Case of REITs,” B.W. Ambrose, M.J. Highfield, and P.D. Linneman, Real Estate Economics, 33, 2005, 323-350.
“Do Future Contracts Behave Like Their Underlying Security? An Insight Into the Intraday Behavior of US Treasury Bond Futures,” R. Aggarwal and P. Maskara, Business Journal for Entrepreneurs, 2005.
“The Short and Long Term Performance of IPOs and SEOs Traded as American Depository Receipts: Does Timing Matter?” M. Schaub and M.J. Highfield, Journal of Asset Management, 5, 2004, 263-271.
“When Are Commercial Loans Secured?” J.S. Gonas, M.J. Highfield, and D. J. Mullineaux, The Financial Review, 39, 2004, 79-99.
“Negotiation and the IPO Offer Price: A Comparison of Integer versus Non-integer IPOs,” D.J. Bradley, J.W. Cooney, B.D. Jordan, and A.K. Singh, Journal of Financial and Quantitative Analysis, 39, 2004, 517 - 540.
“The IPO Quiet Period Revisited,” D.J. Bradley, B.D. Jordan, J.R. Ritter, and J.G. Wolf, Journal of Investment Management, 3, 2004, 1 - 11 (lead article).
“Do Demand Curves for Small Stocks Slope Down?” E.N. Biktimirov, A.R. Cowan, and B.D. Jordan, Journal of Financial Research, 27, 2004, 161 - 178 (lead article).
“The Performance of Mutual Funds that Close to New Investors,” B.D. Jordan, R.D. Jorgensen, and J.C. Smolira Journal of Investment Consulting, 6, 2004, 56 - 66.
“On the Information Content of Going Concern Opinions: The Effects of SAS Numbers 58 and 59,” M. Schaub and M.J. Highfield, Journal of Asset Management, 4, 2003, 22-31.
“The Quiet Period Goes Out with a Bang,” D.J. Bradley, B.D. Jordan, and J.R. Ritter, Journal of Finance, 58, 2003, 1 - 36 (lead article).
“Liquidity, Labels and Medium-Term Notes,” D.J. Mullineaux and I.C. Roten, Financial Markets, Institutions & Instruments, 11, 2002, 401-423
“Debt Underwriting by Commercial Bank-Affiliated Firms and Investment Banks: More Evidence,” I.C. Roten and D.J. Mullineaux, Journal of Banking and Finance, 16, 2002, 679-718
“Partial Adjustment to Public Information and IPO Underpricing,” D.J. Bradley and B.D. Jordan, Journal of Financial and Quantitative Analysis, 37, 2002, 595 - 616.
“Venture Capital and IPO Lockup Expiration: An Empirical Analysis,” D.J. Bradley, B.D. Jordan, H.C. Yi, and I.C. Roten, Journal of Financial Research, 24, 2001, 465-493.
“Real Options and Developments: A Model of Regional Supply and Demand,” S.H. Ott and H.C. Yi, Real Estate Finance, 18, 2001, 47-56.
“Turnover and Mutual Fund Distributions,” B.D. Jordan, D.T. Officer, and J.C. Smolira, Journal of Investment Consulting, Spring 2001.
“Economies of Scale,” B.W. Ambrose, M.J. Highfield, and P.D. Linneman, Wharton Real Estate Review, 4, 2000, 34-44.
a little steam from time to time!"
- I believe I am interested in earning a PhD in finance. What factors should I consider before applying?
-
The primary reason to earn a PhD is the desire to have an academic career, teaching and researching at the university level. While a number of finance PhDs work outside of academia, the majority spend their careers working at research and teaching institutions. You need to have a strong interest in the academic aspects of finance and economics. The biggest question you need to ask yourself is “Am I a genuinely curious person?” If the answer is no, then you should possibly consider an alternative career.
Here is a tip: If you really don't like writing term papers, an academic career is probably not for you.
- How does a PhD compare to an MBA?
-
They are apples and oranges. An MBA has a managerial focus; a PhD has a research focus. PhD coursework is more intensive and much more quantitative. PhD students have to have a strong background in economics, mathematics, and statistics. Don't be misled into thinking that a PhD is a continuation of an MBA.
- How easy is it to get into a program? Is there significant competition?
-
There is significant competition for the limited number of openings in finance PhD programs each year. In the U.S., the total number of seats available per year is probably less than 500. Competition comes from applicants worldwide.
- Which programs should I apply to?
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There are several factors you need to consider when deciding where to apply. These factors include, but are not limited to, faculty expertise, program of study, graduate placement, location, current pool of students, and funding. Which characteristic is most important, and how each characteristic balances with the others, is what you have to figure out. Applying to a program only because someone suggested it, or solely based on the school's reputation, may not yield the best outcome.
- How can I improve my chances of acceptance?
-
Strong academic credentials, superior performance on the GMAT (or the standardized test required by the program), good references, and the ability to articulate why you want to earn a PhD in finance are the primary factors most programs consider.
Most schools look for candidates with clear evidence of aptitude and training in quantitative methods. You improve your chances of acceptance by making sure that you have had courses such as university-level calculus, linear algebra, and probability (and that you have done well in those courses). It comes as a surprise to many applicants to learn that an undergraduate degree in finance (or an MBA with a finance concentration) is not sufficient preparation for a PhD program.
Another way to improve your chances of acceptance is to apply to programs where your personal statistics (GMAT scores, GPA, etc.) are above the averages for the finance program. (Note: the finance program averages may be above the broader averages for business PhD programs.)
- I've completed my applications. What happens next?
-
If you have the time and the resources, you may want to visit the schools in which you are most interested. It is best to work with the school to coordinate your travels as policies on visits can vary widely (from strongly encouraged to strongly discouraged).
Other than possibly scheduling a visit, the best advice at this point of the process is to stay busy with other matters, since it is the university that will make the next move. While you may want to confirm that your completed application has been received, frequent emails to professors requesting an update on your status will not help your chances of admission. Generally, offers to a program's first choices will go out in early February, with alternative offers being made throughout February, March, and April. Usually the selection process is completed by the end of April.
- I've been accepted! What do I need to do now?
-
When a program makes an offer, they will usually include a deadline for you to accept or reject. If you have not already done so, this is an excellent time to visit that university.
All of the basic rules of etiquette apply during the acceptance process (perhaps even more so since you are entering a close-knit professional group.) Should you get two offers, decide between the two and let one of universities know that you are declining its offer. Do not accept an offer from one university if you are still waiting to hear from another program. Communicate your position with the offering university and try to find out the status of the program you are waiting on.
Good luck!
- I believe I am interested in earning a PhD in finance. What factors should I consider before applying?
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The primary reason for wanting to earn a PhD is the desire to have an academic career, teaching and researching at the university level. While a number of finance PhDs work outside of academia, the majority will spend their careers working at research and teaching institutions. You need to have a strong interest in the academic aspects of finance and economics. The biggest question you need to ask yourself is “Am I a genuinely curious person?” If the answer is no, then you should consider an alternative career.
Here is a tip: If you really don't like writing term papers, an academic career is probably not for you.
- How does a PhD compare to an MBA?
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They are apples and oranges. An MBA has a managerial focus; a PhD has a research focus. PhD coursework is more intensive and much more quantitative. PhD students have to have a strong background in economics, mathematics, and statistics. Don't be misled into thinking that a PhD is a continuation of an MBA.
- I enjoyed my time as an undergraduate, and I think I would like being a professor. Is that the type of background I need?
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If you have not already done so, you may want to have several long conversations about your desire to earn a PhD with a professor who knows you well. Then you might want to have the same conversation with a professor who doesn't know you at all. If you are still committed to the idea of earning a PhD after these meetings, you should probably move ahead with the application process.
- How easy is it to get into a program? Is there significant competition?
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There is significant competition for the limited number of openings in finance PhD programs each year. In the U.S., the total number of seats available per year is probably less than 400. Competition comes from applicants worldwide.
- Is there competition for the openings at every program?
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Yes. Essentially all universities that offer financial assistance will have numerous applicants for every available slot.
- Which programs should I apply to?
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There are several factors you need to consider when deciding where to apply. These factors include, but are not limited to, faculty expertise, program of study, graduate placement, location, current pool of students, and funding. Which characteristic is most important, and how each characteristic balances with the others, is what you have to figure out. Universities and departments have personalities, and it is best that you keep an open mind when you start reviewing finance programs as you decide which ones would fit you best. Applying to a program only because someone suggested it, or solely based on the school's reputation, usually does not yield the best outcome.
- How many programs should I apply to?
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After you have decided on the factors that are most important, you may want to apply to all of the schools that meet your criteria. Remember that the competition is significant. Schools may take in fewer students (or none at all) this year than in previous years, so the more programs you apply to the better your chances.
- How can I improve my chances of acceptance?
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Strong academic credentials, superior performance on the GMAT (or the standardized test required by the program), good references, and the ability to articulate why you want to earn a PhD in finance are the primary factors most programs consider.
Most schools look for candidates with clear evidence of aptitude and training in quantitative methods. You improve your chances of acceptance by making sure that you have had courses such as university-level calculus, linear algebra, and probability (and that you have done well in those courses). It comes as a surprise to many applicants to learn that an undergraduate degree in finance (or an MBA with a finance concentration) is not sufficient preparation for a PhD program.
Another way to improve your chances of acceptance is to apply to programs where your personal statistics (GMAT scores, GPA, etc.) are above the averages for the finance program. (Note: the finance program averages may be above the broader averages for business PhD programs.)
- I've completed my applications. What happens next?
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If you have the time and the resources, you may want to visit the schools in which you are most interested. It is best to work with the school to coordinate your travels as policies on visits can vary widely (from strongly encouraged to strongly discouraged).
Other than possibly scheduling a visit, the best advice at this point of the process is to stay busy with other matters, since it is the university that will make the next move. While you may want to confirm that your completed application has been received, frequent emails to professors requesting an update on your status will not help your chances of admission. Generally, offers to a program's first choices will go out in early February, with alternative offers being made throughout February, March, and April. Usually the selection process is completed by the end of April.
- I've been accepted! What do I need to do now?
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When a program makes an offer, they will usually include a deadline for you to accept or reject. If you have not already done so, this is an excellent time to visit that university.
All of the basic rules of etiquette apply during the acceptance process (perhaps even more so since you are entering a close knit professional group.) Should you get two offers, decide between the two and let one of universities know that you are declining its offer. Do not accept an offer from one university if you are still waiting to hear from another program. Communicate your position with the offering university and try to find out the status of the program you are waiting on.
Good luck!
Recent Finance PhD graduates and placements
(2001 - current)
| Name | Graduated | Advisor | Original Placement | Now at |
|---|---|---|---|---|
| Jon Fulkerson | 2009 | Jordan | Loyola University (Baltimore) | Loyola University (Baltimore) |
| Hinh Khieu | 2009 | Mullineaux | University of Southern Indiana | University of Southern Indiana |
| Qun Wu | 2008 | Jordan | University of Arkansas — Little Rockv | SUNY — Oneonta |
| Zsuzsa Hsuzar | 2007 | Jordan | California State University — Pomona | National University of Singaporev |
| Pankaj Maskara | 2007 | Mullineaux | Eastern Kentucky University | Eastern Kentucky University |
| Zekeriya Eser | 2007 | Jordan | Eastern Kentucky University | Eastern Kentucky University |
| Denver Travis | 2006 | Childs | California State University — Sacramento | California State University — Sacramento |
| John Gonas | 2005 | Ambrose | Belmont University | Belmont University |
| Mark Pyles | 2005 | Mullineaux | College of Charleston | College of Charleston |
| Steven Dolvin | 2004 | Jordan | Butler University | Butler Universityt |
| Sylvia Lu | 2004 | Mullineaux | Tamkang University (Taiwan) | Tamkang University (Taiwan) |
| Michael Highfield | 2002 | Jordan | Louisiana Tech University | Mississippi State Universityt |
| Ha-Chin Yi | 2002 | Mullineaux | Texas State University | Texas State Universityt |
| Daniel Bradley | 2001 | Jordan | Clemson University | University of South Floridat |
| Ivan Roten | 2001 | Mullineaux | Appalachian State University | Appalachian State Universityt |
| v Visiting | ||||
| t Tenured | ||||
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Essentials of Corporate Finance S.A. Ross, R.W. Westerfield, and B.D. Jordan, 6th ed., McGraw-Hill/Irwin (2008) |
Corporate Finance: Core Principles and Applications 2/e S.A. Ross, R.W. Westerfield, J.F. Jaffe, and B.D. Jordan, 1st ed., McGraw-Hill/Irwin (2009) |
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Fundamentals of Corporate Finance S.A. Ross, R.W. Westerfield, and B.D. Jordan, 9th ed., McGraw-Hill/Irwin (2010) |
Fundamentals of Investments: Valuation and Management B.D. Jordan and T.W. Miller, 5th ed., McGraw-Hill/Irwin (2009), ISBN-10: 0073382353 |
- U.S. editions:
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- Fundamentals of Corporate Finance
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9th ed., McGraw-Hill/Irwin (2010), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
8th ed., McGraw-Hill/Irwin (2008), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
7th ed., McGraw-Hill/Irwin (2006), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
6th ed., McGraw-Hill/Irwin (2003), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
5th ed., Irwin/McGraw-Hill (2000), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
4th ed., Irwin/McGraw-Hill (1997), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
3rd ed., Richard D. Irwin (1995), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
2nd ed., Richard D. Irwin (1993), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
1st ed., Richard D. Irwin (1991), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
- Essentials of Corporate Finance
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6th ed., McGraw-Hill/Irwin (2008), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
5th ed., McGraw-Hill/Irwin (2007), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
4th ed., McGraw-Hill/Irwin (2004), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
3rd ed., McGraw-Hill/Irwin (2001), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
2nd ed., Irwin/McGraw-Hill (1999), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
1st ed., Richard D. Irwin (1996), S.A. Ross, R.W. Westerfield, and B.D. Jordan.
- Fundamentals of Investments: Valuation and Management
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5th ed., McGraw-Hill/Irwin (2009), B.D. Jordan and T.W. Miller.
4th ed., McGraw-Hill/Irwin (2008), B.D. Jordan and T.W. Miller.
3rd ed., McGraw-Hill/Irwin (2005), C.J. Corrado and B.D. Jordan.
2nd ed., McGraw-Hill/Irwin (2002), C.J. Corrado and B.D. Jordan.
1st ed., Irwin/McGraw-Hill (2000), C.J. Corrado and B.D. Jordan.
- Corporate Finance: Core Principles and Applications
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2nd ed., McGraw-Hill/Irwin (2009), S.A. Ross, R.W. Westerfield, J.F. Jaffe, and B.D. Jordan.
1st ed., McGraw-Hill/Irwin (2008), S.A. Ross, R.W. Westerfield, J.F. Jaffe, and B.D. Jordan.
- International adaptations:
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- Essentials of Corporate Finance, Australian Edition
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1st ed., McGraw-Hill (2008), S.A. Ross, R. Traylor, R. Bird, R.W. Westerfield, and B.D. Jordan.
- Essentials of Corporate Finance, Canadian Edition
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1st ed., McGraw-Hill (2008), S.A. Ross, R. Traylor, R. Bird, R.W. Westerfield, and B.D. Jordan.
- Fundamentals of Corporate Finance, Canadian Editions
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5th ed., McGraw-Hill/Ryerson (2005), S.A. Ross, R.W. Westerfield, B.D. Jordan, and G.S Roberts.
4th ed., McGraw-Hill/Ryerson (2002), S.A. Ross, R.W. Westerfield, B.D. Jordan, and G.S Roberts.
3rd ed., McGraw-Hill/Ryerson (1999), S.A. Ross, R.W. Westerfield, B.D. Jordan, and G.S Roberts.
2nd ed., Richard D. Irwin (1996), S.A. Ross, R.W. Westerfield, B.D. Jordan, and G.S Roberts.
1st ed., Richard D. Irwin (1993), S.A. Ross, R.W. Westerfield, B.D. Jordan, and G.S Roberts.
- Fundamentals of Corporate Finance, South African Editions
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3rd ed., McGraw-Hill (2004), C.S. Firer, S.A. Ross, R.W. Westerfield, and B.D. Jordan.
2nd ed., Richard D. Irwin (2001), S.A. Ross, R.W. Westerfield, B.D. Jordan, and C.S. Firer.
1st ed., Richard D. Irwin (1996), S.A. Ross, R.W. Westerfield, B.D. Jordan, and C.S. Firer.
- Fundamentals of Corporate Finance, Australian Editions
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4th ed., McGraw-Hill (2007), S.A. Ross, S.C. Thompson, M.J. Christensen, R.W. Westerfield, and B.D. Jordan.
3rd ed., Richard D. Irwin (2004), S.A. Ross, S.C. Thompson, M.J. Christensen, R.W. Westerfield, and B.D. Jordan.
2nd ed., Richard D. Irwin (2001), S.A. Ross, S.C. Thompson, M.J. Christensen, R.W. Westerfield, and B.D. Jordan.
1st ed., Richard D. Irwin (1995), S.A. Ross, S.C. Thompson, M.J. Christensen, R.W. Westerfield, and B.D. Jordan.
- Fundamentals of Investments: Valuation and Management, Canadian Edition
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1st ed., McGraw-Hill/Ryerson (2006), C.J. Corrado, B.D. Jordan, and A. Yuce.
Translations: Various editions of Fundamentals of Corporate Finance, Essentials of Corporate Finance, and Fundamentals of Investments have been translated into Chinese, Dutch, French, Korean, Polish, Portuguese, Russian, Spanish, and Thai.
- General:
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Advice for Aspiring Economists by Prof. Greg Mankiw
- Writing and style manuals:
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Writing Tips for PhD Students by Prof. John Cochrane
Fussy Professor Starbuck's Cookbook of Handy-Dandy Prescriptions for Ambitious Academic Authors by Professor Starbuck
Style Guide by the Economist Magazine
Writing and research tips from the Owl at Purdue
- Presentations:
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Tips on presentations (how to avoid disasters) by Monika Piazzesi
- Job market advice (Mainly written for economic PhDs, but good for all):
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Job market advice by Bob Hall
Information for Graduate Students on the Job Market from the economics department at Harvard
Job market resources from the placement office at Stanford
A Guide and Advice for Economists on the U. S. Academic Job Market by John Crowley
- Academic finance sites:
- Time kill central (Thanks Click and Clack!):
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PhD Comics The comic everyone you know is reading.
Cartoon Bank The comics that everyone you don't know (yet) are reading. They are selling them, but yes, they are that good.