Current Courses

• FIN370 Sections 1 and 2

Education

• B.S. & M.A. University of South Dakota

• Ph.D. University of Nebraska - Lincoln

Publications

• "The Impact of Syndication Announcements on Borrower Share Prices," with Dominic Gasbarro, Kim-Song Le and J. Kenton Zumwalt, 2003, Journal of Financial Research, forthcoming.

• “Original-Issue Systematic and Default Risk Pricing Efficiency of Speculative Grade Bonds,” with Ronald W. Spahr and Mark A. Sunderman, 2002, Journal of Risk and Insurance, Vol. 69, No. 4, 489-516.

• “The Impact of Financial Crises on International Diversification,” with John P. Olienyk and J. Kenton Zumwalt, 2002, Global Finance Journal, forthcoming.

• “The Effect of Serial Dependence on Multiperiod Holding Period Return Performance,” with Ronald W. Spahr, 2001, Financial Review, Vol. 36, No. 4, 49-74.

• “Using World Equity Benchmark Shares to Achieve International Diversification,” with John P. Olienyk and J. Kenton Zumwalt, 2000, Journal of Financial Planning, Vol. 14, No. 6, 98-113.

• “Per Unit Cost Allocation of Invested Capital with Anticipated Nonlevel Production: The Case of Extractive Industries,” with Ronald W. Spahr and Frank A. Putnam III, 1999, Engineering Economist, Vol. 44, No. 4, 332-347.

• “WEBS, SPDRs, and Country Funds: An Analysis of International Cointegration,” with John Olienyk and Kent Zumwalt, 1999, Journal of Multinational Financial Management, Vol. 9, 217-232.

• “Comparing Mean Reverting Versus Pure Diffusion Interest Rate Processes in Valuing Postponement Options,” with Ronald W. Spahr, 1998, Quarterly Review of Economics and Finance, Vol. 38 Special Issue, 579-598.

• "A Simple Derivation of the Fisher Equation Under Uncertainty," with Thomas S. Zorn, 1997, Journal of Financial Education, Vol. 23 (Fall), 84-87.

• "Insurance Futures and Hedging Insurance Price Risk," with Samuel H. Cox, 1992, Journal of Risk and Insurance, Vol. 59, No. 4, 628-44.

Awards

• Award for Best Finance Paper, Western Decision Sciences Institute 2000 Annual Meeting

Proceedings/Transactions

• "Центральный Банк, Банковская Конкуренция И Экономическое Развитие: Опыт Сша И России A” or “The Central Bank, Competition in Banking and Economic Development: U.S. and Russian Experience,” with Ronald W. Spahr, Mohammad Ashraf and Yuri I. Korobov, November 16, 2000, Proceedings of the Bank Marketing Conference, Saratov, Russia, hosted by the Russian Central Bank, Moscow Finance Academy and Saratov State Socio-Economic University.

• “Time Diversification and Distribution Moments of Serially Non-Independent Holding Period Returns,” with Ronald W. Spahr, 2000, Proceedings of the Twenty-Ninth Annual Meeting of the Western Decision Sciences Institute, 378-84. This paper received the Finance Track Outstanding Paper Award.

• "A Comparison of Mean Reverting Versus Pure Diffusion Interest Rate Processes in Valuing Caps and Floors," with Ronald W. Spahr and Ying Li, 1999, Proceedings of the Twenty-Eighth Annual Meeting of the Western Decision Sciences Institute, 244-48.

• "The Postponement Option in Capital Budgeting: A Practical Option-Based Approach," with Ronald W. Spahr, 1997, Proceedings of the Twenty-Sixth Annual Meeting of the Western Decision Sciences Institute, 255-59.

Recent Presentations

• “Macro-Finance: Application of Financial Economic Theory for Implementing Macroeconomic Policy,” with Ronald W. Spahr, Mohammad Ashraf and Yuri I. Korobov, November 2001, Southern Finance Association 2001 Annual Meeting, Destin, Florida.

• “Using Cumulants to Decompose Multiperiod Return Covariance into Cross-Sectional and Serial Components,” with Ronald W. Spahr, October 2001, Financial Management Association 2001 Annual Meeting, Toronto.

• “The Effect of Multiperiod Cross-Sectional and Serial Covariance on Holding Period Return Performance,” with Ronald W. Spahr, April 2001, Eastern Finance Association 2001 Annual Meeting, Charleston, SC.

• “Scenic and Productive Ranch Properties as Components of Diversified Portfolios,” with Ronald W. Spahr and Mark A. Sunderman, April 2001, American Real Estate Society 2001 Annual Meeting, Coeur d’Alene, Idaho.

• “A Critique of U.S. and Russian Central and Commercial Bank Practices as Determinants of Economic Prosperity,” with Ronald W. Spahr, Mohammad Ashraf and Yuri I. Korobov, November 16, 2000, International Bank Marketing Conference, hosted by Saratov Economics University and Moscow Finance Academy, Saratov, Russia.

• “Time Diversification and Cross-Sectional and Serial Covariance of Non-Independent Holding Period Returns,” with Ronald W. Spahr, October 2000, Financial Management Association 2000 Annual Meeting, Seattle.

• “The Impact of Financial Crises on International Diversification,” with John Olienyk and Kent Zumwalt, July 6-8, 2000, Twelfth Annual Pacific-Basin Capital Markets Research Center/ Financial Management Association Conference, Melbourne, Australia.

• “Decomposing Multiperiod Return Covariance into Cross-Sectional and Seasonal Components,” May 2000, with Ronald W. Spahr, 2000 Financial Management Association European Conference, Edinburgh, Scotland.

• “Time Diversification and Distribution Moments of Serially Non-Independent Holding Period Returns,” with Ronald W. Spahr, April 2000, Western Decision Sciences Institute 2000 Annual Meeting, Maui, Hawaii. This paper received the Finance Track Outstanding Paper Award.

• “Decomposing Multiperiod Return Covariance into Cross Sectional and Serial Components for Agricultural Real Estate, REITs and Standard Financial Instruments,” with Ronald W. Spahr and Mark A. Sunderman, March 2000, American Real Estate Society 2000 Annual Meeting, Santa Barbara.