Biography

Richard Warr is a Professor of Finance and the Associate Dean for Faculty and Research in the Poole College of Management at NC State University. He received his Ph.D in Finance from the University of Florida in 1998. His research focuses on information transmission in markets, equity valuation, endogeneity of corporate events such as option listings, short selling, capital structure and market microstructure. He has published papers in several top finance and accounting journals including the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, Financial Management and the Journal of Corporate Finance. He served as the Co-Editor of the Financial Review from 2015 - 2021.  His teaching is in the area of investments, portfolio management, security analysis.

Education

Ph.D. (Finance), University of Florida. December 1998. Dissertation: The Decline of Inflation and the Bull Market of 1982 to 1997 Chair: Jay R. Ritter

MBA, University of North Carolina, Wilmington  May 1992.

B.Sc. (Hons), (Land Management), University of Reading, England,  June 1987.

Curriculum Vitae

Published Papers

• “Analysts versus Time-Series Forecasts of Quarterly Earnings: A Maintained Hypothesis Revisited”, Don Pagach and Richard S. Warr, Advances in Accounting, 2020, 51, ​ https://doi.org/10.1016/j.adiac.2020.100497.

• "Do Pro-Diversity Policies Improve Corporate Innovation?", Roger Mayer, Richard S. Warr and Jing Zhao, Financial Management, 2018, 47, 3, 617 – 650.  https://doi.org/10.1111/fima.12205

Press about my diversity research: Fast Company,  WUNC Radio, Psychology Today, NBC News, Forbes, CIO.com

• "Inflation and Mutual Fund Flows", Srini Krishnamurthy, Denis Pelletier and Richard S. Warr, Journal of Financial Markets, 2018, 13, 52-69. https://doi.org/10.1016/j.finmar.2017.12.001

• "The propensity to split and CEO compensation", Erik Devos, William Elliott, Richard S. Warr, Financial Management, 2018, 47,  1, 105-129. https://doi.org/10.1111/fima.12179

• "CEO Opportunism?: Option Grants and Stock Trades around Stock Splits", Erik Devos, William Elliott and Richard S. Warr, Journal of Accounting and Economics, 2015, 60, 18-35. https://doi.org/10.1016/j.jacceco.2015.02.004

• "Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts", Bartley Danielsen, David Harrison, Robert Van Ness and Richard S. Warr, Journal of Real Estate Research, 2014, 36. https://www.jstor.org/stable/24888728

• "Capital Structure, Equity Mispricing and Stock Repurchases", Alice A. Bonaime, Ozde Oztekin and Richard S. Warr, Journal of Corporate Finance, 2014, 26, 182-200. http://doi.org/10.1016/j.jcorpfin.2014.03.007

• "Equity Mispricing and Leverage Adjustment Costs",  Richard S. Warr, William B. Elliott, Johanna Koeter-Kant, and Ozde Oztekin, Journal of Financial and Quantitative Analysis, 2012, Vol 47, 589-616. http://doi.org/10.1017/S0022109012000051

• "Short selling of ADRs and Foreign Market Short-Sale Constraints", Benjamin Blau, Robert Van Ness and Richard S. Warr, Journal of Banking and Finance, 2012, Vol 36, 886-897. http://doi.org/10.1016/j.jbankfin.2011.10.004 

• "The Characteristics of Firms That Hire Chief Risk Officers", Don Pagach and Richard S. Warr, Journal of Risk and Insurance, 2011, Vol 78, No 1, 185-211. https://doi.org/10.1111/j.1539-6975.2010.01378.x

• "REIT Auditor Fees and Financial Market Transparency", Bartley R. Danielsen, David M. Harrison, and Robert A. Van Ness, Real Estate Economics, 2009, Vol 37, No 3, 515-557. https://doi.org/10.1111/j.1540-6229.2009.00250.x

• "Single Stock Futures as a Substitute for Short Sales: Evidence from Microstructure Data", Bartley Danielsen, Robert Van Ness and Richard S. Warr, Journal of Business Finance and Accounting, 2009, Vol 36, 1273-1293. https://doi.org/10.1111/j.1468-5957.2009.02159.x

• "The Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes", Mark Beasley, Don Pagach, and Richard S. Warr, Journal of Accounting, Auditing and Finance, 2008, Vol. 23 Issue 3, p311-332. (Lead Article). https://doi.org/10.1177%2F0148558X0802300303

• "Market Timing and the Debt-Equity Choice", William B. Elliott, Anjo Koeter and Richard S. Warr, Journal of Financial Intermediation, 2008, Vol 17, 175-197. http://doi.org/10.1016/j.jfi.2007.05.002

• " Cubes to Quads, the change from QQQ on the AMEX to QQQQ on the NASDAQ", Kevin Broom, Robert Van Ness and Richard S. WarrJournal of Economics and Business, 2007, Vol 59, 520-535. http://doi.org/10.1016/j.jeconbus.2007.01.002

• "Reassessing the Impact of Option Introductions on Market Quality: A Less Restrictive Test for Event-Date Effects", Bartley R. Danielsen, Bonnie F. Van Ness and Richard S. Warr, Journal of Financial and Quantitative Analysis, 2007, Vol 42, 1041-1062. http://doi.org/10.1017/S0022109000003495

• "Audit Fees, Market Microstructure and Informational Transparency", Bartley Danielsen, Robert A. Van Ness and Richard S. Warr, Journal of Business Finance and Accounting, 2007, Vol 34, 202-221. https://doi.org/10.1111/j.1468-5957.2006.00652.x

• "A Valuation-Based Test of Market-Timing", William B. Elliott, Anjo Koeter and Richard S. Warr, Journal of Corporate Finance, 2007, Vol. 13, 112-128. http://doi.org/10.1016/j.jcorpfin.2006.12.001 

• "What Drives the S&P500 Inclusion Effect? An Analytical Survey", Bill Elliott, Bonnie Van Ness, Mark Walker and Richard S. Warr, Financial Management 2006, Vol 35, No 4, pp. 31-48. https://doi.org/10.1111/j.1755-053X.2006.tb00158.x

• "NASDAQ Trading and Trading Costs: 1993-2002", Bonnie Van Ness, Robert Van Ness and Richard S. Warr, The Financial Review, 2005, Vol. 40, pp. 281-304. https://doi.org/10.1111/j.1540-6288.2005.00103.x

• "The Impact of Market-Maker Concentration on Adverse Selection Costs for NASDAQ Stocks", Bonnie F. Van Ness, Robert A. Van Ness and Richard S. Warr, Journal of Financial Research, 2005, Vol. 28, No. 3, pp. 461-485. https://doi.org/10.1111/j.1475-6803.2005.00134.x

• "The Impact of the Introduction of Index Securities on the Underlying Stocks: The Case of the Diamonds and the Dow 30", Bonnie Van Ness, Robert Van Ness and Richard S. Warr, Advances in Quantitative Analysis of Finance and Accounting, 2005, Vol. 2. pdf

• "An Empirical Study of Inflation Distortions to EVA", Richard S. Warr, Journal of Economics and Business, 2005, Vol. 57, No. 2, pp. 119-137. http://doi.org/10.1016/j.jeconbus.2004.09.006

• "Price Pressure on the NYSE and Nasdaq: Evidence from S&P 500 Index Changes", William Elliott and Richard S. Warr, Financial Management, Autumn, 2003, Vol.30, No. 3, pp. 85-99.   https://www.jstor.org/stable/3666385

• "Is the Adverse Selection Component Really Higher on the NYSE/Amex than on the Nasdaq?", Bonnie Van Ness, Robert Van Ness and Richard S. Warr, Journal of Business, Finance & Accounting, 2002, Vol. 29, No. 5 & 6, pp. 807-824. https://doi.org/10.1111/1468-5957.00451

• "The Decline of Inflation and the Bull Market of 1982 to 1999", Jay R. Ritter and Richard S. Warr, Journal of Financial and Quantitative Analysis, 2002, Vol. 37, No. 1, pp. 29-61. http://doi.org/10.2307/3594994

• "How Well Do Adverse Selection Models Measure Adverse Selection?", Bonnie Van Ness, Robert Van Ness and Richard S. Warr, Financial Management, 2001, Vol. 30, No. 3, pp. 77-98. https://doi.org/10.2307/3666377

Monographs and Book Chapters

• "Corporate Reputational Risk and Enterprise Risk Management: An Analysis from the Perspectives of Various Stakeholders", Donald Pagach and Richard S. Warr, Society of Actuaries Monograph, 2009. link

• "A Comparison of NYSE and Regional Trading (1993-2002)", Bonnie Van Ness, Robert Van Ness and Richard S. Warr, Focus on Financial Institutions and Services Nova Science Publishers, Inc., Hauppauge, NY.

Unpublished Completed Manuscripts

• "The Effects of Enterprise Risk Management on Firm Performance", Donald Pagach and Richard Warr, http://ssrn.com/abstract=1155218 link

• "The cost savings associated with Indexing the NC Pension Fund", Richard Warr, here link

Teaching

My teaching is in the area of corporate finance and investments. I have taught:

• FinTech (MBA/Graduate)

• Investment Theory and Practice (MBA/Graduate)

• Portfolio and Capital Market Theory (MBA/Graduate)

• Corporate Finance (MBA/Graduate)

• Financial Analytics (Master of Advanced Analytics)

• Financial Management (Undergraduate)

• Investments and Portfolio Management (Undergraduate)

Current class websites are on Moodle