Publications

1. Option Backdating and Board Interlocks, with John Bizjak and Michael Lemmon, Review of Financial Studies, 2009, 22, 4821-4847.

2. Evidence of Motives and Market Reactions to Sale and Leasebacks, with Kyle Wells, Journal of Applied Finance, 2011, 2, 1-14.

3. Price Discovery in the Treasury-Bill When-Issued Market, with Jeffrey Mercer, Mark Moore, and Drew Winters, The Financial Review, 2013, 48, 1-24.

4. Market Responses to Sale-and-Leasebacks, Real Estate Finance, April 2013, 3-14.

5. Human and Social Capital in the Labor Market for Directors, with George Cashman and Stuart Gillan, Advances in Financial Economics, 2013, 16, 137-164.

6. Do Leases Expand Debt Capacity, with James Schallheim and Kyle Wells, Journal of Corporate Finance, December 2013, 28, 368-381.

7. REIT Momentum and Characteristic-Related REIT Returns, with Paul Goebel, David Harrison, and Jeffrey Mercer, Journal of Real Estate Finance and Economics, 2013, 47: 564-581

8. Speculative Trading in REITs, with Benjamin Blau, Journal of Financial Research, Spring 2014, 37(1), 55-74.

9. The Information Content of Option Ratios, with Benjamin Blau and Nga Nguyen, Journal of Banking and Finance, June 2014, 43, 179-187.

10. Skewness and the Asymmetry in Earnings Announcement Returns, with Benjamin Blau and J. Michael Pinegar, Journal of Financial Research, Summer 2015 (2), 145-168.

11. The Distribution of REIT Liquidity, with Benjamin Blau and Nga Nguyen, Journal of Real Estate Literature, 2015 Vol. 23 (2) 233-252.

12. The Volatility of Bid-Ask Spreads, with Benjamin Blau, Financial Management, 2015, 44(4), 851-874.

13. Timing Poorly: A Guide to Generating Poor Returns While Investing in Successful Strategies, with Jason Hsu and Brett Myers, Journal of Portfolio Management, 2016, 42(2) 90-98.

14. The Financial Impact of Lender of Last Resort Borrowing from the Federal Reserve during the Financial Crisis, with Benjamin Blau and Scott Hein, Journal of Financial Research, 2016, Vol. 39(2), 179-206.

15. Gambling Preferences, Options Markets, and Volatility with Benjamin Blau and T. Boone Bowles, Journal of Financial and Quantitative Analysis, 2016, 51(2) 1-26.

16. The Impact of Nominal Stock Price on Ex-Dividend Price Responses, with Keith Jakob, Review of Quantitative Finance and Accounting, 2016, 47, 1-15. 

17. Idiosyncratic Kurtosis and Expected Returns, with Benjamin Blau, Journal of Investing, Winter 2017, 26 (4) 81-88.

18. Option Introductions and the Skewness of Stock Returns, with Benjamin Blau, Journal of Futures Markets, 2017  37: 892-912.

19. Skewness, Short Interest, and the Efficiency of Stock Prices, with Benjamin Blau, Applied Economics, 2018, 50: 229-242.

20. Range Based Volatility and Expected Returns, with Benjamin Blau, PLOS ONE, 2018 12(11): e0188517.

21. Network Connections in REIT Markets, with George Cashman, Stuart Gillan, and David Harrison, Journal of Real Estate Literature, 2018, 26(1): 83-102.

22. The Maximum Bid-Ask Spread, with Benjamin Blau and Todd Griffith, Journal of Financial Markets, 2018, 41: 1-16

23. How Does Short Selling Affect Liquidity in Financial Markets?, with Benjamin Blau, Finance Research Letters, 2018, 25: 244-250.

24. The Amendment of the STOCK Act and the Prices of Stocks Most Held by Congress, with Benjamin Blau and Josh Wilson, Law and Financial Markets Review, 2018, 12(4): 210-227.

25. Skewness Preferences and Gambling Cultures, with Benjamin Blau and Jason Hsu, Pacific-Basin Finance Journal, 2019, 58, https://doi.org/10.1016/j.pacfin.2019.101206.

26. Price Clustering and Economic Freedom:  The Case of Cross-Listed Securities, with Ahmed Baig and Benjamin Blau, Journal of Multinational Financial Management, 2019, 50, 1-12.

27. Information in Stock Prices: The Case of the 2016 U.S. Presidential Election, with Benjamin Blaue and Todd Griffith, Applied Economics, 2019, 51, 4385-4396.

28. Does Probability Weighting Drive Skewness Preferences?, with Benjamin Blau and Jared Delisle, Journal of Behavioral Finance, 2020, 21(3), 233-247.

29. Rethinking Decimalization: The Impact of Increased Tick Sizes on Trading Activity and Volatility, with Benjamin Blau, 2019, Market Microstructure and Liquidity 5, 2050006.

30. Gambling Activity and Stock Price Volatility: A Cross-Country Analysis, with Benjamin Blau, 2020 Journal of Behavioral and Experimental Finance 27, 100338.

31. Comovement in the Stock Prices of Banks: The Case of Opacity, with Benjamin Blau and Todd Griffith, 2019, Accounting and Finance 60, 3557-3580.

32. Gambling Cultures and Stock Price Volatility:  A Cross-Country Analysis, with Benjamin Blau, Journal of Behavioral and Experimental Finance, 2020, 27, https://doi.org/ 10.1016/j.jbef.2020.100338

33. Comovement in the Cryptocurrency Market, with Benjamin Blau and Todd Griffith, 2020, Economics Bulletin 40, 1-9.

34. Inflation and Bitcoin: A Descriptive Time-Series Analysis, with Benjamin Blau and Todd Griffith,  2021, Economics Letters 203, 109848.

35. Corporate Lobbying and the Value of Firms: The Case of Defense Firms and the 9/11 Terrorist Attacks, with Benjamin Blau, Todd Griffith, and Derek Larsen, 2021, International Review of Finance, Forthcoming.

36. Income Inequality and the Volatility of Stock Prices, with Benjamin Blau and Todd Griffith, 2021, Applied Economics, Forthcoming

37. Price Clustering and Expected Returns, with Benjamin Blau and Todd Griffith, 2021, Journal of Behavioral Finance, Forthcoming.

38. Investor Sentiment and the Time Variation of the Illiquidity Premium, with Benjamin Blau and Fanesca Young, Journal of Systematic Investing, Forthcoming.

39. On the Ethics of "Non-Corporate" Insider Trading, with Benjamin Blau and Todd Griffith, 2021, Journal of Business Ethics, Forthcoming. 

Working Papers

1. The Stock Markets Reaction to Going Green, with Benjamin Blau and Todd Griffith, Working Paper.

2. The Economic Implications of Mass Shootings on Real Estate, with Benjamin Blau, Working Paper.

3. The Stock Market Reaction to Large-Scale Oil Spills:  The Case of Politically-Connected Energy Firms, with Ahmed Baig, Benjamin Blau, and Todd Griffith, Working Paper.

4. The Substitution Effects Between Pharmaceutical Innovation and Corporate Lobbying Expenditures, with Benjamin Blau and Daniel Mosman, Working Paper.

5. Corporate Lobbying and Lending by Banks during the Financial Crisis, with Benjamin Blau and Todd Griffith, Working Paper.

6. Measuring Noise in Security Prices, with Benjamin Blau and Todd Griffith, Working Paper.

7. Corporate Lobbying and Market Concentration, with Lizzy Bickmore and Benjamin Blau, Working Paper.

8. Financial Markets and Innovation, with Benjamin Blau and Todd Griffith, Working Paper.

9. Regulation and the Comovement of Stock Prices, with Benjamin Blau and Todd Griffith. Working Paper.

10. Can Google Search Volume Meaningfully Predict Market Returns and Volatility? with Benjamin Blau and Todd Griffith, Working Paper

11. Pharmaceutical Innovation and Financial Development, with Benjamin Blau and Todd Griffith, Working Paper.

12. How Does Lobbying Regulation Affect the Stock Prices of Firms that Lobby the Most, with Benjamin Blau and Brenan Stewart, Working Paper.

13. The Price Efficiency of ADRs and the Quality of Institutions, with Benjamin Blau, Working Paper.

14. Airline Disasters, Terrorism, and the Performance of Tourism Stocks, with Benjamin Blau and Todd Griffith, Working Paper.

15. Banks, Credit Markets, and Infant Mortality, with Benjamin Blau and Todd Griffith, Working Paper.

16. The Covid-19 Pandemic and the Effect on U.S. Financial Markets, with Benjamin Blau and Todd Griffith, Working Paper.

17. Corporate Lobbying and Tax Avoidance, with Benjamin Blau and Todd Griffith, Working Paper.

18. The Tradeoff Between Capital Investment and Corporate Lobbying, with Benjamin Blau and Todd Griffith, Working Paper.

19. Reference Dependence and Anchoring on the 52-Week High: Implications for Asset Pricing, with Benjamin Blau and Darren Woodward, Working Paper.

20. Dynamic Timing and the Predictability of Actively Managed Mutual Fund Returns, with Jason Hsu, Vitali Kalesnik, and Brett Myers, Working Paper.

21. Investor Sentiment and the Volatility Puzzle, with Benjamin Blau and Bradley Cannon, Working Paper.

22. Fund Flows and Smart Beta: The Case of the Value Return Premium. with Benjamin Blau and Fanesca Young, Working Paper.

23. Pharmaceutical Innovation and Drug Policy: The Case of the 1984 Hatch-Waxman Act.  With Benjamin Blau and Joshua Lyman, Working Paper.

24. The Ethical and Empirical Consequences of Maximizing Shareholder Value, with Benjamin Blau and Todd Griffith, Working Paper.

Early Stage Research

1. Speculative Trading, Market Liquidity, and the Efficiency of Stock Prices, with Benjamin Blau.

2. Systematic Liquidity Risk, with Benjamin Blau.

3. The Illiquidity Premium and Short Sale Constraints, with Benjamin Blau.

4. Negative Lotteries and the Cross-Section of Returns, with Benjamin Blau and Bradley Cannon.

5. Return Skewness and the Cost of Capital, with Benjamin Blau.

6. Single Stock Futures and Market Quality, with Benjamin Blau, Josh Fairbanks, and Cuyler Strong.

7. The Relative Information Content of Option Volume and Implied Volatilities, with Benjamin Blau and Nga Nguyen.

8. Lobbying and Investment, with Benjamin Blau and Dan Mossman

9. Public vs Private:  The Changing Landscape of Equity Markets, with Benjamin Blau and Josh Fairbanks

Appointments

• Professor, Jon M. Huntsman School of Business, Utah State University, 2021 - Present

• Associate Professor, Jon M. Huntsman School of Business, Utah State University, 2016 - 2021

• Assistant Professor, Jon M. Huntsman School of Business, Utah State University, 2012 - 2016

• Assistant Professor, Rawls College of Business, Texas Tech University, 2007 - 2012

Education

• Ph.D. in Finance, University of Utah, 2007

• M.S. in Finance, University of Utah, 2005

• B.A. in Business Administration, Weber State University, 1998