Campbell Russell Harvey

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Editorial

• "Preparing a Referee Report: Guidelines and Perspectives", with Jonathan Berk and David Hirshleifer. (W131)
  • Download PDF.

Equity Risk Premium

• "The Equity Risk Premium in 2015", with John Graham. (W130)
  • Download PDF.
  
  
• "The Equity Risk Premium in 2014", with John Graham. (W123)
  • Download PDF.
  
  
• "The Equity Risk Premium in 2013", with John Graham. (W112)
  • Download PDF.
  • Alternative download.

Financial Press

• "The Big Freeze" with Murillo Campello and John Graham, The Financial Times, February 5, 2009. (W91)
  • Published version.
  • Download PDF with original title, "The Long-Term Cost of the Financial Crisis".
  • Alternative download.
  
  
• "Do Cryptocurrencies such as Bitcoin have a Future?" The Wall Street Journal,March 1, 2015.
  • Published version.

Books, Chapters, Monographs

• "An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns," with Wayne Ferson, in Jeffrey Frankel, Editor, The Internationalization of Equity Markets, (Chicago: University of Chicago Press, 1994, pp. 59-138). (C1)
  • Published version.
  • Also published as NBER working paper 4595.
  • Google scholar citations
  
  
• "Portfolio Enhancement using Emerging Markets and Conditioning Information," in Stijn Claessens and Shan Gooptu, Eds., Portfolio Investment in Developing Countries, (Washington: The World Bank Discussion Series, 1993, pp. 110-144). (C2)
  • Published version.
  • View PDF last working paper version
  • Google scholar citations
  
  
• "The World Price of Covariance Risk," in Stanley Stansell, Editor, International Financial Market Integration, (London: Basil Blackwell, 1993, pp. 187-234). (C3)


• "la Capacità Previsiva della Struttura per Scadenza dei Tassi d'Interesse Italiani in Relazione alla Crescita Economica Reale," with Sidhartha Kaul and Chris M. Kirby, Serie Economica, 1990, CRF Gruppo IMI. (C4)
  • View PDF
  
  
• "The Contribution of Speculators to Effective Financial Markets," with Geert Bekaert and Márcio G.P. Garcia, Catalyst Monograph Series, 1995, Catalyst Institute. (C5)
  • View PDF
  
  
• "The Role of Capital Markets in Economic Growth," with Geert Bekaert and Márcio G.P. Garcia, Catalyst Monograph Series, 1995, Catalyst Institute. (C6)
  • View PDF
  
  
• "Capital Markets: An Engine for Economic Growth," with Geert Bekaert, Catalyst Monograph Series, 1995, Catalyst Institute. (C7)
  • View PDF
  
  
• "Instrumental Variables Estimation of Conditional Beta Pricing Models," with Christopher Kirby, Handbook of Statistics 14, G.S. Maddala, C.R. Rao and H.D. Vinod, Eds., North Holland, 1996, 35-60. (C8)
  • View PDF
  
  
• "The Risk Exposure of Emerging Equity Markets," in Investing in Emerging Markets Mike J. Howell, Ed., London, 1994, pp. 116-174. [Expanded version of W30]. (C9)
  • View PDF
  
  
• "The Behavior of Emerging Market Returns," with Geert Bekaert, Claude Erb and Tadas Viskanta, in The Future of Emerging Market Capital Flows, in Richard Levich (ed.), Boston: Kluwer Academic Publishers), 1998, Chapter 5, 107-173. (C10) [prev. W25]
  • View PDF
  • Google scholar citations
  
  
• "The Cross-Sectional Determinants of Emerging Equity Market Returns," with Geert Bekaert, Claude Erb and Tadas Viskanta, in Peter Carman, ed., Quantitative Investing ofr the Global Markets: Strategies, Tactics, and Advanced Analytical Techniques, 1997, Chicago: Glenlake Publishing), 221-272. (C11)
  • View PDF
  
  
• "The Risk and Expected Returns of African Equity Investments," with Claude Erb and Tadas Viskanta, in Paul Collier and Cathy Pattillo, Eds., Investment and Risk in Africa, (MacMillan), 2000, 122-145. (C12) [prev. W30]
  • View PDF of last working paper version,
  • View PDF
  
  
• Country Risk in Global Financial Management, with Claude B. Erb and Tadas E. Viskanta, AIMR, 1997. (C13) [prev. W33]
  • View PDF of last working paper version,
  • View PDF
  
  
• "Capital Flows and the Behavior of Emerging Market Equity Returns," with Geert Bekaert, in Sebastian Edwards, Capital Inflows to Emerging Markets NBER and University of Chicago Press, 2000, 159-194. (C14) [prev. W37]
  • View PDF of last working paper version.
  • View PDF.
  • Also published as NBER working paper 6669.
  • Google scholar citations
  
  
• "Forecasting emerging market returns using neutral networks," with Kirsten E. Travers and Michael J. Costa, in Institutional Investor's, Financial Technology, June 1999, 25-36. (C15)
  • View PDF
  
  
• "The variation of economic risk premiums," with Wayne E. Ferson, in Robert Korajczyk, Ed., Asset pricing and portfolio performance: Models, strategy and performance metrics, 1999, London: Risk Books. (C16)
  • View PDF
  
  
• "The Asian Bet," with Andrew Roper, in Alison Harwood, Robert E. Litan and Michael Pomerleano, Eds., The Crisis in Emerging Financial Markets, Brookings Institution Press, 1999, pp. 29-115. (C17)[prev. W43].
  • View PDF.
  • View PDF of last working paper version.
  • Google scholar citations
  
  
• "Glossary of Equity Related Terms," in Reuters Financial Training Series, An Introduction to Equity Markets, John Willey and Sons, Singapore, 1999. (C18)
  • View PDF
  
  
• "New Perspectives on Emerging Market Bonds," in G. Philippatos and G. Koutmos, eds., International Securities, Volume II, Edward Elgar Publishing, UK, 317-326, 2002. (C19)
  • View PDF
  
  
• "Asset Pricing in Emerging Markets," in Orley Ashenfelter, Section Editor, International Encyclopedia of the Social and Behavioral Sciences, Elsevier Science Limited, 2001, 840-845. (C20) [previous W54].
  • View PDF of last working paper version
  • View PDF, [not available].
  
  
• "Glossary," in Brian Bruce, Ed., Enhanced Indexing, New Strategies and Techniques for Plan Sponsors, Fall 2000, New York: Institutional Investor Publishing. (C21)
  • View PDF, [not available].
  
  
• "Economic Growth and Financial Liberalization", with Geert Bekaert, in NBER Reporter, National Bureau of Economic Research, Cambridge MA, Spring 2001, 8-11. (C22)
  • View PDF of last working paper version, View PDF
  
  
• "Glossary," in Brian Bruce, Ed., Transactions Costs, A Cutting-Edge Guide to Best Execution, Spring 2001, New York: Institutional Investor Publishing. (C23)
  • View PDF, [not available].
  
  
• The New York Times Dictionary of Money and Investing, 2002, with Gretchen Morganson, New York: Henry Holt and Company and Times Books, forthcoming. (C24)
  • View PDF, [not available].
  
  
• "New Perspectives on Emerging Market Bonds," in George Philippatos and Gregory Koutmos, Eds., International Securities, 2001, with Claude Erb and Tadas Viskanta, Edward Elgar, Northampton, MA, forthcoming. (C25)
  • View PDF
  
  
• "Glossary," in Adam Leitzes and Joshua Solan, Bulls, Bears and Brains: Investing with the Best and Brightest of the Financial Internet, John Wiley and Sons, 2001, forthcoming. (C26)
  • View PDF, [not available].
  
  
• "Glossary," in James J. Keenan, Ignorance is risk!, Cogent Publishing, Boca Raton, FL. 197-204. forthcoming. (C27)
  • View PDF, [not available].
  
  
• Emerging Markets with Geert Bekaert, Edward Elgar Publishing, 2004. (C28)
  • View PDF, [not available].
  
  
• Country Risk Components, the Cost of Capital, and Returns in Emerging Markets, in Sam Wilkin, Ed., Country and Political Risk: Practical Insights for Global Finance, Risk Books, 2004, pp.71-102. (C29)
  • View PDF
  
  
• Ertragsquellen und zu erwartende Renditen von Rohstoff-Investments, with Claude B. Erb, in Michael Busack and Dieter G. Kaiser (Eds.), Handbuch Alternative Investments, 2006, 349-392. (C30)
  • View PDF.
  
  
• "Financial Openness and the Chinese Growth Experience" with Geert Bekaert, Chris Lundblad, in Charles W. Calomiris, ed., China's Financial Transition at a Crossroads, 2007, New York: Columbia University Press, 202-280. (C31) [Prev W80]
  • View PDF.
  • Download last working paper version.
  • Alternative download.
  
  
• "The Big Freeze" with Murillo Campello and John Graham, in Financial Times, ed., Managing in a Downturn, Harlow, UK: Pearson Education Limited, 2009, 14-21. (C32)
  • View PDF.
  
  
• "The Equity Risk Premium Amid a Global Financial Crisis" with John Graham, in Robert Kolb, ed., Lessons from the Financial Crisis, 2010, Hoboken, New Jersey: John Wiley and Sons, 525-536. (C33) [Prev W97]
  • View PDF.
  • Download last working paper version.
  • Alternative download.
  
  
• "The Long-Term Cost of the Financial Crisis" with Murillo Campello and John Graham, in Robert Kolb, ed., Lessons from the Financial Crisis, 2010, Hoboken, New Jersey: John Wiley and Sons, 525-536. (C34)
  • View PDF.
  • Download last working paper version.
  
  
• "Parameter Uncertainty in Asset Allocation " with John Liechty and Merrill Liechty, in Scherer, B., and Winston, K. (eds.) The Oxford Handbook of Quantitative Asset Management Oxford: Oxford University Press, 2012, 266-290. [C35] (Previous W100)
  • View PDF. [Not available.]
  • Download PDF.
  • Alternative download
  
  
• "Portfolio Selection With Higher Moments" with John Liechty and Merrill Liechty, and Peter Muller, in Sharath M. Sury (ed.) Essential Readings in Applied Financial Economics San Diego: University Readers, 2013 forthcoming. [C36]
  • View PDF.
  
  
• "Linee di Credito e Investimenti in Europa: Evidenza dalla Crisi Finanziaria," with M. Campello, E. Giambona and J. Graham, in Roberto Guida and Antonio Mele, Eds., Obiettivo Crescita. Il Finanziamento delle Imprese fra Banche e Mercati, Bologna, Italy: Il Mulino, 2012, 231-263. [C37]
  • View PDF.
  
  
• "The Strategic and Tactical Value of Commodity Futures,", with Claude Erb, in Anastasios G. Malliaris and William T. Ziemba, eds., The WSPC Handbook of Futures Markets, World Scientific Press, forthcoming. [C38]
  
  
• "Reflections on Editing the Journal of Finance, 2006-2012", in Michael Szenberg and Lall Ramrattan, Secrets of Economics Editors. MIT Press, Cambridge, 2014. 67-82. [C39] (W111)
  • Download PDF.
  • Alternative download.
  
  
• "Bayesian Inference in Asset Pricing Tests", with Guofu Zhou, in Andrew Lo, (ed.), Statistical Methods and Non-Standard Finance, Edward Elgar, London. 2007. 131-192. [C40]
  
• "Luck vs. Skill in Factor Selection", with Yan Liu, in John Cochrane and Tobias J. Moskowitz, eds., The Fama Portfolio, Chicago: University of Chicago Press, 2018, 250-260. [C41]
  
• "How Blockchain Can Help Marketers Build Better Relationships with their Customers", with Christine Moorman and Marc Toledo, in Harvard Business Review, ed., Blockchain, Harvard Business Review Press, 2019, 101-112. [C42]

Cases

• "Telcom South Africa," with James Barber, Angela Fung, Sandeep Toshniwal, and Becky Voorheis Emerging Markets Quarterly (1999) Winter, 61-79.
  • View PDF, 0.4mb.
  • [Supplementary materials].
  
  
• "Raymond Textiles: Globalisation within Emerging Markets" with Rodrigo Camargo, Michal Cermak, Christian Costa, Tushar Gupta and Monisha Saldanha, in S. R. Viswanath, ed., Cases in Corporate Finance, Volume 2, 2012, McGraw-Hill, 3-32.
  • View PDF.
  
  
• "Petrobras in Nigeria: Valuation of the AgbamiOil Field," with Nikita Agarwal, Jacob Anjilivelil, Mahesh Damodaran and Jesse Schwarz, in S. R. Viswanath, ed., Cases in Corporate Finance, Volume 2, 2012, McGraw-Hill, 33-53.
  • View PDF.
  
  
• "Probil IPO: Maximising the Value of an Exit Strategy," with Fabian Barros, Marcelo Bermudez, Chris Rowell, Mari Subburathinam, Alexandre Wolynec, in S. R. Viswanath, ed., Cases in Corporate Finance, Volume 2, 2012, McGraw-Hill, 80-100.
  • View PDF.
  
  
• "Privatisation of Air India," with Aditya Agarwal, Siddarth Bafna, Ozlem Tanik, John Maniatis, and Alok Gupta, in in S. R. Viswanath, ed., Cases in Corporate Finance, Volume 2, 2012, McGraw-Hill, 259-279.
  • View PDF.
  
  
• "Hidroaysén Case: Building dams in Chile's Patagonia region," with Rafael Uribe Uribe; Francisco Jimenez Manterola; Caroline Voulminot Sontag; Andres Mesa Botero, in Maria Alejandra Gonzalez-Perez and Liam Leonard, eds., Climate change and the 2030 corporate agenda for sustainable development, Volume 19 of the Advances Series in Environmental and Social Justice, 2016, Emerald. (forthcoming)
  • View PDF. [Not available yet.]
    
    
• Other Finance Cases can be found here.
  
• "The Bolivian Tropical Wood Coinsortium" with Irina Antsiverova, Nijat Valievev, Canan Avdemir and Oscar Farfan, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 477-491. C7
  • View PDF.
  
  
• "Hutchison Whampoa and the Shanghai Deep Water Project" with Vidya Vishal, Jerry Wang, Grace Qingyun Zhao and Gaobo Zhou, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 492-508. C8
  • View PDF.
  
  
• "Shanghai Disneyland" with Tera Ferguson, Kristy Harris, Scott Yancey, Wenny Tung and Jose Guerrero, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 509-521. C9
  • View PDF.
  
  
• "Iceland Submarine Cable Project" with David Helgerson, Paul Timm, Tom Cowhey, Jason LaRose and Bill Wiseman, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 525-554. C10
  • View PDF.
  
  
• "Air Deccan Initial Public Offering" with Ruchika Chinda, Anuj Sharma, Ruibin Chen and Rishi Gupta, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 555-579. C11
  • View PDF.
  
  
• "The Dalian Water Supply Project" with Alyona Dubrovina, Jim Horiuchi and Henning Hummervoll, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 601-622. C12
  • View PDF.
  
  
• "AES Corporation: Building an LNG Power Plant in Honduras" with Stan Brunson, Rachel Fefer, Andrew Frankel and Carlos Sanchez, in in S. R. Viswanath, ed., Corporate Finance: Text and Cases, Sage Publications, 2019, 623-634. C13
  • View PDF.

Editor

• AMERICAN FINANCE ASSOCIATION: Report of the Editor of The Journal of Finance for the Year 2006, Journal of Finance (2007) 62:4, 2041-2052. (E1)
  • Download PDF.
  
  
• AMERICAN FINANCE ASSOCIATION: Report of the Editor of The Journal of Finance for the Year 2007, Journal of Finance (2008) 63:4, 2061-2074.(E2)
  • Download PDF.
  
  
• AMERICAN FINANCE ASSOCIATION: Report of the Editor of The Journal of Finance for the Year 2008, Journal of Finance (2009) 64:4, 1961-1974.(E3)
  • Download PDF.
  
  
• AMERICAN FINANCE ASSOCIATION: Report of the Editor of The Journal of Finance for the Year 2009, Journal of Finance (2010) 65:4, 1613-1627.(E4)
  • Download PDF.
  
  
• AMERICAN FINANCE ASSOCIATION: Report of the Editor of The Journal of Finance for the Year 2010, Journal of Finance (2011) 66:4, 1439-1452.(E5)
  • Download PDF.
  
  
• AMERICAN FINANCE ASSOCIATION: Report of the Editor of The Journal of Finance for the Year 2011, Journal of Finance (2012) 67:4, 1539-1553.(E6)
  • Download PDF.
  
  

Reviews

• "The Econometrics of Financial Markets," Journal of Finance (1998) 53, 803-806.
  • View PDF.

Published Discussions

• Commentary on "A Test of International CAPM Using Business Cycle Indicators as Instrumental Variables," in Internationalization of Equity Markets, (Chicago: University of Chicago Press, 1994, pp. 50--54). (PD1)
  • View PDF
  
  
• Commentary on "Emerging Stock Markets and International Asset Pricing," in Stijn Claessens and Shan Gooptu, Eds., Portfolio Investment in Developing Counties, (Washington: The World Bank of Discussion Series, 1994, pp. 183-184).(PD2)
  • View PDF
  
  
• Commentary on "Testing the Unbiasedness in Foreign Exchange Markets: The Effects of Price Limits,"Review of Futures Markets 7 (1988): 167-172. (PD3)
  • View PDF

Internet

• Yahoo or go directly to glossary.
• Thomson-Reuters Eikon or go directly to [not available yet].
• The Washington Post or go directly to glossary.
• The New York Times or go directly to glossary.

Court Briefs

• "Brief of finance professors and scholars as Amici Curiae," in the Supreme Court of the United States, with Murillo Campello, John R. Graham and Alexander Triantis, No. 10-871, February 2011.
  • View PDF

Policy

• "Managing the Maturity Structure of Treasury Debt &The Role of Floating-Rate Treasury Bonds," Presentation to the Hearings on President Clinton's Plan for Public Investment and Deficit Reduction Committee on Ways and Means of the United States House of Representatives, 103rd Congress, First Session, (1993): 103-127, pp. 1644-1649.
  • View PDF

Editorial Appointments

• Advisory Editor, Journal of Financial Economics, 2019-


• Editor, American Finance Association Digital Initiatives, July 2012-2014.


• Editor, Journal of Finance, July 2006-June 2012.


• Co-Editor, Review of Financial Studies, July 1999-2005.


• Co-Editor, Emerging Markets Review, 2001-2005.


• Co-Editor, Emerging Markets Quarterly, 1996-2001.


• Associate Editor, Journal of Financial Economics, 1995-2006. 2013-2019


• Associate Editor, Journal of Finance, 1994-2000.


• Associate Editor, Financial Analysts Journal, 2002-2011.


• Associate Editor, Review of Financial Studies, 1991-1994.


• Associate Editor, Journal of Portfolio Management, 2012-present.


• Associate Editor, Journal of Banking and Finance, 1994-2005. 2008-present.


• Advisory Board, Financial Economics Network's Capital Markets Journal , 1998-


• Advisory Board, Financial Economics Network's Course Journal , 1998-


• Associate Editor, Journal of Empirical Finance, 1992-present.


• Associate Editor, Journal of International Financial Markets, Institutions and Money, 1996-2013.


• Associate Editor, Journal of Fixed Income, 1991-present.


• Associate Editor, Pacific-Basin Finance Journal, 1994-present.


• Advisory Editor, European Journal of Finance, 1994-present.


• Associate Editor, European Financial Management, 1999-present.


• Associate Editor, International Review of Economics and Finance, 1999-present.


• Associate Editor, Research in Banking and Finance, 2000-present.


• Advisory Editor, Emerging Markets Review, 2006-present.


• Advisory Editor, Frontiers in Finance and Economics, 2004-present.


• Associate Editor, International Journal of Managerial Finance, 2004-present.


• Associate Editor, Journal of Financial and Quantitative Analysis, 1991-1999.


• Program Committee, Western Finance Association Meetings, 1989, 1991-2001.


• Program committee, American Finance Association Meetings, 1996.

Appointments

• President, American Finance Association, 2016.


• President-Elect and Program Chair, American Finance Association, 2015.


• Vice-President, American Finance Association, 2014.


• Director, American Finance Association, 2001-2004; 2006-2012; 2014-2018; Executive Committee, 2006-2012; 2014-2017.


• Director, Western Finance Association, 2001-2004.


• Nominating Committee, American Finance Association, 1997-1998.


• Acting President, African Finance Association, 2000-2001.


• Advisory Board, World Bank-International Monetary Fund-Brookings Institution Financial Markets and Development Conference, 1997-2005.

• 2022 Bernstein Fabozzi/Jacobs Levy Award for Best Article published in the Journal of Portfolio Management in 2021


• 2020 Quant of the Year. Awarded by PMR Group.


• 2020 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Article published in the Journal of Portfolio Management in 2019


• 2020 LinkedIn TopVoice. Ranked #1 globally.


• 2020 University Blockchain Research Initiative, UBRI Educator, Blockchain Teacher of the Year (Global).


• 2020 Financial Management Award, Outstanding paper published in Financial Management 2018-2020


• 2019 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Article published in the Journal of Portfolio Management in 2018


• 2018 Bernstein Fabozzi/Jacobs Levy Award for Outstanding Article published in the Journal of Portfolio Management in 2017


• 2017 Outstanding Teacher of the Year (Electives) Runner-up


• 2017 Fellow, American Finance Association.


• Graham and Dodd Scroll, 2017, CFA Institute. Runner up best paper award in 2016 Financial Analysts Journal for "The Misrepresentation of Earnings"


• Notable Contribution Award (for best paper over the last five years published in the field of accounting), 2016, American Accounting Association, for "Earnings Quality: Evidence from the Field"


• 2016 Bernstein Fabozzi/Jacobs Levy Award for Best Article published in the Journal of Portfolio Management in 2015


• 2015 Bernstein Fabozzi/Jacobs Levy Award for Best Article published in the Journal of Portfolio Management in 2014


• Outstanding Teacher of the Year (Electives) Runner-up, 2014, for my course in International Finance.


• NASDAQ OMX Award, 2014, for the best paper in Asset Pricing at the Western Finance Association Meetings, for " ...and the Cross-Section of Expected Returns"


• Best Paper Award, 2014, INQUIRE Europe/UK Annual Meeting. For "Backtesting" and "... and the Cross-Section of Expected Returns"


• CFA Readers' Choice Award, 2014, CFA Institute. Voted best paper in Financial Analysts Journal for "The Golden Dilemma"


• Graham and Dodd Scroll, 2014, CFA Institute. Runner up best paper in Financial Analysts Journal for "The Golden Dilemma"


• Distinguished Speaker, Western Finance Association, June 2012.


• James R. Vertin Award, 2007, CFA Institute. The James R. Vertin Award is presented periodically to recognize individuals who have produced a body of research notable for its relevance and enduring value to investment professionals.


• Graham and Dodd Award, 2007, CFA Institute. Best paper award in 2006 Financial Analysts Journal for "The Strategic and Tactical Value of Commodity Futures"


• Graham and Dodd Scroll, 2007, CFA Institute. Runner up best paper award in 2006 Financial Analysts Journal for "Value Destruction and Corporate Financial Reporting"


• Notable Contribution Award (for best paper over the last five years published in the field of accounting), 2006, American Accounting Association, for "The Economic Implications of Corporate Financial Reporting"


• Best Paper Award, 2006 Financial Accounting and Reporting Section of the American Accounting Association, for "The Economic Implications of Corporate Financial Reporting"


• First Prize, 2006 Jensen Prize for Corporate Finance and Organizations in Journal of Financial Economics, for "Payout Policy in the 21st Century"


• First Prize, 2001 Jensen Prize for Corporate Finance and Organizations in Journal of Financial Economics, for "The Theory and Practice of Corporate Finance: Evidence from the Field"


• Honorable mention, 2002 DaimlerChrysler Corporation Award for Innovation and Excellence in Teaching, Fuqua School of Business,


• Barclay's Global Investors Award for the best paper at the 2001 European Finance Association Meetings, Barcelona, for "Does Liberalization Spur Growth?"


• New York Stock Exchange Award for the best paper on equity trading at the 2000 Western Finance Association Meetings, for "The Dynamics of Emerging Market Equity Flows,"


• Batterymarch Fellowship, 1993-1994.


• Graham and Dodd Scroll for excellence in financial writing for "Demographics and International Investments," Financial Analysts Journal, 1997.


• Graham and Dodd Scroll for excellence in financial writing for "Political Risk, Economic Risk and Financial Risk," Financial Analysts Journal, 1996.


• Graham and Dodd Scroll, 1995 for excellence in financial writing for "Inflation and World Equity Returns" Financial Analysts Journal 1995.


• Graham and Dodd Scroll for excellence in financial writing for "Sources of Predictability in Portfolio Returns," Financial Analysts Journal, 1991.


• Institute for Research in Quantitative Finance, Second Prize in the Roger F. Murray Prize Competition for "Stock Selection in Emerging Markets," 1998.


• Institute for Research in Quantitative Finance, Second Prize in the Roger F. Murray Prize Competition for "Do World Markets Still Serve as a Hedge," 1995.


• American Association of Individual Investors Award for the Best Paper in Investments for "Predictable Risk and Returns in Emerging Markets," 1994.


• Smith-Breeden Distinguished Paper Nomination for "Time-Varying World Market Integration," Journal of Finance, 1995.


• Smith-Breeden Distinguished Paper Nomination for "Seasonality and Consumption-Based Asset Pricing," Journal of Finance, 1992.


• Smith-Breeden Distinguished Paper Award for "The World Price of Covariance Risk," Journal of Finance, 1991.


• Bank of America Faculty Award, Fuqua School of Business, 1994.


• Richard L. Rosenthal Award, 1989-90.


• Outstanding Teacher Award, Fuqua School of Business, 1987-88.


• Full Scholarship, University of Chicago, 1983-86.


• Doctoral Fellowship, Social Sciences and Humanities Research Council of Canada, 1984-86.


• Graduated first in M.B.A. class of 1983.

Teaching MBA/Ph.D

• Named one of the outstanding faculty at Duke by Business Week, 1998, 2001.


• Tech Driven Transformation of Business [Duke University - MMS]

Rating 2020: 6.44/7.00 (Instructor); 6.38/7.00 (Course) [Fuqua]



• Innovation and Cryptoventures [Duke University - MBA/Law/Computer Science]

Rating 2020a: 6.44/7.00 (Instructor); 6.38/7.00 (Course) [Fuqua]

Rating 2020b: 5.95/7.00 (Instructor); 5.86/7.00 (Course) [Fuqua]

Rating 2019b: 6.05/7.00 (Instructor); 5.45/7.00 (Course) [Fuqua]

Rating 2019a: 5.55/7.00 (Instructor); 5.00/7.00 (Course) [Fuqua]

Rating 2017: 6.57/7.00 (Instructor); 6.29/7.00 (Course) [Fuqua]

Rating 2016: 6.52/7.00 (Instructor); 6.24/7.00 (Course) [Fuqua]

Rating 2015: 4.72/5.00 (Instructor); 4.68/5.00 (Course) [Duke I&E]



• International Finance [Duke University - 2nd year MBA]

Rating 2017: 6.57/7.00 (Instructor); 6.29/7.00 (Course)

Rating 2016: 6.72/7.00 (Instructor); 6.39/7.00 (Course)

Rating 2015: 6.56/7.00 (Instructor); 6.28/7.00 (Course)

Rating 2014: 6.64/7.00 (Instructor); 6.52/7.00 (Course)



• Advanced Topics in Finance [Duke University - 2nd year MBA]

Rating 2010: 6.71/7.00 (Instructor); 6.57/7.00 (Course)



• Global Asset Allocation and Stock Selection [Duke University - 2nd year MBA]

Rating 2006: 6.62/7.00 (Instructor); 6.50/7.00 (Course)

Rating 2005: 6.41/7.00 (Instructor); 6.34/7.00 (Course)

Rating 2004: 6.73/7.00 (Instructor); 6.60/7.00 (Course)

Rating 2003: 6.44/7.00 (Instructor); 6.15/7.00 (Course)

Rating 2002: 6.64/7.00 (Instructor); 6.64/7.00 (Course)

Rating 2001: 6.49/7.00 (Instructor); 5.87/7.00 (Course)

Rating 2000: 5.96/7.00 (Instructor); 5.97/7.00 (Course)

Rating 1999: 6.45/7.00 (Instructor); 6.17/7.00 (Course)

Rating 1998: 6.26/7.00 (Instructor); 6.10/7.00 (Course)

Rating 1997: 6.10/7.00 (Instructor); 5.94/7.00 (Course)



• Emerging Market Corporate Finance [Duke University - 2nd year MBA]

Rating 2006: 6.00/7.00 (Instructor); 5.89/7.00 (Course)

Rating 2005: 5.85/7.00 (Instructor); 5.77/7.00 (Course)

Rating 2004: 6.44/7.00 (Instructor); 6.31/7.00 (Course)

Rating 2003: 5.83/7.00 (Instructor); 5.92/7.00 (Course)

Rating 2002: 6.37/7.00 (Instructor); 6.26/7.00 (Course)

Rating 2001: 6.15/7.00 (Instructor); 5.85/7.00 (Course)

Rating 2000: 4.94/7.00 (Instructor); 5.78/7.00 (Course)

Rating 1999: 6.45/7.00 (Instructor); 6.10/7.00 (Course)



• Financial Management [Duke University - 1st year MBA]

Average Rating over 17 sections (1987-97):6.16/7.00



• Investment Analysis and Portfolio Management [Duke University - 2nd year MBA]

Average Rating over 7 sections (1987-93):6.48/7.00



• Investment [University of Chicago - 1st year MBA]

Average Rating over 4 sections (1991): 4.55/5.00

Average Rating over 2 sections (1995): 4.70/5.00



• Empirical Asset Pricing - Ph.D. [Helsingin Kauppakorkeakoulu (1990)], [Handelshögskogskolan I Stockholm (1993)], [Swedish School of Economics and Business Administration (1996)]

Grants

• William Davidson Institute, University of Michigan, 1996-97.


• Business Associates Fund, Duke University, 1987-93.


• University Research Council Grant, Duke University, 1987-88.


• Center for Research in Security Prices, University of Chicago, 1984-85.

Presentations

2016

• Lucky Factors, American Finance Association, San Francisco, January 2016.
• The Misrepresentation of Earnings, FAJ Webinar, London, March 2016.
• Rethinking Performance Evaluation, RA Conference, Newport Beach, March 2016.
• The Blockchain Identity, RA Conference, Newport Beach, March 2016.
• The Blockchain Identity, Man-AHL, London, April 2016.
• Rethinking Performance Evaluation, APG, Amsterdam, April 2016.
• Lucky Factors, APG, Amsterdam, April 2016.
• The Blockchain Identity, CFA Conference, Amsterdam, April 2016.
• Too Good to be True, Institutional Investor Conference, Boston, April 2016.
• Rethinking Performance Evaluation, Unconventional Quant: Man Quantitative Summit, New York, April 2016.
• Rethinking Performance Evaluation, SFS Cavelcade, Toronto, April 2016.
• Panel on Globalization, FMRC Conference, Vanderbilt University, May 2016.
• Rethinking Performance Evaluation, WFA, Park City, June 2016.
• 27 Startup Ideas from Duke's Cryptoventures, Raleigh Bitcoin and Business Meetup, July 2016.
• Corporate Culture: Evidence from the Field, NBER, Cambridge, July 2016. [Attended, presentation by coauthor.]
• Corporate Culture Panel, AAA Annual Meetings, New York, August 2016.
• Too Good to be True, Aksia, August 2016.
• The Blockchain Identity, Deutsche Bank, New York, September 2016.
• The Blockchain Identity, University of Toronto, Toronto, September 2016.
• Rethinking Performance Evaluation, ICPM Conference, Montreal, September 2016.
• What Factors are True?, Deutsche Bank Asset Management, November 2016.

2015

• Emerging Market Economies in the Global Economy, American Economic Association, Boston, January 2015.
• P2P Financial Systems, Frankfurt, January 2015.
• Emerging Markets in Global Portfolios, Commonfund, Orlando, March 2015.
• Backtesting, Chicago Quantitative Alliance, Las Vegas, March 2015.
• Backtesting, Unconventional Quant: Man Quantitative Summit, New York, May 2015.
• Lucky Factors, Research Affiliates Research Conference, Laguna Beach, May 2015.
• Discovery in Finance, SQA, New York, May 2015.
• Lucky Factors, Jacobs Levy Wharton Research Conference, New York, May 2015.
• The Risks of Historical Backtests, Jahrestagung - 18th Portfolio Management Conference, Frankfurt, May 2015. Video available.
• 9 Startup Ideas from Duke's Cryptoventures, Cryptolina, Charlotte, August 2015.
• Do You Believe in Backtesting?, Man Alternative Investment Forum, Oxford, September 2015.
• Separating Luck from Skill in Investment Styles, Bernstein Investment Forum, New York, October 2015.

2014

• Backtesting, APG, Amsterdam, September 2014.
• Bitcoin Myths and Facts, Cryptolina, Raleigh, August 2014.
• Backtesting, AHL, London, July 2014.
• Emerging Equity Markets in a Globalizing World, OECD, Paris, June 2014.
• ...and the Cross-Section of Expected Returns, Western Finance Association, Monterey, June 2014.
• How Much Should be Invested in Emerging Markets, Darden International Finance Conference, Charlottesville, May 2014. [Keynote]
• ...and the Cross-Section of Expected Returns, Conference Honoring Hans Stoll, Nashville, May 2014.
• Bitcoin Panel Discussion, Duke Bitcoin Conference, Durham, May 2014.
• Bitcoin and Contracts, Duke Law School, Durham, May 2014.
• Backtesting, Joint INQUIRE UK/Europe, Vienna, March 2014.
• Factor Allocation for Long-Term Investors, GPFG (Norway Pension Plan), New York, January 2014.

2013

• Gold and Fear, CFA Society, Toronto, November, 2013
• Allocating to Emerging Markets for Long-Term Institutional Investors, Opportunities in Emerging Markets, GIC, New York, September, 2013
• See video
• Common Mistakes in Investment Management, BAI Alternative Investment Conference, Frankfurt, May 14, 2013. [Keynote]
• See video
• The Golden Dilemma, Q-Group, Palm Beach, May 6, 2013.

2012

• Research in Finance, UNC's Junior Faculty Research Roundtable. December 8, 2012. [Keynote]
• Earnings Quality: Evidence from the Field, Journal of Accounting and Economics Conference, University of Rochester, November 2, 2012.
• The Golden Dilemma, CFA Institute, Montreal. November 7, 2012.
• The Golden Dilemma, CFA Institute, Atlanta. October 18, 2012.
• The Golden Dilemma, Man Summit, Vienna, October 11, 2012
• The Golden Dilemma, Man Summit, Munich, October 10, 2012
• The Golden Dilemma, Man Summit, Nurnberg, October 10, 2012
• The Golden Dilemma, Man Summit, Frankfurt, October 9, 2012
• The Golden Dilemma, Research Affiliates, Los Angeles, May 6, 2012
• Can You be Over-Allocated to Hedge Funds, Panel Discussion, The Common Fund, Orlando, March 12, 2012

2011

• Emerging Markets for Long-Term Investors, Investing for the Long Run, Sponsored by the Government Pension Fund, November 8, 2011.
• Advances in Finance Research, Morgan Creek, May 19, 2011

2010

• Liquidity Management and Corporate Investment During a Financial Crisis, Global Issues in Accounting Conference, June 3, 2010, Chapel Hill, NC.

2009

• Emerging Markets, Fourth Biennial McGill Conference on Global Asset Management, June 3, 2009

2008

• Long Term InvestingNorwegian Ministry of Finance, Government Pension Fund, August 14, 2008
• EMG-Journal of International Money and Finance Conference, London, May 15, 2008

2007

• Commodity Investing,IMN Super Bowl of Indexing, Scottsdale, December 3, 2007
• Mistakes in Asset Management, Deutsche Asset Management, Berlin, November 6, 2007
• Active Commodity Managment, Chicago Quantitative Alliance, September 13, 2007
• The αβc's of Commodity Investing, CFA Institute Conference, Chicago, July 16, 2007
• International Diversification, Sanford C. Bernstein Conference, New York, March 1, 2007

2006

• Active Commodity Investment, Deutsche Asset Management Conference, Amsterdam, October 12, 200
• Commodity Management, NMS Investment Management Forum for Endowments, Toronto, September 19, 2005

2005

• The Tactical and Strategic Value of Commodity Futures, Q-Group Spring Seminar, April 4, 2005, Key Largo.
• Optimism and Corporate Actions, Yale University, April, 2005.
• Optimism and Corporate Actions, MIT, April, 2005.
• The Economic Implications of Corporate Financial Reporting, Keynote Address, Global Finance Conference, Dublin, Ireland, June 2005.
• The Tactical and Strategic Value of Commodity Futures, SQA keynote address, New York, July 2005.
• The Tactical and Strategic Value of Commodity Futures, First Quadrant Conference, August 2005.
• Global Asset Allocation: 2010 and Beyond, Lehman Brothers Conference, September 2005.
• Growth Opportunities and Market Integration, Harvard University, November 2005.

2004

• The economic implications of corporate financial reporting, Q-Group, La Quinta, California, October 2004.
• The economic implications of corporate financial reporting, University of Chicago, September, 2004.
• The economic implications of corporate financial reporting, University of Southern California, September, 2004.
• Portfolio Selection with Higher Moments, Boston College Conference, June 2004.
• Payout policy in the 21st century, Tuck Conference on Corporate Governance, July 2004.
• Does financial liberalization spur growth?, New York University, April 2004.

2003

• The effect of capital structure when expected agency costs are extreme, Western Finance Association Meetings, Mexico, June.
• Payout policy in the 21st century, Western Finance Association Meetings, Mexico, June.
• Growth Volatility and Equity Market Liberalization, Western Finance Association Meetings, Mexico, June.
• Does Financial Liberalization Spur Growth?, University of California at Los Angeles, April 2003
• Does Financial Liberalization Spur Growth?, World Bank, March 2003
• Growth Volatility and Equity Market Liberalization, American Economic Association Meetings, Washington, January.
• Market Integration and Contagion, American Economic Association Meetings, Washington, January.

2002

• Higher Moments in Asset Pricing, INQUIRE UK, Bournemouth, UK, September 2002
• Does Financial Liberalization Spur Growth?, Princeton University, September 2002
• Expectations of equity risk premia, volatility and asymmetry from a corporate finance perspective, Western Finance Association Meetings, Park City, June 2002.
• Emerging Markets Research: The Past and the Future, Emerging Market Valuation Conference, Darden School, May 2002.
• Does Financial Liberalization Spur Growth?, Boston College, February 2002
• Does Financial Liberalization Spur Growth?, University of Michigan, February 2002
• Does Financial Liberalization Spur Growth?, American Finance Association Meetings, Atlanta, January.
• The effect of capital structure when expected agency costs are extreme, American Finance Association Meetings, Atlanta, January.

2001

• Expectations of equity risk premia, volatility and asymmetry from a corporate finance perspective, New York, AIMR Conference of the Risk Premium, November 8, 2001.
• Does Financial Liberalization Spur Growth?, University of Michigan, October.
• Does Financial Liberalization Spur Growth?, Boston College, October.
• Does Financial Liberalization Spur Growth?, European Finance Association Meetings, Barcelona, August.
• Dating the Integration of World Capital Markets, European Finance Association Meetings, Barcelona, August.
• Does Financial Liberalization Spur Growth?, Western Finance Association Meetings, Tuscon, June.

2000

• Global Relative Value in the Early 21st Century, Lehman Brothers Fourth Global Fixed Income Capital Market/Investment Management Workshop/Retreat, Whistler, August 2, 2000.
• The Dynamics of Emerging Market Equity Flows, Western Finance Association Meetings, June 2000.
• The Asian Bet, Global Investors Conference, April 12-15th, 2000, Chateau Whistler, B.C. [Presented by coauthor]
• The theory and practice of corporate finance: Evidence from the field, Utah Winter Finance Conference, February 3, 2000. [Presented by coauthor]

1999

• Economic, Political and Other Factors, CalPERS Permissible Country Workshop, Sacramento, December 13, 1999.
• Dating the Integration of World Equity Markets, Indiana University, October 22, 1999.
• New perspectives on emerging bond markets, International Investment Forum, Chicago, October 25, 1999. [Presented by coauthor]
• The theory and practice of corporate finance: Evidence from the field, Harvard University, July 8, 1999.
• Dating the Integration of World Equity Markets, International Valuation Conference, Columbia University, April 30, 1999.
• Stock Selection in Emerging Markets, International Valuation Conference, Columbia University, April 30, 1999.
• Perspectives on Corporate Yield Spreads: Variation through Time and Predictability, Investment Research and Portfolio Management Conference, Smith Breeden Associates, Chapel Hill, April 23, 1999.
• The Dynamics of Emerging Market Equity Flows, University of Maryland, April 16, 1999.
• The Asian Bet, Brookings-World Bank Conference on Emerging Markets, Palisades, New York, March 16, 1999.

1998

• The International Cost of Capital, Ibbotson Associates Annual Cost of Capital Conference, Chicago, June 1998.
• Foreign Speculators and Emerging Equity Markets, Harvard Business School, May 1998.
• Capital Flows and the Behavior of Emerging Market Returns, National Bureau of Economic Research, March 1998.
• Are Common Swings in International Stock Returns Justified by Subsequent Changes in National Outputs?, Yale University, Economics Department, March 1998 [by co-author].
• Dating the Integration of World Equity Markets, CIBER Conference, UCLA, March 1998.
• Dating the Integration of World Equity Markets, Brown University, Economics Department, February 1998 [by coauthor].
• Dating the Integration of World Equity Markets, University of Virginia, Darden, January 1998 [by coauthor].
• Dating the Integration of World Equity Markets, Maryland, January 1998 [by coauthor].

1997

• Dating the Integration of World Equity Markets, Cambridge University, Economics Department, December 1997 [by coauthor].
• Are Common Swings in International Stock Returns Justified by Subsequent Changes in National Outputs?, National Bureau of Economic Research, Wharton School, November 1997.
• Foreign Speculators and Emerging Equity Markets, UCLA-Finance, November 1997.
• Foreign Speculators and Emerging Equity Markets, Wharton School, October 1997.
• Foreign Speculators and Emerging Equity Markets, University of Southern California, October 1997 [by coauthor].
• Current Research Issues in Finance, FMA doctoral student seminar, Hawaii, October 15, 1997 (live video).
• Foreign Speculators and Emerging Equity Markets, UCLA-Economics, October 1997 [by coauthor].
• Foreign Speculators and Emerging Equity Markets, European Finance Association Meetings, Vienna, September 1997 [by coauthor].
• Cross-Sectional Determinants of Emerging Market Returns, Chicago Quantitative Alliance, September 1997.
• Emerging Market Debt: A Global Perspective, Association for Investment Management and Research, Financial Analysts Seminar, Northwestern University, July 1997.
• Foreign Speculators and Emerging Equity Markets, Western Finance Association Meetings, San Diego, June 1997 [by coauthor].
• Foreign Speculators and Emerging Equity Markets, French Finance Association Meetings, Grenoble, June 1997.
• Emerging Markets: Unsolved Puzzles, Society of Quantitative Analysts, New York, May 1997.
• Cross-Sectional Determinants of Emerging Market Returns, NYU Conference on the Future of Emerging Market Capital Flows, New York, May 1997.
• Foreign Speculators and Emerging Equity Markets, Barclays Global Investors, April 1997 [by coauthor].
• Do World Markets Still Serve as a Hedge?, Committee on the Investment of Employee Benefit Assets, Washington, April 1997.
• Foreign Speculators and Emerging Equity Markets, International Finance Conference at Georgia Tech, April 1997 [by coauthor].
• Foreign Speculators and Emerging Equity Markets, Swedish School of Economics and Business Administration, Helsinki, March 1997 [by coauthor].
• Foreign Speculators and Emerging Equity Markets, Tilburg University, February 1997, [by coauthor].
• Conditional Skewness in Asset Pricing Tests, American Finance Association Meetings, New Orleans, January 1997 [by coauthor].

1996

• Foreign Speculators and Emerging Equity Markets, Stockholm School of Economics, December 1996 [by coauthor].
• Conditional Skewness in Asset Pricing Tests, Conference on Finance and Accounting, Rutgers University, October 1996 [by coauthor].
• What Matters for Emerging Market Investments?, Chicago Quantitative Alliance, Chicago September 18, 1996.
• Outperforming in Emerging Markets using Quantitative Models, Goldman Sachs Asset Management Conference, Aspen, September 1996.
• Active Asset Allocation: Does it Work?, Goldman Sachs Asset Management Conference, Aspen, September 1996.
• Efficient Online Non-Parametric Density Estimation, Computational Finance Conference, Stanford University, August 1996 [by coauthor].
• Conditional Skewness in Asset Pricing Tests, Western Finance Association Meetings, June 1996 [by coauthor].
• The Behavior of Emerging Market Capital Flows, Conference on the Future of Emerging Market Capital Flows, New York University, May 27, 1996.
• Emerging Equity Market Volatility, Stanford University, May 1996.

1995

• Towares a Truly Global Portfolio Strategy: New Directions in Dynamically Forecasting and Comparing the Risk and Returns of Worldwide Stocks, ICBC Conference, Geneva, December 1995.
• Active Investments in Developed and Emerging Markets, Society of Quantitative Analysts, New York, November 8, 1995.
• Stock Market Predictability and Active Asset Allocation, Wharton Center for Quantitative Finance, Palm Beach, October 23, 1995.
• Global Investment and Risk, Mutual Group Financial Services Research Center Conference, Wilfred Laurier University, Waterloo, Ontario, October 12, 1995.
• Emerging Equity Market Volatility, Northwestern University, September 1995.
• Emerging Equity Market Volatility, Yale University, September 1995.
• Emerging Equity Market Volatility, New York University, September 1995.
• Emerging Equity Market Volatility, European Finance Association Meetings, August 1995 [by coauthor].
• Performance Evaluation in the Presence of Dynamic Trading Strategies, Western Finance Association Meetings, June 1995 [by coauthor].
• Trends in Emerging Markets, University of Chicago Emerging Market Conference, May 19, 1995.
• The Business Cycle, Bull and Bear Markets, Inflation and World Equity Selection, Q-Group, Orlando, May 1995.
• Forecasting Foreign Exchange Market Returns via Entropy Coding, IEEE/IAFE Conference on Computational Intelligence for Financial Engineering, New York, April 1995 [by coauthor].
• Forecasting Foreign Exchange Market Returns via Entropy Coding, HFDC-I, Zurich, March 1995 [by coauthor].
• Emerging Equity Market Volatility, Georgetown University, February 1995.
• Emerging Equity Market Volatility, American Finance Association, Washington, DC, January 1995.
• Time-Varying World Market Integration, American Finance Association, Washington, DC, January 1995.

1994

• Time-Varying World Market Integration, NBER Asset Pricing Conference, November 1994 [by coauthor].
• Time-Varying World Market Integration, CIRANO Conference on Stochastic Volatility, Montreal, October 1994.
• Time-Varying World Market Integration, NBER, Wharton, October 1994 [by coauthor].
• Do World Markets Still Serve as a Hedge?, Financial Management Association, St. Louis, October 1994.
• Time-Varying World Market Integration, University of North Carolina at Chapel Hill, October 1994.
• Do World Markets Still Serve as a Hedge?, Berkeley Program in Finance, September 1994.
• Time-Varying World Market Integration, European Finance Association, Brussels, August 1994 [by coauthor].
• Time-Varying World Market Integration, Board of Governors, Federal Reserve Bank, July 1994.
• Time-Varying World Market Integration, Western Finance Association, Santa Fe, June 1994 (by coauthor).
• Predictable Returns in Developed and Emerging Markets, Association for Investment Management and Research, May 1994.
• Predictable Risk and Return in Emerging Markets, Center for Research in Security Prices, May 1994.
• Time-Varying World Market Integration, Ohio State University, May 1994.
• Predictable Risk and Returns in Emerging Markets, Georgia Tech, April 1994.
• Modeling the Fundamental Determinants of National Equity Returns, Berkeley Program in Finance, Rancho Mirage, March 13, 1994.
• Conditional Asset Allocation in Emerging Markets, INQUIRE Europe-U.K., Lausanne, March 1994.
• Modelling the Fundamental Determinants of National Equity Returns, Berkeley Program in Finance, March 1994.
• Emerging Markets, Predictability and Active Investment Strategies, Kidder Peabody Asset Management Symposium, Puerto Rico, February 1994.

1993

• Predictable Risk and Returns in Emerging Markets, Carnegie Mellon University, November 1993.
• Predictable Risk and Returns in Emerging Markets, Dartmouth University, November 1993.
• Predictable Risk and Returns in Emerging Markets, University of Michigan, November 1993.
• Predictable Risk and Returns in Emerging Markets, University of Chicago, November 1993.
• An Exploratory Investigation of the Fundamental Determinants of National Equity Markets, NBER Conference, San Francisco, October 1993.
• The Impact of the Federal Reserve Bank=s Open Market Operations, University of St. Gallen, Switzerland, October 1993.
• Portfolio Enhancement using Emerging Markets and Conditioning Information, World Bank Conference on Emerging Markets, September 1993.
• Predictable Risk and Returns in Emerging Markets, Columbia University, September 1993
• Predictable Risk and Returns in Conditional Asset Allocation Strategies, Batterymarch Financial Management, Boston, June 1993.
• Predictable Risk and Returns in Emerging Markets, Western Finance Association, Whisler, May 1993.
• Predictable Risk and Returns in Emerging Markets, CEPR, Maastricht, May 1993.
• Predictable Risk and Returns in Emerging Markets, Stockholm School of Economics, May 1993.

1992

• Predictable Risk and Returns in Emerging Markets, University of California at Los Angeles, November 1992.
• What Determines Expected International Asset Returns?, University of Rochester, October 1992.
• What Determines Expected International Asset Returns?, Cornell University, October 1992.
• The Risk and Predictability of International Equity Returns, Berkeley Program in Finance, Santa Barbara, September 1992.
  
• The Risk and Predictability of International Equity Returns, European Finance Association Meetings, Lisbon, September 1992.
• Predictable Risk and Returns in Conditional Asset Allocation Strategies, ARCAS seminar, Amsterdam, July 1992.
• The Risk and Predictability of International Equity Returns, French Finance Association Meetings, Paris, June 1992.
• The Risk and Predictability of International Equity Returns, Western Finance Association Meetings, San Francisco, June 1992.
• Sources of Predictability in Portfolio Returns, Association for Investment Management and Research, San Antonio, May 1992 (video presentation).
• The Economic Justification for Global Tactical Asset Allocation: The Risk and Predictability of International Equity Returns, Foundation for Research in International Banking and Finance, New York, May 22, 1992.
• Predictable Risk and Returns in Emerging Markets, Virginia Polytechnical Institute, March 1992.

1991

• The Risk and Predictability of International Equity Returns, North Carolina State University, November 1991.
• The Risk and Predictability of International Equity Returns, Stanford University, October 1991.
• The Risk and Predictability of International Equity Returns, University of California at Berkeley, October 1991.
• Information Trading and Fixed Income Volatility, European Finance Association, Rotterdam, August 1991.
• The Specification of the Earnings-Returns Relation, American Accounting Association, Nashville, August 1991.
• Seasonality and Consumption-Based Asset Pricing, Western Finance Association, Jackson Lake, June 1991.
• The Specification of Conditional Expectations, University of Chicago, May 1991.

1990

• The World Price of Covariance Risk, American Finance Association, Washington, December 1990.
• The World Price of Covariance Risk, Washington University - St. Louis, November 1990.
• The World Price of Covariance Risk, CRSP Fall Seminar, University of Chicago, November 1990.
• The World Price of Covariance Risk, Princeton University, October 1990.
• The World Price of Covariance Risk, The Ohio State University, September 1990.
• The World Price of Covariance Risk, Northwestern University, September 1990.
• The World Price of Covariance Risk, Centre for Research in Finance, IMI Group, Rome, September 1990.
• Market Volatility Prediction and the Efficiency of the S&P 100 Index Option Market, Northern Finance Association, Ottawa, September 1990.
• Volatility in the Foreign Currency Futures Market, European Finance Association, Athens, August 1990.
• Inter adn Intraday Volatility in the Foreign Currency Futures Market, Western Finance Association, Santa Barbara, June 1990.
• The World Price of Covariance Risk, Helsinki School of Economics, June 1990.
• The Variation of Economic Risk Premiums, Helsinki School of Economics, June 1990.
• The World Price of Covariance Risk, MIT, May 1990.
• The World Price of Covariance Risk, Federal Reserve Bank, Cleveland, April 1990.

1989

• The World Price of Covariance Risk, Queen's University, November 1989.
• The Variation of Economic Risk Premiums, European Finance Association, Stockholm, September 1989.
• The Specification of Conditional Expectations, European Finance Association, Stockholm, September 1989.
• The Variation of Economic Risk Premiums, Vanderbilt University, August 1989.
• The Specification of Conditional Expectations, Western Finance Association, Seattle, June 1989.
• The Variation of Economic Risk Premiums, Center for Research in Security Prices, Chicago, May 4, 1989.
• Keeping Score, CBOT Futures and Options Conference, Scottsdale, February 1989.

1988

• Time-Varying Conditional Covariances in Tests of Asset Pricing Models, European Finance Association, Istanbul,September 1988.
• Time-Varying Conditional Covariances in Tests of Asset Pricing Models, Western Finance Association, Napa, June 1988.
• Time-Varying Conditional Covariances in Tests of Asset Pricing Models, Johnson Symposium, University of Wisconsin, Madison, June 1988.

1987

• Seasonality Heteroskedasticity in Asset Pricing Tests, American Finance Association, Chicago, December 1987.
• Seasonality Heteroskedasticity in Asset Pricing Tests, Western Finance Association, San Diego, June 1987.

External Work

Doctoral Supervision

• Yan Liu (Purdue University)
• Jules van Binsbergen (currently at Penn-Wharton)
• Hai Huang (currently at Cornerstone Research)
• Krishnamoorthy Narasimhan (currently at PIMCO)
• Merrill Liechty (currently at Drexel University)
• Lin Peng (currently at Baruch College)
• Andrew Roper (currently at Catalyst Economic Consulting)
• Hong Leng Chuah (currently at CPPIB)
• Emma Rasiel (currently at Duke-Economics)
• Ashish Gehani (currently at SRI International)
• Arman Glodjo (ABD)
• Jon Wongswan (currently at Board of Governors, Federal Reserve System)
• Christian Lundblad (currently at University of North Carolina, Chapel Hill)
• Brian Balyeat (currently at Xavier University)
• Christopher Kirby (currently at UNC-Charlotte)
• Ahktar Siddique (Office of Comptroller of Currency)
• Kjell Nordal [from Norges Handelshøyskole] (currently at Norges Bank)
• Kim Nummelin [from Svenska Handelshögskolan] (currently at Svenska Handelshögskolan)
• Nicholas Bollen (currently at Vanderbilt University)
• Subitha Subramaniam (currently at Sarasin and Partners)
• Peter Muoio (currently at SitusAMC).

Masters Thesis Supervision

• Arman Glodjo (Computer Science)

Public Relations

• See my Media Page

Disclosure Statement

• See Disclosure