Ph.D., Finance, University of California, Los Angeles, 1990


   M.B.A., Finance/Operations, University of California, Los Angeles, 1984


   B.A., Political Science, University of California, Davis, 1977




   "The Theory And Empirical Analysis Of Arbitrage Trading," supervised by Michael Brennan

   (Chairman), David Butz, Hashem Pesaran, Eduardo Schwartz, and Walter Torous




   PROFESSOR, Kelley School of Business, Indiana University, 2010 - Present


   ASSOCIATE PROFESSOR, Kelley School of Business, Indiana University, 1997 - 2010


   MAX BARNEY FACULTY FELLOW, Kelley School of Business, 2003 – 2008


   RICHARD G. BRINKMAN FACULTY FELLOW, Kelley School of Business, 1998 - 2003


   ASSISTANT PROFESSOR, Kelley School of Business, Indiana University, 1990 - 1997


   STRATEGIC FINANCIAL ANALYST, Home Savings of America, 1984-1985


   CONSULTANT, First Interstate Bank, Summer 1983


   DEPARTMENT MANAGER, Best Products Co., Inc., 1980-82


   DIVISION SALES ANALYST, Hilti, Inc., 1979-1980


   LEGISLATIVE ASSISTANT, State Senator James Nielsen, 1977-1979




   Fama/DFA Prize, Second Prize for Best Paper in Capital Markets and Asset Pricing published

   in the Journal of Financial Economics in 2009


   Harry C. Suavain Teaching Award (Schoolwide), Nominee: 1996, 1997, 2008


   DSA Exceptional Inspiration and Guidance Award (Schoolwide), Winner: 1996, Nominee:

   2002, 2006


   DSA Distinguished Teaching Award (Schoolwide), Nominee: 2004-2006, 2008


   Morgan Stanley Equity Market Microstructure Research Grant (National), Awarded: 2003


   Two-year, Curriculum Development Grant, NASDAQ Educational Foundation (National)

   Awarded: 2002


   Ph.D. Innovative Teaching Award (Schoolwide), Winner: 1999, Nominee: 1998


   Undergraduate Innovative Teaching Award (Schoolwide), Nominee: 1998, 2001


   Teaching Excellence Recognition Award (Schoolwide), 2000


   KSB Alumni Assoc. Faculty Fellowship for Outstanding Research (Schoolwide),

   Winner: 1994, 1995, 1997


   Peterson Faculty Fellowship for Outstanding Research (Department), Winner:1994, 1995, 1997


   School of Business Service Award (Schoolwide), Nominee: 1996


   FACET: Faculty Colloquium on Excellence in Teaching (Universitywide), Nominee: 1996


PUBLISHED PAPERS   (* means refereed)


    Utpal Bhattacharya, Craig W. Holden, and Stacey Jacobsen, “Penny Wise, Dollar Foolish:

    Buy-Sell Imbalances On and Around Round Numbers,” Management Science, 2012, Vol. 15,

    Pgs 413-431.*    


    Ruslan Goyenko, Craig W. Holden, and Charles A. Trzcinka, “Do Liquidity Measures Measure

    Liquidity?,” Journal of Financial Economics, 2009, Vol. 92, Pgs 153-181 (lead article).*


    Craig W. Holden, “New Low-Frequency Spread Measures,” Journal of Financial Markets, 2009,
    Vol. 12, Pgs 778-813.*


    Craig W. Holden and Leonard L. Lundstrum, “Costly Trading, Managerial Myopia, and Long-

    Term Investment,Journal of Empirical Finance, 2009, Vol. 16, Pgs 126-135.*


    Craig W. Holden and Pamela S. Stuerke, “The Frequency of Financial Analysts’ Forecast

    Revisions: Theory and Evidence about Determinants of Demand for Predisclosure

    Information,Journal of Business Finance and Accounting, 2008, Vol. 35, Pgs 860-888.*


    Andrew Ellul, Craig W. Holden, Pankaj Jain, and Robert Jennings, “Order Dynamics: Recent

    Evidence from the NYSE,” Journal of Empirical Finance, 2007, Vol. 14, Pgs 636-661.*


    Craig W. Holden and Avanidhar Subrahmanyam, “News Events, Information Acquisition, and

    Stock Price Behavior,” Journal of Business, 2002, Vol. 75, No. 1., Pgs 1-32 (lead article).*


    Robert Battalio and Craig W. Holden, “A Simple Model of Payment For Order Flow,

    Internalization, and Total Trading Costs,” Journal of Financial Markets, 2001, Vol. 4,

    Pgs 33-71.*


    Mark Bagnoli, S. Viswanathan, and Craig W. Holden, “On The Existence of Linear

    Equilibria in Models of Market Making,Mathematical Finance, 2001, Vol 11, Pgs 1-31.*


    Craig W. Holden and Avanidhar Subrahmanyam, “Risk Aversion, Liquidity, and Endogenous

    Short Horizons,” The Review of Financial Studies, 1996, Vol. 9, Pgs. 691-722.*


    Sugato Chakravarty and Craig W. Holden, “An Integrated Model Of Market And Limit

    Orders,” Journal of Financial Intermediation, 1995, Vol. 4, Pgs. 213-241.*


    Craig W. Holden, “Index Arbitrage As Cross-Sectional Market Making,” The Journal of

    Futures Markets, 1995, Vol. 15, Pgs. 423-455.*


    Craig W. Holden and Avanidhar Subrahmanyam, “Risk Aversion, Imperfect Competition, and

    Long-Lived Private Information,” Economic Letters, 1994, Vol. 44, Pgs. 181-190.*


    Craig W. Holden and Avanidhar Subrahmanyam, “Long-Lived Private Information and

    Imperfect Competition,” The Journal of Finance, 1992, Vol. 47, Pgs. 247-270.*


    Craig W. Holden, “Index Arbitrage and The Media,” Financial Analysts Journal,

    September/October 1991, 8-9.




    Craig W. Holden and Stacey Jacobsen, “Liquidity Measurement Problems in Fast,

    Competitive Markets: Expensive and Cheap Solutions,” forthcoming in the Journal of Finance




    Kingsley Fong, Craig W. Holden, and Charles A. Trzcinka, “What Are The Best Liquidity

    Proxies For Global Research?” second round at Management Science


    Craig W. Holden and Daniel S. Kim, “Performance Shares: Valuation and Optimal Design,”   

    under revision




    Craig W. Holden, “Optimal Trading With Limit Orders on a Dynamic Limit Order Book




    Kingsley Fong, Craig W. Holden, and Charles A. Trzcinka, “A Global Perspective on Stock





    My research has generated 309 citations from published articles and books as of June 2009


     My research has generated 1,530 citations from either published articles or working papers

     posted online based on Google Scholar


     Financial Times article, “Selling Shares Like Toothpaste,” January 28, 2009 based on “Penny

    Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers”


    Three of my research theories are explained in the book, “Trading and Exchanges,” by Larry

    Harris, 2002, Oxford Press, New York.


  Battalio and Holden (2001) was cited and debated in Congressional testimony on H.R. 1053,

    (regarding decimal trading on U.S. security exchanges), Hearings in U.S. House of

    Representatives before the Subcommittee on Finance and Hazardous Materials of the

    Committee on Commerce, April 16, 1997


    Holden and Subrahmanyam (1992) received a three-page write-up in the textbook “Market

    Microstructure Theory,” by Maureen O’Hara, 1995, Blackwell Publishers, Oxford.




Excel Modeling in Investments, Graduate Level, by Pearson / Prentice Hall

·         First Edition in 2001

·         Second Edition in 2004

·         Third Edition in 2008

·         Fourth Edition in 2011


Excel Modeling in Corporation Finance, Graduate Level, by Pearson / Prentice Hall

·         First Edition in 2002

·         Second Edition in 2004

·         Third Edition in 2008

·         Fourth Edition in 2011

·         International Edition in 2011


Excel Modeling in the Fundamentals of Investments, Undergraduate Level, by Pearson / Prentice Hall

·         First Edition in 2001

·         Second Edition in 2004

·         Third Edition in 2008


Excel Modeling in the Fundamentals of Corporate Finance, Undergraduate Level, by Pearson / Prentice Hall

·         First Edition in 2002

·         Second Edition in 2004

·         Third Edition in 2008


An Italian Edition was published in 2007 by Addison Wesley Longman Italia:


·           Esercizi di finanza aziendale con Excel, ISBN 8871923529


Chinese Editions of my books were published in 2004 by China Renmin University Press for sale exclusively in the People’s Republic of China:


·           Spreadsheet Modeling in Investments, Chinese Simplified, ISBN 7300051138


·           Spreadsheet Modeling in Corporate Finance, Chinese Simplified, ISBN 7300051146


Chinese Editions of my books were published in 2010 by China Machine Press / Huazhang Co for sale exclusively in the People’s Republic of China:


·           Excel Modeling and Estimation in Investments, Third Edition, Chinese Simplified, ISBN 978-7-111-30587-3


·           Excel Modeling and Estimation in the Fundamentals of Corporation Finance, Third Edition, Chinese Simplified, ISBN 978-7-89451-598-8


My web site provides comprehensive information about the Excel Modeling and Estimation series, including a desk copy request form.



·         More than 2,400 desk copy requests have been submitted to my web site. They have come from 96 countries around the world:

1.      Afghanistan

2.      Algeria

3.      Argentina

4.      Armenia

5.      Australia

6.      Bahrain

7.      Bangladesh

8.      Belgium

9.      Benin

10.  Bolivia

11.  Brazil

12.  Bulgaria

13.  Cambodia

14.  Cameroon

15.  Canada

16.  Chile

17.  China

18.  Columbia

19.  Congo

20.  Costa Rica

21.  Croatia

22.  Czech Republic

23.  Denmark

24.  Ecuador

25.  El Salvador

26.  Fiji

27.  Finland

28.  France

29.  Germany

30.  Ghana

31.  Greece

32.  Guatemala


33.  Honduras

34.  Hong Kong

35.  Hungary

36.  India

37.  Indonesia

38.  Iran

39.  Ireland

40.  Israel

41.  Italy

42.  Ivory Coast

43.  Jamaica

44.  Japan

45.  Jordan

46.  Kazakhstan

47.  Kenya

48.  Korea

49.  Kuwait

50.  Latvia

51.  Lebanon

52.  Liechtenstein

53.  Macedonia

54.  Malaysia

55.  Mauritius

56.  Mexico

57.  Mongolia

58.  Morocco

59.  Mozambique

60.  Nepal

61.  Netherlands

62.  New Zealand

63.  Nigeria

64.  Norway


65.  Oman

66.  Pakistan

67.  Peru

68.  Philippines

69.  Portugal

70.  Puerto Rico

71.  Qatar

72.  Romania

73.  Russia

74.  Saudi Arabia

75.  Senegal

76.  Serbia / Montenegro

77.  Singapore

78.  South Africa

79.  Spain

80.  Sri Lanka

81.  Swaziland

82.  Sweden

83.  Switzerland

84.  Syria

85.  Taiwan

86.  Tanzania

87.  Thailand

88.  Tunisia

89.  Turkey

90.  United Arab Emirates

91.  United Kingdom

92.  United States

93.  Uruguay

94.  Venezuela

95.  Vietnam

96.  Zimbabwe


·         Spreadsheet Modeling Exercises, created by Craig W. Holden published by Prentice Hall on CD bundled with Finance by Zvi Bodie and Robert Merton, 1999


RESEARCH PRESENTATIONS (* = co-author presentation)


“Optimal Trading With Limit Orders on a Dynamic Limit Order Book

·         Indiana University

·         Tel Aviv University


“Liquidity Measurement Problems in Fast, Competitive Markets: Expensive and Cheap


·         Indiana University

·         Southern Methodist University


“Can the Performance of Structural Corporate Bond Models Be Improved?”

·         International Symposium on Financial Engineering and Risk Management*


 “What Are The Best Liquidity Proxies For Global Research?”

·         Indiana University

·         University of New South Wales*

·         University of Technology, Sydney*

·         Michigan State University Seminar*

·         Hong Kong University *

·         Hong Kong University of Science and Technology*

·         University of Sydney Microstructure Meeting*

·         University of Wisconsin, Milwaukee*


“Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers”

·         American Finance Association*

·         European Finance Association*

·         Indiana University

·         Investment Industry Regulatory Organization of Canada / McMaster University


 “New Low-Frequency Spread Measures”

·         Indiana University


   “Do Stock Splits Improve Liquidity?”

·         European Finance Association*

·         CRSP Research Symposium*

·         Financial Management Association Conference*

·         McMaster University

·         Indiana University


   “Do Liquidity Measures Measure Liquidity?”  

·         Financial Management Association Conference*

·         Frontiers of Finance Conference in Bonaire, The Netherland Antilles*

·         Indiana University


   “Order Dynamics: Recent Evidence from the NYSE”

·         Western Finance Association

·         National Bureau of Economic Research (NBER)*

·         European Finance Association*

·         New York Stock Exchange Research Seminar*

·         Morgan Stanley Conference*

·         Ohio State University*

·         Vanderbilt University*

·         Penn State University

·         Indiana University


    “The Frequency of Financial Analysts’ Forecast Revisions: Theory and Evidence about

      Determinants of Demand for Predisclosure Information”

·         Western Finance Association

·         Dartmouth University

·         JFM-Yale ICF Conference

·         Decision Sciences Institute*

·         Louisiana State University

·         Case Western Reserve University*

·         American Accounting Association*


    “News Events, Information Acquisition, and Stock Price Behavior”

·         American Finance Association*

·         University of Illinois

·         Journal of Financial Intermediation Conference

·         Notre Dame

·         Indiana University


    “A Simple Model of Payment For Order Flow, Internalization, and Total Trading Cost”

·         Western Finance Association*

·         Georgia State University*

·         Indiana University Symposium

·         Rutgers University Conference on Financial Economics and Accounting

·         Ohio State Conference on Dealer Markets


    Pegged Limit Orders

·         European Finance Association

·         University of Houston

·         NYSE/UCLA/USC Conference

·         London Business School

·         London School of Economics

·         Indiana University

·         University of Washington*

·         BARRA*


    “Risk Aversion, Liquidity, and Endogenous Short Horizons”

·         European Finance Association

·         Econometric Society (ASSA Conference)

·         University of Utah*

·         Arizona State University*

·         Illinois-Indiana-Purdue Finance Symposium


    “On The Existence of Linear Equilibria in Models of Market Making”

·         Econometric Society (ASSA Conference)


    “Comparing Market Making Systems: The Linear Equilibria

·         Western Finance Association*

·         NYSE/UCLA/USC Conference

·         London School of Economics

·         Indiana University


    “An Integrated Model Of Market And Limit Orders”

·         European Finance Association

·         American Finance Association*


     “Long-Lived Private Information and Imperfect Competition”

·         Western Finance Association

·         Indiana University


    “Index Arbitrage As Cross-sectional Market Making”

·         Chicago Board of Trade Research Symposium

·         Reprinted in Chicago Board of Trade “Research Symposium Proceedings”

·         London Conference on Stock Index Derivatives

·         The Q Group Spring Conference

·         University of Illinois at Urbana-Champaign

·         Indiana University

·         Carnegie-Mellon University

·         University of Colorado at Boulder

·         New York Stock Exchange

·         Cornell University Seminar

·         University of Southern California

·         University of California at Los Angeles




1.      Zhong Zhang

2.      Hong Kee Sul (co-chair with Charles Trzcinka)

3.      Daniel Kim (2012, co-chair with Jun Yang)

4.      Sam Henkel (2010)

5.      Ann Zhang (2009, co-chair with Scott Smart)

6.      Zhongyan Zhu (2009)

7.      Hao Yin (2008, co-chair with Konstantin Tyurin)

8.      Diego Agudelo (2007)

9.      Bulent Koksal (2005)

10.  Wee Yong Yeo (2004)

11.  Ram Thirumalai (2003)

12.  Pankaj Jain (2002)

13.  Hazem Daouk (2001, co-chair with Utpal Bhattacharya)

14.  Len Lundstrum (2000)

15.  Prakit Narongtanupon (2000)

16.  Alex Butler (1999)

17.  Miikka Tauren (1999)

18.  Pamela Stuerke (1998)

19.  Jeff Bacidore (1998)

20.  Seow-Eng Ong  (1997, co-chair with David Brown)




21.  Brian Wolfe

22.  Ken Weakley

23.  Shawn O’Donoghue

24.  Shyam Venkatesan

25.  Stacey Jacobsen  (2011)

26.  Ryan Brewer (2011)

27.  Cristina Danciulescu (2010)

28.  Chotibhak Jotikasthira (2009)

29.  Chang Hoon Oh (2007)

30.  Janis Berzins (2006)

31.  Ruslan Goyenko (2006)

32.  Joon Ho Hwang (2005)

33.  Matthew Wieland (2005)

34.  Bruce Haslem (2004)

35.  Hansoo Kim (2004)

36.  Peter Groznik (2003)

37.  Mike Gapen (2003)

38.  Paul Hamilton (2002)

39.  John Velis (2000)

40.  Chris Pope (2000)

41.  Andrew Waisburd (2000)

42.  Kathleen Petrie (1997)

43.  Richard Bliss (1997)

44.  Jennifer Reynolds (1997)

45.  Troy Adair (1996)

46.  Jason Greene (1996)

47.  Clark Maxam (1996)

48.  Todd Milbourn (1996)

49.  Robert Battalio (1995)

50.  Brian Hatch (1995)

51.  Steve Peters (1994)

52.  Witaya Pintong (1994)

53.  Vijay Bhasin (1993)

54.  Sugato Chakravarty (1993)

55.  David Smith (1993)

56.  ZhiMing Zhang (1992)

57.  Richard Shockley (1992)




1.      John Ni (2011)

2.      Melissa Lewis (2007)

3.      Craig Nichols (2004)

4.      Kevin Gaudette (2003)

5.      Daniel Wright (2003)




6.      Steve Moehrle (1997)

7.      Kevin Steensma (1996)


COURSES TAUGHT (* means created the course or performed a major overhaul)


1.      F526 Derivative Securities (MBA)

2.      F635 Market Microstructure (Doctoral)*

3.      F535 Security Trading and Market Making (MBA Market Microstructure)*

4.      F335 Security Trading and Market Making (Undergraduate Market Microstructure)*

5.      Faculty Teaching Seminar (Faculty)

6.      X630 Doctoral Teaching Seminar (Doctoral)

7.      F303 Intermediate Finance (Undergraduate)*

8.      F600 Asset Pricing Theory (Doctoral)*

9.      F594 International Finance (MBA)

10.  F494 International Finance (Undergraduate)

11.  F420 Investments (Undergraduate)





·         Average teaching evaluations over the past five years = 6.26 on a 7.00 scale




·         Taught a one-day segment on Financial Markets for the Global Management Development Program, 2001, 2002

·         Helped design a one-week program on Risk Profile Management, including attending a “Stress Testing” Conference in New York




·      Pioneered the use of clickers in the finance department in 2011


·      Pioneered having students develop optimal strategies based on a highly realistic trader simulation and dealer simulation starting in 2003


·      Wayne Winston and I pioneered the use of Palisade’s RISK Optimizer 1.0 in the business school curriculum in 99-00.


·         Introduced a new subdiscipline, market microstructure, to the undergraduate, MBA, and doctoral curriculum

·         Created and taught F335 Security Trading and Market Making starting in 1998

·         Created and taught F535 Security Trading and Market Making starting in 2000

·         Created and taught F635 Market Microstructure starting in 1998


·         Created and taught a new course F303 Intermediate Finance in 1996

·         Chaired the subcommittee that designed the course

·         One of the two instructors who taught for the first time

·         Chaired the subcommittee that expanded the intermediate courses from 3.0 credit hours to 6.0 credit hours, creating F303 Intermediate Investments and F305 Intermediate Corporate Finance

·         My detailed class-by-class design has largely held up to the present day


·         Pioneered  individual spreadsheet modeling projects in the finance curriculum in F420 Investments in 1994


·         Developed the International Investments Game software for F494 International Finance during 1991-1994

·         spreadsheet-based resource for teaching about international investments

·         easy to manage three hypothetical mutual funds for clients in three different countries

·         can trade 80 securities from 25 countries in real time over a ten-week period

·         accounts for currency risk, taxes, transaction costs, and degree of client risk aversion


·         Major overhaul of a doctoral course F600 Asset Pricing Theory in 1993:

·         Added continuous time, term structure models, intertemporal equilibrium asset pricing, and international asset pricing.


PUBLISHED TEACHING PAPERS    (* means refereed)


    Craig W. Holden and Kent L. Womack, “Spreadsheet Modeling in Finance and Investment

    Courses,” FEN Educator, 2000, Vol. 5, No. 5.

·         Made it onto the Social Science Research Network (SSRN) Top Ten list for most downloads across all networks


    Craig W. Holden, “Save Diversification From The CAPM Controversy! An Excel-based

    Interactive Optimizer To Teach Diversification, Exploiting Mispriced Assets, and Asset

    Classes,” Journal of Financial Education, 1998, Vol. 24, Pgs. 49-57. *

·         This was the first publication to show how to build an Excel-based Dynamic Chart. Excel-based Dynamic Charts are a combination of Excel spin buttons (or other Form/ActiveX controls available since Excel 95) to change inputs and regular Excel charts to display changes in outputs. Dynamic Charts provide interactive platforms for learning about the dynamic relationships between inputs and outputs. All of my subsequent Spreadsheet Modeling and Excel Modeling books explain how to build Excel-based Dynamic Charts for a wide variety of financial models.


    Craig W. Holden, Course Syllabi, in Richard Schwindt (ed.), Business Administration: Reading

    Lists and Course Outlines, 1995, Eno River Press, Chapel Hill, North Carolina.

·         F600 and F420 syllabi in “Volume 6 Finance II: Investments and Financial Markets,” Pgs. 104-122.

·         F494 syllabus in “Volume 9 International Finance and Financial Markets,” Pgs. 89-91.




    Craig W. Holden and Scott Smart, “Two Thumbs Up: An Excel-based ‘Movie’ To Teach

    Term Structure Dynamics.”




    Made available 4 free Dynamic Charts of financial models on my faculty web page (1995-1999)

    and 3 free Dynamic Charts of financial models on (2000-2007)

·         Each one has been downloaded more than 5,000 times

·         My interactive portfolio optimizer served as the basis of a section of a Portuguese textbook, Engenharia, Economica, E Financas, published in 2009 by Elsevier




     “Live, In-Class Spreadsheet Modeling Problems” part of a session on “Technology in Finance


·         Financial Management Association, October 18, 2001


     “Spreadsheet Modeling in Finance” at highly publicized seminar organized by Prentice Hall

·         Financial Management Association, October 27, 2000




    “Using Clickers in the Classroom,” Finance Department Faculty, September 14, 2012


    “Clickers: IUB Faculty Panel,” April 10, 2012


    “Value-added Knowledge and Skills”

·         Doctoral Teaching Seminar, October 6, 2000


    “Web-based Teaching Tools”

·         Teaching Development Seminar, November 17 and December 8, 1999


    “Interactive Spreadsheet Modeling”

·         Faculty Teaching Seminar, September 25, 1998

·         Faculty Teaching Seminar, November 14, 1997


    “Teaching Technology”

·         Faculty Teaching Seminar, May 3, 1996




·         Preparing Future Faculty (i.e. doctoral students), attended 1997, 1998




·         Participant, 1996 Master Teacher Program at Georgia State University

·         Participant, 1995-96 Kelley School of Business Faculty Teaching Seminar




·         Guest lecturer on Foster Care Adoption for a course on Adoption in the Applied Health Sciences department: seven times from 1998 – 2004

·         Faculty Forum speaker on Personal Finance to adults & to teenagers at Camp Brosius: 2000

·         Co-guest lecturer in the MBA core on Market Microstructure: 1997, 1998, 1999

·         Guest lecturer in F625 on Empirical Market Microstructure: 1993, 1994

·         Special lecture for faculty and doctoral students on Numerical Methods in Finance: 1994


Supervision of Independent Studies and Honors Projects

    2008  Henry Lin, Pano Rigopoulos

    2004  Alex Gruen

    2003  Marco Pagacz

    2002  Christina Borsum, Brian Wilson

    2000  Carlos Layus

    1998  Sedat Rende

    1996  Mark Levine, Alireza Saifi, Buck Rumely

    1995  Raymond Ang, Michael Deng, Alex Fridman, Wilson Leung, David Rolstad, Peter Zajc

    1994  Michael Kyriakides

    1993  Michael Kahn

    1992  Nikhil Shukla

    1991  Steve Kapor


Supervision of Doctoral Second Summer Research Paper

    2012  Yifei Mao, Zhong Zhang

    2009  Brian Wolfe
    2006  Zhongyan Zhu

    2005  Ann Zhang

    2004  Diego Agudelo, Rina Ray


Supervision of Doctoral First Summer Literature Review

    2011 Yifei Mao, Zhong Zhang

    2009 Shyam Venkatesan

    2005  Zhongyan Zhu

    2004  Sam Henkel, Pab Jotikasthira   

    1999  Anna Danielova, Pankaj Jain

    1997  Patrick Chen

    1996  Len Lundstrum

    1994  Bob Miller

    1993  Jeff Bacidore

    1992  Todd Milbourn


Supervision of Cox Scholar

    2009 Sylvia Yang



·         Chair, Curriculum Subcommittee, which developed 11 recommendations, including the overhaul of five major required courses taken by thousands of students each year



·         Based on a grade appeal hearing, the committee developed a recommendation that was communicated to all Kelley School instructors to provide feedback to students during the semester that will enable them to determine where they stand in terms of grades

·         Based on an academic misconduct hearing, the cheating policy of a large-scale required course was changed to have penalties that fit the magnitude of the misconduct.



·         Implemented a major new teaching award, Trustees Teaching Award (TTAs), for the first time in Spring 2001

·         revised the teaching evaluation form to reduce the chance of reverse coding errors and to add a measure of absolute time and effort required by the class – effective Fall 2000

·         converted to on-line administration of teaching evaluations where there was a combination of required portable computers and wired classrooms – testing was conducted in Summer and Fall 1999 – full roll-out in Spring 2000 – personnel turnover caused hold in Fall 2000

·         standardizing on two or more peer / professional reviews of classroom performance for all untenured, tenure-track faculty and one or more peer reviews for all Associate Professors prior to applying for promotion to Full – the proposal passed unanimously and was implemented in Fall 1999

·         requiring student evaluations for all instructors at all times. This included two groups that has historically been excluded: summer school instructors and discussion section instructors – the proposal passed unanimously and was implemented in summer 1999

·         expanded the criteria used to evaluate instructors for the Teaching Excellence Recognition Awards (TERAs) beyond question 20 – it now incorporates eight questions, including output-oriented questions about student learning and a variety of classroom delivery questions – the TERA criteria were adopted by the Dean’s Office as the basis of all future schoolwide evaluations of teaching performance effect Fall 1998

·         implemented a major new teaching award, the Innovative Teaching Awards (ITAs), for the first time, which roughly doubled the workload of the TEC committee

·         shifted the annual TEC newsletter to an e-mail format and expanded the distribution to include all KSB faculty and doctoral students

·         created a 23 page web site ( which provides comprehensive information about teaching awards, teaching development seminars, teaching evaluation policy, and TEC activities







·         the task force organized a symposium for major companies that recruit at the business school to obtain their input on the demand for undergraduates who combine business expertise and higher levels of training in science, engineering, or technology

·         co-edited the videotape of the symposium

·         reported to faculty briefings in Bloomington and Indianapolis

·         reported to the Dean’s Advisory Council and used it as a focus group to conduct market research

·         task force developed four major recommendations:

·         add a “More Technology” track to the CIS major – the A&IS department developed a comprehensive overhaul of the CIS major that adds four new technically-based classes – it was approved and begins implementation in Fall 1996

·         all business students should be exposed to the concept of business process – I-Core has now added a significant treatment of business process for all business undergraduates

·         all majors in the A&IS and O&DT departments should gain greater depth of knowledge about business process – this lead to a proposal by the O&DT department to create a Business Process Management major – it was approved and begins implementation in Fall 1996

·         the MBA program should consider analogous curriculum innovations – the O&DT department is exploring a MBA major in Business Process Management





·         Recruited three new students starting Fall 2007, four new students starting Fall 2008, three new students starting Fall 2009, and two new students starting Fall 2010

o   Brought finance doctoral program up to full strength by filling positions that had been left unfilled

·         Cannibalized one position in order to significantly raise stipends to be more competitive





The following proposals were made and passed on my watch:


1.      Created a new business minor in Financial Literacy, including the restructuring of F260 Personal Finance and the creation of a new course F262 Financial Markets.


2.      Made permanent F419 Behavioral Finance.


3.      Created a new course F306 Honors Intermediate Corporate Finance.


4.      Created a new course F228 Introduction to Investment Banking.


5.      Improved the ability of finance majors to articulate their coursework with the MBA in Accounting.


6.      Simplified the Finance Track by getting rid of the “Option 1” and “Option 2” structure and replacing it with a single finance track and a permitted course substitution.


7.      Provided flexibility for the introductory real estate course to be either a prerequisite or a corequisite for another real estate course.


8.      Accommodated a new class A310 Intermediate Financial Accounting, which freed-up 3 credit hours for an additional finance or accounting elective.


9.      Created a new 6.0 credit hour “Finance Core” composed of: (1) F303 Intermediate Investments  and (2) F305 Intermediate Corporate Finance.


10.  Made permanent F335 Security Trading and Market Making.


11.  Created an elite program the Investment Banking / Capital Markets Workshop, including two new half-semester courses, a speaker series, and trips to New York and Chicago.


12.  Made permanent F307 Working Capital Management.


13.  Restructured F409 Corporate Finance and Modeling Skills to build on F303 Intermediate Finance.


14.  Revised F304 Honors Financial Management.


15.  Restructured F/G345 Money, Banking, and Capital Markets.


16.  A comprehensive overhaul of the Finance Major, including:

·         Three new finance courses: (1) F303 Intermediate Finance, (2) F409 Corporate Finance and Modeling Skills, and (3) F421 Derivative Securities,

·         Three new accounting courses for finance majors: (1) Cost Management, (2) Tax Analysis, and (3) Financial Statement Analysis and Interpretation, and

·         Six new department policies, including a standard undergraduate grading policy.


   Miscellaneous Undergraduate Service

·         Developed Links Between Undergraduate Courses, a concise mapping of all curriculum links – held several Course Coordination Meetings with undergraduate instructors to share detailed information about who is covering what and to update the Links Between Undergraduate Courses documentation

·         Implemented a survey of recent finance majors to measure their long-run satisfaction with their IU finance education and provide useful feedback

·         Committee worked with department MBA committee to develop comprehensive assessment plan – it received departmental approval and has been fully implemented

·         Wayne Winston and I convinced the Associate Dean to budget additional funds for a major upgrade to @RISK 4.0 Industrial Version (including RISK Optimizer) and doubling to 200 licenses to cover all KSB labs and all UITS labs – I had originally arranged back in Fall 1996 to have 30 @Risk licenses installed in the UCS computer labs so that they would be available to undergraduate students

·         I handled a wide variety of student matters, such as course waivers and substitutions, advice on policy and schedule concerns, selection of scholarship and award winners, etc.




·         co-presented to the Academic Council a proposal to require portable computers for all undergraduate students starting with sophomore-level courses -- it passed unanimously and the implementation was referred to the technology committee

·         chair, subcommittee on grade inflation – we determined that there is a grade inflation problem, but there was no agreement on possible solutions

·         proposed Integration, Standardization, and Supervision of I-core in the Summer – a joint proposal by Finance, Marketing, and O&DT – it began implementation in Summer 1996

·         proposed putting schoolwide bulletin online and updating it annually as the official, legal document of the school to reduce lag time between adoption of new curriculum and official publication of biannual bulletin – bulletin went on-line in 1997 and became annual in 2010




Departmental Committees



1991 – 1994, 2009;

Chair: 1994 – 2005, 2010 – 2012


1992 – 2005, 2010; Chair: 2006 – 2009

Finance Club

1994 – 2005


1994 – 1998; 2003 – 2004; Chair: 2003

Equities Cup Club


Undergraduate Investment Club

2007 – 2012

Research Seminar and Coordination

1991 – 1993

Computer Coordination

1991 – 1993

RPM / M.S. in Finance

1994 – 1995


1993 – 1994

Ad Hoc Department Brochure


Ad Hoc Secretarial Resources




Schoolwide Committees


Academic Fairness

2000, Chair: 2001

Teaching Excellence

Chair: 1997 – 2000


1994 – 2005, 2010 – 2012


2006 – 2009

Senior Lecturer Review

2011 – 2012


1994 – 1996

Honors Program

1995 – 1996

Kelley Webmasters

1999 – 2000

Dean’s Task Force on Science, Engineering, and Technology


Chair: 1995

Ad Hoc Trading Room Design


Faculty / Staff Campaign


Task Force on Five Year Programs


Undergraduate Total Experience Task Force

2004 – 2005

Undergraduate Ethics Curriculum Task Force




Campus Committees


Tenure Advisory Committee

2012, 2013

General Education Committee, Social and Historical Studies Subcommittee

2009, 2010, 2011

Business School Dean Search and Screen

·      Chair, Applications Screening Subcom.

·      Chair, One of Two Interview Rooms


Faculty / Student Financial Aid Advisory




IU Systemwide Committees


Research Misconduct Investigation





·         Served as the club faculty advisor for the Undergraduate Investment Club, which won First Place in the 2009 National Collegiate Investment Competition, co-sponsored by TCU and the FMA


·         Created the finance department’s 90-page web site ( in 1996 and have served as the department Webmaster since then up to the present


·         Provided new analysis on the NYSE / Tokyo Stock Exchange Cooperation Agreement for Bloomberg News, January 31, 2007


·         Hosted Harwick Simmons, CEO of NASDAQ, at the Kelley School 2003 business conference


·         Gave a two-minute, televised “Kelley Commentary” on the subject of the “Pros and Cons of On-line Security Trading” for the television show “Inside Indiana Business,” which is broadcast by television stations throughout Indiana, June 9, 2000


·         Managed the department’s on-line working paper series, 2000 – 2005.


·         Provided news analysis on the Fed interest rate hike for The Herald-Times, May 17, 2000


·         Faculty member of panel to interview candidates for the KSB position of Instructional Development Consultant, 1999


·         Panelist for DSA session on dissertation planning, 1999


·         Co-organizer, KSB New Faculty Teaching Orientation, 1997, 1998, 1999


·         Attended Koch Industries Inc symposium on “Market-based Management,” Wichita, Kansas, 1997


·         Faculty Marshal for Commencement: 1996, 1997


·         Grant proposals to the Institute for Quantitative Research in Finance (the Q Group): 1995, 1996


·         Provided news analysis on the Disney-ABC merger for The Herald-Times, August 2, 1995


·         Served as UCLA delegate to the Inauguration of Myles Brand as the 16th President of IU


·         Grant proposal to the National Science Foundation: 1994


·         Faculty Mentor for Paulo Santos, Minorities in Business Program: 1992, 1993, 1994


·         1994 Faculty Advisor for high potential freshmen


·         Assisted Ash Soni in preparing H.P. grant proposal to establish the Finance Information Center


·         1994 Speaker at an IU Global Forum at Carlisle Braking Systems


·         1992 IU Faculty Representative for the PNC Banking Challenge




   Associate Editor, Journal of Financial Markets, 1997 - Present


   Secretary-Treasurer, Society for Financial Studies, 2012 - Present


   Member of the Program Committee, Western Finance Association, 1999 - Present


   Member of the Program Committee, European Finance Association, 1996, 2013


   Member of the Program Committee, Financial Economics and Accounting, 2003, 2011


   Member of the Program Committee, Financial Management Association, 1998, 2002


   Member of the Program Committee, McMaster University and the Investment Industry

   Regulatory Organization of Canada (the Canadian Security Regulation Agency) Conference on

   “Market Structure and Market Integrity,” 2007, 2008


   Member of the Program Committee, University of Toronto Capital Markets Institute Conference on

   “The Future of Stock Exchanges in a Globalizing World,” 2002


   Co-organizer of the finance department’s Fifth Biennial Symposium on “The Implications of Market

   Microstructure for Investors, Firms, and Markets,” 1997


   Outside Reviewer for Tenure and/or Promotion Cases: 2002, 2003, 2010, 2011, 2012


   Ad hoc reviewer for:

*        Journal of Finance

*        Review of Financial Studies

*        Journal of Financial Markets

*        Journal of Financial and Quantitative Analysis

*        Journal of Financial Intermediation

*        Econometrica

*        Journal of Economic Theory

*        Journal of Political Economy

*        National Science Foundation

*        Journal of Banking and Finance

*        Financial Management

*        American Economic Review

*        Journal of Economics and Business

*        Journal of Financial Research

*        Journal of Business Finance and Accounting

*        Pacific-Basin Finance Research

*        Journal of Futures Markets

*        Journal of Financial Service Review

*        The Financial Review

*        International Review of Economics and Finance

*        Multinational Finance Journal

*        Journal of Real Estate and Economics

*        Eastern Economic Journal

*        North American Journal of Economics and Finance

*        Economic Letters

*        Managerial and Decision Economics

*        The Manchester School

*        Asia Pacific Management Review

*        Journal of the Japanese and International Economies

*        Quarterly Review of Economics and Finance

*        Quarterly Journal of Business and Economics

*        Journal of Financial Intermediation Symposium

*        Indiana University Symposium

*        Research Grants Council of Hong Kong

*        Financial Practice and Education

*        John Wiley and Sons, Inc.

*        Financial Times Prentice Hall

*        Richard D. Irwin, Inc.

*        West Educational Publishing

*        Kluwer Academic Publishers



Years Attended (* = Discussant,** = Session Chair)

Western Finance Association

1987, 1988, 1990, 1991, 1992, 1994, 1995, 1996*, 1997, 1998*, 1999*, 2000, 2001, 2002*, 2003*, 2004, 2005, 2006, 2007, 2008**, 2009*, 2010*, 2011, 2012

American Finance Association

1989, 1990, 1992, 1993, 1994, 1995, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012

Financial Economics & Accounting

1996, 2003

Financial Management Association

2000, 2001

European Finance Association


IU Biennial Symposium

1991*, 1993*, 1995*, 1997**, 2000**, 2005***

State of Indiana Conference

2007, 2008**, 2009*, 2010**, 2011*

Notre Dame Conferences

1999, 2000*, 2011**

Illinois-Indiana-Purdue Symposium

1994, 1995, 1996*

Journal of Financial Intermediation

1992*, 1995*, 1997*

NYSE-UCLA-USC Conference

1988, 1990, 1992, 1994

Vanderbilt FMRC Conference


JFM-Yale ICF Conference





·         Boy Scout Troop 100

·         Chartered Organization Representative, 2011 – present

·         Treasurer, 2007 – 2011

·         St Marks United Methodist Church

·         Member, Finance Committee, 2003 – present

·         Chair, Finance Committee, 2005 – 2007

·         Chair, Endowment Fund Committee, 2005 – 2007

·         Co-founder and President, Foster Parents for Early Permanency, 1996 – 1999

·         Participant in a two-day, Statewide Advisory meeting between the Indiana State Division of Family and Children and Indiana Foster Care and Adoption Association, 1998

·         Speaker, “Reform of the Child Welfare System,” Legal Education Seminar, 1998

·         Co-founder of Adoption in Child Time, 1998




*        Research Assistant, Professors Michael Brennan And Eduardo Schwartz, 1987-90

*        Teaching Assistant, Professor Eduardo Schwartz, 1989-90

*        Financial Databases Consultant, Finance Department, 1985-1987

*        Allstate Dissertation Fellowship

*        President's Undergraduate Fellowship