CRAIG W. HOLDEN
EDUCATION
Ph.D.,
Finance,
M.B.A.,
Finance/Operations,
B.A., Political Science,
DISSERTATION
"The Theory And Empirical Analysis Of
Arbitrage Trading," supervised by Michael Brennan
(Chairman), David Butz,
Hashem Pesaran, Eduardo
Schwartz, and Walter Torous
EXPERIENCE
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,
STRATEGIC
FINANCIAL ANALYST, Home Savings of
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
RESEARCH,
TEACHING, AND SERVICE AWARDS
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.
ACCEPTED PAPERS
Craig W. Holden and Stacey Jacobsen, “Liquidity
Measurement Problems in Fast,
Competitive Markets: Expensive and Cheap
Solutions,” forthcoming in the Journal of Finance
SUBMITTED
PAPERS
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
WORKING
PAPERS
Craig W. Holden, “Optimal Trading With
Limit Orders on a Dynamic Limit Order Book”
WORK IN
PROGRESS
Kingsley Fong, Craig W. Holden, and Charles A. Trzcinka, “A Global Perspective on Stock
Splits”
CITATIONS
AND OTHER IMPACTS
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
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.
TEXTBOOKS
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
www.excelmodeling.com 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. 7. Bangladesh 8. Belgium 9. Benin 10. 11. 12. 13. Cambodia 14. Cameroon 15. 16. 17. 18. 19. Congo 20. Costa Rica 21. 22. 23. 24. Ecuador 25. El Salvador 26. Fiji 27. Finland 28. 29. 30. 31. Greece 32. Guatemala |
33. Honduras 34. Hong Kong 35. Hungary 36. India 37. Indonesia 38. 39. Ireland 40. Israel 41. 42. Ivory Coast 43. Jamaica 44. 45. 46. Kazakhstan 47. 48. 49. 50. 51. 52. Liechtenstein 53. Macedonia 54. Malaysia 55. Mauritius 56. 57. Mongolia 58. 59. Mozambique 60. Nepal 61. 62. 63. 64. |
65. 66. Pakistan 67. Peru 68. Philippines 69. Portugal 70. Puerto Rico 71. Qatar 72. Romania 73. 74. 75. Senegal 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. Tanzania 87. 88. 89. 90. 91. 92. United States 93. Uruguay 94. Venezuela 95. Vietnam 96. |
·
Spreadsheet Modeling Exercises, created by Craig W. Holden
published by Prentice Hall on CD bundled with Finance by
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
Solutions”
·
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
·
Indiana
University
“Order
Dynamics: Recent Evidence from the NYSE”
·
Western Finance Association
·
National Bureau of Economic Research (NBER)*
·
European Finance Association*
·
·
Morgan
Stanley Conference*
·
·
·
·
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
CHAIR OF
DISSERTATION COMMITTEES
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)
MEMBER
OF DISSERTATION COMMITTEES
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)
CHAIR OF
DISSERTATION PROPOSAL EXAMINING COMMITTEE
1.
John Ni (2011)
2.
Melissa Lewis (2007)
3.
Craig Nichols (2004)
4.
Kevin Gaudette (2003)
5.
Daniel Wright (2003)
MEMBER OF
DISSERTATION PROPOSAL EXAMINING COMMITTEE
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
EXECUTIVE EDUCATION PROGRAMS
·
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
CURRICULUM DEVELOPMENT
· 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:
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.
TEACHING
PAPERS
Craig W. Holden and Scott Smart, “Two
Thumbs Up: An Excel-based ‘Movie’ To Teach
Term Structure Dynamics.”
TEACHING SOFTWARE IMPACT
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 www.excelmodeling.com (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
TEACHING
PRESENTATIONS AT TOP ACADEMIC CONFERENCES
“Live, In-Class Spreadsheet
Modeling Problems” – part of a session
on “Technology in Finance
Education”
·
Financial Management Association,
“Spreadsheet Modeling in
Finance” at highly publicized seminar organized by Prentice Hall
·
Financial Management Association,
TEACHING PRESENTATIONS AT
“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,
“Web-based Teaching Tools”
·
Teaching Development Seminar, November 17 and
“Interactive Spreadsheet Modeling”
·
Faculty Teaching Seminar,
·
Faculty Teaching Seminar,
“Teaching Technology”
·
Faculty Teaching Seminar,
·
Preparing Future Faculty (i.e. doctoral students),
attended 1997, 1998
TEACHING
DEVELOPMENT
·
Participant, 1996 Master Teacher Program at
·
Participant, 1995-96
MISCELLANEOUS
TEACHING ACTIVITIES
·
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
·
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
2002
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
MEMBER, DEAN’S UNDERGRADUATE TOTAL EXPERIENCE TASK FORCE (2004-2005)
·
Chair, Curriculum Subcommittee, which developed 11
recommendations, including the overhaul of five major required courses taken by
thousands of students each year
CHAIR,
ACADEMIC FAIRNESS COMMITTEE (2001 - 2002)
·
Based on a grade appeal hearing, the committee developed
a recommendation that was communicated to all
·
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.
CHAIR,
TEACHING EXCELLENCE COMMITTEE (1997 - 2001)
·
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 (www.kelley.iu.edu/tec) which
provides comprehensive information about teaching awards, teaching development
seminars, teaching evaluation policy, and TEC activities
MEMBER,
·
CHAIR,
APPLICATION SCREENING SUBCOMMITTEE
·
CHAIR, ONE
OF TWO “AIRPORT INTERVIEW” ROOMS
CHAIR, DEAN’S TASK FORCE ON SCIENCE, ENGINEER., &
TECHNOLOGY (1995)
·
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
·
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
CHAIR OF FINANCE
DEPARTMENT DOCTORAL COMMITTEE (2006 - 2010)
·
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
CHAIR OF FINANCE
DEPT. UNDERGRADUATE COMM. (1994 – 2005, 2010 – 2012)
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.
MY INITIATIVES ON THE SCHOOLWIDE
UNDERGRADUATE POLICY COMMITTEE
·
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
COMMITTEE
SERVICE
|
Departmental
Committees |
Years |
|
Undergraduate |
1991 –
1994, 2009; Chair:
1994 – 2005, 2010 – 2012 |
|
Doctoral |
1992 –
2005, 2010; Chair: 2006 – 2009 |
|
Finance
Club |
1994 –
2005 |
|
Recruiting |
1994 – 1998;
2003 – 2004; Chair: 2003 |
|
Equities
Cup Club |
2006 |
|
Undergraduate
Investment Club |
2007 – 2012 |
|
Research
Seminar and Coordination |
1991 – 1993 |
|
Computer
Coordination |
1991 –
1993 |
|
RPM /
M.S. in Finance |
1994 –
1995 |
|
Ad Hoc
RATS |
1993 –
1994 |
|
Ad Hoc
Department Brochure |
1994 |
|
Ad Hoc
Secretarial Resources |
1996 |
|
|
|
|
Schoolwide Committees |
Years |
|
Academic
Fairness |
2000, Chair:
2001 |
|
Teaching
Excellence |
Chair:
1997 – 2000 |
|
Undergraduate |
1994 – 2005,
2010 – 2012 |
|
Doctoral |
2006 – 2009 |
|
Senior
Lecturer Review |
2011 –
2012 |
|
Environmental |
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 |
1998 |
|
Faculty /
Staff Campaign |
1999 |
|
Task
Force on Five Year Programs |
2004 |
|
Undergraduate
Total Experience Task Force |
2004 –
2005 |
|
Undergraduate
Ethics Curriculum Task Force |
2006-2007 |
|
|
|
|
Campus
Committees |
Years |
|
Tenure
Advisory Committee |
2012,
2013 |
|
General
Education Committee, Social and Historical Studies Subcommittee |
2009, 2010,
2011 |
|
· Chair,
Applications Screening Subcom. · Chair,
One of Two Interview Rooms |
1996 |
|
Faculty /
Student Financial Aid Advisory |
1996 |
|
|
|
|
IU Systemwide Committees |
|
|
Research
Misconduct Investigation |
2013 |
MISCELLANEOUS
SERVICE ACTIVITIES
·
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 (www.kelley.iu.edu/finance) 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
PROFESSIONAL
ACTIVITIES
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
“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
*
*
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
*
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
*
*
Research
Grants Council of
*
Financial Practice and Education
*
John Wiley
and Sons, Inc.
*
Financial
Times Prentice Hall
*
Richard D.
Irwin, Inc.
*
West
Educational Publishing
*
Kluwer
Academic Publishers
|
Conferences |
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 |
1995** |
|
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 |
2001 |
|
JFM-Yale
ICF Conference |
2000 |
COMMUNITY
SERVICE
·
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
STUDENT
EXPERIENCE AND FELLOWSHIPS
*
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