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Recent Research Publications by Department of Finance Faculty:
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Dr. Larry Cox:
Cox, L. A. (2006). Blessed Are the Builders (ARIA Presidential Address). Risk Management and Insurance Review, 9 (1), 1-7.
Cox, L. & Ge, Y. (2004). Temporal Profitability and Pricing of Long-Term Care Insurance. Journal of Risk and Insurance, 71 (4), 677-705.
Cox, L. & Kamssu, A.J. (2000). Revealed Preferences of Business Students at a Major State University. Risk Management and Insurance Review, 3 (1), 81-97.
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Dr. Ken Cyree:
Adjei, F., Cyree, K.B., & Walker, M.M. (in press). The Determinants and Survival of Reverse Mergers versus IPOs. Journal of Economics and Finance.
Brown, C., Cyree, K.B., Griffiths, M.D., & Winters, D.B. (in press). Further Analysis of the Expectations Hypothesis using Very Short-Term Rates. Journal of Banking and Finance .
Cyree, K., Winters, D.B., & Lindley, J.T. (in press). The Effect of Substitute Assets on Yields in Finanacial Markets. Financial Management .
Cyree, K. & Adams, J.C. (2004). Market Efficiency and Diversification: An Experiential Approach Using the Wall St. Journal's Dartboard Portfolio. Journal of Applied Finance , 40-51.
Cyree, K., Harvey, K., & Melton, M.R. (2004). Bank Lending to Native American Applicants: An Investigation of Mortgage Flows and Government Guarantee Programs on Native American Lands. Journal of Financial Services Research, 26 (1), 29-54.
Cyree, K., Griffiths, M., & Winters, D.B. (2004). An Empirical Examination of the Intraday Volatility in Eurodollar Rates. Quarterly Review of Economics and Finance, 44 (1), 44-57.
Cyree, K., Griffiths, M., & Winters, D.B. (2003). On the Pervasiveness of Federal Reserve Settlement Regulations. Federal Reserve of St. Louis Review , 27-46.
Cyree, K. & DeGennaro, R.P. (2002). A Generalized Method for Detecting Abnormal Returns and Changes in Systematic Risk. Review of Quantitative Finance and Accounting, 19 (4), 399-416.
Cyree, K. & Winters, D.B. (2001). Analysis of Federal Funds Rate Changes and Variance Patterns. Journal of Financial Research, 24 (3), 403-418.
Cyree, K. & Winters, D.B. (2001). An Intraday Examination of Federal Funds Market: Implication for the Theories of the Reverse-J Pattern. Journal of Business, 74 (4), 535-556.
Cyree, K. (2000). The Erosion of Glass-Steagall: Winners and Losers in the Banking Industry. Journal of Economics and Business, 52 (4), 343-363.
Cyree, K., Wansley, J.W., & Boehm, T.P. (2000). Determinants of Bank Growth Choice. Journal of Banking and Finance, 24 (5), 709-734.
Cyree, K., Wansley, J.W., & Black, H.A. (2000). Bank Growth Choices and Changes in Market Performance. The Financial Review, 35 (1), 49-66.
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Dr. Kathleen Fuller:
Bouwman, C., Fuller, K., & Nain, A. (in press). The performance of stock-price driven acquisitions. Review of Financial Studies .
Bouwman, C. , Fuller, K., & Nain, A. (2003). Stock market valuation and merger performance. MIT/Sloan Management Review, 45 (1), 9-11.
Fuller, K. P. (2003). Why some firms use collar offers in mergers. Financial Review, 38 , 127-150.
Fuller, K. P. (2003). Impact of informed trading on dividend signaling: Theory and evidence. Journal of Corporate Finance, 9 , 385-407.
Fuller, K. P. & Glatzer, M. . (2003). Method of payment for international targets. Advances in Financial Economics, 8 , 47-64.
Fuller, K. P., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firs tell us? Evidence from firms that make many acquisitions. Journal of Finance, 57 (1763-1793).
Fuller, K. P. (2001). The influence of managerial reputation on dividend smoothing. Advances in Financial Economics, 6 , 83-115.
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Dr. Del Hawley:
Novicevic, M., Buckley, M., Hawley, D., & Garner, B. (in press). Universities Getting Virtual: How to Avoid the Optimizer's Curse. International Journal of Management Education .
Maniam, B. & Hawley, D. (2001). Application of Artificial Neural Systems as an Event Study Methodology: An Empirical Investigatiton. Academy of Information and Management Sciences Journal, 3 (1), 20-32.
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Dr. Andre Liebenberg:
Liebenberg, A. P. & Kamerschen, D.R. (in press). Structure, Conduct, and Performance Analysis of the South African Auto Insurance Market: 1980-2000. South African Journal of Economics .
Liebenberg, A. P. & Hoyt, R.E. (2003). Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers . Risk Management and Insurance Review, 6 , 37-52.
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Dr. R. Phil Malone:
Malone, P., Ness, B.V., & Ness, R.V. (2005). Online and In-Class Student Evaluations. Journal of Financial Education .
Malone, P. & Zhang, T. (2004). Closed-End Fund Discounts in Chinese Stock Markets. The Chinese Economy .
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Dr. Bonnie Van Ness:
Danielsen, B., Van Ness, B.F., & Warr, R.S. (in press). Reassessing the impact of options introductions on market quality: A less restrictive test for event-date effects. Journal of Financial and Quantitative Analysis .
Goldstein, M., Shkilko, A., Van Ness, B.F., & Van Ness, R.A. (in press). Competition in the market for NASDAQ securities. Journal of Financial Markets .
Nguyen, V. T., Van Ness, B.F., & Van Ness, R.A. (in press). Short- and long-term effects of multimarket trading. Financial Review .
Shkilko, A., Van Ness, B.F., & Van Ness, R.A. (in press). Locked and crossed markets on NASDAQ and the NYSE. Journal of Financial Markets .
Blau, B. M., Van Ness, B.F., & Van Ness, R.A. (2006). An analysis of short selling in NYSE-listed securities. Journal of Trading, 1 (4), 14-21.
Elliot, W., Van Ness, B.F., Walker, M., & Warr, R.S. (2006). What drives the S&P 500 inclusion effect: An analytic survey. Financial Management, 35 (4), 31-48.
Goldstein, M., Van Ness, B.F., & Van Ness, R.A. (2006). The intraday probability of informed trading on the NYSE. Advances in Quantitative Analysis of Finance and Accounting, 3 , 139-158.
Nguyen, V. T., Van Ness, B.F., & Van Ness, R.A. (in press). Inter-market competition for exchange traded funds. Journal of Economics and Finance .
Pirim, B., Van Ness, B.F., & Van Ness, R.A. (2006). Can security characteristics and market structure explain the differences in trading costs between NYSE and NASDAQ securities. International Research Journal of Finance and Economics (2), 6-25.
Chakravarty, S., Van Ness, B., & Van Ness, R. (2005). The effect of decimalization on trade size and adverse selection costs . Journal of Business Finance & Accounting, 32 (5 & 6), 1063-1081.
Danielsen, B., Van Ness, B.F., & Warr, R.S. (2005). Reassessing the impact of options introductions on market quality: a less restrictive test for even-date effects. Journal of Financial and Quantitative Analysis .
Li, Y., Van Ness, B., & Van Ness, R. (2005). Daily and intraday patterns in spread and depth for limit orders and specialists. Quarterly Journal of Business and Economics, 44 (3 & 4), 3-14.
Malone, P., Van Ness, B., & Van Ness, R. (2005). Online and in-class student evaluations. Journal of Financial Education, 31 , 15-22.
Nguyen, V. T., Van Ness, B.F., & Van Ness, R.A. (2005). Intraday trading of Island (as reported to the Cincinnati Stock Exchange) and NASDAQ. Advances in Quantitative Analysis of Finance and Accounting, 2 , 89-104.
Nguyen, V., Van Ness, B., & Van Ness, R. (2005). Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks. Journal of Economics and Business, 57 (6), 541-554..
Shkilko, A., Van Ness, B.F., & Van Ness, R.A. (2005). Locked and crossed markets on NASDAQ and the NYSE. Journal of Financial Markets .
Van Ness, B. F., Van Ness, R.A., & Warr, R.S. (2005). The impact of the introduction of index securities on the underlying stocks: The case of the Diamonds and the Dow 30. Advances in Quantitative Analysis of Finance and Accounting, 2 , 105-128.
Van Ness, B., Van Ness, R., & Warr, R. (2005). NASDAQ Trading and trading costs: 1993-2002. The Financial Review, 40 (3), 381-304.
Van Ness, B. , Van Ness, R. , & Warr, R. (2005). The impact of market-maker concentration on adverse selection costs for NASDAQ stocks . Journal of Financial Research, 28 (3), 461-485.
Chung, K. , Van Ness, B. , & Van Ness, R. (2004). Specialists, limit-order traders, and the components of the bid-ask spread. The Financial Review, 39 (2), 255-270.
Chung, K., Van Ness, B., & Van Ness, R. (2004). Trading costs and quote clustering on the NYSE and NASDAQ after decimalization. Journal of Financial Research, 27 , 309-328.
Nguyen, V., Van Ness, B., & Van Ness, R. (2004). An examination of the dissemination of Island trades through the Cincinnati Stock Exchange. Journal of Applied Finance, 14 (2), 30-39.
Schwartz, A. L., Van Ness, B., & Van Ness, R.A. (2004). Clustering in the futures market: Evidence from S & P 500 futures contracts. Journal of Futures Markets, 24 (5), 413-428.
Cooney, J., Van Ness, B., & Van Ness, R. (2003). Do investors prefer even-eighth prices? Evidence from NYSE limit orders . Journal of Banking and Finance, 27 , 719-748.
Desai, A., Van Ness, B. , & Van Ness, R. (2003). Spreads and trading activity surrounding September 11th 2001 . Finance Letters, 1 (4).
Chung, K., Van Ness, B., & Van Ness, R. (2002). Spreads, depth, and quote clustering on the NYSE and Nasdaq: Evidence after the 1997 SEC's rule changes. The Financial Review, 37 (4), 481-505.
McInish, T. & Van Ness, B. (2002). An intraday examination of the components of the bid-ask spread. The Financial Review, 37 (4), 507-524.
McInish, T., Van Ness, B., & Van Ness, R. (2002). After-hours trading of NYSE stocks on the regional exchanges . Review of Financial Economics, 11 (4), 287-297.
Pruitt, S. , Van Ness, B., & Van Ness, R. (2002). The first of many? The microstructure effects of Aeroflex Corporation's move from the NYSE to the Nasdaq. Journal of Applied Finance, 12 (2), 46-54.
Van Ness, B., Van Ness, R., & Warr, R. (2002). Is the adverse selection component really higher on the NYSE/Amex than on the Nasdaq? Journal of Business Finance & Accounting, 29 (5 & 6), 807-824.
Wright, P., Kroll, M., Lado, A., & Van Ness, B. (2002). The structure of ownership and corporate acquisition strategies. Strategic Management Journal, 23 (1), 41-53.
Chung, K., Van Ness, B., & Van Ness, R. (2001). Can the treatment of limit orders reconcile the differences in trading costs between NYSE and Nasdaq issues? . Journal of Financial and
Quantitative Analysis, 36 (2), 267-286.
McInish, T., Van Ness, B. , & Van Ness, R. (2001). Market changes and spread components, implications for international markets . Journal of International Financial Markets, Institutions and Money, 11 , 65-73.
Van Ness, B., Van Ness, R., & Warr, R. (2001). How well do adverse selection components measure adverse selection? Financial Management, 30 (3), 77-98.
Kugele, L., McInish, T., Van Ness, B. , & Van Ness, R. (2000). Competition from the limit order book and NYSE spreads. Journal of International Financial Markets, Institutions and Money, 10 , 31-42.
Newsome, M., Van Ness, B. , & Van Ness, R. (2000). A relevant financial principles assignment using credit card purchase-payment variations. Journal of Financial Education, 26 (1), 60-67.
Pruitt, S. , Van Ness, B., & Van Ness, R. (2000). Clientele trading in response to published information: Evidence from the dartboard column. Journal of Financial Research, 23 (1), 1-13.
Van Ness, B., Van Ness, R., & Adkins, R. (2000). Student performance in principles of finance: differences between traditional and internet settings. Financial Practice and Education, 10 (2), 160-166.
Van Ness, B. , Van Ness, R. , & Pruitt, S. (2000). The impact of the reduction in tick increments in major U.S. markets on spreads, depth, and voaltility. Review of Quantitative
Finance and Accounting, 15 (2), 153-167.
Wood, R., McCorry, M., Van Ness, B.F., & Van Ness, R.A. (2000). Portfolio formation methods: Linear programming as an alternative to ranking. Advances in Investment Analysis and Portfolio Management, 7 , 105-115.
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Dr. Robert Van Ness:
Broom, K. D., Van Ness, R.A., & Warr, R.S. (in press). Cubes to Quads: the move of the QQQ ETF from AMEX to NASDAQ. Journal of Economics and Business .
Chakrabarty, B., Li, B., Nguyen, V.T., & Van Ness, R.A. (in press). Trade Classification Algorithms for Electronic Communication Network Trades. Journal of Banking and Finance .
Goldstein, M., Shkilko, A., Van Ness, B., & Van Ness, R. (in press). Competition in the Market for NASDAQ Securities. Journal of Financial Markets .
Nguyen, V., Van Ness, B.F., & Van Ness, R.A. (in press). Inter-Market Competition for Exchange Traded Funds. Journal of Economics and Finance .
Nguyen, V. T., Van Ness, B.F., & Van Ness, R.A. (in press). Short- and Long-Term Effects of Multimarket Trading. Financial Review .
Spurlin, W. P., Van Ness, B.F., & Van Ness, R.A. (in press). Open Volume and Time to Open on Option Expiration Days. the International Journal of Economics and Finance .
Danielsen, B. R., Van Ness, R.A., & Warr, R.S. (in press). Audit fees, Consulting fees, and Informational Transparency. Journal of Business Finance & Accounting .
Shkilko, A. V., Van Ness, B.F., & Van Ness, R.A. (in press). Locked and Crossed Markets on NASDAQ and the NYSE. Journal of Financial Markets .
Blau, B. M., Van Ness, B.F., & Van Ness, R.A. (2006). An Analysis of Short Selling in NYSE-listed Securities. Journal of Trading, 1 (4), 14-21.
Cook, D., Kieschnick, R., & Van Ness, R.A. (2006). On the Marketing of IPOs. Journal of Financial Economics, 82 (1), 35-61.
Goldstein, M. A., Van Ness, B.F., & Van Ness, R.A. (2006). The Intraday Probability of Informed Trading on the NYSE. Advances in Quantitative Analysis of Finance and Accounting, 3 , 139-158.
Higgins, E., Ott, R., & Van Ness, R. (2006). An Analysis of the Impact of Funds from Operations (FFO) Changes on the Valuation of Real Estate Investment Trusts (REITs). Journal of Real Estate Research, 28 (3), 241-255.
Pirim, B. T., Van Ness, B.F., & Van Ness, R.A. (2006). Can Security Characteristics and
Market Structure Explain the Differences in Trading Costs between NYSE and Nasdaq Securities. International Research Journal of Finance and Economics, 2 (3), 6-25.
Chakravarty, S., Van Ness, B., & Van Ness, R. (2005). The Effect of Decimalization on Trade Size and Adverse Selection Costs. Journal of Business Finance & Accounting, 32 (5 & 6), 1063 - 1081.
Li, Y., Van Ness, B., & Van Ness, R. (2005). Daily and Intraday Patterns in Spread and Depth for Limit Orders and Specialists. Quarterly Journal of Business and Economics, 44 (3 & 4), 3-14.
Malone, P. , Van Ness, B., & Van Ness, R. (2005). Online and In-Class Student Evaluations. Journal of Financial Education, 31 (2), 15-22.
Nguyen, V. T., Van Ness, B.F., & Van Ness, R.A. (2005). Intraday Trading of Island (as reported to the Cincinnati Stock Exchange) and Nasdaq. Advances in Quantitative Analysis of Finance and Accounting, 2 , 89-104.
Nguyen, V., Van Ness, B., & Van Ness, R. (2005). Archipelago's Move Towards Exchange Status: An Analysis of Archipelago Trading in NYSE and Nasdaq Stocks. Journal of Economics and Business, 6 (57), 541-554.
Van Ness, B. F., Van Ness, R.A., & Warr, R.S. (2005). The Impact of the Introduction of Index Securities on the Underlying Stocks: The Case of the Diamonds and the Dow 30. Advances in Quantitative Analysis of Finance and Accounting, 2 , 105-128.
Van Ness, B., Van Ness, R., & Warr, R. (2005). NASDAQ Trading and Trading Costs: 1993-2002. The Financial Review, 40 (3), 281-304.
Van Ness, B., Van Ness, R., & Warr, R. (2005). The Impact of Market-Maker Concentration on Adverse Selection Costs for NASDAQ Stocks. Journal of Financial Research, 28 (3), 461-485.
Chakravarty, S. , Wood, R., & Van Ness, R. (2004). Decimals and liquidity: a study of the NYSE. Journal of Financial Research, 27 (1), 75-94.
Chung, K., Van Ness, B. , & Van Ness, R. (2004). Specialists Limit-Orders Traders and the Components of the Bid-Ask Spread. The Financial Review, 39 (2), 255-270.
Chung, K., Van Ness, B., & Van Ness, R. (2004). Trading Costs and Quote Clustering on the NYSE and NASDAQ after Decimalization. Journal of Financial Research, 27 , 309-328.
Nguyen, V., Van Ness, B., & Van Ness, R. (2004). An Examination of the Dissemination of Island Trades through the Cincinnati Stock Exchange. Journal of Applied Finance, 14 (2), 30 - 39.
Schwartz, A. L., Van Ness, B., & Van Ness, R.A. (2004). Clustering in the Futures Market: Evidence from S & P 500 Futures Contracts. Journal of Futures Markets, 24 (5), 1-16.
Cooney, J., Van Ness, B., & Van Ness, R. (2003). Do Investors Avoid Odd-Eighth Prices? Evidence from NYSE Limit Orders . Journal of Banking and Finance, 27 (4), 719-748.
Pett, T., Francis, J., & Van Ness, R. (2003). Cancellation of Mergers and Acquisitions: Implications for Target Firms. Journal of Management Research, 3 (1), 1-10.
Desai, A., Van Ness, B. , & Van Ness, R. (2003). Spreads and Trading Activity surrounding September 11th 2001 . Finance Letters, 1 (4).
Chung, K., Van Ness, B., & Van Ness, R. (2002). Spreads Depths and Quote Clustering on the NYSE and Nasdaq: Evidence after the 1997 SEC's Rules Changes. The Financial Review, 37 (4), 481-505.
McInish, T., Van Ness, B., & Van Ness, R. (2002). After-Hours Trading of NYSE stocks on the Regional Exchanges . Review of Financial Economics, 11 (4), 287-297.
Ott, R. & Van Ness, R. (2002). An Analysis of the Impact of the Taxpayer Relief Act of 1997 on the Valuation of REITs and the Adverse Selection Component of the Bid/Ask Spread. Journal of Real Estate Portfolio Management, 8 , 55-64.
Pruitt, S. , Van Ness, B., & Van Ness, R. (2002). The First of Many? The Microstructure Effects of Aeroflex Corporation's move from the NYSE to the Nasdaq. Journal of Applied Finance, 12 (2), 46-54.
Van Ness, B., Van Ness, R., & Warr, R. (2002). Is the Adverse Selection Component Really Higher on the NYSE/Amex than on the Nasdaq. Journal of Business Finance & Accounting, 29 (5 & 6), 807-824.
Chung, K. & Van Ness, R. (2001). Order Handling Rules, Tick Size, and the Intraday Pattern of Bid-Ask Spreads for Nasdaq Stocks. Journal of Financial Markets, 4 (2), 143-161.
Chung, K. & Van Ness, B. (2001). Can the Treatment of Limit Orders Reconcile the Differences in Trading Costs between NYSE and Nasdaq Issues? . Journal of Financial and Quantitative Analysis, 30 (3), 77-98.
Cornwell, B., Pruitt, S. , & Van Ness, R. (2001). The Value of Winning in Motorsports: Sponsorship-Linked Marketing. Journal of Advertising Research, 41 (1), 17-31.
McInish, T., Van Ness, B. , & Van Ness, R. (2001). Market Changes and Spread Components, Implications for International Markets . Journal of International Financial Markets, Institutions and Money, 11 , 65-73.
Van Ness, B., Van Ness, R., & Warr, R. (2001). How Well do Adverse Selection Components Measure Adverse Selection? Financial Management, 30 (3), 77-98.
Kugele, L., McInish, T., Van Ness, B. , & Van Ness, R. (2000). Competition from the Limit Order Book and NYSE Spreads. Journal of International Financial Markets, Institutions and Money, 10 , 31-42.
Newsome, M., Van Ness, B., & Van Ness, R. (2000). A Relevant Financial Principles Assignment Using Credit Card Purchase-Payment Variations. Journal of Financial Education, 26 (1), 60-67.
Pruitt, S. , Van Ness, B., & Van Ness, R. (2000). Clientele Trading in Response to Published Information: Evidence from the Dartboard Column. Journal of Financial Research, 23 (1), 1-13.
Van Ness, B., Van Ness, R., & Adkins, R. (2000). Student Performance in Principles of Finance: Differences between Traditional and Internet Settings. Financial Practice and Education, 10 (2), 160-166.
Van Ness, B. , Van Ness, R. , & Pruitt, S. (2000). The Impact of the Reduction in Tick Increments in Major U.S. Markets on Spread, Depth, and Voaltility. Review of Quantitative Finance and Accounting, 15 (2), 153-169.
Wood, R., McCorry, M., Van Ness, B.F., & Van Ness, R.A. (2000). Portfolio Formation Methods: Linear Programming as an Alternative to Ranking. Advances in Investment Analysis and Portfolio Management, 7 , 105-115.
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Dr. Mark Walker:
Walker, M. M. & Hsu, C. (in press). Strategic Objectives, Industry Structure, and the Long-Term Stock Price Performance of Acquiring and Rival Firms. Applied Financial Economics .
Walker, M. M. (2006). Studying Value / Valuing Study: Key Lessons from the Business Valuation Literature. Business Appraisal Practice , 31-39.
Walker, M. M. & Claassen, B.A. (2006). What Drives Sell-Side Recommendation Announcement Returns? Financial Services Review, 15 (4), 315-333.
Walker, M. M. (2005). Using Acquisition Premiums to Estimate the Value of Control: What is the Importance of Synergy and Relative Firm Size. Business Appraisal Practice , 5-14.
Walker, M. M. (2004). Explaining the Single-Period Capitalization Model: A Special Case of the Discounted Cash Flow Model. Business Appraisal Practice , 35-41.
Walker, M. M. (2000). Corporate Takeovers, Strategic Objectives and Acquiring-Firm Shareholder Wealth. Financial Management, 29 (1), 53-66.
Wang, Y. & Walker, M.M. (2000). An Empirical Test of Individual and Institutional Trading Patterns in Japan, Hong Kong, and Taiwan. Journal of Economics and Finance, 24 (2), 178-194.
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