My Work

EDUCATION AND RESEARCH 

Education

B.S. Finance, Cameron University (Oklahoma), 1984;
M.A. Political Economy, University of Texas at Dallas, 1985;
M.S., 1987, Ph.D. Monetary and Financial Theory, Michigan State University,1989.
Chartered Financial Analyst CFA Institute, 2000.

 


Teaching Experience

1988-1989           Michigan State University:  Money and Banking.

1989-Present       Albion College:  Principles of Microeconomics, Principles of Macroeconomics, Intermediate Macroeconomics, Money and Banking, Governmental Economics, Financial Management, Financial Markets, Portfolio Theory.


Research Interests:

Financial Markets, Market Efficiency, Investment Company Products, Personal Financial Planning.


Publications

“Stock Values, Economic Earnings, and the Earnings Capitalization Rate.” Eighth Annual Southwest Business Symposium Proceedings, 1991, pp. 211-223.

“Inflation and Real Stock Returns: The Channels of Influence.” The Review of Business Studies, 1993, 2(1), 35-50.

“A Capital Asset Pricing Model Examination of the National Association of Investors Corporation’s Most Widely-Held-Stocks Portfolios.” Tenth Annual Southwest Business Symposium Proceedings, 1993, pp. 485-94.

“Can Earnings Innovations Explain the Inverse Relationship Between Unanticipated Inflation and Stock Returns?” The Journal of Applied Business Research. 1993, 9(3) 10-13.

“Experiential Learning and the Theory of Total Physical Response: An Argument Against Traditional Classroom Questioning.” College Student Journal. 1994, 28(4) 500-504.

“The Effects of Loads and Expenses on Open-End Mutual Fund Returns.”, The Journal of Business Research. June 1996.

Economics: Fundamentals for Financial Services Providers, 1st Edition, American Bankers Association, 1998.

“Mutual Fund Investment Discretion and the Asset Allocation Problem.” The Journal of Financial Counseling and Planning, 1998, 9(2).

Investment Management Guide,  American Bankers Association, 2002.

Economics: Fundamentals for Financial Services Providers, 2nd Edition, American Bankers Association, (2003).

Investment Management Guide,  American Bankers Association, 2004.

Economics: Fundamentals for Financial Services Providers, 3rd Edition, American Bankers Association, (2006).

Money and Banking, 6th Edition, American Bankers Association, (2008).

Economics: Fundamentals for Financial Services Providers, 4th Edition, American Bankers Association, (2010).

“Turnover and Closed-End Fund Discounts.” Journal of Business and Economics Research, 2014, 12(4). (With Sarah Erdman ’14).


Working Papers:

Price/Book and Closed-End Fund Pricing


Financial Planning Experience

I worked in the investment/financial planning industry for over 20 years. Click HERE for information.