Primary interests are investments, market microstructure and asset pricing, while secondary interest are corporate finance and real estate.  Current work is focused on liquidity, stock splits and dividends.  I enjoy working with high frequency databases especially the Paris Bourse and NYSE's Trades and Quotes. 

Louisiana State University  Baton Rouge, Louisiana 
Ph.D. 1998  1993-1998 

Institute of Chartered Accountants of Ontario  Toronto, Ontario, Canada 
Chartered Accountant 1991 

Queen’s University Kingston, Ontario, Canada 
Bachelor of Commerce, First Class Honours 1989 
 
 

University of New South Wales Sydney, Australia
Senior Lecturer 1998 – present

current administrative position: International Exchange Advisor 

courses taught: (teaching evaluations are on scale 1 to 5, 5 best) 
FINS 2624  Investments / Portfolio Theory of Financial Assets 
    teaching evaluations: 1999: 3.9 
FINS 3774 Decision Making Under Uncertainty (Session 1) 
    teaching evaluations: 1999: 4.1, 2000: 4.5, 2001: 4.3
FINS 4776/5576 Advanced Topics in Asset Pricing 
    teaching evaluations: 1998: 4.5, 1999: 4.3, 2000: 4.5, 2001:4.5
FINS 5513 Security Valuation and Portfolio Selection 
    teaching evaluations: 1999: 3.5 
 

Louisiana State University  Baton Rouge, La

Teacher, Investments  1996 & 1997 
  teaching evaluations 1997: 1.08 1996: 1.29 (scale 1 to 5, 1 best) 

Research Assistant, for Dr. Gary Sanger  1993-1998 
 

University of Saskatchewan Saskatoon, Saskatchewan, Canada

Teacher, Financial Institutions 1992-1993 
 
 

Management Consultant Saskatoon, Saskatchewan, Canada 
Tax, Accounting and Financial Services 1992-1993 
-Financial support for small companies regarding profit maximization and corporate strategy 

Price Waterhouse Toronto, Ontario, Canada 
Senior Tax Specialist 1991-1992 

Deloitte and Touche Toronto, Ontario, Canada 
Staff Accountant 1989-1991 

  "The Impact of Specialist and Multiple Dealer Structures on Intraday Price Formation and Bid-Ask Spread Components" 

committee: R. Carter Hill, Ji-Chai Lin, Cynthia McDonald and Gary Sanger (chair) 

Four essays examining market structure on the Paris Bourse and the NYSE. Essay one compares intraday price formation characteristics across market structures. We find the specialist impacts on end of day pricing by exacerbating the end of day transaction price anomaly. Essay two compares estimated execution costs and bid-ask spread components across market structures. Essay three examines price formation characteristics across specialist firms. Essay four examines the effect of a change in one closing procedure designed to reduce volatility at the end of the day. 
 
 

 "The Holiday Anomaly: An Investigation of Firm Size versus Share Price Effects," with Paul Brockman, Quarterly Journal of Business and Economics, 1997, v 36 (3), 23-36. 

 "The Persistent Holiday Effect: Additional Evidence," with Paul Brockman, Applied Economics Letters, 1998, v 5 (4), 205-209. 

"Individual versus Institutional Investors and the Weekend Effect," with Paul Brockman, Journal of Economics and Finance,1998, v 22 (1), 71-86. 

 "The Riskiness of REITs Surrounding the October 1997 Stock Market Decline " with Karyn Neuhauser in Real Estate Appraisal and Financial Market Integration : Facing Some Changes in Real Estate Appraisal, Counselling and Management, Edited by M. D'Amato. 

"Australian Property Trust Performance : A Test of the Explanatory Power of Benchmark Indices", with L. Woo, in Real Estate Appraisal and Financial Market Integration : Facing Some Changes in Real Estate Appraisal, Counselling and Management, Edited by M. D'Amato. 

 "Dividend Initiations and Reverse LBOs," with Arman Kosedag, Review of Financial Economics 2000, v 9 (1), 55-63. 
 
 

"Market Maker Reaction to the Presence of Informed Traders," with Laurie Prather and Will Bertin, submitted to the Financial Review. 

"The Role of Growth in Long Term Investment Returns," with John Broussard and Walter Neely, second submission to the Financial Review. 

"The Day End Effect on the Paris Bourse," with Gary Sanger, second submssion to the Financial Review. 
Click here to view and old version of the paper in pdf format.

"Suspicious Trading Halts," with Cynthia McDonald. 

"Liquidity, Market Structure and Stock Splits," with Paul Kofman. Presented at the University of Western Australia. click here to view the paper in pdf format  comments appreciated 

"Returns and Volatility at the Open: An Empirical Analysis of NYSE Specialists," with Li-Anne Woo and Alex Bertie.  Presented at the European FMA, Paris, June, 2001 and the Multinational Finance Society Annual Meeting, Lake Guarda, Italy, June, 2001.

"Execution Costs on the Paris Bourse," with Gary Sanger. Presented at the University of New South Wales and the Security Institute of Asia-Pacific. 

"Intraday REIT Liquidity." with Will Bertin, Paul Kofman and Laurie Prather.  Presented at the American Real Estate and Urban Economics Association Meeting at the Allied Social Sciences Annual Meeting, New Orlenas, January 5-7, 2001.
 

"International Evidence on the Effectiveness of the Lee and Ready (1991) and Alternative Techniques of Classifying Buyer/Seller Trade Initiation" with Laurie Prather. 

"New York Pizza," financial management case, with Wayne del Corral. 

"Steelmet Supply: a Strategic Management Case," with Tim Palmer. 

"Suspicious Trading Halts," FMA 2000, Seattle, Thursday, October 26, 3:45-5:15pm (session 98). 

"Intraday REIT Liquidity," American Real Estate and Urban Economics Association Meeting at the Allied Social Sciences Annual meeting, new Orlenas, January 5-7, 2001. 

"Measuring Liquidity," University of Technology – Sydney, September 1999; University of Missouri – Columbia, October 1999; University of Western Australia, April 2000. 

 "Execution Costs on the Paris Bourse," SFA, Key West, Florida, November 1999; SIRCA, June 1999; FMA, Chicago, Oct 1998) 

 "Dividend Initiations and Re-LBOs," FMA, Orlando, Florida, October 1999. 

 "Lee-Ready and TORQ new test" at Multinational Finance Society Meeting, Toronto, July 1999. 

 "Trading Halts and the Paris Bourse" at Multinational Finance Society Meeting, Toronto, July 1999. 

 "REITs" at AREAU, AFA 1999. 

 "The Day End Effect on the Paris Bourse," with, International FMA, Zurich, Switzerland, May 1997; UNSW, October 1998. 

 "Day of the Week Effect: Differences Across NYSE Specialist Firms," SFA, Baltimore, Maryland, November 1997; EFA, Panama City, Florida, April 1997. 

 "Preferred Stock: Differences Across NYSE Specialist Firms," SWFA, New Orleans, Louisiana, March 1997. 

 "The Role of Growth in Long Term Investment Returns," with John Broussard and Walter Neely, SWFA, March 1996, San Antonio, Texas; FMA, New Orleans, Louisiana, October 1996, European FMA, Portugal, June 1998.