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Finance Department
Tippie College of Business

• MBA:8180 Managerial Finance (M.B.A.)
• FIN:9390 Applied Financial Analysis: Industry Project (Master of Finance)

Courses are accessed through ICON.

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EDUCATION

• Ph.D., Department of Economics, The University of Iowa, December 1988.
• B.A. with Highest Honors, Economics, The University of Northern Iowa, May 1983.

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Current positions

• Finance Departmental Executive Officer, July 2017 to Present.
• Soumyo Sarkar Professor of Finance, July 2015 to Present.
• Professor of Finance, Henry B. Tippie College of Business, University of Iowa, August 2011 to Present.
• Board of Directors, University of Iowa Strategic Initiatives Fund, February 2020 to Present
• Research Affiliate, Economic Science Institute, Chapman University, August 2010 - Present
• Fellow, TIAA-CREF Institute, October 2007 to Present.

Prior Positions

• Faculty Director, MBA Finance Career Academy, July 2013 to July 2017.
• Leonard A. Hadley Research Fellow, Henry B. Tippie College of Business, University of Iowa, August 2011 to July 2015.
• Huneke Research Fellow, Henry B. Tippie College of Business, University of Iowa, August 2010 to August 2011.
• Hershberger Faculty Research Fellow, Henry B. Tippie College of Business, University of Iowa, August 2002 to July 2010.
• Robert L. Jensen Fellow of Finance, Henry B. Tippie College of Business, University of Iowa, August 2000 to July 2002.
• Associate Professor of Finance, Henry B. Tippie College of Business, University of Iowa, August 1996 to August 2010.
• Visiting Assistant Professor of Finance, College of Business Administration, University of Iowa, August 1993 to August 1996.
• Assistant Professor of Finance, J.L. Kellogg Graduate School of Management, Northwestern University, September 1988 to June 1994.

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• "Iowa Electronic Markets: Forecasting the 2024 U.S. Presidential Election"  PS: Political Science and Politics, forthcoming, 2024.  (With Thomas S. Gruca).
• "Designing Prediction Markets to Forecast Multi-Stage Elections: The 2022 French Presidential Election." PS: Political Science and Politics,55(4) 719-725, 2022. (With Thomas S. Gruca and Joyce E. Berg.)
• "The 2020 (Re)Election According to the Iowa Electronic Market: Politics, Pandemic, Recession and/or Protests?"  PS: Political Science and Politics, 54(1): 86-90, 2021.  (With Thomas S. Gruca).
• "Longshots, Overconfidence and Efficiency on the Iowa Electronic Market." International Journal of Forecasting, 35(1): 271-287, 2019. (With Joyce Berg.) 
• "Trust, Reciprocity and Rules." Economic Inquiry, 56(3): 1526-1542.  (With Eric Schniter, Roman Sheremeta, Timothy Shields.)
• “Partisan Politics and Political Prospects: Evidence from the Iowa Electronic Markets,” PS: Political Science and Politics, 48(4): 573-578.  (With Joyce Berg and Christopher Penney.)
• “Market Design, Manipulation and Accuracy in Political Prediction Markets:  Lessons from the Iowa Electronic Markets.” PS: Political Science and Politics, 47(2): 293-296. (With Joyce Berg.)
• “Mining Causal Topics in Text Data: Iterative Topic Modeling with Time Series Feedback.” Proceedings of the 22nd ACM International Conference on Information and Knowledge Management (CIKM 2013), 885-890.  (With Hyun Duk Kim, Malu Castellanos, Meichun Hsu, ChengXiang Zhai and Daniel Diermeier.)
• “The "Play-Out" Effect and Preference Reversals: Evidence for Noisy Maximization.” Journal of Economic Behavior and Organization, 94: 160-171, October 2013. Winner of the “Best Paper Award,” Experimental Economics, Accounting and Society: A Conference in Memory of John Dickhaut, Chapman University, January, 2012. (With Joyce Berg and John Dickhaut.)
• “Transparency, Efficiency and the Distribution of Economic Welfare in Pass-Through Investment Trust Games." Journal of Economic Behavior and Organization, 94: 257-267, October 2013.  Winner of the “Best Paper by a Young Researcher Award,” Experimental Economics, Accounting and Society: A Conference in Memory of John Dickhaut, Chapman University, January, 2012.  (With Roman Sheremeta, Timothy Shields and Vernon Smith.)
• “Experimental Economics, Accounting and Society: In Memory of John Dickhaut,” Journal of Economic Behavior and Organization, 94: 125-129, October 2013. (With Kevin McCabe and Gregory Waymire.)
• “InCaToMi: Integrative Causal Topic Miner Between Textual and Non-textual Time Series Data.” The Proceedings of the 21st ACM International Conference on Information and Knowledge Management, ISBN: 978-1-4503-1156-4, ACM: New York, NY, USA, 2012, pp. 2689-2691. (With Hyun Duk Kim, ChengXiang Zhai, Daniel Diermeier, Meichun Hsu, Malu Castellanos and Carlos Ceja.)   
• “Product Market Efficiency:  The Bright Side of Myopic, Uniformed and Passive External Finance.” Management Science, 58(11): 2019-2036, 2012.  (With Thomas Noe and Michael Rebello.)
• “Memoirs of an Indifferent Trader: Estimating Forecast Distributions from Prediction Markets." Quantitative Economics, 1(1): 163-186, 2010.  (With Joyce Berg and John Geweke.)  Links to appendix and animations.
• “Can Portfolio Selection be Improved in Practice? Observations from Experimental Behavioral Finance.”  TIAA-CREF Trends and Issues, December 2010.  (With Robert McDonald.)
• “Preference Reversals:  The Impact of Truth-Revealing Incentives.”  Games and Economic Behavior, 68(2): 443-468, 2010. (With Joyce Berg and John Dickhaut.)
• “Searching for Google's Value: Using Prediction Markets to Forecast Market Capitalization Prior to an Initial Public Offering.”  Management Science, 55(3), 348€“361, 2009.  (With Joyce Berg and George Neumann.)
• "Price Dynamics in Political Prediction Markets."  The Proceedings of the National Academy of Science, 106(3), 679-684, January 20, 2009.  (With Saikat Ray Majumder, Daniel Diermeier and Luis A. Nunes Amaral.)
• "Majority Requirements and Minority Representation."  New York University Annual Survey of American Law, 63(4): 691-726, 2008. (With Rebecca Morton.) 
• “Prediction Market Accuracy in the Long Run.” International Journal of Forecasting, 24, 283-298, April-June 2008.  (With Forrest Nelson and Joyce Berg.)
• "On the Performance of the Lottery Procedure for Controlling Risk Preferences." The Handbook of Experimental Economics Results, CR Plott and VL Smith, editors, Elsevier Science, Amsterdam, pp. 1087-1097, 2008.  (With John Dickhaut and Joyce Berg.)
• "Results from a Dozen Years of Election Futures Markets Research." The Handbook of Experimental Economics Results, CR Plott and VL Smith, editors, Elsevier Science, Amsterdam, pp. 742-751, 2008.  (With Joyce Berg, Forrest Nelson and Robert Forsythe.)
• "Three-way Experimental Election Results: Strategic Voting, Coordinated Outcomes and Duverger's Law." The Handbook of Experimental Economics Results, CR Plott and VL Smith, editors, Elsevier Science, Amsterdam, pp. 889-897, 2008.
• “The Iowa Electronic Market: Stylized Facts and Open Issues.”  In Information Markets: A New Way of Making Decisions in the Public and Private Sectors. Robert W. Hahn and Paul C. Tetlock (eds.). AEI-Brookings Joint Center, Washington, D.C., 2006.  (With Joyce Berg.)
• "The Effects of Videoconferencing, Class Size, and Learner Characteristics on Training Outcomes." Performance Improvement Quarterly, 18, 59-82, 2005. (With Ken Brown and Brenda Sugrue.)
• "Suckers are Born, but Markets are Made: Individual Rationality, Arbitrage and Market Efficiency on an Electronic Futures Market." Management Science, 50:3, 336-351, March 2004. (With Kenneth Oliven.)
• “Preference Reversals and Induced Risk Preferences: Evidence for Noisy Maximization.”  Journal of Risk and Uncertainty, 27:2, 139-170, 2003.  (With Joyce Berg and John Dickhaut.)
• "Prediction Markets As Decision Support Systems."  Information Systems Frontiers, 5:1, 79-93, 2003.  (With Joyce Berg.)
• "Cheap Talk, Fraud and Adverse Selection in Financial Markets: Some Experimental Evidence." Review of Financial Studies, 12, 3, 481-518, Fall 1999. (With Robert Forsythe and Russell Lundholm.)
• "Distance Learning: Relationships Among Class Size, Instructor Location, Student Perceptions, and Performance." Performance Improvement Quarterly, 12, 3, 43-56. (With Brenda Sugrue and Sarah Hansen.)
• "Wishes, Expectations and Actions: A Survey on Price Formation in Election Stock Markets." Journal of Economic Behavior and Organization, 39, 83-110, May 1999. (With Robert Forsythe and Thomas W. Ross.)
• "Campaign Finance Levels as Coordinating Signals in Three-Way, Experimental Elections." Economics and Politics, 10, 3, 185-217, November 1998. (With Roger Myerson and Robert Weber.)
• "Minority Representation in Multi-Member Districts." The American Political Science Review, 92, 1, 127-144, March 1998. (With Rebecca Morton and Elisabeth Gerber.)
• "The Iowa Electronic Market." Blackwell Encyclopedic Dictionary of Finance, Dean Paxson and Douglas Wood, Eds., Blackwell, Oxford UK, 1997. (With Joyce Berg and Robert Forsythe.)
• "What Makes Markets Predict Well? Evidence from the Iowa Electronic Markets." Essays in Honor of Reinhard Selten. Wulf Albert, Werner Guth, Peter Hammerstein, Benny Moldovanu and Eric Van Damme Eds. Springer Verlag. 1996. (With Joyce Berg and Robert Forsythe.)
• "An Experimental Study of Voting Rules and Polls in Three-Candidate Elections." The International Journal of Game Theory, 25, 355-383, 1996. (With Robert Forsythe, Roger Myerson, and Robert Weber.)
• "Implementing and Testing Risk Preference Induction Mechanisms in Experimental Sealed Bid Auctions." Journal of Risk and Uncertainty, 7, 2, October 1993.
• "An Experiment on Coordination in Multi-Candidate Elections: The Importance of Polls and Election Histories." Social Choice and Welfare, 10:223-247, 1993. (With Robert Forsythe, Roger Myerson, and Robert Weber.)
• "Comportamiento Estratagico en Elecciones con Multiples Alternativas: Una Revision de Alguna Evidencia Experimental." Cuardernos Economicos de ICE 54, 2, 129-170, 1993. English Version.
• "The State Budget Process: An Analysis of Forecasting Error and Optimal Reserves. April 1989. (With Jerald Barnard, Joel Horowitz and Bill Vigdor.) Monograph funded by the Northwest Area Foundation, commissioned and published by The Iowa Legislative Extended Assistance Group, The University of Iowa, Oakdale, Iowa 52319.
• "The Equity Risk Premium: A Solution." Journal of Monetary Economics, July 1988.

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• "Behavioral Mis-pricing and Arbitrage in Experimental Asset Markets." Working Paper, June 2005.
• "Do Unto Others: A Theory and Experimental Test of Interpersonal Factors in Decision Making Under Uncertainty." Working Paper, July 1997. (With Joyce Berg.)
• "Governance, Reputation, Crises and Recovery: Theory and Experiment." Working Paper, June 2023. (With Thomas Noe and Michael Rebello).
• "Investment Defaults and Retirement Savings Allocations."  Working Paper, June 2021.  (With Robert L. McDonald and David P. Richardson).
• "Iowa Electronic Markets Seat Distribution Forecasts for the 2022 US House and Senate Elections: A Retrospective."  Working Paper, January 2022.  (With JOyce E. Berg and Thomas S. Gruca).
• "Peering into the Black Box: Trader Strategies in the Iowa Electronic Markets."  Working Paper, October 2023.  (With Thomas S. Gruca).
• "The Effect of Default Target Date Funds on Retirement Savings Allocations."  Working Paper, March 2021.  (With Robert L. McDonald and David P. Richardson).
• "Firm reputation and agency: Information environments, corporate governance and its optics." Working Paper, February 2024. (With Thomas Noe and Michael Rebello).
• "Ratings and Asset Allocation: An Experimental Analysis."  Working Paper, July 2017.  (With Robert L. McDonald).

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• Iowa Electronic Markets Questions for Z. Bodie, A. Kane and A.J. Marcus, Essentials of Investments, Third Edition, Burr Ridge, IL: Irwin/McGraw-Hill, 1998.
• Iowa Electronic Markets: Instructor's Manual, Burr Ridge, IL: Irwin/McGraw-Hill, 1998.
• Iowa Electronic Markets Instructional Tutorials Webpages and CD-ROM for the Fund for the Improvement of Post Secondary Education Grant, "Voter Turnout and Economic Literacy through the Iowa Electronic Market," 1997-2000.

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