Stephen P. Ferris
Professor and Director, Financial Research Institute and J.H. Rogers Chair of Money, Credit and Banking
Finance
College of Business
Office:
404F Cornell Hall
University of Missouri
Columbia, MO 65211
Office Hours:
By Appointment Only
Phone: (573) 882-9905
E-Mail: ferriss@missouri.edu
Vita
Professor and Director of Financial Research Institute and J.H. Rogers Chair of Money, Credit and Banking. B.A.Duquesne University, ; M.B.A, and Ph.D.,University of Pittsburgh. His research interests include capital markets: the regulation of capital markets, corporate governance, bankruptcy and legal analysis of corporate activity. He has published in Journal of Finance, Financial Analysts Journal, Journal of Corporate Finance, Journal of Financial Services Research, Financial Review, International Review of Economics and Business, Pacific Basin Finance Journal, Journal of Political Economy and Journal of Business Finance and Accounting. He was the editor of The Financial Review from 1997-2003.
Publications
Corporate Finance
" Are Analyst Recommendations Baised? Evidence from Corporate Bankruptcies," (J. Clarke, S. Ferris, J.Lee and N. Jayaraman),Journal of Financial and Quantitative Analysis, Vol.41, No.1, March 2006, 169-196.
"Derivative Lawsuits as a Corporate Governance Mechanism: Empirical Evidence on Board Changes Surrounding Filings," Journal of Financial and Quantitative Analysis, forthcoming.
"The Influence of State Legal Environment of Firm Incorporation Decisions and Values",( S. Ferris, R. Lawless and G. Noronha), Journal of Law, Economics and Policy, forcoming.
" Risk and Wealth Effects of U.S. Firm Joint Venture Activity,"(K. Denning, H. Hulburt and S. Ferris), Review of Financial Economics, Vol. 15, 2006, pp.271-285.
" The Price of Corporate Acqusistion: Determinants of Cash Takeover Premia", (V.Gondhalekar, R.Sant and S.Ferris), Applied Economics Letters, vol. 11, No.12, October 2004, pp. 735-739.
“Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments,” (S. Ferris, M. Jagannathan and A. Pritchard), Journal of Finance, vol. 58, No.3, 1087-1111.
"Anti-takeover Amendments and Managerial Myopia: The Case of R&D Expenditures," (S. Ferris, A. Malekzadeh, V. McWilliams, and N.Sen), International Review of Economics and Business, 2003, vol.50, no3,
pp. 415-430
“How Different is the Long-Run Performance of Mergers in the Telecommunications Industry?” (S. Ferris and K. Park), Advances in Financial Economics, vol. 7, 2002, 127-144.
“Serial Bankruptcy: Plan Infeasibility or Just Bad Luck?” (K. Denning, S. Ferris and R. Lawless), Applied Economics Letters, vol. 8, 2001, 105-109.
“The Incidence and Determinants of Multiple Corporate Directorships,” (S. Ferris and M. Jagannathan), Applied Economics Letters, vol. 8, 2001, 31-35.
“The Direct Costs of Chapter 11 Bankruptcies,” (R. Lawless and S. Ferris), University of Pittsburgh Law Review, Vol. 61, Issue 3, Spring 2000, 629-669.
“Security Analysis and Corporate Diversification,” (S. Ferris and A. Sarin), Advances in Financial Economics, vol. 5, 2000, 139-158.
“Information Asymmetry and the Issuance of New Equity,” (R. D. Mello and S. Ferris), Financial Management, Vol. 29, no. 1, Spring 2000, 78-95.
“Warm with Sunny Skies: Disclosure Statement Forecasts,” (B. Betker, S. Ferris and R. Lawless), American Bankruptcy Law Journal, Fall, 1999, Vol. 73, 809-836.
“The Influence of Legal Liability on Corporate Financial Signaling,” (R. Lawless, S. Ferris and B. Bacon), Journal of Corporation Law, vol. 3, no. 2, Winter, 1998, 209-243.
“Professional Fees and Other Direct Costs in Chapter 7 Business Liquidations,” (R. Lawless and S. Ferris), Washington University Law Quarterly, 1997, Vol. 75, No. 3, pp. 1207-1236.
“The Response of Competitors to Announcements of Bankruptcy: An Empirical Examination of Contagion and Competitor Effects,” (S. Ferris, N. Jayaraman and A. Makhija), Journal of Corporate Finance, 1997, Vol. 3, 367-395.
“An Agency Analysis of the Effect of Long-Term Performance Plans on Managerial Decision Making,” (S. Ferris, R. Kumar, R. Sant and P. Sopariwala), Quarterly Review of Economics and Finance, Vol. 38, No. 1, Spring 1998, 73-91.
“Direct Costs of Bankruptcy: Evidence from Filings of Liquidations and Reorganizations by Small Firms,” (S. Ferris, N. Jayaraman and A. Makhija), Advances In Financial Economics, Vol. 3, 1997, 159-186.
“The Influence of Equity Ownership Structure on Corporate Risk-Taking and Financial Policy,” (V. Awasthi, S. Ferris and A. Sarin), Advances in Financial Economics, Vol. 3, 1997, 33-60.
“The Impact of Chapter 11 Filings of the Risk and Return of Securityholders, 1979-1989", (S. Ferris, N. Jayaraman and A. Makhija), Advances in Financial Economics, vol. 2, 1996, pp. 93-118.
“Managerial, Blockholder, and Institutional Equity Ownership and Corporate Risk-Taking,” (P. Wright, S. Ferris, A. Sarin and V.A. Awasthi), Academy of Management Journal, Vol. 39, No. 2, 1996, pp. 441-463.
“Industry-Wide Effects of Corporate Bankruptcy Announcements,” (R. Lawless, S. Ferris, N. Jayaraman and A. Makhija), Bankruptcy Developments Journal, Vol. 12, No. 2, 1996, pp. 293-319.
"A Glimpse at Professional Fees and Direct Costs in Small-Firm Bankruptcies," (R. Lawless, S. Ferris, N. Jayaraman and A. Makhija), University of Illinois Law Review, Vol. 1994, No. 4, pp. 847-888.
"The Underwriter Selection Process for IPOs: A Logit Analysis," (G. Wolfe, E. Cooperman and S. Ferris), Journal of Financial Research, Vol. XVII, No. 1, Spring 1994, pp. 77-90.
"Bond Risk and Corporate Debt Capacity," (K. Chung and S. Ferris), International Review of Economics and Business, Vol. 40, No. 10/11, October-November 1993, pp. 847-863.
"Seasoned Equity Offerings: The Case Of All-Equity Firms," (R. Sant and S. Ferris), Journal of Business Finance and Accounting, Vol. 21, No. 3, April, 1994, pp. 429-444.
"IPO Underpricing, Firm Quality, And Subsequent Reissuance Activity," (K. Denning, S. Ferris and G. Wolfe), Journal of Small Business Finance, Vol. 2, No.1, 1992/1993, pp. 71-86.
"An Analysis And Recommendation For Prestigious Underwriter Participation In IPO's," (S. Ferris, J. Hiller, G. Wolfe and E. Cooperman), Journal of Corporation Law, Vol. 17, No. 3, Spring 1992, pp. 581-603.
"Corporate Capital Investment Under Inflation," (S. Ferris and A. Makhija), Journal of Business Research, Vol. 16, No. 3, May, 1988, pp. 251-259.
International Finance
" God Save the Queen and Her Dividends: Declining Corporate Payouts in the U.K.", (S. Ferris, N. Sen and H.P. Yui), Journal of Business, forthcoming.
"Are Fewer Firms Paying More Dividends?" (S. Ferris, N. Sen, and H.P. Yui), Journal of Multinational Financial Management, forthcoming.
" Foreign Ownership and Firm Value: Evidence from Japan,"( K. Park and S. Ferris), Advances in Financial Economics, forthcoming.
" IPO Underpricing Over Time: Evidence from the U.K.," ( S. Ferris, G. Noronha, and E. Unlu), Applied Economics Letters, 2004, vol.11,pp. 5-9.
Corporate Governance in Singapore: The Impact of Directors’ Equity Ownership”,(G..Bharba, S. Ferris, and N. Sen), Advances in Financial Economics, forthcoming
“Predicting Implied Volatility in Commodity Options Futures Markets,” (S. Ferris and W. Guo), International Journal of Banking and Finance, forthcoming
“The Costs (And Benefits?) Of Diversifed Business Groups: The Case of Korean Chaebols,” (S. Ferris, K. Kim and P. Kitsabunnarat), Journal of Banking and Finance, Vol. 27, No.2, February, 2003, 251-273.
“The Use of Convertible and Warrant Bonds by Japanese Firms: Risk-Shifting or Delayed Issuance of Equity?” (S. Ferris, H. Jo, J. Pinkerton and A. Sarin), Advances in Financial Economics, vol. 7, 2002, 185-207.
“Corporate Focus versus Diversification: The Role of Growth Opportunities and Cashflow,” (S. Ferris, N. Sen, C.Y. Lim and G. Yeo), Journal of International Financial Markets, Institutions and Money, 2002, vol. 12, 231-252.
“Long Term Performance Following the Issuance of New Equity: Evidence from Japan,” (S. Ferris, R. Kumar, G. Noronha and N. Sen) Advances in Financial Economics, vol. 5, 2000, 105-138.
“New Equity Offerings in Japan: An Examination of Theory and Practice,” (S. Ferris, G. Noronha and T. McInish), Journal of International Financial Markets, Institutions and Money, 1997, Vol. 7, 185-200.
“Automated Trade Execution and Trading Activity: The Case of the Vancouver Stock Exchange,” (S. Ferris, T. McInish, and R. Wood), Journal of International Financial Markets, Institutions and Money, 1997, Vol. 7, 61-72.
“Emerging Middle Eastern Capital Markets: The Case of the Bombay Stock Exchange,” (A. Al-Alawi, S. Ferris and J. Stowe), International Review of Economics and Business, vol. XLIII, no. 3, August-September 1996, pp. 681-694.
"The Role of Corporate Groupings in Controlling Agency Conflicts: The Case of Keiretsu," (S. Ferris, R. Kumar and A. Sarin), Pacific Basin Finance Journal, Vol. 3, No. 2/3, 1995, pp. 319-335.
"Valuing an East European Company," (S. Ferris, Y.P. Joshi and A. Makhija), International Journal of Strategic Management: Long Range Planning, Vol. 28, No. 6, 1995, pp. 48-60.
"Equity Return Behavior in an Emerging Market: The Case of the Bombay Stock Exchange," (D. Vakil, J. Hall and S. Ferris), International Journal of Development Banking, Vol, 12, No. 2, July 1994, pp. 29-36.
"The Information Content of Central Bank Discount Rate Changes: An International Comparison," (V. Bonomo, S. Ferris and R. Lamy), International Review of Economics and Finance, Vol. 3, No. 3, 1994, pp. 279-307.
"Foreign Direct Investment In An Emerging Market Economy: The Case of Romania," (S. Ferris, G.R. Thompson, and C. Valsan), Eastern European Economics, July-August 1994, Vol. 32, No. 4, pp. 81-95.
"The International Impact of Federal Discount Rate Changes: Evidence from ADRs," (G. Noronha, V. Bonomo and S. Ferris), Economic Letters, Vol. 43, 1993, pp. 211-218.
"Managerial Response To A Hostile Takeover In An Uncertain Legal Environment: The Case of Union Carbide," (R. Sant and S. Ferris), Columbia Journal of World Business, Winter 1993, Vol. XXVIII, No. IV, pp. 74-92.
"The Impact of Discount Rate Changes on Equity Markets: The Evidence from the G-7 Countries," (V. Bonomo, S. Ferris and R. Lamy), Journal of International Financial Markets, Institutions and Money, 1991, Vol. 1, No. 3, pp. 85-104.
Corporate Management and Policy
“Agency Influences on Risk Reduction and Operating Performance: An Empirical Investigation Among Strategic Groups,” (R. Veliyath and S. Ferris), Journal of Business Research, Vol. 39, No. 3, July 1997, 219-230.
“Financial Theory and Practice in the Application of TQM: The Case of IBM Rochester,” (S. Ferris, R. Quint and R. Sant), Journal of Managerial Issues, Spring 1998, Vol. X, No. 1, 13-29.
“Agency Conflict and Corporate Strategy: The Effect of Divestment on Corporate Value,” (P. Wright and S. Ferris), Strategic Management Journal, Vol. 18, 1997, pp. 77-83.
"Competitiveness Through the Management of Diversity: The Effect On Stock Valuation," (P. Wright, S. Ferris, J. Hiller and M. Kroll), Academy of Management Journal, Vol. 38, No. 1, 1995, pp. 272-287.
"The Linkage Between Organization Strategy And Top Management Compensation: An Empirical Investigation," (R. Veliyath, S. Ferris and K. Ramaswamy), Journal of Business Research, Vol. 30, No. 2, June 1994, pp. 149-159.
"Separating Myth from Reality: An Economic Analysis of Voluntary Affirmative Action Programs," (J. Hiller and S. Ferris), Memphis State University Law Review, Vol. 23, No. 4, Summer 1993, pp. 773-803.
"The Effect of Corporate Name Changes on Shareholder Wealth," (S. Ferris), Journal of Applied Business Research, Vol. 4, No. 3, Summer, 1988, pp. 40-49.
Capital Markets: Regulation and Policy
"The Encouragement of Innovation Through Regulation of Equality of Access to the Capital Market," (J. Hiller, S. Ferris, K. Denning and G. Wolfe), DePaul Business Law Journal, Vol. 5, No. 2, Spring/Summer 1993, pp. 237-259.
"The Impact of Capital Gains Tax Policy on Common Stock Returns," (G. Noronha and S. Ferris), Economic Letters, Vol.40, No.1, September, 1992, pp.113-117.
"Financial Deregulation and Market Integration," (R. Billingsley, V. Bonomo and S. Ferris), Journal of Financial Services Research, Vol. 6, 1992, pp. 137-155.
"The Impact of Trading Suspensions on Risk, Return and Volume Patterns," (S. Ferris, R. Kumar and G. Wolfe), Financial Review, Vol. 27, No. 1, February, 1992, pp. 1-35.
"The Impact on Shareholders of Mutual Fund Distribution Expenses," (D. Haskell, S. Ferris and D. Chance), Journal of Law and Commerce, Vol. 11, No. 1, Fall 1991, pp. 15-38.
"The Differential Impact of Federal Reserve Margin Requirements on Stock Returns," (D. Chance, S. Ferris and R. Kumar), Financial Review, Vol. 26, No. 3, August, 1991, pp. 343-366.
"Mutual Fund Distribution Fees: An Empirical Analysis of the Impact of Deregulation," (D. Chance and S. Ferris), Journal of Financial Services Research, Vol. 5, No. 1, March 1991, pp. 25-42.
"Margin Requirements and Stock Market Volatility," (S. Ferris and D. Chance), Economic Letters, Vol. 28, 1988, pp. 251-254.
"An Empirical Analysis of Mutual Fund Expense Ratios: A Note," (S. Ferris and D. Chance), Journal of Finance, Vol. XLII, No.4, September, 1987, pp. 1077-1082.
"The Impact of Regulation on the Riskiness of Electric Utilities," (S. Ferris and A. Makhija), Economic Letters, November, 1987.
"Regulatory Environment and Market Response to Public Utility Rate Decisions," (S. Ferris, D. Johnson and D. Shome), Journal of Financial Research, Winter, 1986, Vol. IX, No. 4, pp. 313-318.
Investments: Market Behavior and Microstructure
“Trading Activity at the Turn-of-the-Year,” (R. D’Mello, S. Ferris, and C.Y. Hwang), Journal of Financial Markets, Vol. 6, 2003, 73-98.
"Long and Short Term Price Memory in the Stock Market," (K.V. Chow, K. Denning, S. Ferris, and G. Noronha), Economic Letters, Vol. 49, 1995, pp. 287-293.
"A Microstructure Examination of Trading Activity Following Stock Splits," (S. Ferris, C.Y. Hwang and A. Sarin), Review of Quantitative Finance and Accounting, Vol 5, No. 1, March 1995, pp. 27-41
"Information Asymmetry and the Dealer's Bid-Ask Spread: The Case of Initial Public Offerings," (G. Wolfe, S. Ferris and R. Sant), International Review of Economics and Business, Vol. XXXVII, No. 10-11, October - November, 1991, pp. 979-991.
"Intraday Tests of the Effect of Option Expiration on Stock Prices," (S. Ferris, D. Chance and G. Wolfe), Advances in Futures and Options Research, Vol. 5, 1991, pp. 149 - 174.
"Stock Splits, the Bid-Ask Spread and the Information Hypothesis Concerning Stock Splits," (K. Denning and S. Ferris), Journal of Applied Business Research, Summer 1989, Vol. 5, No.3, pp. 28-38.
"An Empirical Test of the Information Hypothesis Concerning Stock Splits," (K. Denning and S. Ferris), International Review of Economics and Business, Vol. XXXV, No. 10-11, October - November, 1988, pp. 1075-1084.
"Contemporary Volume and Historic Volume at Differential Price Levels," (S. Ferris, R. Haugen and A. Makhija), Journal of Finance, Vol. 43, No.3, July, 1988, pp. 677-697.
"Hold Your Bets: Another look at the Efficiency of the Gambling Market for NFL Games," (R. Sauer, V, Brajer, S. Ferris and W. Marr), Journal of Political Economy, Vol. 96, No.1, February, 1988, pp. 206-213.
"Trading Time Effects in Financial and Commodity Futures Markets," (S.Ferris and D. Chance), Financial Review, May, 1987, Vol. 22, No. 2, pp. 281-294.
"The Non-Stationarity of Real Interest Rates," (S. Ferris and R. Kumar) International Review of Economics and Business, October-November, 1986, Vol. XXXIII, No. 10-11, pp. 953-967.
"An Examination of Summer Rallies on Wall Street," (D. Chance and S. Ferris), Financial Analyst Journal, Vol. 42, No. 1, January-February, 1986, pp. 6-9.
"The CBOE Call Option Index: A Historical Record," (D. Chance and S. Ferris), Journal of Portfolio Management, Fall, 1985, Vol. 12, No. 1, pp. 75-83.
Investments: Other
“Volatility, Open Interest, Volume and Arbitrage: Evidence from the S&P 500 Futures Market,” (S. Ferris, H. Park and K. Park), Applied Economics Letters, 2002, vol. 9, pp. 369-372.
"Mortgage Rates and the Pricing of Residential Housing," (S. Ferris and R. Kumar), Review of Business and Economic Research, Vol. XXXIII, No. 1, Spring 1988, pp. 63-68.
"Tangible Assets as Investments: A Risk and Return Analysis," (S. Ferris and A. Makhija), Akron Business and Economic Review, Vol. 18, No. 3, Fall 1987, pp. 115-128.
"The Effect of Aviation Disasters on the Transportation Industry: A Financial Market Perspective," (D. Chance and S. Ferris), Journal of Transport Economics and Policy, Vol. XXI, No. 2, May 1987, pp. 151-165. Abstracted in the Journal of Economic Literature, Vol. XXVI, No. 1, March, 1988, p. 512.
"Collectibles: Are They Really Inflation-Proof?," (S. Ferris and A. Makhija), American Association of Individual Investors Journal, Winter, 1986, Volume VII, No. 10, pp. 5-9.
"A Search for Common Stock Inflation Hedges," (S. Ferris and A. Makhija), Review of Business and Economic Research, Spring, 1987, Vol. 22, No. 2, pp. 27-35.
Law and Finance
“Firm Value and Marketability Discounts,” (M. Bajaj, D. Denis, S. Ferris and A. Sarin), Journal of Corporation Law, Fall 2001, vol. 27, No. 1, 89-115.
“Economics and the Rhetoric of Valuation,” (S. Ferris and R. Lawless), Journal of Bankruptcy Law and Practice, November/December 1995, Vol. 5, No. 1, pp. 3-28.
“Air Disasters and Their Financial Effects on the International Aviation Industry: Justification for the Warsaw Convention,” (L. Moore and S. Ferris), Journal of Legal Studies in Business, Vol. 4, No. 1, 1995, pp. 107-121.
"Efficiency In Financial Contracting: Bond Covenants and Corporate Bankruptcy," (S. Ferris, V. Goyal and N. Jayaraman), Journal of Business and Management, Vol. 2, No. 1, Fall 1994, pp. 102-126.
"The SEC Summary Suspension Power: An Empirical Study Indicates the Need for a Change," (S. Ferris, J. Hiller, R. Kumar and G. Wolfe), Detroit Law Review, Vol. 1991, No. 1, Spring 1991, pp. 194-228. Abstracted in the Digest For Corporate and Securities Lawyers, Vol. 6, No. 2, February 1992, pg.3.
"An Analysis of the Impact of Negotiability," (J. Hiller and S. Ferris), University of Kansas Law Review, Vol. 39, No. 2, Winter 1991, pp. 461-476.
"Use of Economic Analysis in Fraud on the Market Cases," (J. Hiller and S. Ferris), Cleveland State Law Review, Vol. 38, No. 4, 1990, pp. 535-557.
"Variable Interest Rates and Negotiability: A Response," (J. Hiller and S. Ferris), Commercial Law Journal, Vol. 94, No. 1, Spring 1989, pp. 48-56.
"Social Investing and Portfolio Management," (S. Ferris and K. Rykaczewski), Business and Society, Spring, 1986, Vol. 25, No. 1, pp. 1-7.
Pedagogy
“Journal Influence on the Design of Doctoral Education,” (C. Corrado and S. Ferris), Journal of Finance, Vol. 52, No. 5, December, 1997, 2091-2102.
“Ethics and the Ivory Tower: The Case of Finance Departments,” (K. Evans, S. Ferris, G. R. Thompson), Teaching Business Ethics, Vol. 2, 1998, pp. 17-34.
Book Chapters
Allen C. Bluedorn and Stephen P. Ferris, (Chapter accepted). “Temporal Depth, Age, and Organizational Performance,” a chapter accepted for the book manuscript, Rethinking Time at Work, edited by Arne Kalleberg and Cynthia Epstein. The book manuscript itself is under review at the Russell Sage Foundation Press.