Richard C. Green

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Senior Associate Dean, Faculty and Research;
Richard M. and Margaret S. Cyert Chair; Professor of Financial Economics

Teaching and Research Interests:

• The pricing of financial assets. Effects of risk and taxes on financial asset returns and corporate decision-making.

Useful Links:

• Vita

Published Papers: 

• Tax-Subsidized Underpricing: Issuers and Underwriters in the Market for Build America Bonds
  Journal of Monetary Economics, Forthcoming.
  (with: Dario Cestau, Norman Schurhoff)
  
  
• Financial Expertise as an Arms Race
  Journal of Finance 7, 2012; 1723-1759.
  (with: Vincent Glode, Richard Lowery)
  
  
• Price Discovery in Illiquid Markets: Do Financial Asset Prices Rise Faster Than They Fall
  Journal of Finance 65, 2010; 1669-1702.
  (with: Dan Li, Norman Schurhoff)
  
  
• Dealer Intermediation and Price Behavior in the Aftermarket for New Bond Issues
  Journal of Financial Economics 86, 2007; 643-682.
  (with: Burton Hollifield, Norman Schurhoff)
  
  
• Presidential Address: Issuers, Underwriter Syndicates, and Aftermarket Transparency
  Journal of Finance 62, 2007; 1529-1550.
  
  
• Financial Intermediation in Opaque Markets
  Review of Financial Studies 20, 2007; 275-314.
  (with: Burton Hollifield, Norman Schurhoff)
  
  
• Valuation and Return Dynamics of Research and Development Ventures
  Review of Financial Studies 17(1), 2004; 1-35.
  (with: Jonathan Berk, Vasant Naik)
  
  
• Mutual Fund Flows and Performance in Rational Markets
  Journal of Political Economy 112(6), 2004; 1269-1295.
  (with: Jonathan Berk)
  
  
• The Personal-Tax Advantages of Equity
  Journal of Financial Economics 67(2), 2003; 175-216.
  (with: Burton Hollifield)
  
  
• Optimal Investment, Growth Options and Security Returns,
  Journal of Finance 54(5), 1999; 1553-1607.
  (with: Jonathan Berk, Vasant Naik)
  
  
• Ex-Day Behavior of Lottery Bonds
  Journal of Financial Economics 53(2), 1999; 145-187.
  (with: Kristian Rydqvist)
  
  
• Are There Tax Effects in the Relative Pricing of U.S. Government Bonds
  Journal of Finance 52(2), 1997; 609-634.
  (with: Bernt Oedegaard)
  
  
• The Valuation of Non-Systematic Risks and the Pricing of Swedish Lottery Bonds
  Review of Financial Studies 10(2), 1997; 447-480.
  (with: Kristian Rydqvist)
  
  
• A Simple Model of the Taxable and Tax-Exempt Yield Curve
  Review of Financial Studies 6(2), 1993; 233-264.
  
  
• Stationary Equilibria with Incomplete Markets and Overlapping Generations
  International Economic Review 33(3), 1992; 495-512.
  (with: Dave Cass, Stephen Spear)
  
  
• When Will Mean-Variance Efficient Portfolios be Well-Diversified?
  Journal of Finance 47(5), 1992; 1785-1810.
  (with: Burton Hollifield)
  
  
• A General Equilibrium Model of Changing Risk Premia: Theory and Tests
  Review of Financial Studies 2(4), 1989; 467-494.
  (with: Peter Bossaerts)
  
  
• Tax Arbitrage and the Existence of Equilibrium Prices for Financial Assets
  Journal of Finance 42(5), 1987; 1143-1166.
  (with: Robert Dammon)
  
  
• Spanning and Completeness in Markets with Contingent Claims
  Journal of Economic Theory 41(1), 1987; 202-210.
  (with: R. Jarrow)
  
  
• Asset Substitution and the Agency Costs of Debt Financing
  Journal of Banking and Finance 10(3), 1986; 391-400.
  (with: Eli Talmor)
  
  
• Benchmark Portfolio Inefficiency and Deviations from the Security Market Line
  Journal of Finance 41(2), 1986; 295-312.
  
  
• Expected Utility Maximization and Demand Behavior
  Journal of Economic Theory 38(2), 1986; 313-323.
  (with: Sanjay Srivastava)
  
  
• Positively Weighted Portfolios on the Minimum-Variance Frontier
  Journal of Finance 41(5), 1986; 1051-1068.
  
  
• The Structure and Incentive Effects of Corporate Tax Liabilities
  Journal of Finance 40(4), 1985; 1095-1114.
  (with: Eli Talmor)
  
  
• Risk-Aversion and Arbitrage
  Journal of Finance 40(1), 1985; 257-268.
  (with: Sanjay Srivastava)
  
  
• Investment Incentives, Debt, and Warrants
  Journal of Financial Economics 13(1), 1984; 115-136.
  
  

Working Papers: 

• Predators, Prey and Volatility on Wall Street
  April, 2013.
  (with: Maria Chalderina)
  
  
• The Microstructure of the Bond Market in the 20th Century
  September, 2007.
  (with: B. Biais)
  
  

Publications: 

• "Effects of Asymmetric Taxation on the Scale of Corporate Investment"
  in J. Edwards, J. Franks, C. Mayer, and S. Schaefer (ed.) Recent Developments in Corporate Finance, 83-94, Cambridge University Press, (1986).
  (with: Eli Talmor)
  
  

Awards:

• George Leland Bach Teaching Award, GSIA - 1996
• C.G.S. Teaching Excellence Award, University of British Columbia - 1995

Editorial Boards:

• Journal of Finance (Editor), 2000-2003
• Management Science (Associate Editor), 1997-2000
• Journal of Financial and Quantitative Analysis (Associate Editor), 1997-2000
• Review of Financial Studies (Co-Editor), 1990-1994
• Journal of Finance (Associate Editor), 1989-1995

Other Professional Activities:

• President, American Finance Association 2006
• President, Western Finance Association 1999-2000
• Vice President, Society for the Advancement of Financial Studies 1997-1999

Courses Taught:

• Seminar in Finance I (47721)
  (Ph.D. Program)
  • 2010, Mini 3 (Section: A)

• Seminar in Finance III (47723)
  (Ph.D. Program)
  • 2007, Mini 1 (Section: A)

• Seminar in Finance IV (47724)
  (Ph.D. Program)
  • 2010, Mini 2 (Section: A)

• Corporate Finance (70495)
  (BSBA Program)