Richard C. Green

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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: 

• Price Discovery in Illiquid Markets
  Journal of Finance, Forthcoming.
  (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, 2004; 1-35.
  (With: Jonathan Berk, Vasant Naik)
  
  
• Mutual Fund Flows and Performance in Rational Markets
  Journal of Political Economy 112, 2004; 1269-1295.
  (With: Jonathan Berk)
  
  
• The Personal-Tax Advantages of Equity
  Journal of Financial Economics 67, 2003; 175-216.
  (With: Burton Hollifield)
  
  
• Optimal Investment, Growth Options and Security Returns,
  Journal of Finance 54, 1999; 1553-1607.
  (With: Jonathan Berk, Vasant Naik)
  
  
• Ex-Day Behavior of Lottery Bonds
  Journal of Financial Economics 53, 1999; 145-187.
  (With: Kristian Rydqvist)
  
  
• Are There Tax Effects in the Relative Pricing of U.S. Government Bonds
  Journal of Finance 52, 1997; 609-634.
  (With: Bernt Oedegaard)
  
  
• The Valuation of Non-Systematic Risks and the Pricing of Swedish Lottery Bonds
  Review of Financial Studies 10, 1997; 447-480.
  (With: Kristian Rydqvist)
  
  
• A Simple Model of the Taxable and Tax-Exempt Yield Curve
  Review of Financial Studies 6, 1993; 233-264.
  
  
• Stationary Equilibria with Incomplete Markets and Overlapping Generations
  International Economic Review 33, 1992; 495-512.
  (With: Dave Cass, Stephen Spear)
  
  
• When Will Mean-Variance Efficient Portfolios be Well-Diversified?
  Journal of Finance 47, 1992; 1785-1810.
  (With: Burton Hollifield)
  
  
• A General Equilibrium Model of Changing Risk Premia: Theory and Tests
  Review of Financial Studies 2, 1989; 467-494.
  (With: Peter Bossaerts)
  
  
• Tax Arbitrage and the Existence of Equilibrium Prices for Financial Assets
  Journal of Finance 42, 1987; 1143-1166.
  (With: Robert Dammon)
  
  
• Spanning and Completeness in Markets with Contingent Claims
  Journal of Economic Theory 41, 1987; 202-210.
  (With: R. Jarrow)
  
  
• Asset Substitution and the Agency Costs of Debt Financing
  Journal of Banking and Finance 10, 1986; 391-400.
  (With: Eli Talmor)
  
  
• Benchmark Portfolio Inefficiency and Deviations from the Security Market Line
  Journal of Finance 41, 1986; 295-312.
  
  
• Expected Utility Maximization and Demand Behavior
  Journal of Economic Theory 38, 1986; 313-323.
  (With: Sanjay Srivastava)
  
  
• Positively Weighted Portfolios on the Minimum-Variance Frontier
  Journal of Finance 41, 1986; 1051-1068.
  
  
• The Structure and Incentive Effects of Corporate Tax Liabilities
  Journal of Finance 40, 1985; 1095-1114.
  (With: Eli Talmor)
  
  
• Risk-Aversion and Arbitrage
  Journal of Finance 40, 1985; 257-268.
  (With: Sanjay Srivastava)
  
  
• Investment Incentives, Debt, and Warrants
  Journal of Financial Economics 13, 1984; 115-136.
  
  

Working Papers: 

• Financial Expertise as an Arms Race
  February, 2010.
  (With: Vincent Glode, Richard Lowery)
  
  
• Supplemental Material on Symmetry and Uniqueness of Equilibria: Financial Expertise as an Arms Race
  February, 2010.
  (With: Vincent Glode, Richard Lowery)
  
  
• Information Spill-Overs and Performance Persistence in Private Equity Partnerships
  July, 2009.
  (With: Vincent Glode)
  
  
• 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, (January, 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:

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

Courses Taught:

• Corporate Finance (45-810)
  (Masters Program)
  • 2007, Mini 3 (Section: A)
  • 2007, Mini 3 (Section: B)
  
  
• Seminar in Finance III (47-723)
  (Ph.D. Program)
  • 2007, Mini 1 (Section: A)
  
  
• Corporate Finance (70-495)
  (BSBA Program)
  • 2008, Fall (Section: B)