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Tepper School Faculty Directory



Carnegie Mellon: Tepper School of Business

Richard C. Green

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


Education:
  • Pomona College - B.A. - 1976
  • University of Wisconsin - M.S. - 1979
  • University of Wisconsin - Ph.D. - 1982
Areas of Expertise:
  • Finance
  • Economics
Teaching and Research Interests:
  • The pricing of financial assets. Effects of risk and taxes on financial asset returns and corporate decision-making.
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: 
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:
  • Corporate Finance (70495)
    (BSBA Program)
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