On Thursday February 23, the CU Denver Business School hosted Sheridan Titman, a leading finance researcher from the University of Texas at Austin. The lecture was well attended by both students and faculty, where Dr. Titman presented a recent paper “A Dynamic Model of Characteristic-Based Return Predictability” where he established that “climate of disruptive innovation” is a source of systematic risk that influences the returns in the stock market.
Sheridan Titman holds the McAllister Centennial Chair in Financial Services at the University of Texas at Austin and is a Research Associate of the National Bureau of Economic Research. Prior to joining the faculty at the University of Texas, Titman was a Professor at UCLA, the Hong Kong University of Science and Technology and Boston College and spent the 1988-89 academic year in Washington D.C. as the special assistant to the Assistant Secretary of the Treasury for Economic Policy. His academic publications include both theoretical and empirical articles on asset pricing, corporate finance, energy finance, real estate finance, and urban economics.
Titman is well known for his pioneer research on stock momentum, where he demonstrated a strategy of buying recent stock winners and selling recent stock losers yields net positive return due to an under-reaction to stock news phenomena.
Although the seminar was during the week and on a snowy day, most of the finance faculty attended the seminar and interacted with our guest. In addition to the great learning from the seminar itself, one of the greatest opportunities was the ensuing interaction among finance faculty members with the guest along with the harmony between finance faculty members and the Dean’s office.
Elizabeth Cooperman, Professor of Finance and Entrepreneurship, commented, “It was a great honor to meet Professor Titman, as one of the leading scholars in finance and to hear his research presentation. The research is innovative, showing investors to be overly optimistic or pessimistic concerning the effect of ‘disruptive innovation’ on future stock returns, resulting in temporary mis-pricing for value versus growth stocks.”
Assistant Professor of Finance, Yosef Bonaparte, helped organize the event. After conversing with Titman he remarked, “Our guest enjoyed his visit and our warm welcoming and is looking forward to visiting us again.”
The Business School emphasizes the importance of research and continues its trend on being a leading research program not only in Colorado, but around the globe. The upcoming 2017 Front Range Finance Seminar will be held in the Business School on April 21. The forum is open to the public for top faculty in the Front Range to present cutting-edge research in finance topics such as asset pricing and behavioral finance.
The first Front Range Seminar was held at the University of Colorado Denver in April 2010. The seminar has since been hosted at Colorado State University (September of 2010), University of Wyoming (April 2011) and CU Denver (September 2011). In 2015, CU Denver reinitiated an annual seminar and has been its host since then. This year the Business School has invited Associate Professor George Korniotis, to be the Keynote Speaker. He will discuss recent developments in asset pricing literature.
The finance faculty at CU Denver would like to invite all finance faculty and Ph.D. students in the region to attend and participate in this exciting event in the heart of downtown Denver. The Business School further invites researchers to submit working papers for consideration of presentation at the seminar. The submission deadline is March 10th, 2017. Authors of accepted papers will be notified by mid-March 2015. Papers and all communications should be submitted to the organizer Yosef Bonaparte (email@example.com).