DegreePhD, The University of North Carolina at Chapel Hill, 1976; AB, Duke University, 1971
AREAS OF EXPERTISEDerivative securities markets, portfolio management, asset pricing, skill versus luck in professional golf
Winning and luck on the PGA Tour (with Mark Broadie); Are official world golf rankings biased against PGA Tour players? (with Mark Broadie)
With M. Broadie, "Are the Official World Golf Rankings Biased?" Journal of Quantitative Analysis in Sports, forthcoming. With R. Connolly, "What it Takes to Win on the PGA Tour (if Your Name is 'Tiger' or if it Isn't), Interfaces, forthcoming; with R. Connolly, "Skill, Luck, and Streaky Play on the PGA Tour," Journal of the American Statistical Association, 2008; "A General Model for Hedging Swaps with Eurodollar Futures," The Journal of Fixed Income, 2004; with M. Barth and W. Landsman, "Option Pricing-Based Bond Value Estimates and a Fundamental Components Approach to Account for Corporate Debt," The Accounting Review, 1998; with C. Jones and H. Latané, "Empirical Anomalies Based on Unexpected Earnings and the Importance of Risk Adjustments," Journal of Financial Economics, 1982; with S. Manaster, "Option Prices as Predictors of Equilibrium Stock Prices," The Journal of Finance, 1982; with B. Bartter, "The Pricing of Options on Debt Securities," Journal of Financial and Quantitative Analysis, 1980; with B. Bartter, "Two State Option Pricing," The Journal of Finance, 1979; with H. Latané, "Standard Deviations of Stock Price Ratios Implied in Option Prices," The Journal of Finance, 1976
With R. Connolly, "Tournament Selection Efficiency: An Analysis of the PGA Tour's FedExCup."
(With M. Broadie) 2012 Golf Digest Research Award: The Golfer (World Scientific Congress of Golf); Kenan-Flagler Alumni Merit Award, Distinguished Alumnus of the UNC PhD Program, November 2004; Best Paper Award, Financial Accounting and Reporting Section, American Accounting Association, 2000; Henry A. Latané Award, Distinguished Alumnus of the UNC PhD Program, May 1997
Academic positions: Tuck School of Business, 2005–present; Professor Emeritus, 2007–present, Professor, 1987–2007, Associate Professor, 1983–87, Kenan-Flagler Business School, The University of North Carolina at Chapel Hill; Associate Professor, Fuqua School of Business, Duke University, 1980–83; Visiting Professor, Graduate School of Business, DePaul University, 1979–80; Assistant Professor, Graduate School of Management, Northwestern University, 1976–79
Nonacademic positions: Market Maker, Chicago Board Options Exchange, 1979; Staff Accountant, Sherrill and Smith, 1971–72; Staff Accountant, Haskins and Sells, 1971