Faculty Directory

Richard J. Rendleman

Visiting Professor of Finance



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

Current Research Topics

  • Winning and luck on the PGA Tour (with Mark Broadie)
  • Are official world golf rankings biased against PGA Tour players? (with Mark Broadie)

Selected Publications

  • With M. Broadie, "Are the Official World Golf Rankings Biased?" Journal of Quantitative Analysis in Sports, 2013
  • With R. Connolly, "What it Takes to Win on the PGA Tour (if Your Name is 'Tiger' or if it Isn't), Interfaces, 2012
  • 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

Working Papers

  • With R. Connolly, “The (Adverse) Incentive Effects of Competing with Superstars: A Reexamination of the Evidence.”


  • (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

Professional Activities

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