Jerry Stevens, Ph.D.

Jerry Stevens, Ph.D.

Senior Consultant & Economist

Biography: 

Jerry has been a consultant with the firm since 1982. He focuses on macroeconomic and capital market research and analysis. He is the David Meade White Distinguished Teaching Fellow and Professor of Finance at the University of Richmond – E.C. Robins School of Business. He was awarded a B.S. in Economics, magna cum laude from Southwest Missouri State University in 1972. He also received an M.S. and PhD in Economics from the University of Illinois in 1977 and 1980 respectively.

Publications: 

Articles

"Industry and Liquidity Effects in Corporate Investment and Cash Relationships," Journal of Applied Business Research, vol.8, no.1, Winter, 2002. (with W. Charlton and C. Lancaster)
"Integration of LIBOR and Treasury Bill Yields over Different Monetary Regimes," Global Finance Journal, vol. 11, 2000. (with J. Clinebell and D. Kahl)
"Searching for Excellence Among College Undergraduates," Applications of Financial Principles to Student Transcripts," Financial Practice and Education, vol.10, no.2, 2000. (with W. Charlton)
"Closed-end International and Country Funds as Defensive Assets for Small Investors Relative to a Passive S&P 500 Index, Journal of Research in Finance, vol.2, no.1, 1999. (with J. Clinebell and D. Kahl)
"Corporate Liquidity, Accrual Income, and Cash Flows: An Examination of Industry Effects," Journal of Applied Business Research, vol. 15, no. 3, 1999. (with C. Lancaster)
"Serial Properties and Forecasts of LIBOR," Global Business and Finance Review, vol. 4, no. 2, 1999. (with J. Clinebell and D. Kahl)
"Inflation Indexed Treasury Bonds: Cash Flows, Taxes and Simulated Returns," Journal of Financial Planning, vol.12, no. 4, 1999. (with D. Kahl)
"Corporate Liquidity and the Significance of Earnings versus Cash Flows," Journal of Applied Business Research, vol.14, no. 4, 1998. (with C. Lancaster)
"Time Series Estimation of the Bond Default Risk Premiums," Quarterly Review of Economics and Finance, vol.36, no. 4, 1996. (with J. Clinebell and D. Kahl)
"Corporate Returns and Cash Conversion Cycles," Journal of Economics and Finance, vol. 20, no. 1, 1996. (with M. Jose and C. Lancaster)
"Stability of Excellence: Revealed Patterns in Tobin's q-Ratios," Journal of Applied Business Research, vol. 12, no. 1, 1996. (with M. Jose and C. Lancaster)
"Debt Term Structure: Beyond Yield to Maturity Assumptions," Financial Practice and Education, vol. 5, no. 2, 1995. (with C. Lancaster)
"Treasury Bill Rates as Proxies for Expected Inflation," Quarterly Journal of Business and Economics, vol. 34, no. 1, 1995. (with C. Jones and D. Kahl)
"Protocol, Etiquette, and Responsibilities of Reviewers in Finance," Financial Practice and Education, vol. 4, no. 2, 1994. (with R. Bower, John Finnerty, Joseph Finnerty and W. McDaniel)
"Risks and Rewards from High-Yield Stock Investments," Journal of Financial Planning, vol. 7, no. 3, 1994. (with C. Lancaster)
"Time Series Properties of the Equity Risk Premium," Journal of Financial Research, vol. 17, no. 1, 1994. (with J. Clinebell and D. Kahl)
"Investment Performance of High Income Stocks Over Up and Down Markets," Journal of Economics and Finance, vol. 17, no. 2, 1993. (with J. Clinebell and J. Squires)
"Investment Performance Over Bull and Bear Markets: Fabozzi and Francis Revisited," Quarterly Journal of Business and Economics, vol. 32, no. 4, 1993. (with J. Clinebell and J. Squires)
"Market Segmentation and the Residual Demand for Tax-Exempt Bonds: Empirical Evidence from the Elimination of Interest Deductions," Journal of Business Finance, and Accounting, vol. 19, no. 5, 1992. (with M. McCue)
"The Effects of Dividend Payout, Stability, and Smoothing on Firm Value," Journal of Accounting, Auditing and Finance, vol. 7, no. 2, 1992. (with M. Jose)
"Spreads Between Total Rates of Return on Stocks and Bonds: Is there Information for Asset Allocation?" Akron Business and Economic Review, vol. 22, no. 2, 1991. (with J. Clinebell and D. Kahl)
"Tobin's q and the Structure-Performance Relationship: Comment," American Economic Review, vol. 89, no. 3, 1990.
"Investment Performance of an Extreme Value Market Timing Approach," Journal of Financial Planning, vol. 3, no. 1, 1990. (with M. Finn)
"Capital Market Valuation of Dividend Policy," Journal of Business Finance and Accounting, vol. 16, no. 5, 1989. (with M. Jose)
"Evidence of Superior Performance from Timing," Journal of Portfolio Management, vol. 15, no. 3, 1989. (with R. Vandell)
"Product Market Structure, Capital Intensity, and Systematic Risk: Empirical Results from the Theory of the Firm," Journal of Financial Research, vol. 10, no. 2, 1987. (with M. Jose)
"Contributions of Diversification, Promotion, and R&D to the Value of the Multiproduct Firm: A Tobin's q Approach," Financial Management, vol. 15, no. 4, 1986. (with M. Jose and L. Nichols)
"Tobin's q, Risk, and Market Power," Journal of Business Research, vol. 14, no. 3, 1986.
"Bank Market Concentration and Costs of Production: Is there X-Inefficiency in Banking?" Business Economics, vol. 18, no.3, 1983.
"Analyst Skill and the Information Content of Alpha Forecasts," Journal of the Midwest Finance Association, vol. 11, 1982. (with R. Vandell)
"Personal Taxes and Equity Security Pricing," Financial Management, vol. 11, no. 1, 1982. (with R. Vandell)