Finance

Ryan Farley

Ryan Farley is expected to complete his PhD in finance in May of 2019. His research interests include market structure, investments, and corporate finance. Ryan has working papers examining dark trading in US equities, and the implications of diversity among corporate directors. Prior to joining our finance doctoral program, Ryan obtained a Master's degree in Economics at the University of Tennessee. Before pursuing a career in academia, he worked for over ten years in institutional brokerages. His last position in industry was as a product manager at Deutsche Bank covering dark trading, algorithmic platforms, electronic, portfolio and ETF trading. Before joining Deutsche Bank, Ryan worked on the International Sales and Trading desk for ITG, providing international trading capabilities to US institutional investors. Ryan also holds a Bachelor’s degree in computer science from Loyola University of New Orleans.

Read more

Ryan Farley

Ryan Farley is expected to complete his PhD in finance in May of 2019. His research interests include market structure, investments, and corporate finance. Ryan has working papers examining dark trading in US equities, and the implications of diversity among corporate directors. Prior to joining our finance doctoral program, Ryan obtained a Master's degree in Economics at the University of Tennessee. Before pursuing a career in academia, he worked for over ten years in institutional brokerages. His last position in industry was as a product manager at Deutsche Bank covering dark trading, algorithmic platforms, electronic, portfolio and ETF trading. Before joining Deutsche Bank, Ryan worked on the International Sales and Trading desk for ITG, providing international trading capabilities to US institutional investors. Ryan also holds a Bachelor’s degree in computer science from Loyola University of New Orleans.

View CV


Corbin Fox

Corbin Fox holds a Bachelor's degree and a Master’s degree in Finance from Virginia Commonwealth University. During his time at VCU, Corbin worked at the Virginia State Corporation Commission (SCC) as a Financial Analyst. He expects to graduate with his PhD in Finance in May 2019. He currently has one working paper that studies the interaction of sell-side equity analysts and short sellers, and another that analyzes the casual effects of short-selling supply on liquidity. His research interests include short sellers, equity analysts, financial markets, market quality, and equity lending.

Read more

Corbin Fox

Corbin Fox holds a Bachelor's degree and a Master’s degree in Finance from Virginia Commonwealth University. During his time at VCU, Corbin worked at the Virginia State Corporation Commission (SCC) as a Financial Analyst. He expects to graduate with his PhD in Finance in May 2019. He currently has one working paper that studies the interaction of sell-side equity analysts and short sellers, and another that analyzes the casual effects of short-selling supply on liquidity. His research interests include short sellers, equity analysts, financial markets, market quality, and equity lending.

View CV

“Do Analysts Learn from the Trading of Informed Investors? Evidence from Short Sellers” (Job Market Paper)

I examine whether sell-side equity analysts use the trading activity of short sellers in their information set. Taking advantage of the lagged disclosure of short interest, I find that analysts have an increased propensity to downgrade their recommendations for a stock after the disclosure of an increase in short selling. I also find a positive significant relationship between changes in short interest and the likelihood of a downward EPS revision. This relationship is driven by an increased propensity to revise down when short interest increases. Overall, these results suggest that short sellers provide information to analysts in the equity market.

Read Paper

“The Causal Effect of Short-Selling Supply on Liquidity” with Eric Kelley

We exploit a plausibly exogenous shock to shorting supply that occurs on dividend record dates to test the relation between shorting constraints and liquidity. This shock arises due to a combination of equity settlement rules and the tax treatment of the payments in lieu of dividends that stock lenders receive when they loan their shares. Using ordinary dividend events between 2004 and 2016, we find a temporary degradation in liquidity on dividend record dates in the form of larger effective spreads. We find notably stronger effects for stocks with characteristics associated with less slack in equity lending supply, and for those paying larger dividends.

Read Paper


Asa Lambert

Asa Lambert joined the Ph.D. program at the University of Tennessee in the summer of 2015.  After earning a bachelor’s degree in Psychology from Mercer University, Asa worked in retail lending and security sales at Wachovia Bank. He later worked as a credit analyst at Atlantic Southern Bank in Macon, Georgia. Asa then earned a Master’s of Business Administration at Georgia College while serving in an advisory role for an affiliate of the National Foundation for Credit Counseling. Asa continued his education at Florida State University, earning a Master’s of Science in Finance while serving as a teaching assistant. He has previously conducted research on tests for long memory in the presence of structural breaks, the use of multiple variance ratio tests in determining short-term predictability of commodity futures returns, and on long run post-offering performance of ADRs.

Read more

Asa Lambert

Asa Lambert joined the Ph.D. program at the University of Tennessee in the summer of 2015.  After earning a bachelor’s degree in Psychology from Mercer University, Asa worked in retail lending and security sales at Wachovia Bank. He later worked as a credit analyst at Atlantic Southern Bank in Macon, Georgia. Asa then earned a Master’s of Business Administration at Georgia College while serving in an advisory role for an affiliate of the National Foundation for Credit Counseling. Asa continued his education at Florida State University, earning a Master’s of Science in Finance while serving as a teaching assistant. He has previously conducted research on tests for long memory in the presence of structural breaks, the use of multiple variance ratio tests in determining short-term predictability of commodity futures returns, and on long run post-offering performance of ADRs.

View CV


Guanhuan (Jack) Wang

Jack Wang entered the finance doctoral program in the Fall of 2017. He received an undergraduate finance degree from Shaanxi Normal University in Xi’an, China. Guanhuan then continued his education at the Southern Methodist University. He earned the Master’s of Science in Finance while serving as a research assistant.

View CV


Amanda Olsen

Amanda Olsen entered the doctoral program in the fall of 2017.  She received her BS in mathematics from LaGrange College in LaGrange, GA in 2010 and her MS in finance from Kaplan University in 2013.  Prior to joining the doctoral program, she worked for Wells Fargo Bank, N.A. and Total Systems (TSYS), an international credit card processing company.  At TSYS, she had been promoted within the banking terms and conditions department and was responsible for the maintenance of credit card transactions in excess of $1 billion.  Her research interests include banking, corporate finance, and corporate governance.

Read more

Amanda Olsen

Amanda Olsen entered the doctoral program in the fall of 2017.  She received her BS in mathematics from LaGrange College in LaGrange, GA in 2010 and her MS in finance from Kaplan University in 2013.  Prior to joining the doctoral program, she worked for Wells Fargo Bank, N.A. and Total Systems (TSYS), an international credit card processing company.  At TSYS, she had been promoted within the banking terms and conditions department and was responsible for the maintenance of credit card transactions in excess of $1 billion.  Her research interests include banking, corporate finance, and corporate governance.

View CV