Richard S. Warr, Ph.D.

Professor of Finance
Head, Department of Business Management
Poole College of Management
NC State University


Contact Information

o: 919.513.4646
f: 919.515.6943
rswarr@nospam.ncsu.edu (remove nospam)
SSRN page
Google Scholar Page
Finance Area at NC State

Mailing Address

Poole College of Management
Box 7229
North Carolina State University
Raleigh, NC 27695-7229

Physical Address

Poole College of Management
2801 Founders Drive
Nelson Hall 2350
Raleigh, NC 27695

Biography

Curriculum Vitae

Richard Warr received his Ph.D in Finance from the University of Florida in 1998. Richard earned an undergraduate degree with Honours in Land Management from the University of Reading, England, and an MBA from the University of North Carolina at Wilmington.

His research focuses on information transmission in markets, equity valuation, endogeneity of corporate events such as option listings, short selling, capital structure and market microstructure.

He has published papers in the Journal of Financial and Quantitative Analysis, Financial Management, the Journal of Corporate Finance, the Journal of Financial Intermediation, the Journal of Accounting Auditing and Finance, the Journal of Financial Research, the Journal of Economics and Business, the Financial Review and the Journal of Business Finance and Accounting.

His teaching is in the area of investments, portfolio management and security analysis.

Education

University of Florida Ph.D. (Finance) December 1998. Dissertation: “The Decline of Inflation and the Bull Market of 1982 to 1997” Chair: Jay R. Ritter

University of North Carolina, Wilmington MBA May 1992.

University of Reading, England, B.Sc. (Hons), (Land Management) June 1987.

Research

Published Papers

  1. Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts
    Bartley Danielsen, David Harrison, Robert Van Ness and Richard S. Warr
    Journal of Real Estate Research, 2014, 36, . pdf

  2. Capital Structure, Equity Mispricing and Stock Repurchases
    Alice A. Bonaime, Ozde Oztekin and Richard S. Warr
    Journal of Corporate Finance, 2014, 26, 182-200. pdf

  3. Equity Mispricing and Leverage Adjustment Costs
    Richard S. Warr, William B. Elliott, Johanna Koëter-Kant, and Ozde Oztekin
    Journal of Financial and Quantitative Analysis, 2012, Vol 47, 589-616. pdf

  4. Short selling of ADRs and Foreign Market Short-Sale Constraints
    Benjamin Blau, Robert Van Ness and Richard S. Warr
    Journal of Banking and Finance, 2012, Vol 36, 886-897.pdf

  5. The Characteristics of Firms That Hire Chief Risk Officers
    Don Pagach and Richard S. Warr
    Journal of Risk and Insurance, 2011, Vol 78, No 1, 185-211.pdf

  6. REIT Auditor Fees and Financial Market Transparency
    Bartley R. Danielsen, David M. Harrison, and Robert A. Van Ness
    Real Estate Economics, 2009, Vol 37, No 3, 515-557.pdf

  7. Single Stock Futures as a Substitute for Short Sales: Evidence from Microstructure Data
    Bartley Danielsen, Robert Van Ness and Richard S. Warr
    Journal of Business Finance and Accounting, 2009, Vol 36, 1273-1293.pdf

  8. The Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes
    Mark Beasley, Don Pagach, and Richard S. Warr
    Journal of Accounting, Auditing and Finance, 2008, Vol. 23 Issue 3, p311-332. (Lead Article).pdf

  9. Market Timing and the Debt-Equity Choice
    William B. Elliott, Anjo Koeter and Richard S. Warr
    Journal of Financial Intermediation, 2008, Vol 17, 175-197.pdf

  10. Cubes to Quads, the change from QQQ on the AMEX to QQQQ on the NASDAQ
    Kevin Broom, Robert Van Ness and Richard S. Warr
    Journal of Economics and Business, 2007, Vol 59, 520–535.pdf

  11. Reassessing the Impact of Option Introductions on Market Quality: A Less Restrictive Test for Event-Date Effects
    Bartley R. Danielsen, Bonnie F. Van Ness and Richard S. Warr
    Journal of Financial and Quantitative Analysis, 2007, Vol 42, 1041-1062.pdf

  12. Audit Fees, Market Microstructure and Informational Transparency
    Bartley Danielsen, Robert A. Van Ness and Richard S. Warr
    Journal of Business Finance and Accounting, 2007, Vol 34, 202-221.pdf

  13. A Valuation-Based Test of Market-Timing
    William B. Elliott, Anjo Koeter and Richard S. Warr
    Journal of Corporate Finance, 2007, Vol. 13, 112-128.pdf

  14. What Drives the S&P500 Inclusion Effect? An Analytical Survey
    Bill Elliott, Bonnie Van Ness, Mark Walker and Richard S. Warr
    Financial Management 2006, Vol 35, No 4, pp. 31-48.pdf

  15. NASDAQ Trading and Trading Costs: 1993-2002
    Bonnie Van Ness, Robert Van Ness and Richard S. Warr
    The Financial Review, 2005, Vol. 40, pp. 281-304.pdf

  16. The Impact of Market-Maker Concentration on Adverse Selection Costs for NASDAQ Stocks.
    Bonnie F. Van Ness, Robert A. Van Ness and Richard S. Warr
    Journal of Financial Research, 2005, Vol. 28, No. 3, pp. 461-485.pdf

  17. The Impact of the Introduction of Index Securities on the Underlying Stocks: The Case of the Diamonds and the Dow 30
    Bonnie Van Ness, Robert Van Ness and Richard S. Warr
    Advances in Quantitative Analysis of Finance and Accounting, 2005, Vol. 2.pdf

  18. An Empirical Study of Inflation Distortions to EVA
    Richard S. Warr
    Journal of Economics and Business, 2005, Vol. 57, No. 2, pp. 119-137.pdf

  19. Price Pressure on the NYSE and Nasdaq: Evidence from S&P 500 Index Changes
    William Elliott and Richard S. Warr
    Financial Management, Autumn, 2003, Vol.30, No. 3, pp. 85-99.pdf

  20. Is the Adverse Selection Component Really Higher on the NYSE/Amex than on the Nasdaq?
    Bonnie Van Ness, Robert Van Ness and Richard S. Warr
    Journal of Business, Finance & Accounting, 2002, Vol. 29, No. 5 & 6, pp. 807-824.pdf

  21. The Decline of Inflation and the Bull Market of 1982 to 1999
    Jay R. Ritter and Richard S. Warr
    Journal of Financial and Quantitative Analysis, 2002, Vol. 37, No. 1, pp. 29-61.pdf

  22. How Well Do Adverse Selection Models Measure Adverse Selection?
    Bonnie Van Ness, Robert Van Ness and Richard S. Warr
    Financial Management, 2001, Vol. 30, No. 3, pp. 77-98.pdf

Monographs and Book Chapters

Corporate Reputational Risk and Enterprise Risk Management: An Analysis from the Perspectives of Various Stakeholders
Donald Pagach and Richard S. Warr
Society of Actuaries Monograph, 2009.link

A Comparison of NYSE and Regional Trading (1993-2002)
Bonnie Van Ness, Robert Van Ness and Richard S. Warr
Focus on Financial Institutions and Services Nova Science Publishers, Inc., Hauppauge, NY.

Unpublished Completed Manuscripts

The Effects of Enterprise Risk Management on Firm Performance
Donald Pagach and Richard Warr
http://ssrn.com/abstract=1155218 link
3,247 Downloads, 9,112 Abstract Views (as of 4/24/2014)

Working Papers

  1. CEO Opportunism?: Option Grants and Stock Trades around Stock Splits
    Erik Devos, William Elliott and Richard S. Warr
    Under Review

  2. Investment in audit services and the external financing needs of the firm
    Bartley Danielsen, David Harrison, Bonnie Van Ness and Richard S. Warr

  3. Inflation and Mutual Fund Flows
    Srini Krishnamurthy, Denis Pelletier and Richard S. Warr

  4. Employee Satisfaction and Innovation Efficiency: Evidence from Corporate Social Responsibility
    Roger Mayer, Richard S. Warr and Jing Zhao

  5. The Effect of Inflation Illusion on the Debt-Equity Choice
    Richard S. Warr

  6. Splitting the power to issue: The case for authorized shares
    William B. Elliott, Hilmi Songur and Richard S. Warr

Paper Presentations

“The Decline of Inflation and the Bull Market of 1982 to 1999” Chicago Quantitative Alliance, Chicago, IL, September 1999 INSEAD, France, March 2001 (presented by coauthor) Eastern Finance Association, Charleston, SC, April 2001 FMA Annual Meetings, Toronto, Canada, October 2001

“Price Pressure on the NYSE and Nasdaq: Evidence from S&P 500 Index Changes” Midwest Finance Association Meetings, 2000 (presented by coauthor) FMA Annual Meetings, Toronto, Canada, October 2001 (presented by coauthor)

“How Well do Adverse Selection Components Measure Adverse Selection? ” FMA Annual Meetings, Toronto, Canada, October 2001 (presented by coauthor)

“Does Order Preferencing Reduce Adverse Selection for Nasdaq Stocks? ” FMA Annual Meetings, San Antonio, TX, October 2002

“Valuation Errors at the Time of Security Issuance and the Market-Timing Theory of Capital Structure” FMA Annual Meetings, San Antonio, TX, October 2002 Southern Finance Association Meetings, December 2002 (presented by coauthor)

“The Impact of the Introduction of Index Securities on the Underlying Stocks: The Case of the Diamonds and the Dow 30”. FMA Annual Meetings, San Antonio, TX, October 2002 (presented by coauthor)

“An Empirical Study of Inflation Distortions to EVA” FMA Annual Meetings, Denver, CO, October 2003

“A Comparison of NYSE and Regional Trading (1993-2002)” FMA Annual Meetings, Denver, CO, October 2003

“Audit Fees, Market Microstructure and Informational Transparency FMA Annual Meetings, Denver, CO, October 2003 (presented by coauthor)

“Revisiting the Impact of Options Introductions on Stock Market Microstructure” University of Mississippi, March 2004 FMA Annual Meetings, New Orleans, LA, October 2004

“NASDAQ Trading and Trading Costs: 1993-2002” FMA Annual Meetings, New Orleans, LA, October 2004 (presented by coauthor)

“S&P500 Listing Effects: A Horse Race of Theories” FMA Annual Meetings, New Orleans, LA, October 2004 (presented by coauthor)

“Valuation Errors in Equity and the Motives for Issuing Convertible Debt” FMA Annual Meetings, New Orleans, LA, October 2004 (presented by coauthor)

“Market Timing and the Debt-Equity Choice” European FMA, Sienna, Italy, June, 2005 (presented by coauthor)

“Cubes to Quads: the move of the QQQ ETF from AMEX to NASDAQ” Voted as FMA Top 10% paper FMA Annual Meetings, Salt Lake City, UT, October, 2006 (presented by coauthor)

“Liquidity and Short Selling: Impacts of Single Stock Futures” FMA Annual Meetings, Orlando, FL, October, 2007

“An empirical investigation of the characteristics of firms hiring Chief Risk Officers” FMA Annual Meetings, Orlando, FL, October, 2007 ERM Symposium, Chicago, IL, April, 2008 NCSU ERM Conference, April, 2008

“Target Debt Ratios: The impact of equity mispricing on adjustment speed” NCSU Finance Workshop, March 2008 EFA, Washington, DC, April 2009. European FMA, Turin, Italy, June 2009 (presented by coauthor).

“REIT Auditor Fees and Financial Market Transparency” American Real Estate Society, Monterey, April, 2009 (presented by coauthor)

“Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts” EFA, Miami Fl, April 2010 American Real Estate Society, Naples Fl, April 2010 (presented by coauthor) FMA, NY NY, October, 2010

“The Role of CEO Compensation in Stock Splits” FMA, NY NY, October 2010 (presented by coauthor) EFA, Savannah GA, April 2011

“Short selling of ADRs and Foreign Market Short-Sale Constraints” FMA, Denver CO, October, 2011.

Teaching

My teaching is in the area of corporate finance and investments. I have taught:

Current class websites are on Moodle

Grants, Prizes, Fellowships and Awards