Faculty Research

Refereed Articles

• Yang, J., Chen, M., & Lim, S. (2019). Does the regulation change play a role in the dividend policy?: Empirical study of REITs. Global Business & Finance Review, 24 (4), 63-75, doi: 10.17549/gbfr.2019.24.4.63.
• Smothers, J., Moore, A., Maier-Lytle, J., Bačić, D., & Chen, M. W. (2019). Engaging students through activity design: A service-dominant logic perspective. Journal of the Academy of Business Education.
• Celuch, K., Bačić, D., Chen, M., Maier-Lytle, J., & Smothers, J. (2018). The Potential of Student Co-Creation in Extracurricular Experiences. Marketing Education Review, 28 (1), 1-19, doi: https://doi.org/10.1080/10528008.2017.1419432.
• Khieu, H. D., Chen, M. W., & Pyles, M. K. (2014). Large Investments, Financial Constraint, and Capital Structure. Quarterly Journal of Finance and Accounting, 51 (3 & 4), 71-106.
• Hsiao, W., Chen, M. W., & Hu, H. (2013). Assessing Online Discussion:Adoption of Critical Thinking as a Grading Criterion. The International Journal of Technology, Knowledge, and Society, 9 (3), 15-25.
• Elkhal, K., & Chen, M. W. (2013). Stock Return Predictability and Economic Value of Market Timing. Journal of Financial and Economic Practice, 13 (1), 20-37.
• Zhu, J., Chen, M. W., & Li, W. (2009). Recent Changes in the Prime Rate Behavior. Review of Quantitative Finance and Accounting, 33, 177-192.
• Kim, D., Song, I., & Chen, M. W. (2009). The Influence of Managerial Incentives and a Firm's Multinationality on Corporate Reorganization. Global Business & Finance Review, 14, 65-76.
• Shifflet, M., Williams, M., Chen, M. W., & Mahoney, T. (2009). Gender Differences in the Mutual Fund Industry. Journal of Financial and Economic Practice, 35-44.
• Chen, M. W., Christie-David, R., & Moore, W. T. (2007). Deregulation, News Releases, and Price Discovery. Journal of Regulatory Economics, 31, 289-312.
• Chen, M. W., & Zhu, J. (2007). An Empirical Investigation of Volatility Clustering within Industries. American Journal of Business, 22 (2), 33-43.
• Lai, C., & Chen, M. W. (2006). Economic Conditions and Macroeconomic News Impacts on Standard and Poor's 500 Index Returns. Journal of Academy of Business and Economics, VI (1), 95-103.
• Chen, M. W., & Zhu, J. (2005). Do Investors in Chinese Stock Market Overreact? Journal of Accounting and Finance Research, 13 (3), 17-25.

Refereed Proceedings
Full Paper

• Hsiao, W., & Chen, M. W. (2012). Faculty adoption of critical thinking as a grading criterion in online discussions. E-Learn 2012 - sponsored by the Association for the Advancement of Computing in Education.

Presentation of Refereed Papers
International

• Chen, M. W. & Hsiao, W. (2019). Institutional Policy and Distance Learning. International Conference on Technology, Knowledge & Society, Barcelona, Spain.
• Chen, M. W. & Hsiao, W. (2019, March). Online Exam Policy and Procedure in Higher Education. Technology, Knowledge & Society, Barcelona, Spain.
• Hsiao, W. & Chen, M. W. (2012, October). Faculty adoption of critical thinking as a grading criterion in online discussions. E-Learn - sponsored by the Association for the Advancement of Computing in Education, Montreal, QC, Canada.
• Zhu, J., Chen, M. W., & Li, W. (2009). Recent Changes in the Prime Rate Behavior. Eastern Finance Association, Washington, District of Columbia.
• Elkhal, K. & Chen, M. W. (2008, April). The Economic Value of Market Timing: Further Evidence. Midwest Business Administration Association, Chicago, Illinois.
• Chen, M. W. & Zhu, J. (2006, May). Volatility of Equity Return and Industry Characteristics: Evidence from Manufacturing, Banking and Real Estate Industries. Hawaii International Conference on Business, Honolulu, Hawaii.
• Chen, M. W., Christie-David, R. A., & Moore, W. T. (2004, October). Deregulation, News Releases, and Price Discovery. Financial Management Association, New Orleans, Louisiana.

Presentation of Non-Refereed Papers
International

• Hsiao, W. & Chen, M. W. (2012, October). Using iPad Effectively in Higher Education. E-Learn - sponsored by the Association for the Advancement of Computing in Education, Montreal, QC, Canada.

Local

• Khieu, Hinh, Danny Harvey, and Manfen W. Chen. Is personal financial education beneficial? Evidence from a sample of predominantly black college students.  COB Research Seminar Series at Prairie View A&M University, Houston, Texas, 2020.
• Bačić, D., Celuch, K., & Chen, M. W. (2017, January). The Potential of Student Co-creation in Extra-curricular Experiences and Engagement Outcomes. USI Celebration of Teaching and Learning Symposium, Evansville, Indiana.
• Khieu, H., Chen, M. W., & Phan, H. (2012, January). Overinvestments, cash flow sources, and firm value: Evidence from U.S. manufacturing firms. USI College of Business Research Colloquium, Evansville, Indiana.

Dr. Khaled Elkhal

Associate Professor of Finance
Contact: 812-464-1721
Business and Engineering Center 2049
Email
Website

Refereed Articles

• Elkhal, K. (2019). Business uncertainty and financial leverage: should the firm double up on risk? Managerial Finance.
• Elkhal, K., & Mujumdar, S. (2014). There Should be No Cap on the Amount of Subordinated Debt: William Poole is Right! Journal of Applied Economics and Business, 22 (4).
• Alhenawi, Y., & Elkhal, k. (2013). Financial Literacy of U.S. Households: Knowledge vs. Long-Term Financial Planning. Financial Services Review: Journal of Individual Financial Management.
• Elkhal, K., & Chen, M. (2013). Stock Return Predictability and Economic Value of Market Timing. Journal of Financial and Economic Practice.
• Valentine, G., Mujumdar, S., & Elkhal, k. (2012). Using Entertainment (Movies, Music, and TV) to Teach Economics. Business Education Forum, 67 (1), 40-42, 50.
• Darrat, A. F., Elkhal, K., & Al-Khateeb, F. B. (2010). Explaining Growth in an Emerging Market. Global Business & Finance Review, 15 (1), 79-89.
• Elkhal, K., Darrat, A. F., & Yousef, T. M. (2008). Revisiting the (In) Efficiency of Emerging Stock Markets. Global Business & Finance Review, 13 (2), 11-29.
• Al-Khateeb, F. B., Darrat, A. F., & Elkhal, K. (2007). The UAE Growth Surge: Have Information Technology and Human Capital Contributed? Studies in Economics and Finance (Studies in Economic Analysis), 24 (4), 297-306.
• Cochran, J., Darrat, A., & Elkhal, K. (2006). On the Bankruptcy of Internet Companies: An Empirical Inquiry. Journal of Business Research, 59 (10-11), 1193-1200.
• Darrat, A., Elkhal, K., & McCallum, B. (2006). Finance and Macroeconomic Performance: Some Evidence for Emerging Markets. Emerging Markets Finance and Trade, 42, 5-28.
• Abosedra , S., Elkhal, K., & Al-Khateeb, F. (2006). Forecasting Performance of Natural Gas Futures Market: An Assessment of Recent Data. Journal of Business and Economics Research, 4 (11), 65-69.
• Aly , H., Kandil, M., & Elkhal, K. (2006). Government Size and Monetary Policy: Interactions and Productivity in the Economies of GCC Countries. Savings and Development, 4, 381-414.
• Elkhal, K., Shelor, R., & Cross, M. (2004). January Return Seasonality in the U.S. Insurance Industry. Journal of Insurance Issues, 27, 123-133.
• Darrat, A., Elkhal, K., Banerjee, G., & Zhong, M. (2004). Why do US Banks Borrow from the Fed? A Fresh Look at the 'reluctance' Phenomenon. Applied Financial Economics, 14, 477-484.
• Darrat, A., Elkhal, K., & Hakim, S. (2000). On the Integration of Emerging Stock Markets in the Middle East. Journal of Economic Development, 25, 119-129.

Presentation of Refereed Papers
International

• Alhenawi, Y. & Elkhal, K. (2018). Resurrection of Capital Asset Pricing Models: A Practical Test with Active Management Approach. Financial Management Association, San Diego, California.
• Elkhal, K. (2018). Business Uncertainty and Financial Leverage: Should the Firm Double Up on Risk? MBAA-International Annual Meeting, Chicago, Illinois.
• Elkhal, K. & Chen, M. (2008, April). Economic Value of Market Timing: Further Evidence. Academy of Business Economics, Chicago, Illinois.
• Elkhal, K., Darrat, A., & Yousef, T. (2005, November). Revisiting the (In) Efficiency of Emerging Stock Markets. Southern Finance Association , Key West, Florida.
• Darrat, A., Elkhal, K., & Hakim, S. (2001, October). On the Integration of Emerging Stock Markets in the Middle East. Financial Management Association, Toronto, Canada.

National

• Alhenawi, Y. & Elkhal, k. (2013, October). Financial Literacy of U.S. Households: Knowledge vs. Long-Term Financial Planning. Academy of Financial Services, Chicago, Illinois.
• Elkhal, K. & Mujumdar, S. (2009, December). Market (In) discipline of Subordinated Debt: Does Size Matter? International Governance and Financial Markets, Hammamet, Tunisia.
• Elkhal, K. & Mujumdar, S. (2009, March). Use of Subordinated Debt in Bank Supervision: A New Look! Academy of Business Economics, Chicago, Illinois.
• Elkhal, K., Christie-David, R., & Cochran, J. (2003, December). The Survival of Internet Companies: An Examination using the Hazard-Model. Southern Finance Association , Charleston, South Carolina.

Regional

• Alhenawi, Y. & Elkhal, K. (2019). Resurrection of Capital Asset Pricing Models: A Convergence Test. Academy of Finance, Chicago, Illinois.

Research Grants
Funded

• 2008: Elkhal, K. & Mujumdar, S., The R. Malcolm Koch Memorial Fellowship.
• 2007: Elkhal, K. & Chen, M., The Lilly Endowment Inc. Fellowship.

Refereed Articles

• Heo, S. W., Cashel-Cordo, P., Rhim, J. C., & Kang, J. G. (2017). Pricing Accuracy of Put-Option Valuation Models: Directional Bias Due to Risk Free Interest Rates. Journal of Accounting and Finance, 17 (5), 44-51.
• Min, B. S., Cashel-Cordo, P., & RHIM, J. C. (2015). Corporate Leverage Strategy in an Emerging Market. Global Business & Finance Review, 20 (2), 35-48.
• Heo, S. W., Rhim, J. C., Cashel-Cordo, P., & Kang, J. G. (2015). American Put Option Price using Quadratic Approximations of the Fractional Black-Scholes Partial Differential Equation. Journal of Accounting and Finance, 15 (8), 48-61.
• Rhim, J. C., Brajcich, A. M., & Friesner, D. L. (2014). Measuring Agency Costs in the Presence of Incidental Truncation: Empirical Evidence from Chinese Manufacturing Firms. Global Business & Finance Review, 19 (1), 45-60.
• Min, B. S., Mujumdar, S., & Rhim, J. C. (2011). Bilateral Investment Treaties for Foreign Direct Investment. Global Business & Finance Review, 16 (1), 75-87.
• Kim, Y. H., Rhim, J. C., & Friesner, D. (2007). Interrelationships among Capital Structure, Dividends and Ownership: Evidence from South Korea. Multinational Business Review, 15 (3).
• Min, B. S., Rhim, J. C., Friesner, D., & Cashel-Cordo, P. (2007). On the Behavior of Global Multinational Enterprises during the 1997 Asian Financial Crisis. Journal of Economic Development and Business Policy, 1, 52-89.
• Kim, Y. H., Rhim, J. C., & Chotigeat, T. (2006). Interrelationships among Debt, Investment, and Dividend Policies: Evidence from South Korea. Journal of Financial and Economic Practice, 7 (1), 42-53.
• Rhim, J. C., Peluchette, J. V., & Song, I. (2006). Stock Market Reactions and Firm Performance Surrounding CEO Succession: An Empirical Investigation of Antecedents of Succession and Successor Origins. Mid-American Journal of Business, 21 (1), 21-30.
• Kim, Y. H., Lee, G., Rhim, J. C., & Kang, J. (2006). The Causality Among South Korean Firms' Earnings, Dividend Policy, and Investment Decision. Global Business & Finance Review, 11 (2), 21-30.
• Byoun, S., & Rhim, J. C. (2005). Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure. Global Business & Finance Review, 10 (2), 1-16.
• Kim, Y. H., Rhim, J. C., & Kang, J. G. (2005). Agency Costs and Corporate Financial Policies: A Simultaneous Equations Approach. Journal of Business and Economics Research, 75-86.
• Khayum, M. F., Rhim, J. C., & Ramaya, K. (2003). Contagion Effects of the Asian Financial Crisis: Regional or Global in Scope? Global Business & Finance Review, 8 (1), 1-18.
• Khayum, M. F., Rhim, J. C., & Schibik, T. J. (2003). The Application of Cointegration to Advertising and Sales. Journal of Business Economics Research, 4 (1 & 2), 98-107.
• Rhim, J. C. (2003). The Effects of Interest Rate Levels and Volatility on Maturity Intermediation Decision. Global Business & Finance Review, 39-49.
• Wade, D., Rhim, J. C., & Ryu, T. G. (2001). The Effect of Firm-Specific Characteristics on the Choice of Accounting Methods: The Case of Nonpension Postretirement Benefits Accounting (SFAS No. 106). Business and Economic Review, 15 (1), 1-17.
• Rhim, J. C., & Hongshik, K. (2000). An Estimation of Early Exercise Premium for American Put Options. Global Business & Finance Review, 13-30.
• Rhim, J. (2000). An Examination of Accounting Event Studies: Methodology and Research Issues. Journal of Accounting and Finance Research, 26-35.
• Rhim, J. (2000). Improvement Opportunity in Employer-Employee Relationship: A DSS Application for Small Business. Journal of Accounting and Finance Research, 16-23.
• Rhim, J. (2000). The Resolution of Agency Problems Through Shareholder Activism: Managerial Guidelines. Journal of Accounting and Finance Research, 16-26.
• Rhim, J. (1999). An Analysis of Variations in Capital Asset Utilization. Journal of Financial and Strategic Decisions, 23-31.
• Rhim, J. (1999). Forecasting Performance of Exchange Rate Models: A Comparison of Error Size and Directional …. Global Business & Finance Review, 61-68.
• Rhim, J. (1999). Stock Market Reactions to the Adoption Announcement of SFAS No. 106: An Empirical Investigation…. Business and Economic Review, 52-66.
• Rhim, J. (1997). Adjustment to the Optimal Investment Level: An Empirical Investigation. Journal of Accounting and Finance Research, 58-65.
• Rhim, J. (1997). Adoption of a Cafeteria Plan: Tax-Created Positive-Sum Opportunity. Journal of Accounting and Finance Research, 69-76.
• Rhim, J. (1997). An Empirical Investigation of Put Option Pricing: A Specification Test of At-The-Money Option …. Journal of Financial and Strategic Decisions, 75-83.
• Rhim, J. (1997). Deviations from PPP among Pacific Rim Countries: A Vector Autoregressive Analysis. Global Business & Finance Review, 43-50.
• Rhim, J. (1996). AACSB Accreditation: A Positive Signal in Accounting Job Markets. Mid-Atlantic Journal of Business.
• Rhim, J. (1996). Causes of Deviations from Purchasing Power Parity. Multinational Business Review.
• Rhim, J. (1996). Empirical Distributions of Foreign Exchange Rates Under the Floating Exchange Rate Regime. Global Business & Finance Review.
• Rhim, J. (1995). A Specification Test of At-the-Money Option Implied Volatility Recovered from the Black-Scholes …. Kentucky Journal of Economics and Business.
• Rhim, J. (1994). Capital Structure Management as A Contributing Motivation for Calling Convertible Debt. Journal of Financial Research.
• Rhim, J. (1994). Composite Forecasts of Inflation: An Improvement in Forecasting Performance. Journal of Economics and Finance.

Refereed Proceedings
Full Paper

• Rhim, J., Cashel-Cordo, P., & Khayum, M. (2005). The Relationship Between R & D Expenditures and Firm Performance. Midwest Business Economic Association.

Presentation of Refereed Papers
International

• Rhim, J. C. (2018, June). Environmental Correctness. World Conference on Business and Management, Jeju, Republic of Korea.
• Heo, S. W., Rhim, J. C., & Cashel-Cordo, P. (2018, May). THE EFFECTIVENESS OF A PREDICTOR-CORRECTOR TECHNIQUE IN EUROPEAN CURRENCY OPTION VALUATION. Pan-Pacific Business Association, Seoul, Republic of Korea.
• Rhim, J. C. (2016, June). Environmental Management and Financial Performance. World Conference on Business and Management, Danag, Viet Nam.
• Rhim, J. C. & Cashel-Cordo, P. (2015, July). Managerial Behavior of Multinational Corporations around Global Financial Crisis. World Conference on Business and Management, Seoul, Republic of Korea.
• Rhim, J. C. (2015, June). EVA as a Measure for Managerial Incentive Compensation. Pan-Pacific Business Association, Hanoi, Viet Nam.
• Heo, S. W., Rhim, J. C., & Cashel-Cordo, P. (2014). Valuation of European-Style Options Traded in Tokyo Stock Exchange using Fractional Black-Scholes with Various Estimates of Hurst Parameters. Pan-Pacific Business Association, Sakai City, Japan.
• Rhim, J. C. (2013, July). Interrelationships among Capital Structure, Dividends and Ownership. 2013 Global Business and Technology Association, Helsinki, Finland.
• Min, B. S., Rhim, J. C., & Cashel-Cordo, P. (2012, November). Mitigation of Agency Conflicts: South Korean Board Reforms. Association for Global Business, United States, District of Columbia.
• Min, B., Rhim, J. C., & Cashel-Cordo, P. (2012, May). A Study on the Corporate Governance Reform in Korea. Pan-Pacific Conference XXIX, Haikou, China.
• Heo, S. W. & Rhim, J. C. (2011). An Estimation of American Put Option Price using Quadratic Approximations to the Fractional Black-Scholes Partial Differential Equation. Pan-Pacific Business Association, Daejeon, Korea.
• Rhim, J. C. (2009). Volatility and Spillover Effects Between the US and Asia-Pacific Equity Markets during the IT and Subprime Booms and Busts. Pan-Pacific Business Association, Shenzhen, China.
• Rhim, J. C., Chen, M., & Friesner, D. (2008, June). Simultaneity of Making Financial Decisions: An Empirical Evidence of Chinese Firms. Pan-Pacific Business Association, San Jose, Costa Rica.
• Kim, Y. H., Lee, G., & Rhim, J. C. (2006, May). The Causality of Firms' Earnings, Dividends, and Investment Decisions in South Korea. Pan-Pacific Business Association, Busan, Korea.
• Rhim, J. (1997, June). Investor Response to Exchange Rate Volatility: The Role of Appropriate Forecast. World Business Congress, Junju, Korea.

National

• Kang, S. M., Heo, S. W., & Rhim, J. C. (2020). Market Risks and the Cross Section of Expected Returns in Foreign Exchange Markets. Academy of Business Economics, Chicago, Illinois.
• Heo, S. W., Rhim, J. C., & Cashel-Cordo, P. (2017, March). An Estimation of Foreign Currency Option Pricing Using Fractional Black-Scholes Models. Academy of Business Economics, Chicago, Illinois.
• Heo, S. W., Rhim, J. C., & Cashel-Cordo, P. (2016). A Study of Pricing Bias in Fractional Black-Scholes Quadratic Approximations Model with Respect to Interest Rates. Academy of Business Economics, Chicago, Illinois.
• Rhim, J. C., Cashel-Cordo, P., & Heo, S. (2015, March). CORPORATE GOVERNANCE REFORM IN SOUTH KOREA AFTER ASIAN FINANCIAL CRISIS. Academy of Business Economics, Chicago, Illinois.
• Heo, S. W. & Rhim, J. C. (2014, March). Option Valuation Based on Fractional Brownian Motion Models with Various Estimates of Hurst Parameters. Academy of Business Economics, Chicago, Illinois.
• Heo, S. W., Rhim, J. C., & Cashel-Cordo, P. (2013, March). An Accuracy Test of Analytic Approximation of American Put Option Models. Academy of Business Economics, Chicago, Illinois.
• Heo, S., Rhim, J. C., & Cashel-Cordo, P. (2012, March). An Estimation of Early Exercise Premium on American Put Options: Quadratic Approximation of Fractional Black-Scholes Partial Differential Equation. MBAA International, Chicago, Illinois.
• Heo, S. W. & Rhim, J. C. (2011). Valuation of American Approximation Models with Different Time-Series Historical Volatilities Adopting Fractional Brownian Motion. Academy of Business Economics, Chicago, Illinois.
• Rhim, J. C. & Mujumdar, S. (2009). Do the Effects of Bilateral Investment Treaties on FDI Differ between Countries? International Business and Economics Research Conference, Las Vegas, Nevada.
• Rhim, J. C. (2007, February). Simultaneity of Making Financial Decisions. American Society of Business and Behavioral Sciences, Las Vegas, Nevada.
• Rhim, J. C., Heo, S., & Cashel-Cordo, P. S. (2006, February). An Estimation of Early Exercise Premium for Pharmaceutical American Index Put Options. American Society of Business and Behavioral Sciences, Las Vegas, Nevada.
• Rhim, J. (2002, October). Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure. Financial Management Association, San Antonio, Texas.
• Rhim, J. (2002, February). Maturity Intermediation Decision of Commercial Banks. American Society of Business and Behavioral Sciences, Las Vegas, Nevada.
• Rhim, J. (1999, December). An Examination of Accounting Event Studies. American Academy of Accounting and Finance, New Orleans, Louisiana.
• Rhim, J. (1998, December). The Resolution of Agency Problems through Shareholder Activism. American Academy of Accounting and Finance, New Orleans, Louisiana.

Regional

• Rhim, J. C., Heo, S., & Williams, M. R. (2006, March). An Estimation of Early Exercise Premium for S&P 100 American Index Put Options. Academy of Business Economics, Chicago, Illinois.
• Rhim, J. (2003, March). Financial Characteristics of Institutional Investor Common Stockholdings in the Korean Stock Market. Midwest Business Economic Association, Chicago, Illinois.
• Rhim, J. (2002, March). Valuation of Index Options: A Numerical Analysis of S&P 500 Index Call. Midwest Business Economic Association, Chicago, Illinois.
• Rhim, J. (2001, March). The Contributions of Asian Stock Markets to Global Market Risk Before and After the Asian Crisis. Midwest Business Administration Association, Chicago, Illinois.

Dr. Jinsuk Yang

Associate Professor of Finance
Contact: 812-465-7120
Business and Engineering Center 2079
Email
Website

Refereed Articles

• Yang, J., Cashel-Cord, P., & Kang, J. (in press, 2020). Empirical Research on Herding Effects: Case of Real Estate Markets. Journal of Accounting and Finance, 20 (2).
• Yang, J., Chen, M., & Lim, S. (2019). Does the regulation change play a role in the dividend policy?: Empirical study of REITs. Global Business & Finance Review, 24 (4), 63-75, doi: 10.17549/gbfr.2019.24.4.63.
• Heo, S., Yang, J., Lim, S., & Cashel-Cordo, P. (2019). The Effectiveness of a Predictor-corrector Technique in European Currency Option Valuation. Global Business & Finance Review, 24 (4), 1-7, doi: 10.17549/gbfr.2019.24.4.1.
• Zhang, Y., & Yang, J. (2016). Means of Payment in Mergers & Acquisitions: the Effect on Analyst Recommendations. Journal of Business and Policy Research, 11 (2), 45-64, doi: 10.21102/jbpr.2016.12.112.03.

Presentation of Refereed Papers
International

• Yang, J., Kang, S., Heo, S., & Rhim, Jong C. (2019). Market risks and the cross section of expected returns in foreign exchange markets. Midwest Business Administration Association, Chicago, Illinois.
• Yang, J., Rhim, J., & Kang, J. (2019, October). Informativeness of Sell Recommendation. Academy of Business Research Conference, San Antonio, Texas.