STEPHEN P. HUFFMAN, Ph.D., CFA, FRM
College of Business Administration
University of Wisconsin Oshkosh
Work: (920) 424-7202, Messages: (920) 424-1215
Email: huffman@uwosh.edu
Research: Risk Management, Market Efficiency, and Asset Allocation
Teaching: Investments, Markets, Financial Management, and Global Business Issues
Major Area: Finance; Support Area: Accounting; Chair Professor: Pam Peterson Drake
Dissertation: Tests of the Free Cash Flow Theory of Takeovers
Chartered Financial Analyst® charterholder (September 2003)
Financial Risk Manager certified by Global Association of Risk Professionals (November 2004)
Professor of Finance, Finance and Business Law Team (July 2000 to Present)
John E. Kerrigan International Endowed Professor (September 2005 to June 2009)
Team Leader, Finance and Business Law Team (September 1999 to June 2004)
EAA/C.R. Meyer Endowed Professor (September 1998 to June 2002)
Associate Professor, Dept. of Finance & Business Law (July 1995 to June 2000)
Assistant Professor, Dept. of Finance & Business Law (September 1990 to June 1995)
All the above at
University
of Wisconsin Oshkosh,
Teaching and Research Assistant
Financial Analyst (May 1985 to July 1986)
ARA/Smith's Transfer Corporation,
Co-owner/President (July 1983 to September 1986)
University Goods and Services,
Inc.,
The Value of a Simple Market-Based Metric in Predicting Bankruptcy, Co-authored with M. H. Schellenger. Journal of Business and Economic Perspectives. 36(1) forthcoming.
A Three-Factor Model Investigation of Foreign Exchange Rate Exposure, Co-authored with S.D. Makar and S.B. Beyer. Global Finance Journal. 21(1), 1-12.
VaR as a Determinant of Capital Structure and Bankruptcy Prediction, Co-authored with M. H. Schellenger. Financial Decisions, (Summer 2009), 21(1) Article 5. http://www.financialdecisionsonline.org/current/HuffmanSchellenger.pdf
UK Multinationals
Effective Use of Financial-Currency Hedge Techniques: Estimating and Explaining Foreign Exchange
Exposure Using Bilateral Exchange Rates, Co-authored with S. D. Makar. Journal
of International Financial Management and Accounting, 19 (Autumn 2008),
219-235.
Value-at-Risk: An analysis of January and non-January returns, Co-authored with C. R. Moll. Quarterly Journal Finance and Accounting, 47 (Winter 2008), 97-107.
An analysis of the January effect using returns and trading volume momentum measures, Co-authored with C. R. Moll. Journal of Business and Economic Perspectives, 32 (Fall/Winter 2006), 143-157.
Additional evidence of the tax-loss selling hypothesis and the January effect, Co-authored with C. R. Moll. Central Business Review, 25 (Winter 2006), 23-28.
Exchange rate exposure and foreign exchange derivatives: Do ineffective hedgers modify future derivatives use? Co-authored with S. D. Makar and B. Anderson. Research in International Business and Finance, 18 (2004), 205-216.
The effectiveness of currency-hedging techniques over multiple return horizons for foreign-denominated debt issuers, Co-authored with S. D. Makar. Journal of Multinational Financial Management, 14 (2004), 105-115.
Foreign-denominated debt and foreign currency complements or substitutes in hedging foreign currency risk? Co-authored with W. Elliott and S. D. Makar. Journal of Multinational Financial Management, 13: 2 (2003), 123-139.
An empirical
analysis of managing foreign currency risk over the return horizon: Derivative
use and natural hedging, Co-authored with S. D. Makar. Review of the
Foreign exchange derivatives, exchange rate changes, and the value of the firm: U.S. multinationals' use of short-term financial instruments to manage currency risk, Co-authored with S. D. Makar. Journal of Economics and Business, 53 (July/August 2001), 421-437.
The management of foreign currency risk: Derivatives use and the natural hedge of geographic diversification, Co-authored with S. D. Makar and J. DeBruin. Accounting and Business Research, 29 (1999), 229-237.
The influence of going-private prediction models on abnormal returns, Co-authored with B. Niendorf. Journal of Business and Economic Perspectives, 23 (Spring/Summer 1997), 43-53.
Foreign currency
risk management practices in
Seasonality in the returns of defaulted bonds: The January and October effects, Co-authored with D. J. Ward. Quarterly Journal of Business and Economics, 36: 3 (Summer 1997), 3-10.
The use of derivatives in foreign exchange rate hedging, Co-authored with S. D. Makar. Central Business Review, 15:2 (Summer 1996), 51-59.
A comparison of acquired firms' returns: By medium of exchange and exchange listing, Co-authored with B. Niendorf. Journal of Business and Economic Perspectives, 32:2 (Fall/Winter 1996), 43-53.
Stock price effect of high yield debt issues, Co-authored with D. J. Ward. Journal of Economics and Finance, 20 (Spring 1996), 133-146.
A test of market efficiency for Business Week data, Co-authored with G. L. Griepentrog and M. H. Schellenger. Central Business Review, 15:1 (Winter 1996), 44-50.
The prediction of default for high yield bond issues, Co-authored with D. J. Ward. Review of Financial Economics, 5:1 (Winter 1996), 75-89.
Can free cash flow predict going-private transactions? Journal of Business and Economic Perspectives, 21:2 (Fall 1995), 43-57.
The ability of
prediction models to explain abnormal returns of acquired firms, Co-authored
with B. Niendorf. Journal of the
An investigation of market reaction to the choice of accounting method, Co-authored with P. P. Peterson and J. Sullivan. WIU Journal of Business, 3 (1992), 89-103.
Role of free cash flow in determining the pairing of mergers.
Journal of the
The impact of the degrees of operating and financial leverage on the systematic risk of common stocks: Another look. Quarterly Journal of Business and Economics, 28 (Winter 1989), 83-100.
PROCEEDINGS and OTHER PUBLISHED WORKS (4)
Integrating the top-down approach in a simulated trading program, Co-authored with S. B. Beyer and M. H. Schellenger. Abstract published in the Academy of Finance, 2010 Proceedings.
The finance academic job search: What your dissertation chair may not tell you about finding a job, Co-authored with D. C. Goff. Financial Decisions, 17:2, Special Issue Article 1 (September 2005), 1-20.
A comparison of acquired firms' returns by medium of exchange and exchange listing, Co-authored with B. Niendorf. 1995 Proceedings: Western Decision Sciences Institute.
Integrating the top-down approach in a simulated trading program, Co-authored with S. B. Beyer and M. H. Schellenger. Presented at the 2010 Academy of Finance meeting Chicago, Il.
A 3-Factor Model Investigation on the Determinates
of Foreign Exchange Rate Exposure, Co-authored with S. D. Makar and S. B. Beyer.
Presented at the 2008 Financial Management Association
meeting, Dallas, TX.
VaR as a predictor of bankruptcy, Co-authored with M. H. Schellenger. Presented at the 2008 Eastern Finance Association meeting, St. Pete Beach, FL.
Using simulated trading in the classroom, Co-authored with M. H. Schellenger and S. B. Beyer. Presented at the 2008 Academy of Finance meeting, Chicago, IL.
VaR as a determinate of capital structure and bankruptcy prediction, Co-authored with M. H. Schellenger. Presented at the 2007 Southern Finance Association meeting, Charleston, SC.
Asset allocation location: Cases and model development, Co-authored with B. Mulholland and S. B. Beyer. Presented at the 2007 Academy of Financial Services meeting, Orlando, FL.
An analysis of the January effect using returns and trading volume momentum measures, Co-authored with C. R. Moll. Presented at the 2006 Financial Management Association meeting, Salt Lake City, UT.
Additional evidence of the tax-loss selling hypothesis and the January effect, Co-authored with C. R. Moll. Presented at the 2006 Midwest Finance Association, Chicago, IL.
Exchange rate exposure and foreign exchange derivatives: Do ineffective hedgers modify future derivative use? Co-authored with S. Makar. Presented at the 2003 International Conference of the Association for Global Business meeting, Atlanta, GA.
The effectiveness of multiple hedging techniques: Foreign-denominated debt issuers and currency risk, Co-authored with S. D. Makar. Presented at the 2003 Midwest Finance Association annual meeting, St. Louis, MO.
An empirical analysis of managing foreign currency risk over the return horizon: Derivative use and natural hedging, Co-authored with S. D. Makar. Presented at the 2002 Midwest Business Administration Association meeting, Chicago, IL.
Foreign currency risk management and capital structure decision, Co-authored with S. D. Makar. Presented at the 2000 International Business and Economics Conference, St. Norbert’s University, De Pere, WI.
Foreign exchange derivatives, exchange rates, and the value of the firm: An empirical study of foreign exchange exposure, Co-authored with S. D. Makar. Presented at the 1999 Midwest Finance Association annual meeting, Nashville, TN.
The management of foreign currency risk: Derivatives use and natural hedging, Co-authored with S. D. Makar and J. DeBruin. Presented at the 1998 American Accounting Association annual meeting, St. Louis, MO.
How are foreign exchange derivatives used? Understanding the foreign currency risk management practices of U.S. MNC, Co-authored with S. D. Makar. Presented at the 1997 American Society for Competitiveness international conference, San Diego, CA.
The use of derivatives in foreign exchange rate hedging, Co-authored with S. D. Makar. Presented at the 1996 American Accounting Association regional meeting, Cleveland, OH.
The influence of going-private prediction models on abnormal returns, Co-authored with B. Niendorf. Presented at the 1996 Eastern Finance Association meeting, Charlotte, NC.
BusinessWeek Stock Trends, Co-authored with G. L. Griepentrog and M. H. Schellenger. Presented at the 1996 Eastern Finance Association meeting, Charlotte, NC.
A comparison of acquired firms' returns by medium of exchange and exchange listing, Co-authored with B. Niendorf. Presented at the 1995 Western Decision Sciences Institute meeting, San Francisco, CA.
Seasonality in the returns of defaulted bonds: The January and October effects, Co-authored with D. J. Ward. Presented at the 1995 Eastern Finance Association meeting, Hilton Head, SC.
A test of market efficiency for Business Week data, Co-authored with G. Griepentrog and M. H. Schellenger. Presented at the 1995 Eastern Finance Association meeting, Hilton Head, SC.
A comparison of acquired firms' returns by medium of exchange and exchange listing, Co-authored with B. Niendorf. Presented at the 1993 Eastern Finance Association meeting, Richmond, VA.
Stock price reaction to high debt issuers, Co-authored with D. J. Ward. Presented at the 1993 Eastern Finance Association meeting, Richmond, VA.
The prediction of default for high yield bond issues, Co-authored with D. J. Ward. Presented at the 1993 Midwest Finance Association meeting, Indianapolis, IN.
Market reaction to high yield debt issuers, Co-authored with D. J. Ward. Presented at the 1993 Midwest Finance Association meeting, Indianapolis, IN.
Determinates of default for high yield bond issues, Co-authored with D. J. Ward. Presented at the 1992 Eastern Finance Association meeting, Tampa, FL.
The ability of prediction models to explain abnormal returns of acquired firms, Co-authored with B. Niendorf. Presented at the 1992 Midwest Finance Association meeting, Chicago, IL.
Prediction of going-private transactions. Presented at the 1991 Southern Finance Association meeting, Key West, FL.
The role of free cash flow in identifying acquired firms. Presented at the 1991 Financial Management Association meeting, Chicago, IL.
Are merger participants matched by level of free cash flow? Presented at the 1991 Eastern Finance Association meeting, Hot Springs, VA.
Role of free cash flow in determining the pairing of mergers. Presented at the 1991 Midwest Association meeting, St. Louis, MO.
Free cash flow and corporate restructuring. Presented at the 1990 Eastern Finance Association meeting, Charleston, SC.
Market power as a source of takeover gains, Co-authored with P. P. Peterson and D. R. Peterson. Presented at the 1988 Eastern Finance Association meeting, Bal Harbour, FL.
The Impact of Asymmetry on
Returns,
supported by Faculty Development Board for summer 2010, Co-authored with C.
Moll FDR580).
Asset Allocation Location, supported by Faculty Development Board for summer 2007, Co-authored with B. Mulholland and S. Beyer (FDR 406, completed February 2008).
A Survivorship Bias Investigation of Stock Market Anomalies, supported by Faculty Development Board for summer 2006, Co-authored with S. Beyer (FDR 343, completed February 2007).
VaR as a Predictor of Bankruptcy and a Determinate of Capital Structure, supported by Faculty Development Board for summer 2006, Co-authored with M. Schellenger (FDR 347, completed February 2007).
Professional Development
in Financial Risk Management, sabbatical supported by Faculty Development Board,
for fall 2004 and spring 2005 (FDS 290).
How Does Customer
Satisfaction Affect the Financial Performance of a Firm? supported
by Faculty Development Board for summer 2003, Co-authored with M. Tippins and B. Leisen (FDR044,
completed February 2004).
Foreign Currency Risk
Management, supported by Faculty Development Board for summer 1999, Co-authored with
S. D. Makar (FDR725, completed February 2000).
Professional Development
in Investments, sabbatical supported by Faculty Development Board for spring 1998
(FDS176, completed fall 1998).
Foreign Exchange
Derivatives, Exchange Rate Changes and the Value of the Firm: Empirical
Evidence of Foreign Currency Exposure, supported by Faculty Development Board for summer
1997, Co-authored with S. D. Makar (FDR489,
completed February 1998).
How Are FXDs Used? supported
by Faculty Development Board for summer 1996, Co-authored with S. D. Makar (FDR484,
completed October 1996).
A Survey of the Capital
Budgeting Process, supported by Faculty Development Board for summer 1995 (FDR335,
completed October 1997).
A Test of Market
Efficiency: Is the Trend Your Friend? supported by Faculty
Development Board for summer 1994, Co-authored with M. H. Schellenger
and G. Griepentrog (FDR291,
completed April 1995).
The Economic Value of
Going-Private Prediction Models, supported by Faculty Development Board for summer
1993 (FDR158,
completed June 1994).
The Impact of the Issuance
of Junk Bonds on Common Stock Prices, supported by Faculty Development
Board for summer 1992, Co-authored with D. J. Ward (FDR141,
completed January 1993).
The Ability of Prediction
Models to Explain Price Reactions of Acquired Firms, supported by Faculty
Development Board for summer 1992 (FDR 112, completed December 1992).
Prediction of
Going-Private Transactions, supported by Faculty Development Board for summer
1991 (FDR050,
completed February 1992).
SERVICE ACTIVITIES
Service to Department of Finance and Business Law
Service to College
Service
to College to Internationalize the Business Program and
Professional Development in Global Business
Service to University
Service to Discipline
Article Summaries for CFA Digest (18) and Contemporary Finance Digest (3)
Cooper, Gulen and Ovtchinnikov (2010), "Corporate Political
Contributions and Stock Returns," published in Journal of Finance. CFA
Digest, 40 (2) 687-724.
Kini, Mian, Rebello
and Venkateswaran (2009), On the Structure of Analyst
Research Portfolios and Forecast Accuracy, published in Journal of Accounting Research.
CFA Digest 40:1 (February, 2010),
74-76.
Zingales (2009), The Future of Securities Regulation, published in Journal of Accounting Research. CFA Digest 39:4 (November, 2009),
18-20.
Morey, Gottesman, Baker, and Godridge
(2009). Does Better Corporate
Governance Result in Higher Valuations in Emerging Markets? published
in Journal of Banking & Finance. CFA Digest 39:3 (August, 2009),
13-15.
Clifford
(2008), Value Creation or Destruction?
Hedge Funds as Shareholder Activists, published in Journal of Corporate Finance.
CFA Digest 39:2 (May, 2009), 14-16.
Fama and French (2008), Dissecting Anomalies published in Journal of Finance. CFA Digest 39:1
(February, 2009), 68-70.
Dechow, Richardson and Sloan (2008), The Persistence and Pricing of the Cash Component of Earnings, published in Journal of Accounting Research. CFA Digest 38:4 (November, 2008),
41-43.
Feng and Seasholes (2008), Individual
Investors and Gender Similarities in Emerging Stock Market, published in Pacific-Basin Finance Journal. CFA
Digest 38:3 (August 2008), 49-50.
Ferreira and Gama (2007),
Does Sovereign Debt Ratings News Spill Over to International Stock Markets?
published in Journal of Banking and
Finance. CFA Digest 38:2 (May
2008), 69-71.
Popova, Morton, Popova and Yau (2007), Optimizing Benchmark-Based Portfolios with
Hedge Funds, published in Journal of
Alternative Investments. CFA Digest 38:1 (February 2008),
67-69.
Hong and Stein (2007), Disagreement and the stock market, published in Journal of Economic Perspectives. CFA Digest, 37:4 (November 2007), 47-49.
Jiraporn and Ning (2006), Dividend policy, shareholder rights and corporate governance, published in Journal of Applied Finance. CFA Digest, 37:4 (November 2007), 10-11.
Miller (2007), Measuring the true cost of active management by mutual funds, published in Journal of Investment Management. CFA Digest, 37:3 (August 2007), 74-76.
Faugere and Van Erlach (2006), The equity premium: Consistent with GDP growth and portfolio insurance, published in Financial Review. CFA Digest, 37:2 (May 2007), 33-35.
Houge and Loughran (2006), Do investors capture the value premium? published in Financial Management. CFA Digest, 37:1 (February 2007), 68-70.
Mitchell and Utkus (2006), How behavioral finance can inform retirement plan design, published in Journal of Applied Corporate Finance. CFA Digest, 36:4 (November 2006), 62-64.
Danielson and Press (2006), When does R&D expense distort profitability estimates? published in Journal of Applied Finance. CFA Digest, 36:3 (August 2006), 51-53.
Ritter
(2006), Economic growth and equity returns, published in Pacific-Basin Finance Journal. CFA Digest, 36:2 (May
2006), 71-73.
Childs, Ott and Triantis (1998), Capital budgeting for interrelated projects: a real options approach. Contemporary Finance Digest, 3:1 (2000), 43-44.
Amir and Lev (1996),
Value-relevance of non-financial information: The wireless communications
industry, published in Journal of Account
and Economics. Contemporary Finance Digest, 2:1 (Spring 1998), 73-74.
Fama (1996), Discounting under uncertainty, published in Journal of Business. Contemporary Finance Digest, 1:1 (Autumn 1997), 27-28.
Service to Community
Other Awards, Grants and Activities
UW System Institute for Global Studies (IGS) Fellow (1999)
UW Oshkosh Vander Putten Funding
to Develop a Job Shadow Course in
UW
UW Oshkosh EAA/C.R. Meyer Endowed Professor
UW Oshkosh College of Business Administration Dean’s Exceptional Performance Award
BUS 331 Business Finance (3 credit course)
BUS 331 Essentials of Finance (2 credit course)
BUS 333 Financial Markets
BUS 334 Investment Management
BUS 335 International Business Finance
BUS 432 Security Analysis
BUS 438 Student-Managed Endowment Fund (Previously BUS 439)
BUS 494/694 Business Job Shadow in
BUS 494/694 European Business Study Tour
BUS 730 Finance Foundations (3 credit course and 1.5 credit course)
BUS 731 Financial Management
BUS 732 Investment Analysis and Portfolio Management
Team taught the first M.B.A. foundation courses taught at Kimberly Clark (1996)
First to teach BUS 730 and BUS 732 on the internet (1998)
Wrote several modules in the first finance foundation course for the M.B.A. internet consortium (1998)
§ CFA Institute (issuer of the CFA® designation)
§ CFA Society of Milwaukee
§ Financial Executives International, FEI, and Milwaukee Chapter of FEI
§ The American Finance Association, AFA
§ The Financial Management Association, FMA
§ American Association of Individual Investors, AAII
§ The Eastern Finance Association, EFA