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Tom Nohel

Professor, Finance

Education

  • PhD, Finance, University of Minnesota
  • MS, Applied Math, Northwestern University
  • BA, Applied Math, University of Wisconsin

Research Interests

  • Role of asymmetric information in corporate financial policy

  • Role of financial intermediaries in corporate financial policy

  • Corporate finance of financial intermediaries

  • Empirical corporate finance

  • Executive Compensation and incentives

  • Hedge Funds

  • Limits to arbitrage, volatility

Professional/Community Affiliations

Professional Associations

Member of American Finance Association, Financial Management Association

Professional Activities

Associate Editor: Multinational Financial Management

Referee for: Asia Pacific Management Review, Emerging Markets, Finance and Trade (EMFT), European Finance Review, European Financial Management, Financial Management, International Journal of Financial Studies, International Review of Finance, Journal of Applied Business Research, Journal of Applied Finance, Journal of Business, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Derivatives Accounting, Journal of Empirical Finance, Journal of Financial and Quantitative Analysis (JFQA), Journal of International Financial Markets, Institutions & Money, Management Science, Multinational Finance Journal, Quarterly Journal of Business and Economics, Quarterly Journal of Finance, Quarterly Review of Economics and Finance, Review of Quantitative Finance and Accounting, Review of Finance, Journal of Business and Economic Statistics. 

Program Chair: 2015 Midwest Finance Association Annual Meeting, Chicago

Offices Held

2nd Vice President, Midwest Finance Association, 2013-2014
1st Vice President, Midwest Finance Association, 2014-2015
President Elect, Midwest Finance Association, 2015-2016
President, Midwest Finance Association, 2016-Present

Outside Review of Tenure Case: 2011(1)

Outside Review of Grant Application: 2014 Social Sciences and Humanities Research Council of Canada (SSHRC)), 2015 National Science Foundation.

Courses Taught

  • FINC 335: Investments
  • FINC 337: Banking and Capital Markets
  • FINC 342: Advanced Corporate Finance
  • FINC 345: Advanced Investments
  • FINC 346: Options
  • FINC 450: Financial Management
  • FINC 452: Investments
  • FINC 453: Advanced Corporate Finance
  • FINC 423: Options Markets
  • FINC 624: Derivatives and Risk Management
  • FINC 558: Valuing Start-ups and other ventures
  • FINC 630: Hedge Funds (Capstone)

Publications/Research Listings

Refereed Articles

“Time-Varying Systematic and Idiosyncratic Risk Exposures of US Bank Holding Companies”, with Wolfgang Bessler and Philipp Kurmann, Journal of International Financial Markets, Institutions & Money, forthcoming (2015).

“Limits to Arbitrage and Volatility Forecasting”, with Lu Hong and Steven Todd, Journal of Futures Markets 35 (11) 2015, 987-1002 (lead article).

“Shareholder Activism and the Shift to Annual Director Elections”, with Re-Jin Guo and Timothy Kruse, Journal of Accounting and Finance, 14(4) 2014, 83-103.

“The Decision to Repurchase Debt”, with Timothy Kruse and Steven Todd, Journal of Applied Corporate Finance 26-2, Spring 2014, 85-93.

Nohel, T., Z. Wang, L. Zheng. "Side by Side Management of Mutual Funds and Hedge Funds." The Review of Financial Studies (2009).

Nohel, T., T. Kruse., R. Guo. "Undoing the Powerful Anti-Takeover Force of Staggered Boards." Journal of Corporate Finance. (2008). 274-288.

Nohel, T.,  S. Todd. "Compensation for Managers with Career Concerns: The Role of Stock Options in Optimal Contracts." Journal of Corporate Finance. 11 (2005). 229-251.

Book Chapters

Nohel, T. "Corporate Boards and the Management of Specific Risks Discussion." Corporate Boards: Managers of Risk, Sources of Risk. (2009).

Nohel, Tom. , "The Use of Derivatives by Hedge Funds." Companion to Financial Derivatives.  (2009).

“Volatility as an Asset Class”, joint with Steven Todd, to appear in The WSPC Handbook of Futures Markets, World Scientific Publishing, Edited by Tassos Malliaris and William Ziemba, 2014.

Other Publications

“Activism and the Move Toward Annual Director Elections”, joint with Re-Jin Guo and Timothy Kruse, Director Notes, Volume 3 (24) December, 2011 (requested to be featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation).

“The Fiscal Cliff and the Dynamics of Income”, joint with Leslie Mc Granihan, To appear in the Fed Letter, published by the Federal Reserve Bank of Chicago, April, 2014.

Presentation of Refereed Papers

“Leverage Decisions in Portfolio Management”, presented at the 2015 EAR2015Italy Conference in Milan, Italy, June 2015.

“Turning Up the Heat: Hedge funds and Other Investors Shifting from Passive to Active Status”. Presented at the Annual Conference of the Midwest Finance Association”, Chicago, IL, March 2015.

“Forecasting Volatility in the Presence of Limits to Arbitrage”, presented at the 2014 Annual Conference of the Financial Management Association in Nashville, October 2014.

“Forecasting Volatility in the Presence of Limits to Arbitrage”, presented at the Annual Conference of the Midwest Finance Association, Orlando, FL, March, 2014.

“Shareholder Activism and the Move to Annual Director Elections”, presented at the 2013 Annual Conference of the Financial Management Association - in Chicago, October 2013.

“Forecasting Volatility in the Presence of Limits to Arbitrage”, presented at the Annual Conference of the Asia Pacific Association of Derivatives (APAD), Busan, Korea, August, 2013.

“Leverage Decisions in Portfolio Management”, presented at the 2013 Annual Conference of the Asian Finance Association - in Nanchang, China, July 2013.

“Forecasting Volatility in the Presence of Limits to Arbitrage”, presented at the Annual Conference Sponsored by the China International Finance Review, Jiao-Tong University, Shanghai, China, July, 2013.

“Leverage Decisions in Portfolio Management”, presented at the 2013 International Conference on Risk Management in Copenhagen, June 2013.

“Leverage Decisions in Portfolio Management”, presented at the 2013 Annual Conference of the Financial Management Association - Europe in Luxembourg, June 2013.

“Leverage Decisions in Portfolio Management”, presented at the 2013 Annual Conference of the Midwest Finance Association in Chicago, March 2013.

“Shareholder Activism and the Move to Annual Director Elections”, presented at the 2012 CELS Conference at Stanford Law School, November, 2012.

“Leverage Decisions in Portfolio Management”, presented at the 2012 Annual Conference of the Financial Management Association in Atlanta, October 2012.

“Bank ERCs and the Market’s Assessment of Earnings Quality”, to be presented at the 20th Annual PBFEAM Conference in Rutgers University, September 2012.

“Leverage Decisions in Portfolio Management”, presented at the 2012 Multinational Finance Association Conference in Krakow, June 2012.

“Leverage Decisions in Portfolio Management”, presented at the 2012 Financial Management Association Asia Conference in Phuket, July 2012.

“Shareholder Activism and the Move Away From Staggered Boards”, presented at the Conference on Empirical Legal Studies at Northwestern Law School, November 2011.

“Shareholder Activism and the Move Away From Staggered Boards”, presented at the 19th Annual PBFEAM Conference in Taipei, Taiwan, July 2011.

“Shareholder Activism and the Move Away From Staggered Boards”, presented at the 2011 Midwest Finance Association Annual Meeting, March 2011.

“The Decision to Repurchase Debt”, presented at the 18th Annual PBFEAM Conference in Beijing, China, July 2010.

“The Decision to Repurchase Debt”, presented at the 2010 FMA Europe Conference in Hamburg, Germany, June 2010.

“Side-by-Side Management of Mutual Funds and Hedge Funds”, presented at the 2008 CRSP Forum.

“Side-by-Side Management of Mutual Funds and Hedge Funds”, presented at the 2008 Western Finance Association Annual Meeting, Hawaii.

Seminars

“Leverage Decisions in Portfolio Management”, presented at Macquarie University, Sydney, in August of 2015.

“Leverage Decisions in Portfolio Management”, presented at Australian National University, Canberra, in August of 2015.

“Forecasting Volatility in the Presence of Limits to Arbitrage”, presented at York University, Toronto, Canada, November, 2013.

“Leverage Decisions in Portfolio Management”, presented at the Federal Reserve Bank of Chicago, May, 2013.

“Leverage Decisions in Portfolio Management”, presented at Loyola University Chicago, May, 2013.

Nohel, T., L. Zheng, J. Wang.  "Side-by-Side Management of Mutual Funds and Hedge Funds." Seminar at Singapore Management University. Singapore, Singapore. July 2008.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." INQUIRE-UK/INQUIRE Europe Conference. Zurich, Switzerland. April 2008.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." 15th Annual PBFEAM Conference - Vietnam. Ho Chi Minh City, Viet Nam. July 2007.

Nohel, T., Z. Wang,  L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds."  Chinese Finance Association - Chengdu. Chengdu, China. July 2007.

Nohel, Tom, Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." Journal of Financial Intermediation Conference - Shanghai. Shanghai, China. 2006.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." IFMR - Chennai Seminar Series. Chennai, India. September 2006.

Nohel, T., L. Zheng,  J. Wang. "Side-by-Side Management of Mutual Funds and Hedge Funds." Western Finance Association. Kona, Hawaii. June 2008.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." Seminar at University of Illinois Chicago. Chicago, Illinois. 2007.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." Burridge Center Conference - Denver. Denver, Colorado. 2007.

Nohel, T. Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." Seminar at De Paul University. Chicago, Illinois. 2007.

Nohel, T., T. Kruse, R. Guo. "Undoing the Powerful Anti-Takeover Force of Staggered Boards."  CELS Conference at NYU. New York, New York. October 2007.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." Seminar at Morningstar Corporation. Chicago, Illinois. June 2007.

Nohel, T., T. Kruse, R. Guo. "Undoing the Powerful Anti-Takeover Force of Staggered Boards." Conference on Contractual Corporate Governance, Sheffield, Great Britain. June 2007.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds."  Midwest Finance Association. Chicago, Illinois. March 2007.

Nohel, T., R. Guo, T. Kruse. "Undoing the Powerful Anti-Takeover Force of Staggered Boards."  De Paul University Seminar Series. Chicago, Illinois. 2006.

Nohel, T., Z. Wang, L. Zheng. "Side-by-Side Management of Mutual Funds and Hedge Funds." ISB - Hyderabad Seminar Series. Hyderabad, India. September 2006.

Nohel, T., R. Guo, T. Kruse. "Undoing The Powerful Anti-Takeover Force of Staggered Boards." Annual Meeting of the Midwest Finance Association. Chicago, Illinois. March 2006.

Awards

“Side-by-Side Management of Mutual Funds and Hedge Funds”, awarded “Best Paper in Financial Institutions at the 2007 Midwest Finance Association Annual Meeting.

Received a grant in the amount of 10,000 pounds sterling (~$20,000) from INQUIRE-UK, based on my research project entitled "Side-by-side management of mutual funds and hedge funds" (2006)

"Compensation for Managers with Career Concerns: The Role of Stock Options in Optimal Contracts" was awarded "best paper in corporate finance" at the Global Finance Conference (2003)

"Asymmetric Information, Dividend Reductions, and Contagion Effects in Bank Stock Returns" Awarded "Best Paper in Financial Institutions" at the 1996 annual meeting of the Midwest Finance Association

Awarded a grant from the CME Foundation in the amount of $20,000 (jointly with Lu Hong and Steven Todd), 2013.

Awarded a supplemental grant from the BNP-Paribas Hedge Fund Research Center at Singapore Management University in the amount of 5,000 Singapore dollars (jointly with Zhi Wang and Lu Zheng), 2010.

Awarded a grant from the BNP-Paribas Hedge Fund Research Center at Singapore Management University in the amount of 15,000 Singapore dollars (jointly with Zhi Wang and Lu Zheng), 2009.

Awarded a grant from the CME Foundation and the Center for Integrated Risk Management and Corporate Governance at Loyola University in the amount of $15,000 (jointly with Lu Hong), 2008.