Department of Finance

Mastering finance isn’t just a matter of analyzing numbers and data.

The Department of Finance in the Broad College of Business prepares students to look beyond quantitative reasoning in order to discover innovative solutions to the most prominent issues confronting today’s (and tomorrow’s) businesses. Our flexible programs and curriculum specializations in corporate finance and financial markets allow students to focus on their specific areas of interest within finance.

Department Information Sheet

Andrei Simonov

Chairperson
Philip J. May Endowed Professor
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A community of experiential learning and financial leadership

Welcome to the Department of Finance in the Eli Broad College of Business. We invite you as prospective or current Broad College students to learn about the dynamic world of finance. While you will become grounded in finance fundamentals, you will also grapple with the underlying causes of economic problems and the many risks businesses face in today’s complex global world. You will learn from our innovative faculty who foster a collaborative learning environment with their dedication to student success. Insights and findings from faculty’s cutting-edge research will inform your discussions.

The department encourages our students to participate in co-curricular opportunities offered by the Financial Markets Institute, the Center for Venture Capital, Private Equity and Entrepreneurial Finance, and the Student Investment Fund. Further explore your interests through one of our student organizations: Finance Association, Spartan Global Development Fund, Student Investment Association and the Wealth Management Association. In addition to engaging with peers who share similar interests, these organizations provide wonderful opportunities for leadership development.

The department welcomes contact from employers interested in learning about our student talent. If you would like to learn more, please contact Russell Palmer Career Management Center.

We invite you to learn more about how the Department of Finance is helping Eli Broad College realize its vision of becoming a top-of-mind business school and transform students into the leaders of tomorrow.

Finance @ Broad

Student stories

From MSU to private equity: Cameron Tan’s journey of growth, leadership and global impact

Cameron Tan, a senior in finance, showcases the power of education, cultural fluency and seizing opportunities.

Student stories

Founding private equity at Broad: Students develop a value-add organization

Learn about the student-driven organization providing hands-on experiences to grow future leaders in private equity.

Faculty & staff stories

Awardee receiving award from David Souder

Broad faculty recognized for outstanding achievements

At the investiture dinner, Broad faculty were invested in endowed positions to honor their achievement and dedication.

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We offer a full portfolio of programs in finance.

The Department of Finance offers bachelor’s, master’s and doctoral degree programs, all designed to account for curriculum specialization to a student’s particular interests in finance. Our programs also prepare students for roles in the related fields of marketing, production, supply chain and human resources. This tailored approach empowers students to achieve their unique career goals in finance and across all areas of business.

Finance Programs

Research areas cover all major areas of finance including corporate and behavioral finance, contracting and asset pricing.

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The discipline of finance comprises corporate financial management, management of financial institutions, and investments. An understanding of financial concepts, financial instruments and financial management decision-making are vital to each. Employment opportunities exist in industrial and brokerage firms, public utilities, banks, insurance companies, credit unions and agencies of government.

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Recent advances in artificial intelligence using big data are rapidly transforming many parts of our society, including the financial sector. These changes reach beyond simple automation of manual labor and have begun replacing mental tasks associated with white-collar jobs. To cope with these rapid changes in the financial sector, there is an increasing demand for students with the ability to harness these new data science and analytics tools for traditional corporate decisions. The Finance Digital Track fills this void and exposes students to various aspects of the digital economy through an integrated curriculum that combines regular business training and modern computing technology.

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Financial Markets Institute

The Financial Markets Institute (FMI) provides comprehensive training to a select group of highly motivated finance and accounting students at Broad. Scholars are offered invaluable professional opportunities, such as co-managing a multi-million dollar investment fund and visiting financial services firms across the United States. Based on student preparation, the institute provides employers with the confidence that FMI scholars have the technical and soft skills necessary to make immediate contributions to their firms.

EXPLORE THE FMI

Spartan Global Development Fund

Spartan Global Development Fund (SGDF) is a registered student organization sponsored by the Finance Department, Eli Broad College of Business, Michigan State University. SGDF was founded in 2009 and has made over $160,000 in loans to aspiring entrepreneurs worldwide. The student organization works in tandem with the Spartan Global Development Fund 501(c)(3) nonprofit organization whose board includes alumni and SGDF’s faculty advisor Professor Paulette L. Stenzel. Through SGDF, students educate themselves and others about the need for microfinance and how microfinance operates; raise funds locally and through crowdfunding; work with field partners in developing countries; and extend and administer loans. We aim to educate, inspire, and enable tomorrow’s agents of global change by extending interest-free microloans to small businesses around the world.

EXPLORE THE SDGF

Our Faculty

Ryan Israelsen

Kaufman Endowed Professor in Insurance and Risk Management
Finance
Professor
Finance

Hao Jiang

Philip J. May Professor in Finance
Finance
Professor, Co-Director of the Center for Venture Capital, Private Equity and Entrepreneurial Finance
Finance

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Faculty Publications

2023/24 Academic Year

Vincent Bogousslavsky, Slava Fos, and Dmitriy Muravyev, “Informed Trading Intensity.” Published in the Journal of Finance. 79(2), 903-948.

Ryan Israelsen, Eitan Goldman and Nandini Gupta, “Political Polarization in Financial News.” Published in the Journal of Financial Economics 155, 103816.

Michael Reher and Stas Sokolinski, “Robo Advisors and Access to Wealth Management,” Published in the Journal of Financial Economics 155, 103829.

Pinar Yildirim, Ricardo Perez-Truglia, Maria Petrova, and Andrei Simonov, “Are Political and Charitable Giving Substitutes? Evidence from the United States.” Published in Management Science 70(11), 8030-8043.

Hao Jiang, Naveen Khanna, Qian Yang, Jiayu Zhou, “The Cyber Risk Premium.” Published in Management Science, 70(12), 8791-8817.

Darius Palia and Stas Sokolinski, “Strategic Borrowing from Passive Investors.” Published in the Review of Finance 28(5), 1537–1573.

Vincent Bogousslavsky and Dmitriy Muravyev, “Who Trades at the Close? Implications for Price Discovery and Liquidity.” Published in the Journal of Financial Markets 66, 100852
2022/23 Academic Year

“Non-Standard Errors,” with 342 co-authors from 34 countries, Published in the Journal of Finance 79(3), 2339-2390. (Dmitriy Muravyev)

Azi Ben-Rephael, Bruce Carlin, Zhi Da, and Ryan Israelson, “Uncovering the Hidden Effort Problem” forthcoming in the Journal of Finance.

Jess Cornaggia, Kimberly Cornaggia, and Ryan Israelson, “Rating Agency Fees: Pay to Play in Public Finance?” Published in the Review of Financial Studies 36(5), 2004–2045.

Zoran Ivkovic, Huang, J. Jiang, and I. Wang Angel, “Investment and First Impressions.” Published in the Journal of Financial Economics 149(2), 161-178.

Hayong Yun and Stefano Rossi, “Financial Reform and Public Good Provision: Municipal Bankruptcy Law and the Financing of Hospitals.” Published in Management Science 70(4), 2209-2235.

Martijn Cremers, Andy Fodor, Dmitriy Muravyev, and David Weinbaum, “Option Trading Activity, News Releases, and Stock Return Predictability.” Published in Management Science 69(8), 4363-4971.

Huseyin Gulen, Dongmei Li, Ryan Peters, and Morad Zekhnini, “Intangible Capital in Factor Models.” Published in Management Science 71(2), 1756-1778.
2021/22 Academic Year

Ben-Rephael, Zhi Da, Peter Easton, and Ryan Israelson, “Who Pays Attention to SEC Form 8-K?” Published in the Accounting Review 97(5), 59-88.

Naveen Khanna and Rich Mathews, “Skill versus Reliability in Venture Capital.” Published in the Journal of Financial Economics 145(2), 41-63.

Oleg Bondarenko and Dmitriy Muravyev, “Market Return Around the Clock: A Puzzle.” Published in the Journal of Financial and Quantitative Analysis 58(3), 939-967.

Dmitriy Muravyev and Joerg Picard, “Does Trade Clustering Reduce Trading Costs? Evidence from Periodicity in Algorithmic Trading.” Published in Financial Management 51(4), 1201-1229.

Agarwal, Sumit, Sudip Gupta, and Ryan Israelsen, ”Public and Private Information: Firm Disclosure, SEC Letters, and the JOBS Act.” Published in the Quarterly Journal of Finance 12(03), 2250006.

Lee, Jongsub, Hojong Shin, and Hayong Yun, “Family Feud: Succession Tournaments and Risk-Taking in Family Firms.” Published in Asia-Pacific Journal of Financial Studies 52(3), 324-353.
2020/21 Academic Year

Ersahin, Nuri, Rustom Irani, and Hanh Le, “Creditor Control Rights and Resource Allocation within Firms,” Published in the Journal of Financial Economics 139(1), 186-208.

Grieser, William, Charles Hadlock, James LeSage, and Morad Zekhnini “Network Effects in Corporate Financial Policies,” Published in the Journal of Financial Economics 144(1), 247-272.

Muravyev, Dmitriy, Neil Pearson, and Joshua Pollet, “Is There a Risk Premium in the Stock Lending Market? Evidence from Equity Options.” Published in the Journal of Finance 77(3), 1787-1828

Jiang, Hao, Sophia Li, and Hao Wang, “Pervasive Underreaction: Evidence from High-Frequency Data,” Published in the Journal of Financial Economics 141(2), 573-599.

Jiang, Hao, Yi Li, Zheng Sun, and Ashley Wang, “Does Mutual Fund Illiquidity Introduce Fragility into Asset Prices? Evidence from the Corporate Bond Market.” Published in the Journal of Financial Economics 143(1), 277-302.

Nezafat, Mahdi, and Mark Schroder, “Private Information, Securities Lending, and Asset Prices,” Published in the Review of Financial Studies 35(2), 1009–1063.

Grieser, William, James LeSage, and Morad Zekhnini. “Industry Networks and the Geography of Firm Behavior.” Published in Management Science 68(8), 5557-6354.

Chaudhuri, Ranadeb, Zoran Ivkovic, Josh Pollet, and C. Trzcinka (2020). “A Tangled Tale of Training and Talent: PhDs in Institutional Money Management.” Published in Management Science 66(12), 5623–5647.

Berger, E., Butler, A., Hu, E., and Zekhnini, M. “Financial Integration and Credit Democratization: Linking Banking Deregulation to Economic Growth.” Published in the Journal of Financial Intermediation 45, 100857.

Grieser, William, Charles Hadlock, and Joshua Perce, “Doing Good When Doing Well: Evidence on Real Earnings Management.” Published in Review of Accounting Studies 26(3), 906–932.

Hadlock, Charles, and Josh Pierce, “Hiring Your Friends: Evidence from the Market for Financial Economists,” Published in the Industrial and Labor Relations Review 74(4), 977-1007.
2019/20 Academic Year

Ersahin, Nuri, “Creditor Rights, Technology Adoption, and Productivity: Plant-Level Evidence.” Published in the Review of Financial Studies 33(12), 5784-5820,

Ersahin, Nuri, Rustom Irani, and Katherine Waldock, “Can Strong Creditors Inhibit Entrepreneurial Activity?” Published in the Review of Financial Studies 34(4), 1661-1698.

Ben-Rephael, Azi, Bruce Carlin, Ryan Israelsen, and Zhi Da, “Information Consumption and Asset Pricing.” Published in the Journal of Finance 76 (1): 357-394.

Muravyev, Dmitriy, and Xuechuan (Charles) Ni, “Why Do Option Returns Change Sign from Day to Night?” Published in the Journal of Financial Economics 136(1), 219-238.

Muravyev, Dmitriy, and Neil Pearson, “Option Trading Costs Are Lower Than You Think.” Published in the Review of Financial Studies 33(11), 4973–5014 as Lead Article/Editor’s Choice

Chordia, Tarun, Alexander Kurov, Dmitriy Muravyev, and Avanidhar Subrahmanyam, “Index Options Trading Activity and Market Returns,” Published in Management Science 67(3), 1758-1778.

Ersahin, Nuri, and Rustom Irani, “Collateral Shocks and Corporate Employment.” Published in Review of Finance 24, 596-620.

Dyakov, Teodor, Hao Jiang, and Marno Verbeek. “Trade less and exit overcrowded markets: Lessons from international mutual funds.” Published in Review of Finance 24, 677–731.

Jiang, Hao, Dan Li, and Ashley Wang, “Dynamic Liquidity Management by Corporate Bond Mutual Funds.” Published in the Journal of Financial and Quantitative Analysis 56(5), 1622-1652.

Collin-Dufresne, Pierre, Dmitriy Muravyev, and Vyacheslav Fos “Informed Trading in the Stock Market and Option Price Discovery. ” Published in the Journal of Financial and Quantitative Analysis 56(6), 1945-1984.

Jiang, Hao, and Zheng Sun, “Reaching for Dividends.” Published in the Journal of Monetary Economics 115, 321–338.

Advisory Board

Members of the Finance Advisory Board contribute to the activities of the Department of Finance in many different ways, such as providing job opportunities (full-time positions and internships), getting involved with the team of students who manage the Student Investment Fund (SIF) and advising the department chair. There are also opportunities to mentor students.

The Finance Advisory Board meets twice annually (typically December and April), and part of each meeting is devoted to discussing the Student Investment Fund’s performance with the student managers and the rationale behind their buys and sells. The Finance Advisory Board’s job is to ask challenging questions and provide advice and insights to advance the student managers’ knowledge.

Current Finance Advisory Board Members

Nathan Wright

Vice President – Senior Underwriter
JP Morgan Chase

Lisa Beck

Finance Executive (Retired)
General Motors

William Berry Jr.

Vice President, Corporate Controller
Stryker

Stephen Calso

Vice President, Corporate Finance and Treasury
Syniverse

The Center for Venture Capital, Private Equity and Entrepreneurial Finance

The Center for Venture Capital, Private Equity and Entrepreneurial Finance (CVCPEEF) integrates financial thinking and strategic decision-making with innovation and entrepreneurship via research and education across the university, and in the venture capital (VC) and private equity (PE) community around the world.

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Department Resources

The Financial Analysis Lab provides the opportunity for hands-on training in financial modeling and valuation. The lab’s hardware and software not only emulate a real trading room, but also enable a dynamic instructional setting. The lab is equipped with dual-screen computers and a number of Bloomberg terminals.

Lab Hours and Contact

The Broad College of Business is a CFA University Affiliation Program Partner of the CFA Institute, a global membership organization that awards the Chartered Financial Analyst® (CFA®) designation.

The CFA Program sets a standard for developing the skills, standards, competence, and integrity of financial analysts, portfolio managers, investment advisors, and other investment professionals worldwide. It is widely considered the investment profession’s most rigorous credentialing program.

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Full-Time MBA students and undergraduates manage the Student Investment Fund (SIF) as members of the college’s Security Analysis class (FI 457/FI 857). Under the instruction of John Steffen and using the tools of the Financial Analysis Laboratory, the students master the essentials of portfolio management, stock selection and stock performance evaluation. They continuously monitor the fund and ensure that its stated security selection discipline is maintained.

Learn about the SIF