Education:

• Ph.D., Finance, Duke University, 1975
• M.A. Economics, University of Delaware, 1972.
• B.S. Business Administration, Towson State University, 1971.

Teaching Interests:

• Financial Institutions
• Financial Management
• Management and Regulation
• Real Estate Finance

Research Interests:

• Bank Structure and Competition
• Money and Capital Market Issues

Honors and Activities:

• Chair, Department of Finance, University of Delaware, 1990-97
• Member, Board of Trustees, Eastern Finance, Association, 1993-present.
• Member, Board of Directors, Southern Finance Association, 1995-96.
• Associate Editor, Financial Management Association, Survey and Synthesis Series, 1995-present. 

Recent Publications:

• "Do CRA Protest Announcements Affect Shareholder Wealth?  The Case of Bank Mergers,” Financial Review, November 2005, with H. Black, R. Bostic, and B. Robinson.
• Is Race an Important Factor in Bank-Customer Preferences?  The Case of Mortgage Lending, Journal of Real Estate Finance and Economics, Vol. 26, No. 1, 2002, with Harold A. Black, Breck Robinson, and Alan Schlottman.
• Do Lenders Discriminate Against Low Income Borrowers?  Review of Black Political Economy, Spring 2002, with H. Black and B. Robinson.
• Comparing Lending Decisions of Minority Owned and White Owned Banks: Is there Discrimination in Mortgage Lending, Review of Financial Economics, January 2001, with H. Black and B. Robinson.
• "Too Big To Downgrade: The Response of Financial Analysts to Bond Downgrades of Money Center Banks", Managerial Finance, Vol 26, No. 2, 2000, with S. Szewczyk and R. Varma.
• "The Effect of Bank Debt Downgrades on Stock Prices of Other Banks", Financial Review, November 2001, with S. Szewczyk and R. Varma.
• "Changes in Market Perception of Riskiness: The Case of Too-Big-To-Fail," Journal of Financial Research, Fall 1997, with H. Black, C. Collins & B. Robinson.
• "The Impact of Interstate Banking Legislation on Target and Buyer Bank Stock Returns," Managerial Finance, Vol. 22, No.7, 1996.
• "Did Regulatory Action Discourage Consumer Demand for Treasury Bills?" Journal of Banking and Finance, February 1993. With H. Black.
• "Bond Rating Agencies and Their Role in Bank Market Discipline." Journal of Financial Services Research, September 1992. With S. Szewczyk & R. Varma.
• "Changes in Interstate Banking Laws: The Impact on Shareholder Wealth," Journal of Finance, December 1990.
• "How Do Stock Returns React to Special Events?" Business Review, Federal Reserve Bank of Philadelphia, July-August 1989.
• "Shareholder Wealth Effects of Interstate Banking: The Case of Delaware's Financial Center Development Act," Journal of Financial Services Research, June 1989. With I. Lee
• Contemporary Developments in Financial Institutions and Markets, edited with T. Havrilesky, second edition (Harlan Davidson, Inc., Arlington Heights, IL) 1987.
• Dynamics of Banking, edited with t. Havrilesky & J. Boorman, (Harlan Davidson, Inc., Arlington Heights, IL) 1985.
• "Black Controlled Credit Unions: A Comparative Analysis." Journal of Financial Research, Fall 1985. With H. Black.
• "An Analysis of Market Segmentation in Mortgage Lending Between a Commercial Bank and a Mutual Savings Bank." American Real Estate and Urban Economics Association Journal, Fall 1981. With H. Black.
• "Discrimination in Mortgage Lending." American Economic Review, May 1978. With H. Black & L. Mandell.