Associate Professor, University of Memphis
Jeff Black is a prominent researcher with a focus on market microstructure, liquidity, market efficiency, and social network analysis. His body of work has been featured in several top-tier finance journals, including Management Science, Journal of Finance, Journal of Banking & Finance, Journal of Corporate Finance, Financial Review, Review of Quantitative Finance and Accounting, the Journal of Trading, and the Journal of Fixed Income. Jeff's research spans a variety of critical topics, such as government bank intervention, market access fee pilot programs, and trade clustering, highlighting his versatility and depth of knowledge in the field. Notably, his papers have consistently ranked among the Top Ten most downloaded on the Social Science Research Network (SSRN) in recent years, showcasing the significant impact of his work.
Jeff earned his bachelor’s degree from Colorado State University in 2010, where he concentrated in finance and minored in applied statistics. He furthered his education by obtaining a master’s degree in financial risk management from the same institution in 2012 and a doctorate in Finance from the University of Oklahoma. At the University of Memphis, Jeff teaches investments, global financial management, and financial econometrics. Through his academic achievements and extensive research contributions, Dr. Black has established himself as a prolific researcher in finance, dedicated to advancing understanding in market dynamics and their implications for investors and policymakers alike.
Degrees Earned:
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PhD in Finance, University of Oklahoma, 2017
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Masters of Science in Financial Risk Management, Colorado State University, 2012
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Bachelors of Science in Business Administration, Colorado State University, 2010, cum laude
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Concentration in Finance, Minor in Applied Statistics
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Publications:
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“Textual Uncertainty in Financial Disclosures and Information Asymmetry among Investors” with Rasheek Irtisam and Pankaj K. Jain, forthcoming at Financial Review
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“Economic Policy Uncertainty and Corporate Bond Liquidity” with Nirmol C. Das and Diego Leal, January 2025,
Journal of Banking & Finance 170, article 107340. -
“Director Networks and Firm Value” with Tor-Erik Bakke, Hamed Mahmudi, and Scott Linn, April 2024,
Journal of Corporate Finance 85, article 102545.-
Summarized in Global Financial Markets Center at Duke University School of Law
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“Reproducibility in Management Science” with Miloš Fišar, et al., March 2024, Management Science, 70 (3), pages 1343-2022.
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“Non-Standard Errors” with Albert J. Menkveld, et al., 2024, Journal of Finance.
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SSRN's Top Ten Download List (2021, 2022, 2023)
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Runner-up for Best Paper, Society for Financial Econometrics annual conference
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“Trade Time Clustering” with Pankaj K. Jain and Wei Sun, January 2023, Review of Quantitative Finance and Accounting, 60(3), pages 1209-1242.
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“The Impact of Make-Take Fees on Market Efficiency”, April 2022, Review of Quantitative Finance and Accounting 58, pages 1015–1035.
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“The Life of U’s: Order Revisions on NASDAQ” with Olena Nikolsko-Rzhevska and Alex Nikolsko-Rzhevskyy,
February 2020, Journal of Banking & Finance 111, article 105724. -
“How a Credit Enhancement Affects Bond Liquidity and Default Risk of the Firm,” with Seth A. Hoelscher and Duane Stock, Winter 2019. The Journal of Fixed Income, 28(3), pages 24-37.
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Semi-Finalist for Best Paper, 2016 FMA Asia-Pacific Meetings
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Semi-finalist for Best Paper in Corporate Finance, 2013 FMA annual meeting
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“The pricing of different dimensions of liquidity: Evidence from government guaranteed bonds,” with Duane Stock, and Pradeep K. Yadav, 2016. Journal of Banking & Finance 71, pages 119-132.
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Abstracted and summarized by S. Fujiyama in CFA Digest, March 2017 (Volume 47, No. 3)
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“Return Dynamics and Trading Strategy in Alternative Trading Systems”, with Hong Miao and Sanjay Ramchander, Summer 2012. Journal of Trading 7, pages 52-65.
Working Papers:
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“Informed Trading and the Cost of Capital: The Influence of Public and Private Information”
with Florian Bardong, Sohnke M. Bartram, and Pradeep K. Yadav-
SSRN's Top Ten Download List (2022)
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“Margin Trading and Price Discovery in Cryptocurrency Markets” (with M.J. Hossain, and S. McFarland)
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"Intraday Volatility Spillover in Leveraged and Unleveraged ETFs" with M. Jobaer Hossain and Pankaj K. Jain