Academic Director of the Hawk Center for Investment Analysis
Professor | Finance
Jeffrey J. Diermeier Distinguished Chair in Finance
4291 Grainger Hall
(608) 265-5281

Biography

David Brown is the Jeffrey J. Diermeier Distinguished Chair in Finance and Professor in the Department of Finance, Investment and Banking at the Wisconsin School of Business. He is also the Academic Director of the Hawk Center for Investment Analysis.

Brown’s research focuses on financial market structures, securities regulation, investments and risk management.

He earned his Ph.D. from Stanford University.

Research

Selected Published Journal Articles

Brown, D. (2017). New Characterizations of Increasing Risk Journal of Mathematical Economics

Brown, D. & Ferreira, M. (2016). Idiosyncratic Volatility of Small Public Firms and Entrepreneurial Risk Quarterly Journal of Finance

Brown, D. & Wu, Y. (2016). Mutual Fund Flows and Cross-Fund Learning Within Families Journal of Finance

Brown, D. & Jackwerth, J. (2012). The Pricing Kernel Puzzle: Reconciling Index Option Data and Economic Theory Contemporary Studies in Economics and Financial Analysis: Derivative Securities Pricing and Modelling, J. A. Batten and N. Wagner (eds.)

Brown, D. & Bhushan, R. & Mello, A. (1997). Do Noise Traders Create Their Own 'Space'? Journal of Financial and Quantitative Analysis

Brown, D. & Zhang, Z. (1997). Market Orders and Market Efficiency Journal of Finance

Brown, D. & Back, K. (1993). Implied Probabilities in GMM Estimators Econometrica 61

Brown, D. & Back, K. (1992). GMM, Maximum Likelihood and Nonparametric Efficiency Economic Letters

Brown, D. (1990). Age Clienteles Induced by Liquidity Constraints International Economic Review

Brown, D. & Jennings, R. (1989). On Technical Analysis Review of Financial Studies

Brown, D. (1988). The Implications of Nonmarketable Income for Consumption-based Models of Asset Pricing Journal of Finance

Brown, D. (1987). Multiperiod Financial Planning Management Science

Brown, D. & Gibbons, M. (1985). A Simple Econometric Approach for Utility-based Asset Pricing Models Journal of Finance

Brown, D. & Huang, C. (1983). Option Pricing in Lognormal Securities Markets with Discrete Trading: A comment Journal of Financial Economics

Selected Submitted Journal Articles

Brown, D. (2019). A Representation Theorem for Stochastic Dominance American Economic Review: Insights

Working Papers

Brown, D. (2017). Decreasing Risk By Adding Inside Noise: A Theory of Transfers of Risk

Brown, D. (2017). Quarterly Patterns in Momentum and Reversal in the U.S. Stock Market: Price Pressure as the Result of Tax-Loss Sales and Window Dressing

Presentations

10th Annual Meeting of the Academy of Behavioral Finance and Economic (2017) Quarterly Patterns in Momentum and Reversal in the U.S. Stock Market:Price Pressure as the Result of Tax-Loss Sales and Window Dressing

Utah Winter Finance Conference 2012 (2012) Mutual Fund Families and Performance Evaluation

American Finance Association Meetings 2012 (2012) Mutual Fund Families and Performance Evaluation

China International Conference in Finance 2011 (2011) Mutual Fund Families and Performance Evaluation

Western Finance Association Meetings 2011 (2011) Mutual Fund Families and Performance Evaluation

Workshop, University of Technology Sydney (2011) Mutual Fund Families and Performance Evaluation

Financial Intermediation Research Society Meetings 2011 (2011) Mutual Fund Families and Performance Evaluation

Workshop, University of Illinois, Chicago (2011) Mutual Fund Families and Performance Evaluation

Workshop, University of Wisconsin-Madison Department of Finance (2010) Mutual Fund Families and Performance Evaluation

Workshop - UW Madison Department of Statistics (2010) Mutual fund families and performance evaluation

Workshop, University of Illinois, Urbana-Champaign (2010) Mutual Fund Families and Performance Evaluation

(2009) The systematic and non-systematic variation in the systematic risk of stock market returns

(2009) The systematic and non-systematic variation in the systematic risk of stock market returns

(2009) The systematic and non-systematic variation in the systematic risk of stock market returns

(2005) Idiosyncratic Volatility of Small Public Firms and Entrepreneurial Risk

(2004) Idiosyncratic Volatility of Small Public Firms and Entrepreneurial Risk

(2000) Stock Market Eras

(2000) stock Market Eras

Stock Market Eras (1999)

(1998) The Returns on Gold and Gold-Mine Shares

Teaching

Undergraduate Courses

Intermediate Investment Theory (FIN 520), Spring 2004.
An applied course covering topics of interest to professional investment managers. Covers advanced valuation models, characteristics of domestic and foreign markets, pricing anamolies, hedging strategies, asset allocation and market timing.

Investment Theory (FIN 320), Spring 2010.
Principles, issues and methods relating to the management of investment portfolios; investment needs of small and institutional investors; investment risks associated with financial market conditions and business cycle flucuations.

Investment Theory (FIN 320), Fall 2010.
Principles, issues and methods relating to the management of investment portfolios; investment needs of small and institutional investors; investment risks associated with financial market conditions and business cycle flucuations.

Investment Theory and Practice (FIN/ECO 320), Fall 2012. Download Syllabus

Investment Theory and Practice (FIN/ECO 320), Fall 2012. Download Syllabus

Investment Theory and Practice (FIN/ECO 320), Fall 2012. Download Syllabus

Investment Theory (FIN 320), Fall 2008.
Principles, issues and methods relating to the management of investment portfolios; investment needs of small and institutional investors; investment risks associated with financial market conditions and business cycle flucuations.

Graduate Courses

Theory of Finance (FIN 920), Fall 2008.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2002.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2003.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2004.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2005.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2006.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2001.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2010.
Intensive review of modern theories of corporate finance and investments.

Theory of Finance (FIN 920), Spring 2007.
Intensive review of modern theories of corporate finance and investments.

Intermediate Investment Theory (FIN 820), Fall 2005.
An applied course covering topics of interest to professional investment managers. Covers advanced valuation models, characteristics of domestic and foreign markets, pricing anomalies, hedging strategies, asset allocation and market timing.

Intermediate Investment Theory (FIN 820), Fall 2006.
An applied course covering topics of interest to professional investment managers. Covers advanced valuation models, characteristics of domestic and foreign markets, pricing anomalies, hedging strategies, asset allocation and market timing.

Intermediate Investment Theory (FIN 820), Spring 2005.
An applied course covering topics of interest to professional investment managers. Covers advanced valuation models, characteristics of domestic and foreign markets, pricing anomalies, hedging strategies, asset allocation and market timing.

Intermediate Investment Theory (FIN 820), Spring 2004.
An applied course covering topics of interest to professional investment managers. Covers advanced valuation models, characteristics of domestic and foreign markets, pricing anomalies, hedging strategies, asset allocation and market timing.

Readings and Research in Finance (FIN 799), Spring 2009.
Individual work suited to the needs of graduate students may be arranged both during regular sessions and the intersession periods.

Readings and Research in Finance (FIN 799), Fall 2009.
Individual work suited to the needs of graduate students may be arranged both during regular sessions and the intersession periods.

Readings and Research in Finance (FIN 799), Summer 2010.
I directed the students Yu Guan and Sen Li in the Quantitative Masters of Finance program in completing their independent study projects.

Readings and Research in Finance (FIN 799), Fall 2010.
I directed Sen Li as a student in the Quantitative Masters in Finance program in the completion of her independent study project.

Contemporary Topics (FIN 765), Fall 2008.

Investment Theory and Practice (FIN 720), Spring 2002.
Development of the theory, instruments, techniques and practice of modern investment management. Topics include asset pricing and valuation under certainty and uncertainty, portfolio management, determination of interest rates, immunization strategies and derivative securities.

Investment Theory&Practice (FIN 720), Spring 2010.
Development of the theory, instruments, techniques and practice of modern investment management. Topics include asset pricing and valuation under certainty and uncertainty, portfolio management, determination of interest rates, immunization strategies and derivative securities.

Investment Theory&Practice (FIN 720), Fall 2010.
Development of the theory, instruments, techniques and practice of modern investment management. Topics include asset pricing and valuation under certainty and uncertainty, portfolio management, determination of interest rates, immunization strategies and derivative securities.

Investment Theory and Practice (FIN 720), Spring 2001.
Development of the theory, instruments, techniques and practice of modern investment management. Topics include asset pricing and valuation under certainty and uncertainty, portfolio management, determination of interest rates, immunization strategies and derivative securities.

Investment Theory and Practice (FIN 720), Spring 2007.
Development of the theory, instruments, techniques and practice of modern investment management. Topics include asset pricing and valuation under certainty and uncertainty, portfolio management, determination of interest rates, immunization strategies and derivative securities.

Advanced Statistical Methods I (BUS 706), Fall 2004.
Topics in regression; analysis of variance; multiple regression and correlation; univariate auto-regressive and moving average time series models. Credit not given for both OIM 700 and OIM 701.

Hybrid Courses

Investments (FIN/ECO 320/320), Fall 2005.
Principles, issues and methods relating to the management of investment portfolios; investment needs of small and institutional investors; investment risks associated with financial market conditions and business cycle flucuations.

Service

Professional Organizations

Financial Intermediation Research Society

Editorial and Reviewing Activities

Journal of Financial and Quantitative Analysis - December 2017 - December 2017
Ad Hoc Reviewer

Journal of Finance - July 2014 - July 2014
Ad Hoc Reviewer

Review of Financial Studies - March 2013 - March 2013
Ad Hoc Reviewer