David Dumpe Recognized for Excellence in Education by Ohio Magazine
December 4, 2012 -- The College of Business Administration is pleased to announce the selection of David Dumpe, Ph.D. as an Ohio Magazine Excellence in Education honoree. Dumpe an associate professor of finance and business administration was not only honored for “Excellence in Education” but also specially recognized as a “Memorable Educator” in the December 2012 issue. Ohio Magazine evaluates nominees on the importance of putting students first; making the curriculum relevant, helping students grow and creating real world experiences. Before entering academics Dumpe served in the US Air Force & then became a third generation owner of a family business & CFO of a manufacturing company. Dr. Dumpe has held faculty & administrative positions at Armstrong Atlantic State University, Lake Erie College & now Kent State University. He is a valued faculty member of the department of finance receiving numerous teaching awards including the most prestigious at both the College and University levels. Dr. Dumpe holds a B.A. in Economics and Political Science from Capital University in Columbus, a M.S. in Management from the University of Northern Colorado, and a Ph.D. in Business Administration with a concentration in Finance from Kent State University. His wife of over thirty seven years, Michelle, and he have two grown children and three grandchildren.
Xiaoling Pu’s Research Paper “Limited Arbitrage Between Equity and Credit Markets” published in the Journal of Financial Economics
Limited Arbitrage Between Equity and Credit Markets Received
31 May 2011
Received in revised form 2 October 2011
Accepted 31 October 2011
Available online 20 April 2012
Nikunj Kapadia, Xiaoling Pu
University of Massachusetts, United States
Kent State University, United States
ABSTRACT We document that short-horizon pricing discrepancies across firms' equity and credit markets are common and that an economically significant proportion of these are anomalous, indicating a lack of integration between the two markets. Proposing a statistical measure of market integration, we investigate whether equity–credit market integration is related to impediments to arbitrage. We find that time variation in integration across a firm's equity and credit markets is related to firm-specific impediments to arbitrage such as liquidity in equity and credit markets and idiosyncratic risk. Our evidence provides a potential resolution to the puzzle of why Merton model hedge ratios match empirically observed stock-bond elasticities (Schaefer and Strebulaev, 2008) and yet the model is limited in its ability to explain the integration between equity and credit markets (Collin-Dufresne, Goldstein, and Martin, 2001) Copyright 2012 Elsevier B.V. All rights reserved.
To read the entire article go to the Journal of Financial Economics www.elsevier.com/locate/jfec
Finance Presentation- March 9th 2012Dr. Jay Muthuswamy
Dr. Jay Muthuswamy and Tom Hanson presented their paper “Discrepancy between Black-Scholes and Binomial Option Premia”. Muthuswamy and Hanson compare the "premia for European option values from a CRR lattice with the Black-Scholes model and assesses the discrepancy for increasingly refined meshes."
David Dumpe Receives Outstanding Teaching Award
Professor David Dumpe
Congratulations to David Dumpe, Department of Finance, on receiving the University’s Outstanding Teaching Award. The Outstanding Teaching Award (OTA),sponsored by the University Teaching Council, honors full-time, non-tenure track and part-time faculty. This prestigious award is presented annually to three faculty members who consistently exhibit remarkable skills in classroom teaching.