William Elliott
Professor
Background
Prior to joining the faculty at John Carroll, I held faculty positions at the University of Texas at El Paso, Oklahoma State University, and the University of Wisconsin Oshkosh. I co-edited the Journal of Financial Research along with my colleagues Erik Devos and Murali Jaganathan from 2018 until 2023.
Areas of Expertise
- Security Issuances
- Stock Splits
- LBOs
- Capital Structure
- Valuation
- M&A
- and Executive Compensation
Research Interests
My research interests are in stock splits, security issuance, capital structure, valuation, executive compensation, and mergers and acquisitions. My studies have been published in premier journals, such as the Journal of Accounting and Economics, the Journal of Business, the Journal of Financial and Quantitative Analysis, the Journal of Financial Intermediation, Financial Management, and the Journal of Corporate Finance. I have presented my work at numerous conferences and universities. From 2018 to 2023, myself and two colleagues edited the Journal of Financial Research, one of the top 10 journals in the field of finance. Finally, I'm a member of the American Finance Association, the Financial Management Association, the Southern Finance Association, and the Eastern Finance Association.
Education
Ph. D. – Finance (December 1998) University of ArizonaM.B.A. – (May 1992), University of North Carolina at Wilmington
B.S. – Marine Science (May 1982), Texas A&M University
Courses Taught
Undergraduate Courses:- Business Finance (FN 3312)
- Intermediate Financial Management (FN 4440)
- Investments (FN 3342)
- Portfolio Management
- Derivatives (FN 4444)
- International Finance (FN 4439)
- Intro to Real Estate
- Business Finance (FN 5521)
- Investments (FN 5584)
- Financial Management (FN 5551)
- Derivatives
- International Finance
- Investment Banking, Hedge Funds, and Private Equity
- Investments - King Fahd University of Petroleum and Minerals (2010)
- Derivatives - UTEP (2010)
- Financial Institutions and Markets - UTEP (2012, 2013)
- Seminar in Investments (OSU)
- Seminar in Theory of Finance (UTEP)
Publications
-
“Employee diversity and litigation risk: Evidence from the Lilly Ledbetter Fair Pay Act.” (with Erik Devos, He Li, and Adrian Tippit), forthcoming, Journal of Financial Research, 2025.
-
“How to build a CFP Board Registered program at an AACSB accredited business school.” (with Xianwu (Sean) Zhang), Financial Services Review, 33:4, 2025, 1-11.
-
“A European perspective on: Climate change and political tensions and conflicts,” Journal of Financial Research, 46:S1, 2023, 5–6.
-
“The propensity to split and CEO compensation,” (with Erik Devos and Richard S. Warr), Financial Management, 47:1, Spring 2018, 105-129.
-
“Secondary SEOs revisited: The role of arbitrage risk on the elasticity of demand” (with Hilmi Songur), Finance Research Letters, 19, November 2016, 165-172.
-
“CEO opportunism?: Option grants and stock trades around stock splits” (with Erik Devos and Richard S. Warr), Journal of Accounting and Economics, 60, August 2015, 18-35.
-
“Product market advertising and the choice of method of payment in M&A” (with Erik Devos and Mohammad Karim), Managerial Finance, 39:4, April 2013, 362-383.
-
“Equity mispricing and leverage adjustment costs” (with Richard S. Warr, Johanna Koeter-Kant, and Ozde Oztekin), Journal of Financial and Quantitative Analysis, 47:3, June 2012, 589-616.
-
“The announcement impact of seasoned equity offerings on bondholder wealth” (with Andrew K. Prevost and Ramesh P. Rao), Journal of Banking and Finance, 33:8, August 2009, 1472-1480.
-
“Market timing and the debt-equity choice” (with Johanna Koeter-Kant and Richard S. Warr), Journal of Financial Intermediation, 17:2, April 2008, 175-197.
-
“A valuation-based test of market timing” (with Johanna Koeter-Kant and Richard S. Warr), Journal of Corporate Finance, 13:1, March 2007, 112-128.
-
“What drives the S&P 500 inclusion effect? An analytical survey ” (with Bonnie Van Ness, Mark D. Walker, and Richard S. Warr), Financial Management, 35:4, Winter 2006, 31-48.
-
“The share price puzzle” (with Edward A. Dyl), Journal of Business, 79:4, July 2006, 2045-2066.
-
“Price pressure on the Nasdaq and NYSE: Evidence from additions to the S&P 500" (with Richard S. Warr), Financial Management, 32:3, Autumn 2003, 85-99.
-
“Fast determination of mean-variance efficient portfolios using spreadsheets and real data from the internet” (with David A. Carter and William H. Dare), Journal of Financial Education, 28, Fall/Winter 2002, 63-78.
-
“Foreign-denominated debt and foreign currency derivatives: Complements or substitutes?” (with Stephen P. Huffman and Stephen D. Makar), Journal of Multinational Financial Management., 13, 2003, 123-139.
-
“Cross sectional variation in Australian share prices” (with Edward A. Dyl and John C. Handley), Accounting and Finance, 42:3, November 2002, 225-237.
