Richard J. Kish

Richard J. Kish is the Allen C. DuBois Distinguished Professor. His current research interests include fixed-income securities (mortgage, treasuries, corporates, and catastrophe bonds); green financing, and policy (water, plastics, and EVs). He also investigates alternative financing (reverse mortgage, crowdfunding, and payday lending). His other recent research interests include real options, mergers and acquisitions, and financial education. Professor Kish has published papers on these topics in journals including Financial Review, Journal of Real Estate Practice and Education, Review of Economics and Finance, Finance Letters, Journal of Investing, Quarterly Review of Economics and Finance, and Applied Financial Economics. He teaches courses in fixed-income securities and investments.

Education

• Clarion University, B.S.
• University of Florida, M.B.A., Ph.D.

Research Interests

• Fixed Income 
• IPOs 
• M&A 
• Real Options 
• Mutual Funds 
• Finance Educations

• Anderson, Anne M. and Richard J. Kish, 2024, “Rewarding Performance Through Sustainability-Linked Bonds,” Economic Affairs (44:2), 294-319.
• Anderson, Anne M. and Richard J. Kish, 2023, “Buyer Beware—The Dark Side of the Bitcoin,” Journal of Financial Education (49:1) 123-138.
• Kish, Richard J., 2023, “Are Electric Vehicles Really Green?” Economic Affairs, (42:2), 275-286
• Vasconcellos, Geraldo M. and Richard J. Kish, 2022, “Cross-Border Mergers and Acquisitions.” In: Lee, CF., Lee, A.C. (eds) Encyclopedia of Finance. Springer, Cham. 
• Kish, Richard J., 2022, “The Dominance of the U.S. 30-year Fixed Rate Residential  Mortgage,” Journal of Real Estate Practice and Education, (24:1), 1-16 
• Kish, Richard J., 2022, “Reverse Mortgage Line of Credit Investment Retirement Strategy,” Journal of Real Estate Practice and Education, (24:1), 32-49.  
• Kish, Richard J., 2021, “Bear Market Mutual Funds: Do They Deliver as Promised,” Review of Economics and Finance (19), 42-53
• Anderson, Anne M. and Richard J. Kish, 2021, “Treasury Triplets and the Efficiency of the  U.S. Treasury Marketplace,” International Journal of Monetary Economics and Finance (14:5), 427-437. 
• Anderson, Anne M. and Richard J. Kish, 2021, “The Crowdfunding Down Payment Option,”  Journal of Housing Research (30:1) 
• Kish, Richard J., 2020, “Emergy and Water Policy,” Review of Economics and Finance,  2020:18, 01-12. https://doi.org/10.35341/1923-7529.2020.18.01
• Kish, Richard J., 2018, “When formatting a law, can opposing sides both be right?” Critical Issues in Justice and Politics, (11:2), August, 99-114. 
• Kish, Richard J., 2018, “Using Legislation to Reduce One-Time Plastic Bag Usage,” Economic  Affairs (38:1), 224-239. 
• Kish, Richard J., 2016, “Catastrophe (CAT) bonds: risk offsets with diversification and high returns,” Financial Services Review (25:3), 303-329. 
• Kish, Richard J. and Amy F. Lipton, 2015, “Concern about the Underfunding Inherent in  Defined Benefit Pensions,” Financial Decisions (27:2 Fall), Article 4. 
• Kish, Richard J., 2015, “State Usury Laws versus Payday Lending,” Financial Decisions (27:1  Spring), Article 3. 
• Kish, Richard J., 2015, “The Injustice of Justice,” Critical Issues in Justice and Politics (8:1),  71-95. 
• Kish, Richard J. and Amy F. Lipton, 2014, “Saving Grandma with TVM: A Mortgage Exercise for Introductory Finance,” Advances in Financial Education (12), 65-79. 
• Kish, Richard J., 2014, “The Who and Why of 100-Year Bonds,” International Research  Journal of Applied Finance (5:9), 1204-1221. 
• Lipton, Amy F., and Richard J. Kish, 2013, “Characteristics and Performance of Real Return  Funds,” Financial Services Review (22:3), 269-290. 
• Kish, Richard J. and Amy F. Lipton, 2013, “Do Private Prisons Really Offer Savings  Compared with Their Public Counterparts?” Economic Affairs (33:1), 93-107. 
• Kish, Richard J., Nankumar Nayar, and Wenlong Weng, 2012, “IPO Pricing: A Case of Short Sale Restrictions and Divergent Expectations,” Quantitative Finance (12:9), 1439-1451. 
• Kish, Richard J. and Karen M. Hogan, 2012, “Building a Financial Trading Lab: Step 1 and  Beyond.” Journal of Financial Education (Spring/Summer), 13-33. 
• Lipton, Amy F. and Richard J. Kish, 2012, “Life Cycle Funds: Lack of Disclosure and Lack of  Return.” Financial Services Review (Summer, 2012), 75-94. 
• Lipton, Amy F. and Richard J. Kish, 2010, “Do Morningstar Ratings Provide Value within  Generic Government Mutual Bond Funds.” Financial Decisions (Winter, 22:2), Article 4. 
• Lipton, Amy F. and Richard J. Kish, 2010, “Robust Performance Measures for High Yield  Bond Funds.” Quarterly Review of Economics and Finance (50:3), 332-340.
• Kish, Richard J. and Karen Hogan, 2009, “Linking Theory and Practice: A Risk and Return  Analysis.” Advances in Financial Education (7:Summer\Winter), 101-118. 
• Ohn, Jonathon, Richard J. Kish, and Larry W. Taylor. (article in press), “The Effectiveness of  the Price-Dividend Relationship to Predict Returns.” Finance Letters. 
• Kish, Richard J. and David H. Myers, 2007, “Stock Returns: An Analysis from the Viewpoint  of Expected Earnings.” Financial Decisions (19:1), Article 3, 1-20. 
• Hogan, Karen, Richard J. Kish, and Elaine Webster, 2006. “The Benefits of Holding  Leveraged Loans as Part of a Diversified Portfolio.” Journal of Financial Education. Fall:  98-109. 
• Vasconcellos, Geraldo M. and Richard J. Kish. 2006. “Cross-Border Mergers and  Acquisitions.” The Encyclopedia of Finance. United Kingdom and The Netherlands:  Kluwer Academic Publishers, 664-675. 
• Kish, Richard J., Yanming Shu, Geraldo M. Vasconcellos, and Wenlong Weng. 2005. “The  Information Content of Implied Volatility: An Investigation of Index Options in the US  and UK.” Finance Letters (3:2), 20-24. 
• Das, Nandita, Richard J. Kish, and David L. Muething. 2005. “Modeling Hedge Fund Returns.”  Financial Decisions (Fall), Article 4: 1-21. 
• Kish, Richard J. and Wenlong Weng. 2005. “Valuing Investment Projects with Expansion  Options.” International Journal of Managerial Finance (1:3), 164-186. 
• Comstock, Art, Richard J. Kish, and Geraldo M. Vasconcellos, 2004, “Additional Evidence on  the Financial Process of Privatizations.” Financial Decisions (Fall: Article 2), 1-23. 
• Byung-Ju Kim, Richard J. Kish and Geraldo M. Vasconcellos, 2004, “Cumulative Returns  from the Korean IPO Market.” Review of Pacific Basin Financial Markets and Policies (7:1), 43-75. 
• Comstock, Art, Richard J. Kish, and Geraldo M. Vasconcellos, 2003, “The Post-Privatization Financial Performance of Former State-Owned Enterprises.” Journal of International Financial Markets, Institutions & Money (13:1), 19-37. 
• Esteghamat, Kian, Richard J. Kish, and Wenlong Weng, 2003, “Irreversible Investment  under Uncertainty with Bankruptcy Risk.” Finance Letters (1:3). 
• Kish, Richard J. and Stephen F. Thode, 2002, “The Impact of Political Control on United  States Investment Returns: 1926-1999.” Journal of Investing (11:4), 43-62. 
• Kim, Byung-Ju, Richard J. Kish, and Geraldo M. Vasconcellos, 2002, “The Korean IPO Market: Initial Returns.” Review of Pacific Basin Financial Markets and Policies (5:2), 219-253.
• Kwon, Ki-Yeol and Richard J. Kish, 2002, “Technical Trading Strategies and Return  Predictability: NYSE.” Applied Financial Economics (12), 639-653. 
• Kwon, Ki-Yeol and Richard J. Kish, 2002, “A Comparative Study of Technical Trading  Strategies and Return Predictability: An Extension of Brook, Lakonishok, and LaBaron  (1992) Using NYSE and NASDAQ Indices.” Quarterly Review of Economics and Finance (42:3), 613-633. 
• Almisher, Mohamad A., Stephen G. Buell, and Richard J. Kish, 2002, “The Relationship  Between Systematic Risk and Underpricing of the IPO Market.” Research in Finance (19), 87-107. 
• Mun, Johnathan C., Richard J. Kish, and Geraldo M. Vasconcellos, 2001,  “Contrarian/Overreaction Hypothesis: Additional Evidence.” Applied Financial  Economics (11), 619-640. 
• Hogan, Karen M., Gerard T. Olson, and Richard J. Kish, 2001, “A Comparison of Reverse  Leveraged Buyouts and Original Initial Public Offers: Factors Impacting Their Issuance in the IPO Market.” Financial Review (36:3), 1-18. 
• Kish, Richard J., and Karen M. Hogan, 2001, “Linking Theory and Practice: An Asset  Allocation Assignment.” Journal of Business Education (27: Fall), 76-87. 
• Kish, Richard J., and Karen M. Hogan, 2000, “Small Stocks for the Long Run.” Financial  Counseling and Planning (11:2), 21-31. 
• Mun, Johnathan C., Geraldo M. Vasconcellos, and Richard J. Kish, 2000,  “Contrarian/Overreaction Hypothesis: A Comparative Analysis of the U.S. and Canadian  Stock Markets.” Global Finance Journal (11:1-2), 53-72. 
• Kish, Richard J., Karen M. Hogan, and Gerald Olson, 2000, “The Greenshoe and Other  Factors Impacting the Issuance of IPOs.” Advances in Financial Planning and  Forecasting (9), 131-160. 
• Varadan, Rangan, Geraldo M. Vasconcellos, Carolin Schellhorn, and Richard J. Kish, 2000,  “Forward Exchange Market Efficiency Revisited: Robust Cointegration Testing and  Dynamic Rationality.” Advances in Financial Planning and Forecasting (9), 221-241. 
• Almisher, Mohamad A. and Richard J. Kish, 2000, “Accounting Betas--An ex anti proxy for  risk within the IPO market.” Journal of Financial and Strategic Decisions (13:3), 23-34. 
• Hogan, Karen M., Richard J. Kish, and James A. Greenleaf, 2000, “Global Fixed Income  Portfolio Management.” Journal of Financial and Strategic Decisions (13:3), 49-62. 
• Robak, Patricia J. and Richard J. Kish, 2000, “Revisiting the Determinants of the Corporate Debt Call Option: New Evidence 1987-1996.” Journal of Financial and Strategic Decisions (13:2), 83-97. 
• Kish, Richard J. and Karen M. Hogan, 2000, “Duck Stamp Prints--Bubbles from a Federally Sponsored Program.” Pennsylvania Economic Review (9:1), 5-9. 
• Kish, Richard J., Karen M. Hogan, and Gerard Olson, 1999, “Does the Market Perceive a  Difference in Rating Agencies?” The Quarterly Review of Economics and Finance (39)  363-377. 
• Mun, Johnathan C., Geraldo M. Vasconcellos, and Richard J. Kish, 1999, “Tests of the  Contrarian Investment Strategy: Evidence from the French and German Stock  Markets.” International Review of Financial Analysis (8:3), 215-234. 
• Hogan, Karen M. and Richard J. Kish, 1999, “Stocks, Bonds, or Both: An Exercise in  Risk/Return Tradeoffs.” Simulation & Gaming: An International Journal of Theory,  Practice, and Research (30:1), 84-90. 
• Mun, Johnathan C., Geraldo M. Vasconcellos, and Richard J. Kish, 1999, “The Dividend-Price  Puzzle: A Nonparametric Approach.” Advances in Quantitative Analysis of Finance and  Accounting (7), 53-66. 
• Aburachis, A. T. and Richard J. Kish, 1999, “International Evidence of the Co-Movements  Between Bond Yields and Stock Returns: 1984-1994.” Journal of Financial and Strategic Decisions (12:2), 67-81. 
• Kish, Richard J., 1999, “Valuation: Call Options and Deferments on Corporate Bonds.” Pennsylvania Economics Journal (Spring), 77-87. 
• Vasconcellos, Geraldo M. and Richard J. Kish, 1998, “Cross-Border Mergers and  Acquisitions: The European-U.S. Experience.” Journal of Multinational Financial  Management (8), 431-450. 
• Tu, Yu-Chen, Geraldo M. Vasconcellos, Richard J. Kish, and Jonathan Kramer, 1998,  “Financial Patterns of Government-Owned Manufacturing Firms in Taiwan.” Review of  Pacific Basin Financial Markets and Policies (1:2), 253-283. 
• Gonzalez, Pedro, Geraldo M. Vasconcellos, and Richard J. Kish, 1998, “Cross-Border Mergers and Acquisitions: The Undervaluation Hypothesis.” Quarterly Review of Economics and Finance (38:1), 25-45. 
• Gonzalez, Pedro, Geraldo M. Vasconcellos, and Richard J. Kish, 1998, “Cross-Border Mergers  and Acquisitions: The Synergy Hypothesis.” The International Journal of Finance (10:4),  1297-1319. 
• Gonzalez, Pedro, Geraldo M. Vasconcellos, Richard J. Kish, and Jonathan K. Kramer, 1997, “Cross-Border Mergers and Acquisitions: Maximizing the Value of the Firm,” Applied Financial Economics (7), 295-305. 
• Ryen, Glen T., Geraldo M. Vasconcellos, and Richard J. Kish, 1997, “Capital Structure  Decision: What Have We Learned?” Business Horizons (40:5), 41-50. 
• Kish, Richard J., 1997, “Does the Market React to Surprise Issues of Callable and Noncallable  Debt?” Journal of Financial and Strategic Decisions (10:1), 27-38. 
• Kish, Richard J., 1997, “Stripped Securities: Calculating Artificial Zero Coupon Bond Yields.” Business Journal (12:1&2), 72-78. 
• Hogan, Karen M., Richard J. Kish, and James A. Greenleaf, 1997, “Global Investing of Fixed Income Securities: An Extension of Domestic Investing.” Business Journal (12:1&2), 40- 47. 
• Vasconcellos, Geraldo M. and Richard J. Kish, 1996, “Factors Affecting Cross-Border  Acquisitions: The Canada-U.S. Experience.” Global Finance Journal (7:2), 223-238. 
• Greenleaf, James A., Karen M. Hogan, and Richard J. Kish, 1996, “Global Portfolio  Management of Fixed Income Securities in Continuous Time.” Journal of International  Financial Markets, Institutions & Money (6:1), 65-85. 
• Kish, Richard J. and Eli Schwartz, 1996, “Refunding in Advance of the Call: A Case Study of  the Philadelphia Electric Company.” Journal of Business and Economic Studies (3:1), 15- 32. 
• Kish, Richard J., 1996, “The Efficiency of the Treasury Bond Market.” Pennsylvania Economic Review (6:1), 54-67. 
• Hogan, Karen M., James A. Greenleaf, and Richard J. Kish, 1995, “Global Fixed Income  Diversification: Actual versus Potential Gains.” Journal of Multinational Financial  Management (5:4), 11-27. 
• Thode, Stephen F. and Richard J. Kish, 1994, “The Zero-Coupon/Interest-Only Fixed Rate  Mortgage: An Alternative for Funding Low-to-Moderate Income Households.” The  Journal of Real Estate Research (9:2), 263-276. 
• Kish, Richard J. and Miles Livingston, 1993, “Estimating the Value of Call Options on  Corporate Bonds.” Journal of Applied Corporate Finance (6:3), 95-99. 
• Kish, Richard J. and Geraldo M. Vasconcellos, 1993, “An Empirical Analysis of Factors  Affecting Cross-Border Acquisitions: U.S.-Japan.” Management International Review (33:3), 227-245. 
• Kish, Richard J. and Miles Livingston, 1993, “Market Reactions to Callable and Noncallable Debt Issues.” The Journal of Applied Business Research (9:4), 54-64. 
• Kish, Richard J. and James Greenleaf, 1993, “Teaching How Mortgage Pass-Through  Securities Are Priced.” Financial Practice and Education (3:1), 85-94. 
• Vasconcellos, Geraldo M. and Richard J. Kish, 1993, “Cross-Border Acquisitions and  International Capital Flows: U.S./Japan.” in Steven Goldman, Editor, Competitiveness and American Society—Research in Technology Studies (7), Lehigh University  Press/Associated Univ. Presses, 85-120. 
• Kish, Richard J. and Miles Livingston, 1992, “Determinants of the Call Option on Corporate Bonds.” Journal of Banking and Finance (16:3), 687-703. 
• Thode, Stephen F. and Richard J. Kish, 1992, “A Very Different Kind of Mortgage Product.” Mortgage Banking (December), 71-75. 
• Kish, Richard J., 1992, “Discrepancy in Treasury Bill Yield Calculations.” Financial Practice and Education (2:1), 41-45. 
• Madura, Jeff, Geraldo M. Vasconcellos, and Richard J. Kish, 1991, “A Valuation Model for  International Acquisitions.” Management Decision (29:4), 31-38. 
• Vasconcellos, Geraldo M., Jeff Madura, and Richard J. Kish, 1990, “An Empirical  Investigation of Factors Affecting Cross-Border Acquisitions: The United States vs.  United Kingdom Experience.” Global Finance Journal (1:3), 173-189. 
• Kish, Richard J. and Miles Livingston, 1990, “The Value of the Call Option on Corporate  Bonds.” FM Letters: Financial Management Journal (Spring), 8-9. 
• Kish, Richard J., 1988, “Callable Debt: Evidence and Effect.” Dissertation, Univ. of Florida.