Keith Brown
Professor
Department: Finance
Additional Titles: University Distinguished Teaching Professor and Fayez Sarofim Fellow
Industry Areas: Portfolio Management, Security Valuation and Analysis
Research Areas: Investment Management, Security Market Valuation
Brown, Keith C. University Distinguished Teaching Professor and Fayez Sarofim Fellow, Department of Finance
Keith Brown received his B.A. from San Diego State University and his M.S. and Ph.D. from Purdue University. His research and teaching interests include securities markets, portfolio management strategies, and asset valuation.
ACADEMIC LEADERSHIP & AWARDS
2000 |
Professional Awards CBA Foundation Summer Grant
|
2001 |
Financial Management Association Europe Best Paper Award
|
1996 |
Smith Breeden Distinguished Paper Award
|
2023 |
Teaching Awards McCombs School of Business Joe D. Beasley Award for MBA Teaching Excellence |
2009 |
Regents' Outstanding Teaching Award |
2007 |
Excellence in Education Award |
Publications
Keith C. Brown, W. V. Harlow, and Hanjiang Zhang. Investment Style Volatility and Mutual Fund Performance. Journal of Investment Management, forthcoming.
Keith C. Brown and Kenneth W. Wiles. 2020. The Growing Blessing of Unicorns: The Changing Nature of the Market for Privately Funded Companies. Journal of Applied Corporate Finance 32(3), 1-21.
W. V. Harlow and Keith C. Brown. 2016. Market Risk, Mortality Risk, and Sustainable Retirement Asset Allocation: A Downside Risk Perspective. Journal of Investment Management 14(2), 5-32.
Keith C. Brown and Kenneth W. Wiles. 2016. Opaque Financial Contracting and Toxic Term Sheets in Venture Capital. Journal of Applied Corporate Finance 28(1), 72-85.
Keith C. Brown and Kenneth W. Wiles. 2015. In Search of Unicorns: Private IPOs and the Changing Markets for Private Equity Investments and Corporate Control. Journal of Applied Corporate Finance 27(3), 34-48.
Keith C. Brown and Cristian Tiu. 2010. Do Endowment Funds Select the Optimal Mix of Active and Passive Risks? Journal of Investment Management 8(1), 62-86.
Frank K. Reilly and Keith C. Brown. 2009. Investment Analysis and Portfolio Management 9e. Mason, OH: South-Western Cengage Learning.
W.V. Harlow and Keith C. Brown. 2006. The Right Answer to the Wrong Question: Identifying Superior Active Portfolio Management. Journal of Investment Management 4, 15-40.
Keith C. Brown, Amy Dittmar, and Henri Servaes. 2005. Corporate Governance, Incentives, and Industry Consolidations. Review of Financial Studies 18, 241-270.
Andres Almazan, Keith C. Brown, Murray Carlson, and David A. Chapman. 2004. Why Constrain Your Mutual Fund Manager? Journal of Financial Economics 73, 289-321.
Keith C. Brown and Donald J. Smith. 2000. The 'Good Banker/Bad Banker' Exercise. Derivatives Strategy 5, 43-46.
Keith C. Brown and Laura T. Starks. 1997. Getting the Compensation Structure Right in the Mutual Fund Industry. Strategy and Business 7, 16-18.
Keith C. Brown, Van Harlow, and Laura T. Starks. 1996. Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry. Journal of Finance 51, 85-110.
Keith C. Brown and Robert F. Semmens. 1995. Perspectives on Integration in the Oil Industry: Innovations from the Financial Markets, in Oil in the New World Order, K. Gillespie and C. Henry, eds. Gainesville, FL: University of Florida Press.
Keith C. Brown and Donald J. Smith. 1995. Structured Swaps, in The Yearbook of Fixed Income Investing, J. Finnerty and M. Fridson, eds. Homewood, IL: Dow Jones-Irwin.
Keith C. Brown, W. V. Harlow, and Donald J. Smith. 1994. An Empirical Analysis of Interest Rate Swap Spreads. Journal of Fixed Income 3, 61-78.
Keith C. Brown and Donald J. Smith. 1994. Currency Swaps: Market Conventions and Applications, in Cross Currency Swaps, C. Beidleman, ed. Homewood, IL: Dow Jones-Irwin.
Keith C. Brown and Laura T. Starks. 1994. Mutual Fund Managers. Discovery 14, 14-19.
Giovanni Barone-Adesi, Keith C. Brown, and W. V. Harlow. 1994. On the Use of Implied Stock Volatilities in the Prediction of Successful Corporate Takeovers. Advances in Futures and Options Research 7, 147-165.
Keith C. Brown and Donald J. Smith. 1993. Default Risk and Innovations in the Design of Interest Rate Swaps. Financial Management 22, 94-105.
Keith C. Brown and W. V. Harlow. 1993. Institutional Demand and Security Price Pressure: The Case of Corporate Spinoffs. Financial Analysts Journal 49, 53-62.
Keith C. Brown, W. V. Harlow, and Seha M. Tinic. 1993. The Risk and Required Return of Common Stock Following Major Price Innovations. Journal of Financial and Quantitative Analysis 28, 101-116.
Keith C. Brown and Donald J. Smith. 1992. Interest Rate Swaps and the Management of Current Liabilities and Assets, in Financial Management, R. Rao, ed. New York, NY: Macmillan.
Keith C. Brown and Donald J. Smith. 1990. Forward Swaps, Swap Options, and the Management of Callable Debt. Journal of Applied Corporate Finance 2, 59-71.
Keith C. Brown and Donald J. Smith. 1990. Plain Vanilla Swaps: Market Structures, Applications and Credit Risk, in Interest Rate Swaps, C. Beidleman, ed. Homewood, IL: Dow Jones-Irwin.
W. V. Harlow and Keith C. Brown. 1990. Understanding and Assessing Financial Risk Tolerance: A Biological Perspective. Financial Analysts Journal 46, 50-62.
Keith C. Brown, W. V. Harlow, and Seha M. Tinic. 1989. How Rational Investors Deal with Uncertainty. Journal of Applied Corporate Finance 2, 45-58.
Keith C. Brown and Donald J. Smith. 1989. The Swap-Driven Deal. Intermarket 6, 15-19.
Keith C. Brown, Roger G. Clarke, and Meir Statman. 1989. The Use of Stock Index Options in Corporate Cash Management, in The Handbook of Stock Index Options and Futures, F. Fabozzi and R. Kipnis, eds. Homewood, IL: Dow Jones-Irwin.
Keith C. Brown and W. V. Harlow. 1988. Market Overreaction: Magnitude and Intensity. Journal of Portfolio Management 14, 6-13.
Keith C. Brown and Donald J. Smith. 1988. Recent Innovations in Interest Rate Risk Management and the Reintermediation of Commercial Banking. Financial Management 17, 45-58.
Keith C. Brown, W. V. Harlow, and Seha M. Tinic. 1988. Risk Aversion, Uncertain Information, and Market Efficiency. Journal of Financial Economics 22, 355-386.
Keith C. Brown and Gregory D. Brown. 1987. Does the Composition of the Market Portfolio Really Matter? Journal of Portfolio Management 13, 26-32.
Michael J. Alderson, Keith C. Brown, and Scott L. Lummer. 1987. Dutch Auction Rate Preferred Stock. Financial Management 16, 68-73.
Keith C. Brown and John S. Howe. 1987. On the Use of Gold as a Fixed Income Security. Financial Analysts Journal 43, 74-76.
Keith C. Brown and Meir Statman. 1987. The Benefits of Insured Stocks for Corporate Cash Management. Advances in Futures and Options Research 2, 243-261.
Keith C. Brown and Scott L. Lummer. 1986. A Reexamination of the Covered Call Option Strategy for Corporate Cash Management. Financial Management 15, 13-17.
Keith C. Brown and Scott L. Lummer. 1986. Hedged Dividend Capture. Midland Corporate Finance Journal 4, 65-72.
Keith C. Brown and Michael V. Raymond. 1986. Risk Arbitrage and the Prediction of Successful Corporate Takeovers. Financial Management 15, 54-63.
Keith C. Brown, Larry J. Lockwood, and Scott L. Lummer. 1985. An Examination of Event Dependency and Structural Change in Security Pricing Models. Journal of Financial and Quantitative Analysis 20, 315-334.
Keith C. Brown and K. Rao Kadiyala. 1985. The Estimation of Missing Observations in Related Time Series Data: Further Results. Communications in Statistics 14, 973-981.
Keith C. Brown and Scott L. Lummer. 1984. The Cash Management Implications of a Hedged Dividend Capture Strategy. Financial Management13, 7-17.
Keith C. Brown and K. Rao Kadiyala. 1983. Construction of Economic Index Numbers with an Incomplete Set of Data. Review of Economics and Statistics 65, 520-524.