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The Tepper School Announces the first recipient of the Richard C. Green Junior Faculty Development Chair in Financial Economics

The Tepper School of Business has named Brent Glover, assistant professor of finance, as the first recipient of the Richard C. Green Junior Faculty Development Chair in Financial Economics. The professorship, established by two former students from the class of 1990 as well as several colleagues and friends, is a lasting tribute to the late professor Green and his enduring legacy.

“I first met Rick Green when we were both in the Ph.D. program at the University of Wisconsin. Rick had a witty personality, was undeniably the most brilliant student in the program, and was destined to do great things. During his career he made significant contributions to his profession and was recognized as one of the intellectual leaders in the field of financial economics,” said Dean Bob Dammon. “We are pleased to award the professorship to Brent Glover, whose research interests align nicely with those that Rick himself made such important contributions to throughout his career.”

Glover received his Ph.D. from the Wharton School, University of Pennsylvania, in 2011 and joined the faculty at the Tepper School that same year. His research interests are in the areas of corporate finance, capital structure and credit risk, structural estimation, asset pricing, and sovereign debt. Glover’s paper entitled “The Expected Costs of Default,” published in the Journal of Financial Economics in 2016, was awarded the CRA Award for the Best Paper in Corporate Finance by the Western Finance Association in 2011. Glover is also an outstanding teacher in the Tepper School’s MBA program.

“I feel incredibly honored to be the first recipient of the chair,” Glover said. “Rick was a role model and mentor to me and so this is especially meaningful. When I think of the type of researcher and teacher I want to be, Rick is always the person who comes to mind. I’m grateful for the support this chair will provide as I strive to follow Rick’s example.”

Green had served in many roles during his time at the Tepper School, starting in 1982 as an assistant professor of financial economics. In 1999 he was awarded the Richard M. and Margaret S. Cyert chair. He became the head of the Ph.D. program in 2003, and then served as Associate Dean for Research 2008–2009 before taking on the role of Senior Associate Dean for Faculty and Research, a position he held through 2014. He was the only person to have served as president of the three leading professional societies in financial economics: Western Finance Association, American Finance Association and Society for Financial Studies. He also held roles as associate editor, co-editor or editor for five academic research journals, most notably for the esteemed Journal of Finance.

Along with co-author Jonathan Berk, now at Stanford University, Green published a transformative study in the Journal of Political Economy in 2004 that will be awarded the Fifth Stephen A. Ross Prize in Financial Economics by the Foundation for the Advancement of Research in Financial Economics (FARFE) in October 2017. The paper fundamentally altered the understanding of mutual fund performance and money flows. Green remarked later of that study, “It is particularly satisfying when you write a paper that very quickly alters the way people see and approach a problem by changing conventional wisdom. If this happens once in your career, you are very happy.”

The Tepper School intends to award the Richard C. Green Professorship in Financial Economics as a full professorship chair. To date enough donations have been received to enable the Tepper School to award a junior faculty development chair to an untenured professor for a two-year term. Once the fund reaches its, goal the chair will be converted to a full professorship in financial economics at the Tepper School.

If you would like to support the fund please make a gift to the Richard C. Green Professorship in Financial Economics or contact Andy Jackson at naj@andrew.cmu.edu or 412-268-4973.