College of Business

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      Richard Sias
Faculty: Professor
Gary P. Brinson Chair of Investment Management
Department of Finance and Management Science
Washington State University, Pullman

Phone:
Email:
Media: You may contact me directly
  
   
  Expertise:
  • Finance: Investments
  • Finance: Investor Herding
  • Finance: Portfolio management
Teaching Area:
  • Undergraduate - Finance
Research:
  • Market Efficiency
  • Institutional and Individual Investors
  • Investments
  • Firm-Specific Risk
  • Insiders
Education:
  • Ph.D., Finance, University of Texas at Austin, 1992
  • BS, Finance, Insurance and Real Estate, California State University, Sacramento, 1983
Publications:
  • Article (Refereed journal): "Portfolio Diversification," Journal of Investment Management (forthcoming), 2010    
  • Article (Refereed journal): "Style Timing with Insiders," Financial Analysts Journal, 2010    
  • Article (Refereed journal): "Institutional Industry Herding," Journal of Financial Economics, forthcoming, 2009    V I E W   A B S T R A C T
  • Article (Refereed journal): "Insider Trades and Demand by Institutional and Individual Investors," Review of Financial Studies, forthcoming, 2009    V I E W   A B S T R A C T
  • Article (Refereed journal): "Window-dressing, Tax-loss Selling and Momentum Profit Seasonality," Financial Analysts Journal, 2007    V I E W   A B S T R A C T
  • Article (Refereed journal): "Reconcilable Differences: Momentum Trading by Institutions," Financial Review, 2007    V I E W   A B S T R A C T
  • Article (Refereed journal): "Why Company-Specific Risk Changes Over Time," Financial Analysts Journal, 2006    V I E W   A B S T R A C T
  • Article (Refereed journal): "Changes in Institutional Ownership and Stock Returns: Assessment and Methodology," Journal of Business, 2006    V I E W   A B S T R A C T
  • Article (Refereed journal): "Informed Trading and Order Type," Journal of Banking and Finance, 2004    
  • Article (Refereed journal): "Institutional Herding," Review of Financial Studies, 2004    
  • Article (Refereed journal): "Greener Pastures and the Impact of Dynamic Institutional Preferences," Review of Financial Studies, 2003    
  • Article (Refereed journal): "Voting with their Feet: Institutional Ownership Changes around Forced CEO Turnover," (with Robert Parrino and Laura Starks) Journal of Financial Economics, 2003    
  • Article (Refereed journal): "Can Money Flow Predict Stock Returns?," (with James Bennett) Financial Analysts Journal, 2001    
  • Article (Refereed journal): "Is Noise Trader Risk Priced?," (with Laura Starks and Seha Tinic) Journal of Financial Research, 2001    
  • Article (Refereed journal): "Herding and Feedback Trading by Institutional and Individual Investors," (with John Nofsinger) Journal of Finance, 1999    
  • Article (Refereed journal): "Price Pressure and the Role of Institutional Investors in Closed-End Funds," Journal of Financial Research, 1997    
  • Article (Refereed journal): "Return Autocorrelation and Institutional Investors," (with Laura Starks) Journal of Financial Economics, 1997    
  • Article (Refereed journal): "Is there a Neglected Firm Effect?," (with Craig Beard) Financial Analysts Journal, 1997    
  • Article (Refereed journal): "Institutions and Individuals at the Turn-of-the-Year," (with Laura Starks) Journal of Finance, 1997    
Experience:

   Teaching
  • Professor and Gary P. Brinson Chair of Investment Management, Washington State University, 2004
  • Associate Professor and Gary P. Brinson Chair of Investment Management, Washington State University, 2000-2004
  • Associate Professor, Washington State University, 1998-2000
  • Visiting Professor (Summer), Bond University, 1997
  • Assistant Professor, Washington State University, 1992-1998
  • Assistant Instructor, University of Texas, 1991-1992
Service:

  • Promotion and Tenure Committee, Member
  • Graduate Program Policy Committee, member
  • Brinson Speaker, Organizer
  • Student trip to NYC (Cougs on Wall Street), co-organizer (with Harry Turtle)
  • CFA program, coordinator
  • Finance Advisory Board, co-director
  • CFA Challenge, Faculty Advisor
  • College-wide Friday Ph.D class, Guest speaker
  • Freshman Admit Program, Speaker
  • Association of Black Business Students, Guest Speaker
  • NBOA tour of financial markets lab, organizer
  • Financial Analysts Journal, Editorial Board Member
  • Graduate Program Committe, Member
  • Brinson Speaker, Organizer
  • Student Trip to NYC (Cougs on Wall Street), co-organizer (with Harry Turtle)
  • CFA Program, Coordinator
  • Reviewer, Reviewer
  • Finance Advisory Board, co-director
  • Development Assistance, Development Assistance
  • CFA Challenge, Faculty Advisor
  • FIRE club field trip, Faculty attendee
  • CRSP/Computstat, de facto Coordinator
  • Promotion and Tenure Committee, Member
  • Graduate Program Committee, Member
  • Brinson Speaker, Organizer
  • Student Trip to NYC, co-organizer
  • CFA Program, coordinator
  • Reviewer, Reviewer
  • CFA Speaker Retainer Program, Speaker
  • CB PhD program, Guest Speaker
  • University of Georgia, Guest Speaker
  • Promotion and Tenure Committee, Member
  • Graduate Program Committee, Member
  • Brinson Speaker, na
  • Student Trip to New York City, Co-organizer
  • CFA Program, na
  • na, Reviewer
  • MBA Program, Guest Speaker
  • WSU Preview, Speaker
  • Seattle Finance Students Field Trip, na
  • CRSP/Compustat Upgrade, kind of in-charge
  • Visit Gary Brinson with Dean/President, na
  • Executive MBA committee, member
  • Promotion and Tenure Committee, Member
  • Graduate Program Committee, Committee Member
  • Seach Committee, Co-Chair
  • CFA Program, na
  • Alpha Kapp Psi Business Fraternity, Guest Speaker
  • Graduate Programs Committee, Committee Member
  • Research and Arts Committee, Committee Member
  • Reaccrediation Committee, Committee Member
  • WSU Foundation, Keynote Speaker (Spring Meeting, Blain, WA)
  • Planned Giving Advisory Board, Guest Speaker (Seattle, WA)
  • Spokane Analysts Society (CFA), Guest Speaker, Topic: Finance Education at WSU
Awards:
  • Outstanding Mentor , Women and Leadership Alliance Forum, WSU , 2006
  • CFA Institute's Speaker Retainer Program Speaker , CFA (Chartered Financial Analyst) Institute , 2006
  • Dean's Excellence Fellow , College of Business , 2005
  • Dean's Excellence Fellow , College of Business and Economics , 2004
  • 2003 Fama/DFA Prize for Capital Markets and Asset Pricing (second prize) for Best Paper in the Journal of Financial Economics for "Voting with their feet: Institutional ownership changes around forced CEO turnover" (with R. Parrino and L. Starks) , Journal of Financial Economics , 2004
  • Dean's Excellence Fellow , College of Business and Economics, WSU , 2003
  • Outstanding Faculty Research Award , College of Business and Economics, WSU , 2003
  • Outstanding Faculty Teaching Award , College of Business and Economics, WSU , 2002
  • Best Paper Award for "Is Noise Trader Risk Priced?" (with Laura Starks and Seha Tinic) , Journal of Financial Research , 2001
  • Finalist, Crowell Memorial Prize Paper for "Institutional Herding" , Pangora Asset Management, Boston , 2001
  • Brinson Summer Research Associate , Department of Finance, Insurance, and Real Estate , 2000
  • Outstanding Faculty Research Award , College of Business and Economics, WSU , 1999
  • Brinson Summer Research Associate , Department of Finance, Insurance, and Real Estate , 1999
  • Best of the Best Award for "Herding by Institutional and Individual Investors" (with John Nofsinger) , Financial Management Association , 1997
  • Best Paper in Investments for "Herding by Institutional and Individual Investors" (with John Nofsinger) , Financial Management Association , 1997
  • Academic Competition for Junior Finance Faculty for "Herding by Institutional and Individual Investors" (with John Nofsinger) , Chicago Quantitative Alliance , 1997
  • Graham and Dodd Award of Excellence for "Volatility and the Institutional Investor" , Financial Analysts Journal , 1996
  • Outstanding Advising Award , College of Business and Economics, WSU , 1996
  • Outstanding Teacher Award , MBA Association (Fall) , 1995
  • Shell Instructional Excellence Award , College of Business and Economics , 1993
  • Finalist, Completed Dissertation Grant , American Association of Individual Investors , 1993
  • Outstanding Doctoral Student Paper Award , Southwestern Finance Association , 1992
  • Continuing Fellowship , University of Texas , 1991
  • Lola Wright Foundation Fellowship , University of Texas/Lola Wright Foundation , 1991
  • Continuing Fellowship , University of Texas , 1990
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