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Joel N. Morse, Ph.D.

Professor of Finance

Department of Finance and Economics
Office: Business Center 403
Phone: 410.837.4989
E-mail: jmorse@ubalt.edu
Personal Web Site: http://jnmorsepages.googlepages.com/home

Education:

  • Ph.D., School of Business Administration, University of Massachusetts
  • B.A., Williams College
  • B.B.A., University of Massachusetts
  • Bio

    Joel Morse is a financial economist. He has taught corporation finance, portfolio management, management science, international business, international economics, derivative instruments and international finance, primarily at the graduate level. He has served as associate dean for research and outreach of the Merrick School of Business; chairperson of the Department of Economics, Finance and Management Science, and chairperson of the Finance Area. He is a tenured full professor in the Department of Finance and Economics. Prior to his time at UB, he was a member of the faculty at Loyola College in Maryland, the University of Delaware, and Harvard University Summer School. Dr. Morse has served as a consultant to firms that encompass several industries. Much of his work focuses on financial firms, banks, insurance companies and real estate firms. He has also worked with financial organizations on mergers and acquisitions, on the valuation of privately held companies, and as an expert witness in numerous legal and stock exchange proceedings. He has counseled private investors and stockbrokers as the principal of an SEC-registered investment advisor. He has lectured to a delegation from the Zhejiang Financial College (China). Joel Morse has edited a book on mathematical decision making techniques, published numerous academic and practice-oriented papers, served as associate editor of Large Scale Systems and Derivative Highlights, and is presently a member of the editorial board of the Journal of Legal Economics. He has conducted research studies on options and futures markets, equity swaps, intraweek seasonalities, corporate financial management, domestic and foreign capital markets, country risk analysis, transportation offsets in life care plans and inverse floating rate notes. His current research is on momentum and optionality, volatility options as well as the dispersion trade in options markets.

  • Research Interests

    Goodwill Impairment, Volatility investing and derivatives

  • Teaching Interests

    Investments, Corporate Finance, Business Valuation////for full Curriculum Vitae, see http://jnmorsepages.googlepages.com/home

  • Recent Publications

    Intellectual Contributions

    Refereed Journal Articles

    Gaynor, G., Morse, J. N., & Pevzner, M. B. (2015). Crowdfunding: What the SEC’s Proposed New Rules Could Mean for CFOs and Potential “Unsophisticated” Investors?. Strategic Finance.

    Gaynor, G., Morton, R. M., & Morse, J. N. (2013). The Effect of Earnings Announcement Timing on Liquidity. Global Business and Finance Review. Fall 2013. 116-137.

    Magazine/Trade Publication

    Morse, J. N., & Thomas, M. L. (2017). FinTech-Origins and Prognosis. Posted date: July 26, 2017 In: Practice Management, QuickRead Featured, QuickRead Top Story. Posted date: July 26, 2017 In: Practice Management, QuickRead Featured, QuickRead Top Story. 5.

    Newspaper

    Morse, J. N. (2016). Do You Want to Be an Angel Investor. Daily Record. (July 28, 2016), 1.

    Presentations

    Morse, J. N., & MSB MBA 2017, T. M. 2017 Financial Education Association National Meetings, "“FinTech—Origins and Prognosis,” accepted for presentation at the National Meetings-Financial Education Association, September 14-16, 2017,with Michelle L. Thomas {note-the actual presentation was canceled due to Hurricane Irma}.," Financial Education Association, Savannah, GA. (2017).

    Morse, J. N., & Pevzner, M. B. FINANCIAL EDUCATION ASSOCIATION 2016 MEETING, ""Goodwill Impairment-A Case"," FINANCIAL EDUCATION ASSOCIATION, Ft. Lauderdale, FL. (2016).

    Nguyen, H. H., & Morse, J. N. Southern Finance Association, "Day-of-the-week Trading Patterns of Individual and Institutional Investors," Southern Finance Association, San Juan, Puerto Rico. (2013).

    Gaynor, G., & Morse, J. N. UB Merrick School of Business Research Luncheon, "The Effect of Earnings Announcement Timing on Liquidity," Merrick School of Business, Baltimore, MD. (2012).

    Morse, J. N., Gaynor, G., & Morton, R. Southern Finance Association Annual Meeting, "The Effect of Earnings Announcements on Liquidity," Southern Finance Association, Charleston, SC. (2012).

    Morse, J. N. ALFA Construction Law Conference, "Worklife and portfolio-theoretic aspects of construction litigation," ALFA (a major defense law association), Colorado Springs, CO. (2012).

    Morse, J. N., & Nguyen, H. H. Southwest Finance Association Annual Meeting, "Day-of-the-week Trading Patterns of Individual and Institutional Investors," Southwest Finance Association, Albuquerque, NM. (2012).

    Contracts, Grants and Sponsored Research

    Morse, Joel N., Pevzner, Mikhail (Co-Principal), "GOODWILL IMPAIRMENT FOOTNOTES" Sponsored by KPMG, Private, $2500. (2016).

    Morse, Joel N.(Principal), "Teaching Innovation Incubator" Sponsored by MSB, The University of Baltimore, $1250. (2014).

    Morse, Joel N.(Co-Principal), "2014 MSB SUMMER RESEARCH GRANT" Sponsored by MSB, The University of Baltimore, $2000. (2014).

    Media Contributions

    Wall St. Daily: I was taped for two hours on investment topics by Wall St. Daily. This website has 1,000,000 paid subscribers. It's publisher is Robert Williams, a 2001 MS Finance graduate of MSB, with whom I maintain close relations. (2014).

    Research in Progress

    "A CFO Perspective on Goodwill Impairment" (Planning)
    To be targeted at Strategic Finance --ranked 2

    "Fintech: Status and Prognosis" (Writing Results)
    Not sure if this will be a long OP ED piece, or a journal submission.

    "Goodwill impairment case study"
    To be submitted to Issues in Accounting Education, ranked 3

    "Hedging Market Risk Using Volatility Options" (Planning)
    In a Critical Finance Review article, the point is made that firm's cash flows ARE affected by stock market risk.Amn explanation of a delta less than one are offered. My hypothesis is that volatility options/futures can be used to address this risk.

    "Volatility Options" (On-Going)
    Examining the possibility that the dispersion trade that has been observed in the index options markets spills over into the volatility option markets.In 2013 I collected masses of data, which i have organized into a large spreadsheet.The data did not lead to a useful preliminary result. In 2016 I expanded my data acquisition. Also, I discussed my hypothesis with colleagues/friends at the Chicago Board Options exchange, at Van Sant & Mewshaw and with various research websites.I am pretty sure that I can find some significance now.