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Merrick School of Business

Joel Morse

Joel N. Morse, Ph.D.

Professor of Finance

Department of Finance and Economics
Office: Business Center 403
Phone: 410.837.4989
Personal Web Site:

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

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 Economics and Finance. 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.

Intellectual Contributions

Refereed Journal Articles

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.

Morse, J. N., Nguyen, H. H., & Yu, C. (2011). The Effect of Option Listing on Momentum Returns and Reversals. Global Business and Finance Review. Spring 2011. 16-30.

Morse, J. N., Jurenkova, K., & Prasetiya, A. (2010). Credit Derivatives. Academy of Taiwan Business Management Review. 6(3, August 2010), 105-110.


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).

Morse, J. N., Nguyen, H. H., & Yu, C. Southwestern Finance Association Annual Meeting, "The Effect of Option Listing on Return Momentum and Reversal," Southwestern Finance Association, Houston, Texas. (2011).

Contracts, Grants and Sponsored Research

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).

Daily Record: Interview with reporter Nick Sohr (2011).

Baltimore Business Journal: Interview with Gary Haber, reporter (2011).

Research in Progress


"Day-of-the-week effect in stock split price reactions" (On-Going)
A seasonality in the way prices respond to stock split announcements

"Volatility Options" (Planning)
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.