Kerry E. Back

J. Howard Creekmore Professor of Finance, Professor of Economics

Kerry Back is the J. Howard Creekmore Professor of Finance and a Professor of Economics.  He has been an editor or an associate editor of various top finance and economics journals, and he is the author of two textbooks: Asset Pricing and Portfolio Choice Theory (Oxford University Press, 2nd edition forthcoming) and A Course in Derivative Securities (Springer).  Before joining Rice, he was on the faculties of Northwestern University, Indiana University, Washington University in St. Louis, and Texas A&M University. He was Senior Associate Dean and named a University Distinguished Faculty Member at Washington University in St. Louis.  He received faculty research awards at Texas A&M and at Rice.

To read more about Prof. Back's work, please visit Rice Business Wisdom.

 

Teaching Interests: 

- Investments
- Security markets
- Options and futures
- Financial theory

Research Interests: 

- Asset pricing theory and empirics
- Market microstructure
- Auction theory
- Corporate investment

Intellectual Contributions

Journal Article

Back, K., & Crotty, K. (2014). The Informational Role of Stock and Bond Volume. Review of Financial Studies, 28(5), 1381-1427. doi:10.1093/rfs/hhu094

Journal Article

Back, K., & Baruch, S. (2013). Strategic Liquidity Provision in Limit Order Markets. Econometrica, 81(1), 363-392. doi:10.3982/ECTA10018.

Journal Article

Back, K., & Paulsen, D. (2009). Open Loop Equilibria and Perfect Competition in Option Exercise Games. Review of Financial Studies, 22(11), 4531-4552. doi:10.2139/ssrn.1139192.

Journal Article

Back, K., & Baruch, S. (2007). Working Orders in Limit Order Markets and Floor Exchanges. Journal of Finance, 61(4), 1589-1621. doi:10.1111/j.1540-6261.2007.01252.x.

Journal Article

Back, K. & Baruch, S. (2004). Information in Securities Markets: Kyle Meets Glosten and Milgrom. Econometrica, 72, 433-465. doi:10.1111/j.1468-0262.2004.00497.x

Working Paper

Back, K.E., Liu, R., & Teguia, A. (2016). Signaling in Over-the-Counter Markets: Benefits and Costs of Transparency. doi:10.2139/ssrn.2849630

Working Paper

Back, K.E., Crane, A.D., & Crotty, K. (2016). Skewness Consequences of Seeking Alpha. doi:10.2139/ssrn.2625788

Working Paper

Back, K.E., Crotty, K., & Li, T. (2016). Identifying Information Asymmetry in Securities Markets. https://ssrn.com/abstract=2565216

Working Paper

Back, K., Kapadia, N., and Ostdiek, B. (2015). Testing Factor Models on Characteristic and Covariance Pure Plays. http://www.ssrn.com/abstract=2621696

Working Paper

Back, K..E., Collin-Dufresne, P. Fos, V., Li, T., & Ljungqvist, A. (2017). Activism, Strategic Trading, and Liquidity. European Corporate Governance Institute (ECGI) doi:10.2139/ssrn.2873840