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Mark Pyles, Ph.D.

Associate Professor of Finance, Director of SB Investment Program

Address: Beatty Center, Room 414
Office Hours: Tues/ Thurs 12:30–1:30 PM & Wed. 11:00-2:00 PM or by appointment
Phone: 843.953.7991
E-mail: pylesm@cofc.edu
Curriculum Vitae: Download



Education

University of Kentucky - Lexington, Kentucky
Ph.D., Finance, 2005

Eastern Kentucky University - Richmond, Kentucky
B.B.A., Finance, 2001

University of Kentucky - Lexington, Kentucky
M.S., Economics, 2004

Research Interests

Initial Public Offerings

Behavioral Finance

Financial Education

Real Estate Investment Trusts

Commercial Banking


Courses Taught

Financial Modeling (MBA)

Applied Portfolio Management

Investment Analysis

Intermediate Business Finance

Business Finance       


Honors and Awards

Student Activism and Leadership Achievement (SALA) Award Winner: Advisor of the Year (2006-2007)

Awarded Distinguished Research Award for “The Influence of Simulation Performance on Student Interest” as best paper in area at the 2011 Allied Academies Annual Conference.

Emerald Literati Awards for Excellence, Highly Commendable Award Winner for “Bank Marketing Investments and Bank Performance” as a top paper published in the Journal of Financial Economic Policy during 2011.

Research Grants

Summer Research Grant, School of Business, College of Charleston, Summer 2006

Real Estate Research Grant, Carter Center for Real Estate, School of Business, College of Charleston, Spring 2007  

Summer Research Grant, School of Business, College of Charleston, Summer 2007                       

Real Estate Research Grant, Carter Center for Real Estate, School of Business, College of Charleston, Summer 2008

Real Estate Research Grant, Carter Center for Real Estate, School of Business, College of Charleston, Summer 2009

Economic Impact of Smoke-free Laws, University of Kentucky Research Foundation, Summer 2009

Summer Research Grant, School of Business, College of Charleston, Summer 2010.

Knox Funds International Study Research Grant, College of Charleston, Fall 2012.


Publications

“Seeking Alphas from Underperforming Stocks:  the Perspective of Corporate Governance,” with Weishen Wang.  Journal of Investing, forthcoming.

 “How Entrenched Managers Beat Earnings Expectations Before and After SOX,” with Weishen Wang, Rachel Graefe-Anderson, and Dongnyoung Kim.  (2013)  Quarterly Review of Economics and Finance, forthcoming.

“Rewards to Meet Market Expectations: Evidence of Stock Market Sophistication,” with Weishen Wang and Rachel Graefe-Anderson. (2013) The Journal of Accounting and Finance, forthcoming.

“The Influence of a Credit Rating Change on Corporate Cash Holdings and Their Marginal Value,” with Hinh Khieu.  (2012) The Financial Review, 47 (2), 351-373.

 “Estimating the Impact of Discount Real Estate Broker Utilization on Selling Price and Time on Market,” with Justin Benefield and Anne Gleason. (2011) Journal of Real Estate Research, 33 (4), 531-563.

“Education Expenditures and the Cost of Performance,” with Caroliniana Sandifer. (2011) Southern Business and Economics Journal, 33 (1/2).

 “The Influence of Simulation Performance on Student Interest,” with Steven D. Dolvin. (2011) Journal of Economics and Economic Education Research, 12 (3), 35-48.

“Bank Marketing Investments and Bank Performance,” with Donald J. Mullineaux.  (2010) Journal of Financial Economic Policy, 2 (4), 326-345.

 “Further Examination of Equity Returns and Seasonal Depression,” with Steve Dolvin and Qun Wu.  (2010) Journal of Financial and Economic Practice, 10 (1), 67-81.

 “Daily Stock Returns: Momentum, Reversal, or Both,” with Steve D. Dolvin. (2009) Financial Decisions, 21 (2), Article 1.

 “Ringing the Bell on the NYSE: Does it Matter and Why?” with Steve D. Dolvin and Hinh Khieu. (2009) Global Business and Finance Review, 14 (2), 93-103.

 “Analysts Get SAD Too: The Effect of Seasonal Affective Disorder on Stock Market Analysts’ Earnings Forecasts,” with Steven D. Dolvin and Qun Wu. (2009) Journal of Behavioral Finance, 10 (4), 214-225.  Chosen to be included in a Virtual Special Issue of Behavioural Finance, published by Routledge Taylor and Francis Group.

 “The Influence of Seasonal Depression on Equity Returns: Further Evidence from Real Estate Investment Trusts,” (2009) Quarterly Journal of Finance and Accounting, 48 (2), 63-83.

 “Internally versus Externally Advised Non-Brokerage Real Estate Firms,” with Justin Benefield. (2009) Journal of Alternative Investments, 12 (1), 39-49.

 “REIT IPOs and the Cost of Going Public,” with Steven D. Dolvin. (2009)  Journal of Real Estate Finance and Economics, 39 (1), 92-106.

 “Antitakeover Techniques and Corporate Ownership Structure,” with Jocelyn Evans and Hyuntai Choo.  (2009) Managerial Finance, 35 (1), 6-24.

 “The Influence of University Investment Education on Asset Allocation,” with Steven D. Dolvin and John G. Gonas.  (2008) Journal of Economics and Finance Education, 7 (1), 29-42.

 “Market Efficiency at the Derby: A Real Horse Race,” with Steven D. Dolvin. (2008) Journal of Applied Economics and Policy, 27 (1), 1-14.

 “Constraints on Loan Sales and the Price of Liquidity,” with Donald J. Mullineaux. (2008) Journal of Financial Services Research, 33 (1), 21-36.

  “The Effect of Resale Constraints on Abnormal Returns of Borrowers in Syndicated Loans,” with Steven D. Dolvin and B. Perry Woodside. (2007) Academy of Banking Studies Journal, 6 (2), 81-96.

 “Prior Debt and the Cost of Going Public,” with Steven D. Dolvin.  (2007) Quarterly Journal of Finance and Accounting (formerly Quarterly Journal of Business and Economics), 46 (2), 23-42.

 “Seasonal Affective Disorder and the Pricing of IPOs,” with Steven D. Dolvin. (2007) Review of Accounting and Finance, 6 (2), 214-228.

 “The Impact of Bank Venture Capital on Initial Public Offerings,” with Steven D. Dolvin and Donald J. Mullineaux. (2007) Venture Capital: An International Journal of Entrepreneurial Finance, 9 (2), 145-164.

 “The Effect of Instructional Technologies on the Finance Classroom,” with Steven D.

Dolvin and J. Michael Morgan. (2006) Journal of Economics and Finance Education, 5 (2), 33-42.

  “Venture Capitalist Quality and IPO Certification,” with Steven D. Dolvin. (2006)  Venture Capital: An International Journal of Entrepreneurial Finance, 8(4), 353-371.

 “IPO Long-Run Returns: A New Approach,” with Steven D. Dolvin. (2006) Financial Decisions, 18 (1), Article 4.

 Other Peer-Reviewed Publications

“Economic Effects of Smoke-free Laws on Rural and Urban Counties in Kentucky and Ohio,” with Ellen J. Hahn. (2012) Nicotine and Tobacco Research, 14(1), 111-115.

 “Economic Effects of Ohio’s Smoke-free Law on Kentucky and Ohio Border Counties,” with Ellen J. Hahn. (2011) Tobacco Control, 20(1), 73-76.

“Smoke-free Legislation and Charitable Gaming in Kentucky,” with Ellen J. Hahn.  (2009) Tobacco Control, 18(1), 60-62.

 “Economic Impact of a Smoke-Free Law in a Tobacco Growing Community,” with Donald J. Mullineaux, Chizimuzo T.C. Okoli, and Ellen J. Hahn. (2007) Tobacco Control, 16 (1), 66-68.

 “More than Just the Ryder Cup: An Examination of Relevant Personal Characteristics in Professional Golf,” (2007) The Sport Journal, 10 (3), Summer 2007.

 Book Publications

Applied Corporate Finance: Questions, Problems, and Making Decisions in the Real World. Springer Business and Economics Texts, in production.

Papers Under Review

 “Large Investment, Financial Constraint, and Capital Structure,” with Hinh D. Khieu and Manfen W. Chen. Quarterly Journal of Finance and Acccounting. First Round.

 Research in Progress

“An Options Approach to Corporate Evaluation of Optimal Cash and Cash-Equivalent Holdings,” with Justin D. Benefield and Christopher Cain. 

 “The Appropriateness of National Park Appropriations,” with Tom Martin and J. Michael Morgan.

 “Institutional Investors and Loan Originations,” with Donald J. Mullineaux and Qun Wu.

 “Market Implications of Real Estate Purchases,” with Jon Wiley.

 “Credit Rating Changes, Dividends, and Investment Behavior,” with Hinh Khieu.

“Determinants of and Trends in FHLB Loans,” with Donald J. Mullineaux.

 “The Earnings Game and its Rewards: Does Entrenchment Matter?,” with Weishen Wang and Rachel Graefe-Anderson.

 “REIT Excess Cash: Determinants and Value,” with Hinh Khieu.