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Mark Pyles, Ph.D.

Professor of Finance, Director of SB Investment Program

Address: Beatty 414
Office Hours: TR 12:30-1:30 pm; W 11:00 am-12:00 pm, 1:00-3:00 pm; and by appointment
Phone: 843.953.7991
Curriculum Vitae: Download


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

Corporate Liquidity

Financial Constraints

Behavioral Finance

Real Estate Investment Trusts

Financial Education

Courses Taught

Financial Modeling (MBA)

Applied Portfolio Management I and II

Investment Analysis

Intermediate Business Finance

Business Finance       


Journal Publications 

“The Influence of a Credit Rating Change on Dividend and Investment Policy Interactions,” with Hinh Khieu. (2016) The Financial Review 51 (4), 579 – 611.

 “Cutural Influences on Risk Tolerance and Portfolio Creation,” with Yongping Li, Shifang Wu, and Steven D. Dolvin. (2016) Journal of Behavioral and Experimental Finance, 9, 43-55.

 “Seeking Alphas from Underperforming Stocks: the Perspective of Corporate Governance,” with Weishen Wang. (2014) Journal of Investing, 23 (3), 23-34.

 “How Entrenched Managers Beat Earnings Expectations Before and After SOX,” with Weishen Wang, Rachel Graefe-Anderson, and Dongnyoung Kim.  (2014) Quarterly Review of Economics and Finance, 54 (1), 82-91.

 “Large Investment, Financial Constraint, and Capital Structure,” with Hinh D. Khieu and Manfen W. Chen. (2014) Quarterly Journal of Finance and Acccounting, 51 (3/4), 71-106.

 “Rewards to Meet Market Expectations: Evidence of Stock Market Sophistication,” with Weishen Wang and Rachel Graefe-Anderson. (2014) The Journal of Accounting and Finance, 14 (1), 174-185.

 “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.

 "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.

 “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.

 “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.

 “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.

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

 “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.

 “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.

 Book Publications

Applied Corporate Finance: Questions, Problems, and Making Decisions in the Real World. (2014) New York: Springer Texts in Business and Economics.  Hardcover ISBN: 978-1-4614-9172-9; E-book ISBN: 978-1-4614-9173-6.