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Personal Data
Department of Business Management
B33 Nelson Hall, Box 7229
North Carolina State University
Raleigh, N. C. 27695
(919) 515-6940

2204 Weybridge Drive
Raleigh, N. C. 27615
(919) 872-6702

University of North Carolina Ph.D.
University of North Carolina Masters
University of North Carolina A.B


Chartered Financial Analyst designation—since 1982
Honors: 1) Outstanding Teacher Award, 1993,
2) Board of Governors Teaching Award, 1998
Teaching Experience
Edwin Gill Professor of Finance– 1983 to present
North Carolina State University - Professor - 1978
North Carolina State University - Associate Professor of Economics and Business--1974/1978
North Carolina State University - Assistant Professor of Economics--1970/1974
Indiana University - Assistant Professor of Finance - 1969/1970
University of North Carolina - Instructor - 1968
Teaching Interests

Research Interests

Managerial Finance
Risk Management
Money & Capital Markets

Asset Allocation Decisions
Rate of Return on Assets
Stock Selection Models
Quarterly Earnings Surprises

Undergraduate, Masters
Courses Taught
Financial Management—
Investments-Risk Management
Money & Capital Markets

BUS 420, BUS 520
BUS 422, BUS 522
BUS 524
BUS 528

Translated into several foreign languages. Investments. Publishers. forthcoming. Sean Cleary and Charles Jones. 2006 11th Edition. Instructor’s Manual. and the Economy West Publishing Company 1980 Essentials Of Modern Investments Ronald Press 1977 Security Analysis and Portfolio Management Ronald Press 1975 . Investments: Analysis and Management All editions.2 PUBLICATIONS (1) Books Investments: Analysis and Management John Wiley and Sons. Mutual Funds: Your Money. Financial Markets. Irwin 1992 Money. Publishers 10th Edition. September 2009 One of the major textbooks in the marketplace over the last 20 years. Your Choice Prentice-Hall/Financial Times 2002 Introduction to Financial Management Richard D. John Wiley & Sons. 2005. 2nd Canadian Edition.

Financial Markets and Long-Term Economic Growth. 1990) . Illinois: Dow-Jones Irwin. Vermont: Edward Elgar. Paul Marsh. 1830-1988. pp.) Tom Weiss and Donald Schaefer. (Ed.3 (2) Selections in Books The Wilson-Jones’ data on stock prices and returns in the Journal of Business (July 2002) have been used for the United States series in Triumph of the Optimists written by Elroy Dimson. Stanford University Press. (Brookfield. published by Princeton University Press. dividends. S.) Michael Bordo. (Homewood. "U. 2002. stock price indexes. pp. 2001." Crashes and Panics: The Lessons From History. 1830-1988. 1790-1989. S. (Stanford University Press. Financial Markets and Long-Term Economic Growth. With Richard Sylla and Jack Wilson "Financial Market Panics and Volatility in the Long Run. 28-52.) Thomas Weiss and Donald Schaefer." Economic Development in Historical Perspective." Economic Development in Historical Perspective. 1992). Eugene N." Financial Crises (Ed. S.. 55-125. White. (Ed. With Richard Sylla and Jack Wilson "U. earnings and returns from 1870 to the present was published as a eries in Historical Statistics of the United States: Millennium Edition. and Mike Staunton. 1992 Financial Market Panics and Volatility in the Long Run. The data organized by Jack Wilson and Charles Jones on U. Ed. 1994). 1790-1989.

No. 29.” The Journal of Wealth Management. with Mark Walker and Jack Wilson “The Changing Nature of Bond and Stock Volatility. With Jack Wilson. 4. and Expected Return Assumptions. 26-34.4 (3) Journal Articles “Is Sell in May and Go Away a Valid Strategy for Investors?” submitted to the Journal of Wealth Management. With Leonard Lundstrum. pp. “Forecasting Stock Returns: The Relative Importance of Valuation Variables. with Jack Wilson “The Equity Risk Premium Controversy. "Can Average Stock Returns Match the Performance of the 20th Century?" The Journal of Wealth Management. 31-36. . 2. No. “Using the Supply Side Approach to Understand and Estimate Stock Returns. No. Vol. “The Impact of Inflation Measures on the Real Returns and Risk of U. 60.” The Journal of Financial Research. 41. with Jack Wilson “Pension Assets. Vol.” Financial Analysts Journal. Summer 2006. “How Important is the P/E Ratio in Determining Market Returns?. 27. 6. “Asset Allocation: What Proportion in Bonds?” Journal of Wealth Management. Spring 2008.” Journal of Business. vol. S. 19-26. Vol. pp. With Jack Wilson and Len Lundstrum “An Analysis of the S&P 500 Index and Cowles’ Extensions: 1870-1999. Summer 2005. With Mark Walker “Estimating Stock Returns: Should Investors Expect Less in the Future?” The Journal of Portfolio Management. No. No. No. Winter 2004. The Journal of Portfolio Management. pp. Vol. Summer 2006.” The Financial Review. 585-601. 3 (Winter 2003) pp.” Journal of Investing. February 2006.40-50. Summer 2008. with Jack Wilson “Analyzing Stock Market Volatility Using Extreme-Day Measures. 12. 2 (Summer 2003) pp. 1. 1. 1. Vol. 7. 100-113. Vol. 1 (Fall 2002) pp. January-February 2004. No. pp. Vol. 77-94. “ Journal of Investing. Vol. Corporate Earnings. pp. No. The Journal of Portfolio Management. April 2009 “Analyzing and Estimating Real Stock Returns. The Journal of Investing. 9. 1. Summer 2004. Stocks. 14. 25-32. No.

(Winter 1996). 241-263. 75. No. pp. No. Fall 1998. "What Every Bond Investor Should Know. 1 (Summer 2002) pp." The Journal of Performance Measurement. Vol. Vol. 31-39. No. (Summer 1996) pp. 23. 1-6. 9. pp. 39-42. 2. 5. No. With Jack Wilson "Understanding the Time Diversification Controversy." The Journal of Investing. pp. (Summer 2000) pp. No. 2 (Summer 2002) pp. 51-56. Winter 1999. With Jack Wilson “Will Low Rates of Returns on Stocks Continue?” Journal of Investing. No. 2. Spring 1999. Vol. 1. 3. pp. Vol. 3.” Journal of Wealth Management." The Journal of Financial Education. pp. 15-28. pp.” The Financial Review. Vol. Vol. 60-68. No. 3. With Jack Wilson “Stochastic Properties of Time-Averaged Financial Data: Explanation and Empirical Demonstration Using Monthly Stock Prices. Poindexter . 11. Vol. Vol. pp. Vol. With Jack Wilson and J. 14-23. 25. 1. With Jack Wilson "Long Term Returns and Risks for Bonds. Vol. with Jack Wilson "Asset Allocation Decisions: Making the Choice between Stocks and Bonds.” Journal of Financial Education. pp." Financial Consultant. With Jack Wilson "The Incidence and Impact of Losses from Stocks and Bonds. 1. 3." The Journal of Private Portfolio Management. pp. 26 (Fall 2000) pp. Vol 8. C. 35-37. Vol. 2. With Jack Wilson “The Implications of Low Dividend Yields for Investors. 57-62. Winter 1998. 35-37. 29-61. (July 2002).5 Vol. 24. 71-72. 2. With Jack Wilson "Are Your Rate of Return Assumptions Realistic?. With Jack Wilson "Expectations About Real Returns: Are They Realistic?" The Journal of Portfolio Management. Vol. 2. 1. " The Journal of Private Portfolio Management. (Spring 1997). With Jack Wilson "Probable Bond Returns: The Lessons of History. (August 2001). with Jack Wilson and Len Lundstrum “Recent Extraordinary Stock Returns: Can They be Repeated? A Note” Journal of Investing. 36. No. (Summer 1998). 45-52." Journal of Portfolio Management. 1. No. No. With Jack Wilson and Len Lundstrum “Meeting Fixed Income Learning Objectives: An Efficient Tool for Teaching Bond Price and Duration Calculations. No. No.

77-79. No. Fall. pp. Vol. 55-79. Vol. XLII. With Richard Rendleman and Henry Latane. 1990. 1. 1989. 453-461. 12. Coauthors: Doug Pearce. pp. Vol. 28. No.1 (1987). with Jack Wilson "Further Insight Into The Standardized Unexpected Earnings Anomaly: Size and Serial Correlation Effects. 6. Volume 3.6 "Probabilities Associated with Common Stock Returns. 21-32. 1993." Journal of Portfolio Management. Bonds. 25. No. The Financial Review. 1. pp. No. (February 1993). No. 25. pp. No. Paper. 239-258. with Bruce Bublitz "Is There a January Effect in Corporate Bond and Paper Returns?" The Financial Review. with Jack Wilson "Is Stock Price Volatility Increasing?" Financial Analysts Journal. (February 1990). with Jack Wilson "A Comparison of Seasonal Anomalies Across Major Equity Markets: A Note. April 1987. 67-70. February. 4. 60. 2." The Financial Review. Vol. 55-79. No. 1. 22. 1. Vol. 1990. Vol. Coauthor: Jack Wilson "Common Stock Prices and Inflation: 1857-1985" Financial Analysts Journal. pp. (Fall 1995). pp." Journal of Accounting. No. With Jack Wilson "A Re-Examination of the Seasonal Anomalies: A Comparison of Least Squares and Robust Estimates. 131-152. 20-26 November-December. Vol. with Jack Wilson "An Analysis of the January Effect in Stocks and Interest Rates Under Varying Monetary Regimes" Journal of Financial Research. Vol. pp. Winter. Vol. 1987. 4. 3. pp. 22. with Jack Wilson "The CAPM and Equity Return Regularities: An Extension" Financial Analysts Journal. June 1987. 1. With Jack Wilson "Is There a January Effect in Corporate Bond and Paper Returns?". 43." Advances in Quantitative Analysis of Finance and Accounting. 45. Auditing. "Stocks. and Finance. July-August. 14. 20-24. pp. 43. 131-144. pp.Vol. Vol. 1987. 1989. with Bruce Bublitz . Fall 1987. with Jack Wilson "Can Tax Loss Selling Explain the January Effect? The Journal of Finance. 549-571. pp." Financial Review. and Inflation: 1870-1985" The Journal of Portfolio Management. Vol. No. No. Jack Wilson "A Comparison of Annual Common Stock Returns: 1871-1925 and 1926-1985" The Journal of Business. 2. No. 341-354. pp. With Jack Wilson "Market Reaction to the Information Content of Earnings Over Alternative Quarters. No. pp.

with H." Journal of Business Research.1971-77" The Journal of Finance. 79-88. with O. 2. Maurice Joy "Standardized Unexpected Earnings--A Progress Report. 4. Spring 1979. No. Vol.7 "Should We Believe the Tests of Market Efficiency?" The Journal of Portfolio Management. Coauthor: H. . Latane' and R. A. 265-276. 59. 4." Western Economic Journal. 717-724. Vol. 2. 29. Rendleman. Latane "The Relationship Between Performance and Risk: Whence the Bias?" The Journal of Financial Research. pp. No. Summer 1981. 34. "The Simultaneous Nature of a Capital Market. W. 7983. pp. pp. 3. Vol. pp. 269-287 with R. 3. Vol. H. with H. Vol. No. II. C. with J. 2. 2. pp. Latane' "Empirical Anomalies Based on Unexpected Earnings and The Importance of Risk Adjustments. 10. with R. Wilson "An Analysis of Risk and Return Characteristics of Corporate Bankruptcy Using Capital Market Data" The Journal of Finance. Winter 1975. No. July 1974. with O. No. 3. pp. September 1980. pp." The Quarterly Review of Economics and Business. 2. 12. Vol. 1. pp. pp. Vol. December 1977. 32. 55-63. Latane' "Earnings Reports and Market Efficiencies: An Analysis of the Contrary Evidence" The Journal of Financial Research. Poindexter "Earnings Trends and Investment Selection. Spring. Vol. No." Journal of Business Research. Rendleman. Swary "Standardized Unexpected Earnings . pp. 1986. No. November 1982. I. 10. Summer. Vol." Journal of Financial Economics. 2. No. June 1979. pp. Aharony." The Quarterly Review of Economics and Business. pp. H. 4. 1985. 28-32. 11. 15. No. Maurice Joy "An Empirical Approach to Recent Financial Theory. with Michael A. 119-132." The Journal of Finance. Vol. Vol. 1406-1413. Maurice Joy "Earnings Announcements: Pre-and-Post Responses" The Journal of Portfolio Management. 13. 103-108 with J. No. 4. Winter 1973. Rieke "The Effect of Recent Tax Policy Changes on Manufacturing Investment. A. Simkowitz "Quarterly Earnings and Subsequent Holding Period Returns. 3. Vol. No. Vol." Financial Analysts Journal. No. Latane' "Leverage and the Valuation of Risk Assets: An Empirical Test. A. 1001-1016 with J. April 1974. Vol . 5. No. No. 49-54. with O. March-April 1973. 4. pp.

pp. 25. Vol. Maurice Joy "Quarterly Data: E/P v. Latane. with J. No. pp. 1. with Robert H. Vol. 6. and Security Evaluation. pp. Simkowitz "A Simultaneous Equation Model for Security Prices. Tuttle "Adjusting for Risk in the Capital Budget of a Growth-Oriented Company: A Comment. Changes in Earnings in Forecasting Future Price Changes" Financial Analysts Journal. May 1972. December 1972. Simkowitz "Re: The Money Supply. No." The Journal of Finance. September 1969 with Robert H. Vol. 427-438." The Journal of Finance. Simkowitz "Ordinal Predictions and the Selection of Common Stocks. with Michael A. January-February 1969 with Henry A. Vol. 103-108. 107-108. 1669-1672. November-December 1969. 6. 669-673. Sort-Rank Routines. 3. No." Journal of Financial and Quantitative Analysis. No. p. Williamson "A Note on the Simultaneous Nature of Finance Methodology. September 1971. pp. R. Vol." The Journal of Financial and Quantitative Analysis. Vol." The Journal of Business. Vol. No. 27. 25. with Robert H. Litzenberger "Another Look at the Value of P/E Ratios. 301-304. Litzenberger "Is Earnings Seasonality Reflected in Stock Prices?" Financial Analysts Journal. March 1970. No. pp. 2. pp. 1. Donald L. Vol. 41. 1059-1068. with Michael A. October 1970 . No. 6168. pp. 117-120. March 1972. with Robert H. Litzenberger. pp. 4. Maurice Joy "Quarterly Data. June 1970. 4. o. 57-59. Litzenberger "The Capital Structure and the Cost of Capital: A Comment. 25. 28. 143-148.8 396-401. Vol. O. September-October 1970." The Southern Journal of Business. March 1972 with Michael A. 2." Journal of Financial and Quantitative Analysis." The Journal of Finance. 5. No. O. pp. 2. Maurice Joy "Quarterly Earnings Reports and Intermediate Stock Price Trends. Latane.3." Financial Analysts Journal. 1. Simkowitz "An Exploratory Analysis of the Simultaneity of Stock Price Movements. with O. VII. Litzenberger . 43. Portfolio Adjustments and Stock Prices Article. C. pp. pp. March-April 1972. Vol." Financial Analysts Journal. with Henry A. Vol. with Michael A. Poindexter. Vol. No. H. with Robert H. 26. 4. 25. No. No. 7.

" presented at The Southern Economic Association Meetings. The Southern Finance Association Meetings. British Columbia. 1977. 1982." presented with Michael A. 1977. November 10-12." presented at Financial Management Association Meetings. Texas. Poindexter at The 1972 Southern Economic Association Meetings. (with Henry Latane') "The Writings of Henry Latane'. C. Maurice Joy at The 1972 Western Finance Association Meetings in Santa Clara." presented with Michael A. Litzenberger and O. Simkowitz at The 1971 Western Finance Association Meetings in Vancouver. Atlanta. C. November 2-4." presented with Robert Reike at The 1973 Southern Finance Association Meetings in Houston." presented at The American Finance Association Meetings. Washington. Financial Markets and Long-Term Economic Growth. "The Effect of Inflation Adjustments on the Contemporaneous Association Between Accounting Based Risk Measures and Systematic Risk: Some Empirical Evidence . Florida. C. Simkowitz at The 1972 Southern Finance Association Meetings in Washington. Louisiana. 28-30.Comment. 1790-1989. Investor Expectations." presented at The Southern Finance Association Meetings. New Orleans. December. "A Simultaneous Equation Approach to Examining Security Prices. 1981. "Some Research Notes on Market Efficiency Testing." presented with Robert H. "Leverage and the Valuation of Risk Assets: An Empirical Test. D. "U. 1983. S. Litzenberger and O. November 4-6." presented with Robert H." presented with J. Georgia. "The Effect of New Tax Policies on Investment Behavior. and Subsequent Stock Price Movements. Simkowitz at The 1971 Southern Finance Association Meetings in Miami Beach." Commentation. New Orleans. New York City." presented at the ." presented with Michael A. Atlanta. D. "An Exploratory Analysis of the Simultaneity of Stock Price Movements Using Canonical Correlation. California. The Value of Published Financial Information and the Efficiency of the Market. Maurice Joy at The 1970 Southern Finance Association Meetings in Atlanta.9 PRESENTATIONS AT ACADEMIC MEETINGS "A Re-Examination of the Financial Leverage Controversy. October 19-22. "Ex-Post Tests of Ex-Ante Hypotheses in Asset Pricing. "Methods of Estimation for Jointly Determined Variables. "The Use of Unexpected Earnings.

1990. in Baltimore. . August.10 Fetstschrift for Robert Gallman. Maryland.

May 12. New York City. April 16. 1980. Recent Performance. "The Bias in the Composite Portfolio Performance Measures. Carolina Inn. 1981. April 30 . ." presented to the North Carolina Institute for Investment Research. "An Update on Earnings Models and Usefulness in Portfolio Selection. Managerial Finance. N. complete course taught off campus. Sirrine Company. 1981. Chapel Hill. "Basic Financial Management Concepts. Chapel Hill. November 28. Hotel Europa. Chapel Hill. "The Adjustment of Stock Returns to Unexpected Changes in Quarterly Earnings. and Insight into the Adjustment of Stock Returns to Unexpected Earnings. March 1969." presented to the North Carolina Society of Financial Analysts.May 1." presented to the North Carolina Institute for Investment Research. New York Society of Severity Analysts. E. Nags Head. 1978. November 5. By Invitation. 1982." presented to the North Carolina Institute for Investment Research." short course in Finance taught for J. "Standardized Unexpected Earnings. "New Approaches to Performance Evaluation. "Exploiting Stock Market Anomalies: An Update. Chapel Hill. Chapel Hill. December 4." presented to the North Carolina Institute for Investment Research." presented at the North Carolina Institute for Investment Research. "SUE: Long-Run Documentation. North Carolina. Chapel Hill. 1982." presented to the North Carolina Institute for Investment Research." presented to The Seminar on Computer Research in Investments. 1977. December 9. "The Use of Unexpected Earnings in Portfolio Selection. January 21. 1980..C. 1982.11 PRESENTATIONS TO PROFESSIONAL GROUPS "The Use of Quarterly Data in Predicting Future Stock Price Performance. 1976." presented to the North Carolina Institute for Investment Research. Winston-Salem.

The Southern Economic Journal.A. Financial Management Abstractor. The C. reappointed 1981 Editorial Board .1971 . Journal of Financial and Quantitative Analysis.Southern Finance Association .1977-1981.The Journal of Financial Research .1976 Reviewer. 1982 North Carolina Society of Financial Analysts Member: American Finance Association Eastern Finance Association Western Finance Association Southern Finance Association Financial Management Association Associate Editor . 500+ abstracts of journal articles Executive Committee . Digest.F. Financial Management Association .12 PROFESSIONAL ACTIVITIES Chartered Financial Analyst.Journal of Business Research .1973-1974 1982 Program Committee.

2005-2006 Funds were raised by Jack Wilson and myself from the College of Financial Planning and A. College Committee for Teaching Awards. Business Management Strategic Planning Committee. MBA Strategic Planning Committee. 2002-2003. 2003-2004. CRC Committee—Classroom Evaluation 2001-2002 . COM Restructuring Committee. 2004-2005. 2003-2004 Member. 2008-2009 Chair. 2003-2004 Member. 2007-2008 Chair. Max Gardner Award Committee. G. Newsweek. College Committee for Teaching Awards. 2005 Chair. 2000-2001 Member. 2002-2003. 2008-2009 Chair. 2001-2002. Head. Textbook Selection Committee. 2007-2008. 2003-2004. 2001-2002. 2005-2006 Advisor to Faculty Recruiting Committee for Finance. contributed to Business Management Enhancement Fund. 2004-2005. April 1. College Committee for Teachinig Awards. 2006-2007. 2005-2006. Finance faculty Comprehensive Review Committee. 2002-2003 Chair. College Accreditation Committee Member. 2008-2009 Area Coordinator of Finance: 2008-2009. ad hoc Committee for the 5-year evaluation of Dept. Edwards Brokerage. PTR Committee. 2002 Member. O. College Committee for Teaching Awards. 2006-2007. 2000-2006 Member. Summative Review for Rob Handfield. 2003-2004 Member. 2003 Chair. Finance Recruiting Committee 2001-2002 Research by Charles Jones and Jack Wilson was mentioned in an article in Newsweek on retirement planning—Jane Bryant Quinn. 2007-2008. 2005-2006.13 DEPARTMENTAL AND COLLEGE ACTIVITIES Member.

Member-University Group Insurance and Welfare Committee 1975-76. Committee for Selection of Outstanding Teacher. State of North Carolina . . 1976. Chair. Finance position. Chair. College Committee for Teaching Awards. 1998-1999 Finance Search Committee. Member-Ad Hoc Committee on Consulting. 1977-78. 2000 Dean’s Search Committee. Faculty Recruitment Committee. 1991-1992 Chair. 1998-1999 Member. 1996 Dean’s Search Committee. Faculty Recruitment Committee. 1989-90 Advisor-Office of the Governor. AACSB Committee on Faculty Development. 1977-78. School of Liberal Arts 1975. Department of Economics and Business.14 Chair. Search Committee.C. Member-Ad Hoc Committee on Master of Management Degree for N. 1998-1999 Member. 1998-2003 Chair. Faculty Recruitment. School of Liberal Arts. 1976-77. 2000-2001 Combined Campaign Representative for Business Management. 1995-1998 Chair. State University. Nations Bank Search Committee. Department of Economics and Business. Business Management Review Committee. Member-Outstanding Teacher of the proposal for the Biotechnology Foundation. 1992-1993 Chair. 1998-1999 Department Head Search Committee. 1985-86.

15 Chair. 1980-81. Member-Undergraduate Business Management Review Committee 1981-82. . Gill Chair Evaluation Committee.

16 CONSULTING (1) The North Carolina Utilities Commission.P-78. E-22. Sub 25-1972 (3) The Attorney General of North Carolina a) in re: Virginia Electric and Power Company Docket No. Adams. Economics Department Cost of Capital. P-55. Sub 133-1973 (2) The Attorney General of North Carolina a) in re: Western Carolina Telephone Company Docket No. Docket No. Capital Budgeting and Ratio Analysis (8) Sanford. P-58. Sub 141-1973 (4) The Attorney General of North Carolina in re: Southern Bell Telephone & Telegraph Company. Sub 85-1972 b) in re: Westco Telephone Company Docket No. Sub 768 (5) Northeastern National Bank (proposed) Feasibility Study-Economic Analysis (6) Carolina Power and Light Company rate of return analysis (7) Research Triangle Institute. P-19. Sub 136-1972 b)Docket No. McCullough and Beard Attorneys at Law valuation of a company (9) Publishers-Manuscript Evaluation John Wiley Publishing Company Wiley--Hamilton Publishing Company West Publishing Company . P-16. in the case of General Telephone Company of the Southeast a) Docket No.

17 Winthrop Publishers Prentice-Hall Publishers Allyn and Bacon Publishers (10) Institute of the Chartered Financial Analysts--University of Virginia. security analysis and portfolio management . Dickerson. Zurich. Gledhill & Hargrave Attorneys at Law Valuation of a professional practice (13) Union Bank of Switzerland. Bernholz. Charlottesville. 1993-2000 Conduct certification programs for bank employees. Bernholz. P. Attorneys at Law Valuation of a closely held corporation (12) Coleman. including portfolio theory.A. Virginia (11) Hollowell and Silverstein.