Kirt C. Butler
Associate Professor of Finance...........................................8th degree black belt
and Director of Study Abroad...............................................Shido-kan Karate
The Eli Broad College of Business.........................................www.ihadojo.com
Michigan State University
East Lansing, MI 48824 USA
Recently completed working papers
A Framework for Cross-Border Investment and Currency Hedging Decisions with Gwinyai Utete (Louisiana State University), June 2012
A Test for Long Memory in the Conditional Correlation of Bivariate Returns to Stock and Bond Market Index Futures with Will Gerken (Auburn University) & Katsushi Okada, August 2011
June 6 through June 9, 2013 at the University of Memphis
Faculty Development in International Business
AREAS OF INTEREST
- International finance and investments; financial strategy
- “Nonsynchronous Security Trading and Market Index Autocorrelation,” with Michael D. Atchison and Richard R. Simonds, Journal of Finance, March 1987.
- “Risk, Diversification, and the Investment Horizon,” with Dale L. Domian, Journal of Portfolio Management, Spring 1991.
- “The Forecast Accuracy of Individual Analysts,” with Larry H.P. Lang, Journal of Accounting Research, Spring 1991.
- “The Hamada and Conine Leverage Adjustments and the Estimation of Systematic Risk for Multi-Segment Firms,” with Rosanne Mohr and Richard R. Simonds, Journal of Business Finance and Accounting, November 1991.
- “Efficiency and Inefficiency in Thinly Traded Stock Markets: Kuwait and Saudi Arabia,” with S.K. Malaikah, Journal of Banking and Finance, February 1992.
- “Long Run Returns for Stocks and Bonds: Implications for Retirement Planning,” with Dale L. Domian, Financial Services Review 2, No. 3, 1992.
- “A Classroom Exercise to Simulate the Foreign Exchange Market,” with Chuck C.Y. Kwok, Journal of Teaching in International Business 6, No. 2, 1994.
- “Are Closed-End Country Fund Premiums-Discounts the Result of Ownership Restrictions or Investor Sentiment?” with Woojin Hahn, Midwest Review of International Business Research IX, Spring 1994.
- “Market Response to Earnings Announcements: The Effects of Firm Characteristics,” with Ki Han, Quarterly Journal of Business and Economics, Summer 1994.
- “International Portfolio Diversification and the Magnitude of the Market Timer's Penalty,” with Dale L. Domian and Richard R. Simonds, Journal of International Financial Management and Accounting 6, December 1995.
- “Stock Returns in Thinly Traded Markets,” with Richard M. Osborne, Financial Review 33, August 1998.
- “A Note on Political Risk and the Required Return on Foreign Direct Investment,” with Domingo Castelo Joaquin, Journal of International Business Studies 29, No 3, 1998.
- “Improving Analysts' Negative Earnings Forecasts,” with Hakan Saraoglu, Financial Analysts Journal, May/June 1999.
- “Competitive Investment Decisions: A Synthesis,” with Domingo Castelo Joaquin, in Project Flexibility, Agency, and Product Market Competition: New Developments in the Theory and Application of Real Options Analysis, edited by Michael Brennan (London Business School) and Lenos Trigeorgis (University of Chicago) for Oxford University Press (London), 2000.
- “Are the Gains from International Portfolio Diversification Exaggerated? The Influence of Downside Risk in Bear Markets,” with Domingo Castelo Joaquin, Journal of International Money and Finance, December 2002.
- “Risk-Adjusted Capital Costs for Chinese Capital Investments,” with Yi Zhang, Finance and Accounting Monthly, 2004 (in Chinese; Beijing, PRC).
- “Finance and the Search for the 'Big' Question in International Business,” AIB Insights 6, No. 3, 2006.
- “Bivariate and Higher-Order Terms in Models of International Equity Returns,” with Katsushi Okada, Applied Financial Economics 17, No. 9, 2007.
- “Higher-Order Terms in Bivariate Returns to International Stock Market Indices,” with Katsushi Okada, Multinational Finance Journal 12, No. 1/2, 2008.
- “The Relative Contribution of Conditional Mean and Volatility in Bivariate Returns to International Stock Market Indices,” with Katsushi Okada, Applied Financial Economics 19, No. 1, 2009.
- “Links between international financial markets and volatility,” with Will Gerken, forthcoming as Chapter 7 in International Finance: A Survey, edited by H. Kent Baker and Leigh A. Riddick. New York: Oxford University Press, 2013.
- "Multinational capital budgeting: Valuing cross-border investments,” with Gwinyai Utete, forthcoming as Chapter 19 in International Finance: A Survey, edited by H. Kent Baker and Leigh A. Riddick. New York: Oxford University Press, 2013.
- "A Fresh Look at Cross-Border Valuation and FX Hedging Decisions,” with Thomas J. O'Brien and Gwinyai Utete, forthcoming in the Journal of Applied Finance, 2013.
- BS, 1974, Psychology/Pre-med, Honors College, Michigan State University, East Lansing, MI, USA - with High Honors, 3.9 GPA, Phi Kappa Phi
- MS, 1979, Computer Science, College of Engineering, Michigan State University, East Lansing, MI, USA
- MBA, 1981, Finance, College of Business, Michigan State University, East Lansing, MI, USA
- Ph.D., 1985, Finance, College of Business, Michigan State University, East Lansing, MI, USA
- Computer Programmer, College of Veterinary Medicine, Michigan State University (1977-1979)
- Cost Accountant, Laboratory Animal Care Service, Michigan State University (1979-1981)
- Graduate Assistant, Department of Finance, Michigan State University (1981-1984)
- Instructor, Department of Finance, Michigan State University (1984-1985)
- Visiting Assistant Professor, Department of Finance, Michigan State University (1985-1986)
- Assistant Professor, Department of Finance, Michigan State University (1986-1992)
- Guest Professor of Finance, Lehrstuhl for Betriebswirtschaftlehre, Augsburg University, Germany (1992)
- Acting Chairperson, Department of Finance, Michigan State University (1998)
- Visiting Associate Professor, Department of Finance, The University of Michigan (2005)
- Associate Professor, Department of Finance, Michigan State University (1992-present)
- Director of Study Abroad, The Eli Broad College of Business, Michigan State University (2010-present)