Arnold R. Cowan, Ph.D.
Ganoe Faculty Fellow in Finance
President, Midwest Finance Association
Editor (jointly with Cynthia J. Campbell), The Financial Review

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Research

Research Interests

Corporate finance, international finance, event study methods, insurance industry interactions with financial markets.

Working Papers and Current Projects

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Do Demand Curves for Small Stocks Slope Down? (with Ernest N. Biktimirov and Bradford D. Jordan) Click here to view, print or download (requires Acrobat Reader)

Standby Contract Fees in Underwritten Calls of Convertible Securities (with Nandkumar Nayar and Ajai K. Singh) Click here to view, print or download (requires Acrobat Reader)

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Publications

Journal Articles on Corporate Finance

Cowan, Arnold R., Nandkumar Nayar and Ajai K. Singh, 2000, Underwriting and Calls of Convertible Bonds.  Decision Sciences 31(1), Winter,  57-77. Click here to view, print or download (requires Acrobat Reader 4.05 or higher)

Cowan, Arnold R., 1999, Tax Options, Clienteles and Adverse Selection: The Case of Convertible Exchangeable Preferred Stock. Financial Management 28, Number 2, . Click here to view, print or download the paper or here for the executive summary  (requires Acrobat Reader 3.01 or higher.)

Sant, Rajiv, and Arnold R. Cowan, 1994, Do Dividends Signal Earnings? The Case of Omitted Dividends. Journal of Banking and Finance 18, December, 1113–1133. Click here to view, print or download the paper (requires Acrobat Reader 3.01 or higher.)

Cowan, Arnold R., Nandkumar Nayar and Ajai K. Singh, 1993, Calls of Out of the Money Convertible Bonds. Financial Management 22, Number 4, 106–116.

Cowan, Arnold R., Richard B. Carter, Frederick H. Dark and Ajai K. Singh, 1992, Explaining the NYSE Listing Choices of NASDAQ Firms. Financial Management 21, Winter, pp. 73–86.

Cowan, Arnold R., Nandkumar Nayar and Ajai K. Singh, 1992, Underwriting Calls of Convertible Securities: A Note. Journal of Financial Economics 31, April, pp. 269-278.

Cowan, Arnold R., 1991, Inside Information and Debt Rating Changes. Journal of the Midwest Finance Association 20, pp. 47-58. Click here to view, print or download (requires Acrobat Reader 3.0 or higher.)

Singh, Ajai K., Arnold R. Cowan and Nandkumar Nayar, 1991, Underwritten Calls of Convertible Bonds. Journal of Financial Economics 29, March, pp. 173-196.

Cowan, Arnold R., Nandkumar Nayar and Ajai K. Singh, 1990, Stock Returns Before and After Calls of Convertible Bonds. Journal of Financial and Quantitative Analysis 25, December, pp. 549-554.

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Journal Articles on Event Study Methods

Cowan, Arnold R. and Anne M.A. Sergeant, 2001, Interacting Biases, Non-Normal Return Distributions and the Performance of Tests for Long-Horizon Event Studies. Journal of Banking & Finance 25(4), pp. 741–765. Click here to view, print or download (requires Acrobat Reader)

Cowan, Arnold R. and Anne M.A. Sergeant, 1996, Trading Frequency and Event Study Test Specification: Empirical Evidence. Journal of Banking and Finance 20, December, pp. 1731-1757. Click here to view, print or download (requires Acrobat Reader.)

Cowan, Arnold R., 1993, Tests for Cumulative Abnormal Returns over Long Periods: Simulation Evidence. International Review of Financial Analysis 2, pp. 51–68.

Cowan, Arnold R., 1992, Nonparametric Event Study Tests. Review of Quantitative Finance and Accounting 2, December, pp. 343-358. Click here to view, print or download (requires Acrobat Reader 3.0 or higher.)

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Other Journal Articles

Cowan, Arnold R., Jann C. Howell and Mark L. Power, 2002, Wealth Effects Of Banks' Rights To Market And Originate Annuities. Quarterly Review of Economics and Finance 42(3), pp. 487-503. Click here to view, print or download.

Cowan, Arnold R. and Mark L. Power, 2001, Interfirm Stock Price Effects of Asset-Quality Problems at First Executive Corporation. Journal of Risk and Insurance, March, Click here to view, print or download (requires Acrobat Reader 4.05 or higher)

Haddad, Mahmoud M., Saul Z. Barr, Arnold L. Redman and Arnold R. Cowan, 1995, Adoption of FASB 106 and Stock Prices, International Advances in Economic Research 1, May, pp. 156-163. Click here to view, print or download (requires Acrobat Reader 3.0 or higher.)

Software

 Eventus ® 7.0, 2001, Cowan Research, L.C.

 EventStream, 2000, 2003 Cowan Research, L.C.

Research Links

Midwest Finance Association

MFA (Midwest Finance Association) 2004 Conference

Eastern Finance Association