Bartley Danielsen

About

Bartley Danielsen is an Associate Professor of Finance at NC State University's Poole College of Management, within the Department of Finance. He teaches both graduate and undergraduate courses in corporate finance, investments, and real estate. He is a coauthor of the internationally best-selling textbook, Foundations of Financial Management, now in its 17th edition. His research focuses on the impact of charter schools, voucher programs, and education savings accounts (ESAs) on property values and family residential choice. Dr. Danielsen is the originator of the economic development program known as 'Economic Development Zone ESAs,' which aims to increase cultural and economic diversity in high-poverty neighborhoods while improving job opportunities for residents. He is also the founder and President of Environmentalists for Effective Education, a public charity dedicated to promoting research and awareness of educational choices in revitalizing urban areas, reducing urban sprawl, and creating sustainable cities. He holds a Ph.D. in Financial Economics from the University of Florida, obtained in 1999.

Research topics

• Computer Science
• Business
• Finance

Selected publications

• Short-Sale Constraints, Differences of Opinion, and Overvaluation

  Journal of Financial and Quantitative Analysis · 2006-06-01 · 163 citations

  article

  Abstract Miller (1977) hypothesizes that dispersion of investor opinion in the presence of short-sale constraints leads to stock price overvaluation. However, previous empirical tests of Miller's hypothesis examine the valuation effects of only one of these two necessary conditions. We examine the valuation effects of the interaction between differences of opinion and shortsale constraints. We find robust evidence of significant overvaluation for stocks that are subject to both conditions simult…

  PublisherDOI

• Idiosyncratic risk and the cross-section of stock returns: Merton (1987) meets Miller (1977)

  Journal of Financial Markets · 2009-02-02 · 136 citations

  article
  PublisherDOI

• Estimation Risk, Information, and the Conditional CAPM: Theory and Evidence

  Review of Financial Studies · 2008-03-14 · 81 citations

  articleSenior author

  We theoretically and empirically investigate the role of information on the cross section of stock returns and firms' cost of capital when investors face estimation risk and learn from noisy signals of uncertain quality. The resultant equilibrium is an information-dependent conditional CAPM. We find strong empirical support for the model. Innovations in market volatility, oil prices, exchange rates, and dispersion of analysts' forecasts not only help explain the cross section of stock returns, b…

  PublisherDOI

• Idiosyncratic Risk and the Cross-Section of Stock Returns: Merton (1987) Meets Miller (1977)

  SSRN Electronic Journal · 2005-01-01 · 70 citations

  articleOpen access
  PublisherDOI

• Why Do Option Introductions Depress Stock Prices? A Study of Diminishing Short-Sale Constraints

  RePEc: Research Papers in Economics · 2001-02-01 · 57 citations

  article1st authorCorresponding

  Early studies find that option introductions tend to raise the price of underlying stocks. More recent research indicates that post-1980 option introductions are associated with negative abnormal returns in underlying stocks. Other studies document increased short sale activities following option listing. This paper provides evidence that the documented abnormal returns and changes in short interest around option listings are consistent with the mitigation of short sale constraints resulting fro…

  Publisher

Frequent coauthors

• Rodney D Boehme

  Wichita State University

  21 shared

• Sorin M. Sorescu

  Texas A&M University

  20 shared

• Sean Cleary

  9 shared

• A Aivazian

  University of Washington

  9 shared

• Laurence Booth

  9 shared

• Richard S. Warr

  North Carolina State University

  8 shared

• David Harrison

  8 shared

• Robert A. Van Ness

  7 shared

Education

• Ph.D., Business Administration

  University of North Carolina at Chapel Hill

  1990

• Other, Business Administration

  University of North Carolina at Chapel Hill

  1985

• B.S., Business Administration

  University of North Carolina at Chapel Hill

  1982

Similar researchers at North Carolina State University

• Rob Handfieldh-71
• Bradley Kirkmanh-61
• Barry Goodwinh-58