Richard S. Warr

About

Richard S. Warr, Ph.D, is a Professor of Finance and the Associate Dean for Faculty and Research in the Poole College of Management at NC State University. He received his Ph.D in Finance from the University of Florida in 1998. His research focuses on information transmission in markets, equity valuation, endogeneity of corporate events such as option listings, short selling, capital structure, and market microstructure. Warr has published in several top finance and accounting journals, including the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, Financial Management, and the Journal of Corporate Finance. He served as the Co-Editor of the Financial Review from 2015 to 2021. His teaching areas include investments, portfolio management, and security analysis, and he is a faculty expert on Prediction Markets, Stock Markets, Inflation and Stock Markets, and Investing.

Research topics

• Economics
• Computer Science
• Management
• Accounting
• Econometrics
• Mathematics
• Library science
• Engineering
• Operations research
• Statistics

Selected publications

• The effects of enterprise risk management on firm performance

  SSRN Electronic Journal · 2015-12-22 · 125 citations

  articleOpen accessSenior author

  We study the effect of adoption of enterprise risk management (ERM) principles on firms’ long-term performance by examining how financial, asset and market characteristics change around the time of ERM adoption. Using a sample of 106 firms that announce the hiring of a chief risk officer (an event frequently accompanied by adoption of enterprise risk management), we find that some firms adopting ERM experience a reduction in earnings volatility. In general, however, we find little impact from ER…

  PublisherDOI

• Capital structure, equity mispricing, and stock repurchases

  Journal of Corporate Finance · 2014-04-02 · 118 citations

  articleSenior author
  PublisherDOI

• Do Pro‐Diversity Policies Improve Corporate Innovation?

  Financial Management · 2017-12-18 · 49 citations

  articleOpen access

  Abstract Using new product announcements, patents, and patent citations as measures of corporate innovation, we find that corporate policies that promote more pro‐diversity cultures, specifically treatment of women and minorities, enhance future innovative efficiency. This positive effect is stronger during economic downturns and in firms that are more innovative, value intangibles and human capital more highly, have greater growth options, have higher cash flow, and have stronger governance. Pr…

  PublisherOA PDFDOI

• CEO opportunism?: Option grants and stock trades around stock splits

  Journal of Accounting and Economics · 2015-03-14 · 43 citations

  articleSenior author
  PublisherDOI

• Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts

  Journal of Real Estate Research · 2014-01-01 · 39 citations

  articleSenior author

  We investigate the influence financial transparency, organizational complexity, and the cost of capital exert over financial market liquidity. Given regulatory distribution requirements, real estate investment trusts (REITs) are forced to frequently raise capital in the public markets. As a result, they have strong incentives to transparently communicate their financial condition to the marketplace. Within this context, we find strong evidence that firms choosing to “over-invest” in financial tr…

  PublisherDOI

Frequent coauthors

• Robert A. Van Ness

  21 shared

• William Elliott

  19 shared

• Bonnie F. Van Ness

  University of Mississippi

  15 shared

• Johanna Koëter-Kant

  Vrije Universiteit Amsterdam

  8 shared

• Bartley R. Danielsen

  8 shared

• Donald P. Pagach

  7 shared

• Jing Zhao

  Henan Agricultural University

  5 shared

• Benjamin M. Blau

  Utah State University

  4 shared

Education

• Ph.D., Finance

  North Carolina State University

  2000

• M.S., Finance

  University of North Carolina at Charlotte

  1995

• B.S., Finance

  University of North Carolina at Charlotte

  1993

Awards & honors

• Diversity and Innovation (2026)
• Society of Actuaries Monograph (2009)

Similar researchers at North Carolina State University

• Andrew Papanicolaouh-62
• Kazufumi Itoh-53
• Jim Wilsonh-44