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Steven Todd

Associate Professor, Finance

Steven Todd is an Associate Professor of Finance at the Quinlan School of Business. Dr. Todd completed his Ph.D. in finance and business economics at the University of Washington in Seattle; he also holds a B.S. degree in Operations Research from Cornell University. Dr. Todd previously served as Associate Dean for Faculty and Research at the Quinlan School of Business. He has also served as the Finance Department Chairperson and the Director of the Master of Science in Finance Program. 

Dr. Todd teaches graduate and undergraduate courses in corporate finance, investments, options, derivatives, credit risk management, financial math and modeling, international finance, portfolio management and investment banking.  His research interests include asset pricing, financial markets and institutions and corporate governance.  He has published papers on securitization, mutual fund performance measurement, managerial compensation, equity analysts and derivatives in several journals, including Real Estate Economics, Journal of Business, Journal of Corporate Finance, Financial Markets, Institutions and Instruments, and the Journal of Futures Markets.

Prior to his academic career, Steven Todd worked on Wall Street as an analyst, investment banker and portfolio manager at Merrill Lynch and UBS Securities. He also served as a Director in the CDO Research Group at Wachovia Securities (now Wells Fargo) in the years leading up to the financial crisis.  

Education

  • PhD Finance, University of Washington
  • BS Operations Research and Industrial Engineering, Cornell University

Research Interests

  • Financial Markets and Institutions
  • Asset Pricing
  • Executive Compensation

Courses Taught

  • FINC 332: Business Finance
  • FINC 335: Investments
  • FINC 345: Portfolio Management
  • FINC 346: Introduction to Options
  • FINC 355: International Financial Management
  • FINC 450: Financial Management
  • FINC 423: Options Markets
  • FINC 551: Derivatives and Corporate Risk Management
  • FINC 556: Investment Banking

Publications/Research Listings

Book Chapters

Todd, Steven. K. , "Structured Credit Products.", Companion to Financial Derivatives. Ed. , 2009.

Todd, Steven. K. , "Credit Derivatives.", Companion to Financial Derivatives. Ed. , 2009.

McManus, Brian. , Preston, D., Ray, A., & Todd, S. "CDO Performance.", Structured Products and Related Credit Derivatives. Ed. , 2008.

McManus, Brian. , Preston, D., Ray, A., & Todd, S. "CDO Equity.", Structured Products and Related Credit Derivatives. Ed. , 2008.

McManus, Brian. , Preston, D., Ray, A., & Todd, S. "CDOs by Asset Type.", Structured Products and Related Credit Derivatives. Ed. , 2008.

McManus, Brian. , Preston, D., Ray, A., & Todd, S. "Basics of CDOs.", Structured Products and Related Credit Derivatives. Ed. , 2008.

McManus, Brian. , Preston, D., Ray, A., & Todd, S. "Credit Derivatives and Synthetic CDOs.", Structured Products and Related Credit Derivatives. Ed. , 2008.

Presentation of Refereed Papers

Nohel, T. (Author), Todd, S. K. (Author & Presenter).  Athenian Policy Forum, "Volatility as an Asset Class," Ryerson University, Toronto. (June 2014).

Hong, L. (Author), Nohel, T. (Author & Presenter), Todd, S. K. (Author), Midwest Finance Association - Annual Conference, "Forecasting Volatility in the Presence of Limits to Arbitrage," Midwest Finance Association, Orlando. (March 2014).

Hong, L. (Author), Nohel, T. (Author & Presenter), Todd, S. K. (Author), York University Seminar, "Forecasting Volatility in the Presence of Limits to Arbitrage," York University, Toronto. (November 2013).

Todd, S. K., Financial Management Association - Annual Meeting, "Trends in Graduate Business Specialty Master’s Programs," FMA, Chicago. (October 2013).

Hong, L. (Author), Nohel, T. (Author & Presenter), Todd, S. K. (Author), Asia Pacific Association of Derivatives - Annual Conference, "Forecasting Volatility in the Presence of Limits to Arbitrage," APAD, Busan. (August 2013).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), Asian Finance Association - Annual Conference, Nanchang, "Leverage Decisions in Portfolio Management." (July 2013).

Hong, L. (Author), Nohel, T. (Author & Presenter), Todd, S. K. (Author), China International Finance Review - Annual Conference, "Forecasting Volatility in the Presence of Limits to Arbitrage," Jiao-Tong University, Shanghai. (July 2013).

Nohel, T. (Author), Todd, S. K. (Author & Presenter), Wang, J. (Author), Athenian Policy Forum, "Leverage Decisions in Portfolio Management," APF, Seoul. (June 2013).

Nohel, T. (Author & Presenter), Todd, S. K., Wang, J. (Author), Financial Management Association - European Meeting, Luxembourg, "Leverage Decisions in Portfolio Management." (June 2013).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), International Conference on Risk Management, Copenhagen, "Leverage Decisions in Portfolio Management." (June 2013).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), Federal Reserve Bank of Chicago, "Leverage Decisions in Portfolio Management." (May 2013).

Nohel, T. (Author & Presenter), Todd, S. K., Wang, J. (Author), Loyola University Chicago, "Leverage Decisions in Portfolio Management." (May 2013).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), Midwest Finance Association - Annual Conference, Chicago, "Leverage Decisions in Portfolio Management," Midwest Finance Association, Chicago. (March 2013).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), Financial Management Association - Annual Meeting, Atlanta, "Leverage Decisions in Portfolio Management," FMA. (October 2012).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), Financial Management Association - Asia Conference, Phuket,  "Leverage Decisions in Portfolio Management," FMA. (July 2012).

Nohel, T. (Author & Presenter), Todd, S. K. (Author), Wang, J. (Author), Multinational Finance Association - Annual Conference, Krakow, "Leverage Decisions in Portfolio Management," Multinational Finance Association. (June 2012).

Nohel, T. (Author), Todd, S. K. (Author), Wang, J. (Author & Presenter), Financial Research Association Conference, Las Vegas, "Leverage Decisions in Portfolio Management." (December 2011).

Kruse, T. (Author), Nohel, T. (Author & Presenter), Todd, S. K. (Author), Pacific Basin Finance, Economics, Accounting and Management Conference, Beijing, "The Decision to Repurchase Debt," PBFEAM. (July 2010).

Kruse, T. (Author), Nohel, T. (Author & Presenter), Todd, S. K. (Author), Financial Management Association - European Conference, Hamburg, "The Decision to Repurchase Debt," FMA. (June 2010).

McKnight, Phillip, and S. Todd. (2009). "Forecast bias and analyst independence." Midwest Finance Association, Chicago, Illinois.

Todd, Steven. (2007). "CDO Equity." CDO Summit, Dana Point, New York.

Todd, Steven. (2007). "ABS Market Developments & ABX." Risk Magazine Seminar, London, United Kingdom.

Todd, Steven. (2007). "ABS Market Developments & ABX." Risk Magazine Seminar, New York, New York.

McKnight, Phillip, and S. Todd. (2006). "Forecast bias and analyst independence." FMA Annual Meeting, Salt Lake City, Utah.

McKnight, Phillip, and S. Todd. (2006). "Forecast bias and analyst independence." European Financial Management Association, Annual Meeting, Stockholm, Sweden.

McKnight, Phillip, and S. Todd. (2006). "Forecast bias and analyst independence." Southern Finance Association Meetings, Destin, Florida.

McKnight, Phillip, and S. Todd. (2006). "Forecast bias and analyst independence." Midwest Finance Association, Minneapolis, Minnesota.

Todd, Steven. (2006). "CDOs and credit derivatives." European CDOs and Credit Derivatives, Amsterdam, Netherlands.

Kruse, Timothy, T. Nohel, and S. Todd. (2005). "The decision to repurchase debt." FMA Annual Meeting, Chicago, Illinois.

Nohel, Tom, and S. Todd. (2005). "Managerial incentives, endogeneity and firm value." European Financial Management Association, Annual Meeting, Leeds, United Kingdom.

Todd, Steven, T. Kruse, and T. Nohel. (2004). "The decision to repurchase debt." University of Michigan, Ann Arbor, Michigan.

Todd, Steven, and T. Nohel. (2004). "Managerial incentives, endogeneity and firm value." University of Michigan, Ann Arbor, Michigan.

Todd, Steven, T. Hou, and P. McKnight. (2004). "The determinants of momentum in the United Kingdom." European Financial Management Association, Annual Meeting, Basel, Switzerland.

Todd, Steven. (2003). "European momentum strategies and analyst herding." Washington University, St. Louis, Missouri.

Todd, Steven, and T. Nohel. (2003). "Compensation for managers with career concerns: the role of stock options in optimal contracts." Global Finance Conference, Frankfurt, Germany.

Todd, Steven. (2003). "Compensation for managers with career concerns: the role of stock options in optimal contracts." York University, Toronto, Canada.

Nohel, Tom, and S. Todd. (2002). "Compensation for managers with career concerns: the role of stock options in optimal contracts." Federal Reserve Bank of Chicago, Chicago, Illinois.

Todd, Steven. (2002). "Stock options and managerial incentives to invest." Financial Management Association European, Copenhagen, Denmark.

Todd, Steven. (2002). "Stock options and managerial incentives to invest." Financial Management Association Meetings, San Antonio, Texas.

Todd, Steven. (2002). "Stock options and managerial incentives to invest." Asia Pacific Finance Association Meeting, Tokyo, Japan.

Todd, Steven. (2002). "Stock options and managerial incentives to invest." European Financial Management Association Meetings,, London, United Kingdom.

Todd, Steven. (2002). "Stock options and managerial incentives to invest." Royal Economic Society meeting, Warwick, United Kingdom.

Nohel, Tom, and S. Todd. (2001). "Optimal compensation for risk-averse executives with career concerns." York University, Toronto, Canada.

Todd, Steven. (2001). "Optimal compensation for risk-averse executives with career concerns." European Financial Management Association Meetings,, Lugano, Switzerland.

Ferson, W, and S. Todd. (2000). "Performance evaluation with stochastic discount factors." Winter Finance Conference, Salt Lake City, Utah.

Nohel, Tom, and S. Todd. (2000). "Executive compensation, reputation, and risk-taking incentives." Financial Management Association, Seattle, Washington.

Todd, Steven. (2000). "Performance evaluation with stochastic discount factors." Midwest Finance Association, Chicago, Illinois.

Todd, Steven. (2000). "Executive compensation, managerial risk aversion, and the choice of risky projects." Financial Management Association-International, Edinburgh, United Kingdom.

Todd, Steven. (1999). "The effects securitization on consumer mortgage costs." Australasian Finance & Banking Conference, Sydney, Australia.

Refereed Articles

Nohel, T., Todd, S. K., Kruse, T. A. (2014). The Decision to Repurchase Debt. Journal of Applied Corporate Finance, 26(2), 85 - 93. onlinelibrary.wiley.com/journal/10.1111/(ISSN)1745-6622

Kruse, T. A., Nohel, T., Todd, S. K., (2014). The Decision to Repurchase Debt. Journal of Applied Corporate Finance, 26(2), 85 - 93.  

Kruse, T. A., Todd, S. K. (2013). Price Manipulation at the NYSE and the 1899 Battle for Brooklyn Rapid Transit Shares. Financial History Review, 20(3), 279 – 303.

McKnight, P. J., Todd, S. K. (2006). Analyst forecasts and the cross-section of European stock returns. Financial Markets, Institutions & Instruments, 15(5), 201 - 224.

Nohel, T., Todd, S. K. (2005). Compensation for managers with career concerns: the role of stock options in optimal contracts. Journal of Corporate Finance, 11, 229 - 251.

Nohel, T., Todd, S. K. (2004). Stock options and managerial incentives to invest. Journal of Derivatives Accounting, 1(1), 29 – 46.

Farnsworth, H., Ferson, W., Jackson, D., Todd, S. K. (2002). Performance evaluation with stochastic discount factors. Journal of Business, 75(3), 473 – 504.

Todd, S. K. (2001). The effects of securitization on consumer mortgage costs. Real Estate Economics 29(1), 29 – 54.

 Todd, Steven. , "The effects of securitization on consumer mortgage costs." Real Estate Economics (2000).