Adam's Web Page

Education

Ph.D. in Business Administration, University of Georgia, 1995. 

Major: Finance.  Dissertation: Bivariate Binomial Option Pricing: an Application to Stochastic Volatility.

M. S. in Management, Georgia Institute of Technology, 1990.

B. S. in Applied Physics, Georgia Institute of Technology, 1983.

Academic Experience

Washington and Lee University, 2006- Present – Associate Professor of Business Administration

University of Mississippi, 2000- 2006 – Tom B. Scott Assistant Professor of Finance

University of Georgia, 1998 - Visiting Assistant Professor of Finance

University of Miami, 1995- 2000 - Assistant Professor of Finance

Classes

Fall 2007

BUS 221 Managerial Finance - The study of finance from a managerial perspective emphasizing the

primary goal of the firm as stockholder wealth maximization.

Syllabus and Information (click here)

Winter 2008

BUS 302  Financial Derivatives:  Offers a survey of the market for derivative financial instruments (futures, options and swaps). 

Provides a balanced mix of institutional, theoretical, and applied knowledge about how these instruments are designed, priced and used in practice.

Syllabus and Information (click here)

Published Research

    Journal of Financial Research, Vol. 30. Issue 3 (Fall), 437-454. (pdf)

Arnold, T.M, Tim Crack and Adam Schwartz,  2007, "Valuing Real Options using Implied Binomial Trees and Commodity Futures Options,"

     Journal of Futures Markets, Vol 27. No. 3 (March), 203-303.  (pdf)

Hueson, A., C.S. Slawson and A.L Schwartz, 2006, "Secondary Mortgage Market Purchase Commitment Yields,"

    Journal of Financial Research (Winter), Vol. 29. Issue 4, 593-608. (pdf)

Arnold, T.M., T.F. Crack and A.L. Schwartz, 2006, "Implied Binomial Trees in Excel without VBA"

    Journal of Financial Education (Fall), Vol. 32, 37-54. (pdf) (IBT spreadsheet)

Hilliard, J. E., and A. L. Schwartz, 2005, “Pricing of European and American Options under a Jump diffusion Process: a Bivariate Tree Approach,”

    Journal of Financial and Quantitative Analysis (September) Vol 40., No. 3, 671-691.(pdf)

Schwartz, A.L., B. F. Van Ness and R. A. Van Ness, 2004, “Clustering in the Futures Market: Evidence from S&P 500 Futures Contracts,”

    Journal of Futures Markets, Vol 24. No. 5, 1-16.(pdf)

Megginson, W.L., R.C. Nash, J.M. Netter and A. L. Schwartz, 2000,  “The Long Term Return to Investors in 

    Share Issue Privatizations,”  Financial Management (Spring).

Hilliard, J.E.  and A. L. Schwartz 1997, “Pricing Options on Traded Assets Under Stochastic Interest Rates and

    Volatility: A Binomial Approach,” Journal of  Financial Engineering (December), 1-27.

Hilliard J. E., A. L.  Schwartz and  A. Tucker 1996,  “Bivariate Binomial Options Pricing with Generalized Interest rate Processes,”

    Journal of Financial Research (Winter), 585-602.

Hilliard, J. E. and A. L. Schwartz 1996,  “Binomial Option Pricing Under Stochastic Volatility and  Correlated State Variables,”

    Journal of Derivatives, 4 (Fall), 23-39. (pdf)

Working Papers

Arnold, T.M., T.F. Crack and A.L. Schwartz, "Inferring Physical Probability DistributionsFrom Option Prices" (pdf)

Hilliard, J., J. E. Hilliard, and A. L. Schwartz, "Dynamic Tests of Option Pricing Models:  A Regression Approach"  (pdf)

August 2007	August 2007
Riding a Pony on the 4th of July 2006	December 2007 - Early Snowfall in Lexington
Robert's first time behind the camera	Strawberry
"Robert the Baby"	Waffle on 2nd Birthday
Busch Gardens July 2007	Going to Sunday School
Snow Day Feb. 2007	Going to a Football Game Fall 2004