Adam's Web Page

Adam Schwartz, Ph.D., CFA

Professor of Business Administration/Finance

Williams School of Commerce, Economics and Politics

309 Holekamp Hall

Lexington, VA 24450

Phone: (540) 458-8254    Fax: (540) 458-8639

Email:  Schwartza@wlu.edu


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,  2012-Present - Professor of Business Administration

Washington and Lee University,  2006-2012 – 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

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)

BUS 356  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)

BUS 359 Investments - A study of investments and investment management from a practical and theoretical point of view.

Syllabus and Information (click here)


Published and Forthcoming Research

 Jim Hilliard, Adam Schwartz and Jim Squire “A Test of Technical Analysis: Matching Time Displaced Generalized Patterns” 

    Accepted at Financial Management (pdf)

Arnold, T.M, R.P.H. Fishe and Adam Schwartz, “Salary Inversion in Business Schools: Does a rising tide lift all boats?”

    Forthcoming at the Journal of Financial Education. (pdf)

Arnold, Tom, Timothy Falcon Crack, and Adam Schwartz, 2011, “Inferring Risk -Averse Probability Distributions from Options

    Prices Using Implied Binomial Trees.”Chapter two in: G.N. Gregoriou and R. Pascalau (Eds.), Financial Econometrics

    Modeling: Derivative Pricing, Hedge Funds and Term Structure Models,  Palgrave Macmillan, UK.

Schwartz, J., Scott Hoover and Adam Schwartz, 2008, “The Political Advantage of a Volitile Market:  The Relationship between

    Presidential Popularity and the “Investor Fear Gauge” Journal of Public Affairs, Vol. 8, 1-13

Arnold, T.M, J.E. Hilliard and A. L. Schwartz, 2007, "Short Maturity Options and Jump Memory,"

    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.(pdf)

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.(pdf)

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)

Schwartz, A.L., Bonnie F. Van Ness and Robert A. Van Ness, “Clustering of College Football Spreads”

 

                                                                              

 

   May 2012

May 2012 (Five Years Later than Picture Below)

 

 

   August 2007

August 2008

 

 

Tee-Ball June 2008

 

December 2007 - Early Snowfall in Lexington 

 

Disney Cruise 2007

Strawberry

Near Lexington, VA July 2008

August 2008

Busch Gardens July 2007

Going to Sunday School

 

Snow Day Feb. 2007

Going to a Football Game Fall 2004