Adam's Web Page
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Adam Schwartz, Ph.D. Associate Professor of Business Administration 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 |
Near Lexington, VA July 2008
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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)
Fall 2008 Investments - A study of investments and investment management from a practical and theoretical point of view.
Syllabus and Information (click here)
Published Research
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.
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)
Arnold, T.M., R.P.H. Fishe and A.L. Schwartz, "Using Stochastic Dominance to Investigate Salary Inversion in Business Schools" (pdf)
![]() August 2007 |
![]() August 2008
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Tee-Ball June 2008 |
December 2007 - Early Snowfall in Lexington
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Disney Cruise 2007 |
Strawberry |
July 4th after the Bike Parade, Lexington, VA |
August 2008
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Busch Gardens July 2007 |
Going to Sunday School
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Snow Day Feb. 2007 |
Going to a Football Game Fall 2004 |