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Larry Lockwood, Ph.D, CFA
Dr. Stan Block Endowed Chair in Finance
Business: Home:
M. J. Neeley School of Business 6308 Troon Road
Finance and Decision Science Department Fort Worth, TX 76132
M.J. Neeley School of Business Born: Framingham, MA
Texas Christian University
Fort Worth, TX 76129
TEL: 817-257-7420
FAX: 817-257-7227
email: [email protected]
Education:
Ph.D., Purdue University 1982
M.S., Purdue University 1980
M.A., Western Kentucky University 1979
B.S., David Lipscomb University 1975
Chartered Financial Analyst
Charter awarded 1995
Academic Liaison for the CFA
®
Society of Dallas-Fort Worth
Member of the Strategic Advisory Board for the CFAS-DFW
Academic Coordinator for the CFA Society of Dallas-Fort Worth (CFAS-DFW)
Lecturer to CFA candidates for:
- Texas Christian University
- The University of Texas at Arlington Center for Professional Development
- The CFAS-DFW
- The Swiss Society of Investment Professionals
- The London Society of Investment Professionals
- The Italian Society of Investment Professional
- The JKE Exam Review in Dallas and in Fort Worth, Texas
Scholarship Coordinator for the awarding of over $250,000 in scholarship grants
for TCU CFA students.
Administrator for the TCU-CFA track program, an 88-hour review program at
TCU meeting each Spring. Over 360 TCU students completed the program.
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Educational Investment Fund
Since 1994, served as faculty advisor to the Texas Christian University
Educational Investment Fund (EIF), a student investment fund, for the William C.
Conner Foundation
University Experience
Texas Christian University, 1994 – present
Dr. Stan Block Endowed Chair in Finance, 2012-present
Prof. of Finance and C.R. Williams Professor of Financial Services, 1994-2012
Interim Chair, Dept of Finance and Decision Sciences, Fall 1998
The University of Texas at Arlington, 1982-1994
Associate Professor of Finance, 1993 (summer)-1994
Acting Chairman and Associate Professor of Finance, 1991 (spring)-1993
Coordinator, Ph.D Finance Program, 1989-1992
Acting Chairman and Associate Professor of Finance, 1988-1989
Assistant Professor of Finance, 1982-1988
Teaching Experience:
MBA
Security Analysis
Corporate Finance
Portfolio Management
Corporate Investments (executive MBA course)
Seminar in Portfolio Theory
Seminar in Financial Theories
Educational Investment Fund
Investment Management Problems
Financial Analysis I – CFA Level I
Financial Analysis II – CFA Level II
Seminar in Advanced Financial Analysis
Valuation of Firms and Projects (taught in Quimper, France and in Schleiden,
Germany in the KPMG Executive MBA program)
Ph.D
Seminar in the Theory of Investments
Seminar in Advanced Financial Research I (Multivariate Statistics)
Seminar in Advanced Financial Research II (separate courses in Market
Anomalies, Asset Pricing, The Arbitrage Pricing Model)
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Undergraduate
Investments
Portfolio Analysis
Security Analysis
Corporate Finance
Advanced Statistics
Educational Investment Fund
Financial Analysis I – CFA Level I
Financial Analysis II – CFA Level II
Publications:
Lockwood, J., Lockwood, L., and Miao, H.,, forthcoming, The information content of
ETF options, Global Finance Journal.
Lockwood, J., Lockwood, L., and Miao, H., Uddin, R., and K. Li, forthcoming, Does
analyst optimism fuel stock price momentum? Journal of Behavioral Finance.
Kim, S., Lockwood, J., Lockwood, L., and Miao, H., forthcoming, Determinants of put-
call disparity: KOSPI 200 index options, Journal of Behavioral Finance.
Prombutr, W., Lockwood, L., and Sabherwal, S., 2020, The q-theory model: Evidence
from the U.S. market and non-U.S. markets, Quarterly Journal of Finance and
Accounting 58, 1-34.
Lockwood, J., Lockwood, L., and S. Lau, 2018, Price discovery for internationally cross-
listed stocks during the 2008 financial crisis, Journal of Financial Research 41, 351-381.
Lockwood, J., Lockwood, L., and S. Lau, 2016, Lost in translation: Which stocks bear
the burden to adjust to exchange rates?, Journal of Financial Research 39, 263-290.
(Selected as 2016 Outstanding Article in the JFR – awarded to 3 articles published in
2016).
Gallo, J., Lockwood, L., and Y. Zhang, 2013, Structuring global property portfolios: A
cointegration approach, Journal of Real Estate Research 35, 53-81.
Gallo, J., Lockwood, L., and R. Bhargava, 2010, Performance of separately managed
international equity accounts: How important are country momentum effects?, Global
Finance Journal 21, 239-252.
Lockwood, L., and W. Prombutr, 2010, Sustainable growth and stock returns, Journal of
Financial Research 33, 519-538.
Prombutr, W., Lockwood, L., and J. David Diltz, 2010, Investment irreversibility, cash
flow risk, and value-growth stock return effects, The Financial Review 45, 287-305.
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Evans-Cowley, J., Lockwood, L., Rutherford, R., and T. Springer, 2009, The effect of
development impact fees, Journal of Housing Research 18, 173-194.
Gallo, J., Lockwood, L., and M. Rodriguez, 2006, Differentiating CREF performance,
Real Estate Economics 34, 173-209.
Ahmed, P., J. Gallo, L. Lockwood, S. Nanda, Multi-style equity investment models,
2003, T. Daniel Coggin and Frank J. Fabozzi, editors, The Handbook of Equity Style
Management, Third Edition (New York, NY: John Wiley & Sons).
Barry, C., Goldreyer, E., Lockwood, L., and M. Rodriguez, 2002, Robustness of size and
book-to-market effects: Evidence from emerging equity markets, Emerging Markets
Review 3, 1-30.
Ahmed, P., L.J. Lockwood, and S. Nanda, 2002, Benefits of investment style rotation,
Journal of Portfolio Management 28, 17-29.
Ahmed, P. and L.J. Lockwood, 2000, Economic conditions and stock pricing, Journal of
Alternative Investments 3, 47-52.
Gallo, J.G., Lockwood, L.J, and R.C. Rutherford, 2000, Asset allocation and the
performance of real estate mutual funds, Real Estate Economics 28 (formerly The
AREUEA Journal), 165-184.
Hensler, D., Lockwood, L.J. and M.J. Herrera, 2000, The performance of initial public
offerings in the Mexican stock market, The Journal of International Money and Finance
19, 93-116.
Gallo, J.G., and L.J. Lockwood, 1999, Fund management changes and equity style shifts,
Financial Analysts Journal 55, 44-52. Republished in the CFA Institute Investment
Perspectives 2008 series Investment Performance Measurement: Evaluating and
Presenting Results: John Wiley & Sons.
Ahmed, P. and L.J. Lockwood, 1998, Changes in risk exposures and premiums over
varying market conditions, The Financial Review 33, 149-168.
Elkhafani, S, Lockwood, L.J. and T. Zaher, 1998, Size and value effects in the Canadian
stock market, Journal of Financial Research 21, 277-292.
Kim, S., Lockwood, L.J., and T.H. McInish, 1998, A transactions data analysis of
intraday betas, The Financial Review 33, 213-225.
Gallo, J.G., Buttimer, R.J., Lockwood, L.J., and R.C. Rutherford, 1997, Determinants of
performance of mortgage-backed securities funds, Real Estate Economics 25 (The
AREUEA Journal), 657-681.
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Gallo, J.G. and L.J. Lockwood, 1997, Benefits of proper style classification of equity
portfolio managers, Journal of Portfolio Management Vol. 23, number 3, (Spring issue),
47-55; abstract reprinted in Dow Jones Asset Management (July/August, p. 53).
Gallo, J.G., L.J. Lockwood, and P. Swanson, 1997, The performance of international
bond funds, International Review of Economics and Finance 6, 17-35; abstract in The
CFA Digest, Fall 1997, 60-61.
Lockwood, L.J., Macroeconomic forces and mutual fund betas, 1996, The Financial
Review 31, 747-763.
Kim, S., Lockwood, L.J., and T. McInish, 1996, Intraday beta stability, Advances in
Quantitative Analysis of Finance and Accounting 4, 35-46.
Lockwood, L.J. and R. Rutherford, 1996, Determinants of industrial property value, Real
Estate Economics (The AREUEA Journal) 24, 1-17.
Lockwood, L.J., R.C. Rutherford, and M. Herrera, 1996, Wealth effects of asset
securitization, Journal of Banking and Finance 20, 151-164.
Barry, C.B. and L.J. Lockwood, 1995, New directions in emerging capital markets
research, Journal of Financial Markets, Institutions and Instruments 4, 15-36.
Gallo, J.G. and L.J. Lockwood, 1995, Determinants of pension funding and asset
allocation decisions, Journal of Financial Services Research 9, 143-158.
Lockwood, L.J. and L. Soundararajan, 1994, Common factors and intertemporal
variability of mutual fund betas, Advances in Financial Planning and Forecasting 5, 1-
15.
Herrera, M.J. and L.J. Lockwood, 1994, The size effect in the Mexican stock market,
Journal of Banking and Finance 18, 621-632, also abstract reprinted in ISFA Digest
volume 7, Winter 1995 (the International Society of Financial Analysts).
D.W. French, Herrera, M.J., Lockwood, L.J., 1994, The performance of Mexican stock
offerings abroad, Inversiones y Finanzas, 90-96.
Apilado, V., Gallo, J. and Lockwood, L.J., 1993, Expanded securities underwriting:
Implications for bank risk and return, Journal of Economics and Business 45, 143-158.
Diltz, J.D., Lockwood, L.J., and Min, S., 1992, Sources of wealth loss in new equity
issues, Journal of Banking and Finance 16, 511-522.
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Lockwood, L.J. and T.H. McInish, 1990, Stability tests for variances and means of
overnight/intraday returns during bull and bear markets, Journal of Banking and Finance
14, 1243-1253.
Lockwood, L.J. and S.C. Linn, 1990, An examination of market return volatility during
overnight and intraday periods, 1964-1989, Journal of Finance 45, 591-601.
Diltz, J.D. and L.J. Lockwood, 1990, Model misspecification and bias in the evaluation
of the macroforecasting performance of portfolio managers, Quarterly Journal of
Business and Economics 29, 3-27.
Lockwood, L.J. and Kadiyala, K.R., 1988, Measuring investment performance with a
stochastic parameter regression model, Journal of Banking and Finance 12, 457-467.
Linn S.C. and Lockwood, L.J., 1988, Short-term stock price patterns: NYSE, AMEX,
OTC, Journal of Portfolio Management 14, 30-34.
Lockwood, L.J. and Kadiyala, K.R., 1988, Risk measurement for event-dependent
security returns, Journal of Business and Economics Statistics 6, 43-49.
Lockwood, L.J., 1986, Estimation of covariance components for random-walk regression
parameters, Economics Letters 21, 251-255.
Brown, K.C., Lockwood, L.J., and Lummer, S.L., 1985, An examination of event-
dependency and structural change in security pricing models, Journal of Financial and
Quantitative Analysis 20, 315-334.
Working Papers in the Editorial Process
Does analyst optimism fuel stock price momentum? Revise and Submit at the Journal of
Behavioral Finance (with Keming Li, Jimmy Lockwood, Riaz Uddin)
Working Papers:
Changes in information uncertainty and the inefficiency of analysts’ earnings
forecasts: Evidence from mergers and acquisitions
Market depth and price discovery during the 2008 financial crisis
Distress risk versus book-to-market equity premiums
Exchange rate volatility and price discovery
Misvaluation and the distress risk anomaly
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Paper Presentations (by myself and/or coauthor):
Order execution and price discovery during the 2008 financial crisis, Academy of
Financial Services Annual Meetings, (2014) Colorado State University (2013) ,
University of Texas at Arlington (2012), Texas Christian University (2012), University of
Memphis (2010).
Lost in translation: which market bears the burden to adjust to exchange rates?, Academy
of Financial Services Annual Meetings (2014), Colorado State University (2014).
Market depth and price discovery, Academy of Financial Services Annual Meetings
(2014).
Analyst presence and stock return momentum, University of North Georgia (2020),
Southern Illinois University (2019), Colorado State University (2017), University of
Texas at Arlington (2013), Financial Management Association meetings (2013), Eastern
Finance Association Meetings (2013), Southwest Finance Association meetings (2012),
Midwest Finance meetings (2012).
Structuring global property portfolios: A cointegration approach, China International
Conference in Finance, July 2010, Beijing, China, and at the International Economics and
Finance Society China meetings, May 2010, Beijing, China.
Default risk versus book-to-market equity premiums October 2009, Reno, NV.
Sustainable growth and stock returns, Financial Management Association meetings,
October 2008, Dallas, TX.
Investment irreversibility, cash flow risk, and value-growth stock return effects, Financial
Management Association meetings, October 2007, Orlando, FL.
Effects of earnings forecasts surrounding Reg FD: value versus growth stocks, Financial
Management Association meetings, October 2007, Orlando, FL.
Asset Allocation and the Performance of Real Estate Mutual Funds, Financial
Management Association Meetings, October 1999, Orlando, FL.
Size and Book-to-Market Effects: Evidence from Emerging Equity Markets, Financial
Management Association Meetings, October 1997, Honolulu, HI.
Benefits of Proper Style Classification of Equity Portfolio Managers, Southern Finance
Association Meetings, November 1996, Key West, FL.
Determinants of Performance of Mortgage-Backed Security Mutual Funds, at the
American Real Estate Association Meetings, April 1996, Reno, NV.
The Performance of Real Estate Funds, at the American Real Estate Association
Meetings, April 1995, in Hilton Head, SC.
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Long-Term Performance of Initial Public Offerings in the Mexican Stock Market, at the
Financial Management Association Meetings, October 1994, St. Louis, MO, and
Southern Finance Association meetings, November 1995, Sarasota, FL.
Macroeconomic and Fundamental Factors in Mean Reversion, at the Financial
Management Association Meetings, October 1993, Toronto.
Determinants of Pension Funding and Asset Allocation Decisions, at the Financial
Management Association Meetings, October 1993, Toronto.
Macroeconomic Factors and Mutual Fund Betas, at the Southern Finance Association
Meetings, November 1991, Key West, FL.
The Effect of Expanded Securities Underwriting: A Factor Analytic Study of Risk and
Return for Bank Stocks, at the Southern Finance Association Meetings, November 1991,
Key West, FL.
Intertemporal Instability of Risk Indicators in Eurocurrency Loans, at the Financial
Management Association Meetings, October 1991, Chicago, IL.
Expanded Securities Underwriting: Implications for Bank Risk and Return, at the
Financial Management Association Meetings, 1991, Chicago, IL.
Latent Variable Tests of the Determinants of Equity Issue Announcement Effects, at the
Financial Management Association Meetings, 1991, Chicago, IL.
Macroeconomic Sources of Variation in Systematic Risk: Theory, Estimation and
Empirical Evidence, Financial Management Association Meetings, 1990, Orlando, FL.
Intraday Beta Stability, Financial Management Association Meetings, 1990, Orlando, FL.
The Effect of Interstate Acquisitions on the Systematic Risk of Bank Stocks, Southwest
Finance Association Meetings, 1990, Dallas, TX; Southern Finance Association
Meetings, 1989, Orlando, FL.
Common Factors and Intertemporal Variability in Systematic Risk: Theory, Estimation
and Empirical Evidence, Southern Finance Association Meetings, 1989, Orlando, FL.
Utilization of Market Forecasts in Portfolio Management: An Empirical Analysis,
Western Finance Association Meetings, 1985, Scottsdale, AR.
Risk Measurement of Event-Dependent Security Returns, American Statistical
Association Meetings, 1983, Toronto.
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An Examination of Event-Dependency and Structural Change in Security Pricing
Models, Western Finance Association Meetings, 1983, Long Beach, CA.
Academic Committees:
TCU:
Teaching Effectiveness Committee, 2018-present
Faculty Staff Campaign Neeley representative 2015 – 2017
Dean’s Advisory Council, 2003-2006, 2012-2015
English Program Assessment Committee, 2003-2004
Graduate Programs Policy Committee, 1994-1995, 2002-2007
Beasley Fellowship Committee, 2003
University Business Task Force, 1999
University Advisory Council, 1999-2001
College Task Force, 1999
Department Chair Council, 1998
University Graduate Curriculum Committee 2000-2001
Chair, Departmental Research Workshop, 1996
Chair, Departmental Research Committee, 1995
Chair, Texas Finance Symposium, 1996
Departmental Faculty Development, 1995-present
Educational Investment Fund Committee, 1994-present
Director/Administrator, Chartered Financial Analyst Review program 1994 - present
Graduate Finance Curriculum Committee, 1994-2000
Chair, Electronic Data Committee, 1996-1999
Summer-in-Germany Committee, 1994-1995, 1998-2000
UT-Arlington:
Chair, Graduate Studies Committee in Real Estate, spring 1991-1993
Chair, Finance and Real Estate Undergraduate Curriculum, 1990-1993
Chair, College MBA Management of Technology Committee, 1990
Coordinator, Finance and Real Estate Research Workshop, 1989-1992
Chair, Finance and Real Estate Promotion and Tenure Committee, 1989-1991
Executive Committee, Ph.D in Business Administration, 1989-1992
Chair, Finance and Real Estate Strategies Review Committee, 1989
Executive Committee of the College of Business Administration, 1988-89, 1991-1993
Chair, Finance and Real Estate Faculty Retreat Committee, 1984
Finance and Real Estate Faculty Recruiting, 1982-1993
Finance and Real Estate Graduate Curriculum, 1982-1993
Computer Committee, 1984
College Executive MBA program, 1984
Organized Research, 1982-1984
Teacher Evaluation, 1983
Finance Ph.D Comprehensive Exams, 1982-1993
Finance Ph.D Supervisory and Dissertation Committees, 1982-1993, 2005-present
Dissertation Chair for several doctoral students
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Teaching Awards:
The Neeley School Alumni Professor of the Year Award, 2019
The Neeley School Undergraduate Teacher Award, 2019
The Neeley School Undergraduate Teacher Award, 2009
The Neeley School MBA Alumni Professor of the Year Award, 2008
The Dean’s Outstanding TCU Teacher Award, 2005
The Outstanding TCU MBA Elective Award, 2004
The Outstanding Graduate Teacher Award (UTA Business School), 1987-1988.
The Outstanding Graduate Teacher Award (UTA Business School), 1984-1985.
The Paul Green Memorial Award for Excellence in Graduate Teaching
(UTA, Department of Finance and Real Estate), 1984-1985.
The Paul Green Memorial Award for Excellence in Graduate Teaching
(UTA, Department of Finance and Real Estate), 1987-1988.
Outstanding Graduate Student Instructor Award (Purdue), 1979-1980.
Research Grants and Honors:
Finalist for the Chancellor’s Award for Distinguished Achievement, 2021
Outstanding Article Award, Journal of Financial Research, 2016
Luther King Capital Management Center Summer Research Award 2002-2008
Charles Tandy American Enterprise Center Summer Research Award, 2002-2008
The Distinguished Research Publication Award (UTA Business School), 1991 - 1993
The Distinguished Research Publication Award (UTA Business School), 1989
Organized Research Project Grant (UTA), summer 1987
Beta Gamma Sigma (Purdue University Chapter), 1982
David Ross Thesis Grant (Purdue University), 1980-1982
David Ross Summer Grant (Purdue University), 1980
Phi Kappa Phi Honor Society (Purdue University Chapter), 1980
