Burridge Center for Finance


The Burridge Center is committed to improving and sharing the practice of investments and finance. The Center develops and supports programs, resources and events that enhance the student experience, engage our alumni, support faculty research and provide a forum for the exchange of ideas with investment practitioners.

Annual Conference

We are pleased to announce the 2013 Burridge Conference.

More Info

Selected Publications


Sanjai Bhagat, Brian Bolton. Director Ownership, Governance and Performance. Journal of Financial and Quantitative Analysis, forthcoming.

Sanjai Bhagat, Brian Bolton, A. Subramanian. Manager Characteristics and Capital Structure. Journal of Financial and Quantitative Analysis, forthcoming.

Liang Peng, William Goetzmann, Jacqueline Yen. The Subprime Crisis and House Price Appreciation. Journal of Real Estate Finance and Economics, forthcoming.

Jamie Zender, Emmanuel Morales-Camargo, Orly Sade, Charles Schnitzlein. Divisible Good Auctions with Asymmetric Information: An Experimental Examination. Journal of Financial and Quantitative Analysis, forthcoming.


David L. Ikenberry, Konan Chan, Inmoo Lee, Andrew Wang. Informed Traders: Linking Legal Insider Trading and Share Repurchases. Financial Analysts Journal Jan/Feb 2012.


David L. Ikenberry, Konan Chan, Inmoo Lee, Yanzhi Wang. Share Repurchases as a Tool to Mislead Investors: Evidence from Earnings Quality and Stock Performance. Journal of Corporate Finance 16 137-158.

Iulian Obreja, Berndt, A. Decomposing European CDS Returns. Review of Finance 14, 189-233.

Liang Peng, Jim Clayton, Norman Miller. Price-Volume Correlation in the Housing Market: Causality and Co-movement, Journal of Real Estate Finance and Economics 40(1), 14-40.

Michael J. Stutzer. The Paradox of Diversification. Journal of Investing 19(1).

Jaime Zender, Chris Yung. Moral Hazard, Asymmetric Information and IPO lockups. Journal of Corporate Finance, 16, 320-332.

Jaime Zender, Michael L. Lemmon. Debt Capacity and Tests of Capital Structure Theories. Journal of Financial and Quantitative Analysis, 45, 1161-1187.


Sanjai Bhagat, Rajesh Aggarwal, S. Rangan. The Impact of Fundamentals on IPO Valuation. Financial Management 38, 253-284.

Matthias Kahl, Gary Gorton, Richard Rosen. Eat or be Eaten: A Theory of Mergers and Firm Size, The Journal of Finance 64(3): 1291-1344.

Mattias Nilsson, Arturo Bris and Yrjö Koskinen. The Euro and Corporate Valuations. Review of Financial Studies 22, 3171-3209.

Mattias Nilsson, Henrik Cronqvist, Fredrik Heyman, Helena Svaleryd, Jonas Vlachos. Do Entrenched Managers Pay Their Workers More? Journal of Finance 64, 309-339.

Liang Peng, Gina Nicolosi, Ning Zhu. Do Individual Investors Learn from Their Trading Experience? Journal of Financial Markets 12(2), 317-336.


Sanjai Bhagat, Brian Bolton. Corporate Governance and Firm Performance. Journal of Corporate Finance 14, 257-273.

Matthias Kahl, Gary Gorton. Blockholder Scarcity, Takeovers and Ownership Structures, Journal of Financial and Quantitative Analysis 43(4): 937-974.

Thomas G. Thibodeau, Allen Goodman. Where are the Speculative Bubbles in US Housing Markets? Journal of Housing Economics 35 (2): 209-232.

Michael J. Stutzer. Asset Allocation Without Unobservable Parameters. Financial Analysts Journal, 2004. Reprinted in Horan, ed., Private Wealth: Advances in Wealth Management Practices. Research Foundation of the CFA Institute, 2008.

Jaime Zender, Michael L. Lemmon and Michael R. Roberts. Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure. Journal of Finance 63, 1575-1608.


David L. Ikenberry, Konan Chan, Inmoo Lee. Do Managers Time the Market?: Evidence from Open Market Share Repurchases. Journal of Banking and Finance 31, 2673-2694.

Nathalie Moyen. How Big is the Debt Overhang Problem? Journal of Economic Dynamics and Control 31, 433-472.

Thomas G. Thibodeau, Allen Goodman. The Spatial Proximity of Metropolitan Area Housing Submarkets. Real Estate Economics 35(2):209-232.


Nathalie Moyen, Khang Min Lee. Optimal Liberalization of Financial Markets, Journal of International Money and Finance 25 1319-1335.

Mattias Nilsson, Arturo Bris, Yrjo Koskinen. The Real Effects of the Euro: Evidence from Corporate Investments, Review of Finance 10, 1-37.

Michael J. Stutzer, Eric Hughson and Chris Yung. The Misuse of Expected Returns. Financial Analysts Journal, Nov/Dec 2006. Winner of Readers Choice Award and a Graham and Dodd Scroll Award.

Jaime Zender, Orly Sade and Charles Schnitzlein. When Less (Potential Demand) is More (Revenue): Asymmetric Bidding Capacities in Divisible Good Auctions. Review of Finance, 10, 389-416.

Jaime Zender, Orly Sade and Charles Schnitzlein. Competition and Cooperation in Divisible Good Auctions: An Experimental Examination. Review of Financial Studies, 19, 195-235.


Sanjai Bhagat, Nathalie Moyen, Inchul Suh. Investment and Internal Funds of Distressed Firms. Journal of Corporate Finance 11, 449-472.

Sanjai Bhagat, David Hirshleifer, Ming Dong, Robert Noah. Do Tender Offers Create Value? New Methods and Evidence. Journal of Financial Economics (76) 3-66.

Mattias Nilsson, Henrik Cronqvist. The Choice Between Rights Offerings and Private Equity Placements, Journal of Financial Economics 78, 375-407.


David L. Ikenberry, Inmoo Lee, Konan Chan. Economic Sources of Gain in Stock Repurchases. Journal of Financial and Quantitative Analysis.

J. Chris Leach, Douglas Cook, Laurie Krigman. On the Timing of Open Market Repurchases. The Review of Financial Studies.

J. Chris Leach, Leslie Boni. Expandable Orders in the Brokered Interdealer Market for U.S. Treasury Securities. Journal of Financial Markets.

Nathalie Moyen. Investment-Cash Flow Sensitivities: Constrained Versus Unconstrained Firms, Journal of Finance 59, 2061-2092.


Matthias Kahl, Jun Liu, Francis A. Longstaff. Paper Millionaires: How Valuable is Stock to a Stock-holder Who is Restricted from Selling it? Journal of Financial Economics 67(3): 385-410.

J. Chris Leach, Douglas Cook, Laurie Krigman. An Analysis of SEC Guidelines for Executing Open Market Repurchases. Journal of Business.

Mattias Nilsson, Henrik Cronqvist. Agency Costs of Controlling Minority Shareholders, Journal of Financial and Quantitative Analysis 38, 695-719.

Michael J. Stutzer. Portfolio Choice with Endogenous Utility: A Large Deviations Approach. Journal of Econometrics, 116, 365-386.


David L. Ikenberry, Sundaresh Ramnath. Underreaction to Self-selected News Events: The Case of Stock Splits. Review of Financial Studies 15, 489-526.

Matthias Kahl. Economic Distress, Financial Distress and Dynamic Liquidation. The Journal of Finance 57(1): 135-168.

J. Chris Leach, Leslie Boni. Supply Contraction and Trading Protocol: An Examination of Recent Changes in the U.S. Treasury Market. Journal of Money, Credit and Banking.

Nathalie Moyen, Ann M. Carlos and Jonathan Hill. Royal African Share Prices During the South Sea Bubble, Explorations of Economic History 39, 61-87.

Michael J. Stutzer, Yuichi Kitamura. Connections Between Entropic and Linear Projections in Asset Pricing Estimation. Journal of Econometrics 107, 159-174.

Jaime Zender, Jim Wang. Auctioning Divisible Goods. Economic Theory, 19, 673-705.


Mattias Nilsson, Henrik Cronqvist, Peter Hogfeldt. Why Agency Costs Explain Diversification Discounts, Real Estate Economics 29, 85-126.

Liang Peng, William N. Goetzmann, Roger Ibbotson. “A New Historical Database for the NYSE 1815 To 1925: Performance and Predictability,” Journal of Financial Markets, 2001, 4(1), 1-32.

Michael J. Stutzer. Improving Your Morningstar Ratings Using Options: A Comment. Journal of Investing Winter 2001.

Thomas G. Thibodeau, Brent Ambrose, Richard Buttimer, Jr. A New Spin on the Jumbo/Conforming Loan Rate Differential. Journal of Real Estate Finance and Economics, 23(3): 309-335.


David L. Ikenberry, Josef Lakonishok, Theo Vermaelen. Stock Repurchases in Canada: Performance and Strategic Trading. Journal of Finance October 2000, 2373-2398.

CFA Program

2012/2013 Burridge Center CFA Scholarship Winners

Please see Roberto Caccia, Burridge Center Director, for information on the CFA Progam and future scholarships.

Patrick Jones (B.S. Finance ’13), Sean Carey (B.S. Finance ’13), Jattana Wajananawat (MBA ’14), Vegard Kjoelhamar (MBA ’13), Christopher Wright (MBA ’14) (not pictured).

The Burridge Center has been able to provide scholarships to 5 students aspiring to careers in investment management and desiring to pursue a CFA designation. Achieving the CFA requires passing three levels of exams and acquiring four years of qualifying work experience. Earning the CFA Charter is a time consuming process requiring 300 hours of study for each exam level. A great time to start level one is in the final semester of a students’ senior year or while completing an MBA. With 100,000 CFAs globally and 200,000 candidates for the CFA Charter, the CFA designation is the global gold standard among investment professionals. The Burridge Center staff and Board wishes to encourage and help support these and other students interested in pursuing their CFA charter.

Best of luck on your exam in June!

Tools & Resources

Bloomberg Essentials Online Training

Individual Bloomberg Training

Want more Bloomberg training? Roberto Caccia, Burridge Center Director, is available for 1 hour training sessions, 1 or 2 students per session. Email roberto.caccia@colorado.edu, phone 303.492.4664, or stop by Koelbel S212 to sign up.

Sign up for a Free CFA Institute daily news brief of top financial stories.

Mock CFA Exam—Levels I, II, III on May 19th at Leeds

June 2012 CFA Exam Study group.
Contact James Burkett, student coordinator, at james.burkett@colorado.edu


Mary Banks
Finance Corporate Outreach Program Director
Koelbel S328

Advisory Board

R. Schorr Berman
Independent Investment Management Professional
Richard “Dick” M. Burridge
Chairman Emeritus
RMB Capital Management
Richard M. Burridge, Jr.
Founder, Chief Executive Officer, Chief Investment Officer
RMB Capital Management
Chris Leach
Senior Associate Dean for Faculty and Research
Office of the Dean
Koelbel S435
Curriculum Vitae
Charles Parker
Chief Investment Officer (Retired)
Continental Asset Management Corp.

Faculty in the News

Caccia to lead Burridge Center

Leeds School of Business

April 4, 2013

Roberto Caccia, senior instructor in the Finance Division at Leeds, has been appointment interim faculty director of the Richard M. Burridge Center for Securities Analysis and Valuation.

CFA Gains Momentum at B-Schools

Bloomberg Businessweek

June 18, 2012

In the past few years the number of undergraduate finance majors and MBA students interested in taking the Chartered Financial Analyst (CFA) exam has been on the upswing as students look to distinguish themselves in an increasingly competitive job market.

Is Uncertainty Responsible for High Unemployment?

American Enterprise Institute

May 11, 2012

Sanjai Bhagat, provost professor of finance, and Iulian Obreja, assistant professor of finance, produced a paper that correlates cash flow uncertainty with job losses and declines in capital investment.

Did Hedge Funds Steal The Facebook IPO Pop?


May 21, 2012

Leeds Assistant Professor of Finance Roberto Pinheiro is featured in a Forbes article about the Facebook IPO.

Past Events


Burridge Conference 2012

October 25–26, 2012

JW Marriott Hotel Cherry Creek
150 Clayton Lane
Denver, CO
Maps & Transportation
Conference Program

Some of the presenters to be on the 2012 conference program are:
Barry Knapp: Head of U.S. Equity Strategy at Barclays Capital
Christopher Vincent: Head of Fixed Income at William Blair & Company
Roberto Caccia: Senior Instructor of Finance at the University of Colorado Boulder, former Managing Director at Goldman Sachs
Dick Jefferis: Managing Partner at Pareto Commodity Partners


Burridge Conference 2011

November 10–11, 2011

JW Marriott Hotel Cherry Creek
150 Clayton Lane
Denver, CO

Topic: Post-Crisis: Opportunities, Threats and Perspectives

Speakers & Schedule

Register Now


Current Fiscal and Monetary Policies: Was ist Das? A BBQ and Talk for Financial Advisors

June 16, 2011

A review of the fiscal and monetary policies adopted over the last few years in the wake of the financial crisis.


Can the Government Get this Economy Going?

December 8, 2010

Bernstein Global Wealth Management

Michael Stutzer argues that this and other conventional Federal spending programs did not and will not lead to significant increases in economic growth and gainful employment.


Burridge Conference 2010

November 11–12, 2010

6:00 pm – 1:30 pm

Examination of the rapidly growing “quant funds” (mutual funds based on quantitative analysis).


2010 Boulder Summer Conference on Consumer Financial Decision Making

June 27–29, 2010

An exchange of ideas among researchers in different fields working on problems of consumer financial decision making.


Milton Friedman and the American Economy Today

April 27, 2010

A presentation and discussion about Milton Friedman and his impact.


Burridge Conference 2009

November 5–6, 2009

6:00 pm – 1:30 pm

JW Marriott Hotel
150 Clayton Lane
Denver, Colorado

Annual conference.


Burridge Conference 2008

November 6–7, 2008

6:00 pm – 2:30 pm

JW Marriott Hotel
150 Clayton Lane
Denver, Colorado

Annual conference.


Burridge Conference 2007

November 1–2, 2007

6:00 pm – 3:00 pm

JW Marriott Hotel
150 Clayton Lane
Denver, Colorado

Annual conference.


Burridge Conference 2006

November 2–3, 2006

6:00 pm – 1:30 pm

JW Marriott Hotel
150 Clayton Lane
Denver, Colorado

Annual conference.


Burridge Conference 2005

October 27–28, 2005

6:00 pm – 1:30 pm

JW Marriott Hotel
150 Clayton Lane
Denver, Colorado

Annual conference.


Burridge Conference 2004

November 4–5, 2004

6:00 pm – 1:30 pm

Adam's Mark Hotel
1550 Court Place
Denver, CO 80202
303. 626.2511

Annual conference.


Burridge Conference 2003

October 31 – November 1, 2003

6:30 pm – 7:15 pm

Omni Interlocken
500 Interlocken Blvd.
Broomfield (Denver), Colorado

Addressing the widely publicized conflicts faced by investment banks and accounting firms, as well as more traditional investment topics.


Burridge Conference 2002

November 1–2, 2002

Omni Interlocken
500 Interlocken Blvd.
Broomfield (Denver), Colorado

Annual conference.


Burridge Conference 2001

September 21–22, 2001

Omni Interlocken
500 Interlocken Blvd.
Broomfield (Denver), Colorado

Annual conference.


Burridge Conference 2000

September 15–16, 2000

Hyatt Regency
Beaver Creek, Colorado

Topic: Equity Risk Premium


Burridge Forum for Denver Investment Professionals

January 19, 2000

5:30 pm – 8:30 pm

Mel's Bar & Grill
235 Fillmore Street
Cherry Creek, Denver

Insights relevant to investment managers on the basis of cutting-edge finance and accounting research


Burridge Conference 1999

September 10–11, 1999

3:30 pm – 1:00 pm

Hyatt Regency
Beaver Creek, Colorado

Topic: Size-sensitive investing


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  • Fax: 303.492.5507
  • Office: Koelbel S350D
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