Philip Horvath

PNC Bank & Robert T. Stevenson Professor

Baker Hall 227
(309) 677-2313

Doctor of Business Administration (D.B.A.) 1975; Major: Finance; Kent State University, Kent, Ohio
M.S., 1971, Indiana University at South Bend
B.S., 1970, Indiana University at South Bend


Bradley University, Foster College of Business, Department of Finance and Quantitative Methods:

  • Professor of Finance (1990-present); Associate professor of Finance (1980-1990); Assistant Professor of Finance (1977-1980);
  • Director, Master of Science in Quantitative Finance Program (Fall 2008 – present);
  • Robert T. Stevenson, Jr./PNC Professor of Finance (Jan 2010 – present)
  • Robert T. Stevenson, Jr./National City Bank Professor of Finance (2002-Dec 2009);
  • Founder and Founding Editor of the Journal of Financial and Economic Practice (Sept 2001-2004);
  • Chair, Department of Finance and Quantitative Methods, (Aug 1995-Aug 2013);
  • Coordinator, Center for Business and Economic Research Colloquium Series, (1990 – present);

Indiana University at South Bend: Instructor and Assistant Professor (1973 - 1977);
Kent State University: D.B.A. Student and Research Assistant(1971 - 1973);
Kroehler Manufacturing Co., Inc., Naperville, Illinois: Data Processing positions to Operations Manager (1967 - 1969);
United States Air Force: Non Commissioned Officer, (Air Police), (1959 – 1965).

    Professional Experience

    Created, designed and co-founded a proprietary trading system (now classified as ATS) specifically designed for IPOs of Regs A, D and SB1 securities and secondary trading of securities for trading by accredited investors.  Co-founder of a NASD/SIPC member broker/Dealer firm, and; a SEC registered investment advisory firm.  CFO for a number of small and start-up firms.  Advisor and/or co-trustee for several trusts.  Extensively involved in small business consulting both independently and through the Bradley University Small Business Development Center.  Held posts as officer and board member of a number of for-profit and not-for-profit organizations and foundations.  Consulting Expert and expert witness for various law firms in the areas of: securities, risk assessment, valuation, financial impact, and wrongful death/dismemberment.


    Undergraduate courses: Liquidity Management, Financial Analysis, Portfolio Theory, Financial Strategy, Forecasting.  Occasionally conduct Quantitative Analysis (Statistics) courses.  At the graduate level: Uncertainty Identification and Measurement, Financial Analysis, Capital Budgeting and Real Options, Investments; occasionally direct independent studies in Numerical Methods in Finance, Statistical Decision Theory and associated topics.

    Developed and Implemented:  Master of Science in Quantitative Finance; 5-year Bachelor of Science in Quantitative Finance/Master of Science in Quantitative Finance programs.

    Co-developed:  5-year  Bachelor of Science in Electrical Engineering/Master of Science in Quantitative Finance program. 

    Seminars:  Full day seminars in financial management for non-financial managers, financial planning for non-financial managers.  Conducted intensive, extensive seminars for Caterpillar, Inc., managers.  Also conducted intensive programs in financial management for managers at local firms.


    Has been cited in over 525 scholarly publications.

    Current research interests: Theory of Choice, Bayesian  and Markov Models, Stochastic Filters, Risk Premia/Excess Returns, Non-equilibrium models.

    Published in: The Journal of Finance, The Financial Review, Quarterly Review of Economics and Finance, Quantitative Finance, Journal of Retailing, Journal of Applied Business Research, Journal of Business and Economic Research, Journal of Business and Economic Perspectives, Journal of Financial and Economic Practice, International Journal of Production Economics, The Journal of Forensic Economics, The Real Estate Appraiser and Analyst, Management Accounting, Quantitative Finance; among others.  Numerous presentations at professional meetings and scholarly gatherings; publications in proceedings. Principal Investigator of several grant projects including Merrill Lynch, and CEFCU.


    • International Mathematical Finance Conference, 22-24 March 2013, Coral Gables, FL.
    • International Mathematical Finance Conference, 19-21 March 2014, Coral Gables, FL.
    • International Mathematical Finance Conference, 2015, Maastricht, NL.


    Chair of Police Commission, City of Chillicothe, Illinois (1986 – October 2006).  Has been an officer of, and/or participant in, numerous civic groups.