Philip Horvath

PNC Bank & Robert T. Stevenson Jr. Professor

Baker Hall 227
(309) 677-2313
hap@bradley.edu

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

Biography

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.

    Teaching

    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.

    Master of Science in Quantitative Finance Thesis advisor:  Anna Galstyan (Sep 2013 - 2015)

    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. 

    Scholarship

    Has been cited in over 630 scholarly publications.

    Current research interests: Theory of Choice, Bayesian and Markov Models, Stochastic Filters, Risk Premia/Excess Returns, Persistent Homology and counterparty networks, Path Integrals in application to expost and exante investor returns

    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.

    Organizer:

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

    Peer-Reviewed Journals

    (Cabell's) Horvath, P. A., Sinha, A. K. (2013). Why the Existence of Hyperbolic Discounting is not Evidence of Investor Irrational Behavior. Quantitative Finance, 13(5), 665-670. [Accepted: October 2012, Published: May 2013, Submitted: May 2012]

    (Cabell's) Horvath, P. A., Chang, Y.-P. (2013). A Note on Empirical Bond Risk Premia. Journal of Financial & Economic Practice, 12(3 (Fall 2012)), 77-87. [Accepted: December 2011, Published: March 2013, Submitted: December 2010]

    Harger, S., Elshahat, A., Horvath, P. A. Investors Irrationality in the US Equity Market: The Overreaction Effect. International Journal of Business and Social Science. www.ijbssnet.com [Accepted: November 2012]

    (Cabell's) Wilcox, W. E., Horvath, P. A., Griffis, S., Autry, C. (2010). A Markov Model of Liquidity Effects in Reverse Logistics Processes: The Effects of Random Volume and Passage. International Journal of Production Economics, 129(2011), 86-101. www.elsevier/cpm/locate/ijpe [Accepted: September 2010, Published: November 2010, Submitted: August 2010]

    Academic/Professional Meeting Proceedings

    Horvath, P. A., Sinha, A. K. (2013). Asymmetric Valence of Within-Moment Preferences. Academy of Business Reserach. [Published: November 2013]

    Presentations

    Horvath, P. A. (Author Only), Chang, Y.-P. (Presenter & Author), 2015 Eastern Finance Association Annual Meeting, "Accounts Receivable, Accounts Payable and Supply Chain Bullies: A Markov Chain Liquidity Model", Eastern Finance Association, New Orleans, LA. (April, 2015).

    Horvath, P. A., Scott, R., Sinha, A. K. (Presenter & Author), Southern Finance Association Annual Meeting, "Embedded Variables: An Explanation for Apparent Predictability in Random Series", Southern Finance Association, Key West, Florida. (November, 2014).

    Horvath, P. A., Vega Initiative, "A Generalized Ising/Spin-Expected Utility Model of Market Dynamics with Heterogeneous information", Vega Initiative- ongoing working sessions with periodic presentation on more developed research, 112 Jobst Hall, Bradley University, Peoria, IL. (November, 2014).

    Horvath, P. A. (Author Only), Sinha, A. K. (Presenter & Author), 2014 Eastern Finance Association Annual Meeting, "Asymmetric Valence of Within-Moment Preferences", Eastern Finance Association, Pittsburgh, Pennsylvania. (April, 2014).

    Horvath, P. A., Sinha, A. K., CBER Colloquium, "ASYMMETRIC REACTION IS RATIONAL BEHAVIOR", Bradley University, Peoria, IL. (March, 2014).

    Horvath, P. A. (Author Only), Timm, M. T. (Presenter & Author), Simon, J. (Presenter & Author), International Mathematical Finance Conference-2014, "How Topology Sees Data", Foster College of Business, Coral Gables (Miami), Florida. (March, 2014).

    Horvath, P. A., Sinha, A. K., International Mathematical Finance Conference-2014, "Rational Investors and Asymmetry of Valence of Within-Moment Preferences", Bradley University, Coral Gables, FL. (March, 2014).

    Horvath, P. A. (Author Only), Sinha, A. K. (Presenter & Author), Academy of Business Research Fall Conference, "Asymmetric Valence of Within-Moment Preferences", Academy of Business Research, Montego Bay, Jamaica. (November, 2013).

    Horvath, P. A. (Presenter & Author), University Research Seminar, "Equity Empirical Excess Return: An Alternative Perspective", University of Maastricht, Maastricht, NE. (November, 2013).

    Horvath, P. A. (Presenter & Author), Sinha, A. K. (Presenter & Author), CBER Colloquium, "Asymmetric Valence of Within-Moment Preferences", Bradley University, Peoria, IL. (March, 2013).

    Horvath, P. A., Scott, R., International Mathematical Finance Conference, "Embedded Variables: An Explanation for Apparent Predictability in Random Series", Bradley University, Miami, FL. (March, 2013).

    Horvath, P. A. (Author Only), Sinha, A. K., ICFAI Business School Presentation, "WHY EXISTENCE OF HYPERBOLIC DISCOUNTING IS NOT EVIDENCE OF INVESTOR IRRATIONALITY", ICFAI Business School, Kolkata, India. (December, 2012).

    Horvath, P. A. (Author Only), Sinha, A. K. (Presenter & Author), 2012 Annual Meeting of the Southern Finance Association, "Hyperbolic Discounting: Evidence of Rational Behavior", Southern Finance Association, Charleston, South Carolina. (November, 2012).

    Horvath, P. A. (Author Only), Sinha, A. K. (Presenter & Author), 2012 Annual Meeting of the Academy of Behavioral Finance & Economics, "Hyperbolic Discounting: Evidence of Rational Behavior", Academy of Behavioral Finance & Economics. (September, 2012).

    Horvath, P. A. (Author Only), Harger, S. (Presenter & Author), Elshahat, A. (Presenter & Author), Global Finance Conference, "Investors Irrationality in the US Equity Market: The Overreaction Effect", Global Finance Society, Chicago, IL. (May, 2012).

    Horvath, P. A., Chang, Y.-P., Financial Management Association 2011 Annual Meeting, "Empirical Bond Risk Premia: A Decomposition", Financial Management Association, Denver, Colorado. (October, 2011).

    Horvath, P. A. (Author Only), Sinha, A. K., CBER COLLOQUIUM SERIES, "WHY EXISTENCE OF HYPERBOLIC DISCOUNTING IS NOT EVIDENCE OF INVESTOR IRRATIONALITY", CENTER FOR BUSINESS AND ECONOMIC RESEARCH, FOSTER COLLEGE OF BUSINESS ADMINISTRATION. (January, 2011).

    Grants

    Horvath, P. A. (Co-Principal), Hatfield, P. A. (Co-Principal), "Support for Research in Firm-Rating Agency Relationships," Sponsored by Foster Faculty Development Funds, Bradley University, $500.00. (November 2009 - Present).

    Research Awards

    • "Invited to conduct faculty seminar", Department of Finance, University of Maastricht, 2012
    • "Invited to present at Research Symposium", Department of Operations Research and Actuarial Studies, Corvinus University, Budapest, Hu, 2012

    Service

    BEST AND BRIGHTEST (2014-Present)  Organized and implemented a student managed portfolio sleeve at Chapin Davis Wealth Mgt. as an extraordinary internship for selected undergraduate and graduate students.

    SUPERCOMPUTER CLUSTER (2013-2014).  Developed for use in MSQF, FIN32 programs and for general faculty and student research in the Foster College of Business and Caterpillar College of Engineering.

    • Assisted in the identification and development of a REC Grant for the purchase of a Titanus X525-Dual CPU Intel Xeon E5-2600 series HPC workstation supercomputer with Dr. R. Gretz, Dept of Economics.  When specific research project is completed the supercomputer will be placed with second  Titanus to form basis for expanded supercomputer cluster.
    • Developed Capital Expenditure proposal for the purchase of a second Titanus X525-Dual CPU Intel Xeon E5-2600 series HPC workstation supercomputer. Ensured installation.
    • Facilitated the refunding, ordering, purchase and installation of two GEFORCE GTX TITAN (NVIDIA) GPU as auxiliary computation and storage for Titanus supercomputer cluster. 

    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.

    Applied:  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.

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