Philip Horvath

Philip Horvath

Professor, Finance and Quantitative Methods

    Business and Engineering Convergence Center 4146
    (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 – May 2017);
  • Robert T. Stevenson, Jr./PNC Professor of Finance (Jan 2010 – May 2015);
  • 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 1994-Aug 2013);
  • Coordinator, Center for Business and Economic Research Colloquium Series, (1990 – 2018);

Indiana University at South Bend: Instructor and Assistant Professor (Jan 1973 – Jun 1977);
Kent State University: D.B.A. Student and Research Assistant (Jun 1971 – Dec 1972);
Kroehler Manufacturing Co., Inc., Naperville, Illinois: Data Processing positions to Operations Manager (Jul 1967 – Dec 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, Investments, Portfolio Theory, Financial Strategy, Forecasting.  Occasionally conduct Statistics introductory/multivariate calculus courses.  At the graduate level: Uncertainty Identification and Measurement, Financial Analysis, Capital Budgeting and Real Options, Investments, Trading and Market Microstructure; Direct independent studies in Numerical Methods in Finance, Dynamic Programming, Statistical Decision Theory and associated topics.

    Master of Science in Quantitative Finance Thesis Advisor/Committee member:  Anna Galstyan (Sep 2013 - 2015), Andrew Jacob (2016)

    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 1,050 scholarly/refereed publications.

    Current interests: Theory of Choice, Artificial Intelligence, Statistical Mechanics, entropy, firm centrifugal mass-gravity kinetic modeling, Bayesian, Path Integral, Langevan, Markov Models; Stochastic Filters, finite mixture, Ising phase transitions, complex network, Non-equilibrium models.

    Published in: The Journal of Finance, Physica-A: Statistical Mechanics and Applications, Journal of Retailing, The Financial Review, Quarterly Review of Economics and Finance, Quantitative Finance(featured article), 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, Journal of Economics and Finance, The Real Estate Appraiser and Analyst, Management Accounting, among others. Numerous presentations at professional meetings and scholarly gatherings; publications in proceedings. Principal Investigator of several grant projects.

    Organizer:

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

    Organized and hosted Robert T. Stevenson Jr/PNC speakers:

    James McNulty, President and Chief Executive Officer, Chicago Mercantile Exchange, Chicago, IL. (2003); Peter F. Spano, Founder, General Partner, Chief Administrative Officer, Mercator Asset Management, L.P., Fort Lauderdale, FL. (2004); Edgar Peters, Chief Investment Officer, Panagora Asset Management, Boston, MA (2005); Orie L. Dudley, Jr., Executive Vice President and Chief Investment Officer, Northern Trust Company, Chicago, IL (2006); Dr. Joshua Lewer and Dr. Robert C. Scott, Professors, Bradley University, Peoria, IL (2008); Mr. William Funkhouser, Financial Executive in Residence, Foster College of Business, Bradley University, Peoria, IL (2009); Joseph Dziwura, Head of Market Risk, TIAA-CREF, New York, Held in conjunction with International Mathematical Finance Conference, Miami, FL (2014).

    Selected Peer-Reviewed Journal Articles in the Last Five Years

    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. 

    Horvath, P. A., Chang, Y.-P. (2013). A Note on Empirical Bond Risk Premia. Journal of Financial and Economic Practice, 12(3 (Fall 2012)), 77-87. 

    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. 

    Peer Reviewed Proceedings and Presentations in the Last Five Years

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

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

    Horvath, P. A. (Author Only), Timm, M. T., Simon, J. (Presenter and 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, Florida. (March, 2014).

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

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

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

    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 (2014-2016)  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.