Jack Clark Francis

Education

Ph.D., Finance, University of Washington Seattle

M.B.A., Finance, Indiana University Bloomington

B.S., Marketing, Indiana University Bloomington

Books

Francis, J., & Kim, P. D. (2013). MODERN PORTFOLIO THEORY: FOUNDATIONS, ANALYSIS, AND NEW DEVELOPMENTS. (p. 20 chapters). Hoboken, New Jersey, U.S.A., John Wiley & Sons.

Francis, J., & Ibbotson (Yale), R. (2002). INVESTMENTS: A GLOBAL PERSPECTIVE. (p. 890 pgs). New Jersey, Prentice-Hall.

Francis, J., & Taylor, R. (2000). INVESTMENTS. Schaum's (a division of McGraw-Hill Book Company).

Francis, J. (1999). HANDBOOK OF EQUITY DERIVATIVES. John Wiley & Sons Publishing Company.

Francis, J. (1999). HANDBOOK OF CREDIT DERIVATIVES. McGraw-Hill/Irwin Professional Publishing.

Francis, J. (1995). HANDBOOK OF EQUITY DERIVATIVES. Irwin Professional Publishing.

Francis, J. (1994). INVESTMENTS ANALYSIS SOFTWARE. McGraw-Hill Book Company.

Black, F., Derman, E., Toy, W., & Francis, J. (1994). HANDBOOK OF INTEREST RATE RISK MANAGEMENT. Burr Ridge, Illinois, Irwin Professional Publishing.

Francis, J. (1993). MANAGEMENT OF INVESTMENTS. McGraw-Hill Book Co.

Francis, J. (1991). INVESTMENTS: ANALYSIS & MANAGEMENT. Francis, McGraw-Hill Book Company.

Francis, J., & Kirzner, E. (1988). INVESTMENTS ANALYSIS & MANAGEMENT. Canada, McGraw-Hill Ryerson Limited.

Francis, J. (1988). MANAGEMENT OF INVESTMENTS. McGraw-Hill Book Co..

Francis, J. (1986). INVESTMENTS: ANALYSIS & MANAGEMENT. McGraw-Hill Book Company.

Alexander, G., & Francis, J. (1986). PORTFOLIO ANALYSIS. Prentice-Hall Foundations of Finance Series.

Francis, J. (1983). MANAGEMENT OF INVESTMENTS. McGraw-Hill Book Co..

Francis, J. (1981). Speculative Markets: Valuable Institutions or Dens of Inequity?. Homewood, Illinois., HANDBOOK OF FINANCIAL MARKETS, SECURITIES, OPTIONS AND FUTURES/ Dow Jones- Irwin, Inc..

Francis, J. (1980). INVESTMENTS: ANALYSIS & MANAGEMENT. McGraw-Hill Book Company.

Francis, J. (1980). READINGS IN INVESTMENTS. McGraw-Hill Book Co..

Francis, J., & Archer, S. H. (1979). PORTFOLIO ANALYSIS. Prentice-Hall Foundations of Finance Series.

Francis, J. (1976). INVESTMENTS: ANALYSIS & MANAGEMENT. McGraw-Hill Book Company.

Francis, J. (1974). Helping Americans Get Mortgages. BUSINESS REVIEW/ Philadelphia Federal Reserve Bank.

Francis, J. (1973). Economic Pressures Reshape America's Stock Markets. BUSINESS REVIEW/ Philadelphia Federal Reserve Bank.

Francis, J. (1973). Has the Inventory Cycle Lost Its Oomph?. BUSINESS REVIEW/ Philadelphia Federal Reserve Bank.

Francis, J. (1972). INVESTMENTS: ANALYSIS & MANAGEMENT. McGraw-Hill Book Company.

Francis, J. (1972). Speculative Markets: Valuable Institutions or Dens of Inequity?. BUSINESS REVIEW/ Philadelphia Federal Reserve Bank.

Francis, J., & Archer, S. H. (1971). PORTFOLIO ANALYSIS. Prentice-Hall Foundations of Finance Series.

Journal Articles

(2024). Markowitz's Contributions to Utility Theory. ANALS OF OPERATIONS RESEARCH SPECIAL ISSUE ON PORTFOLIO SELECTION: THE CENTURY OF MARKOWITZ,

Francis PhD, J. C., & Zhang, G. (2024). "Investing In US Timberland Companies". JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 17(220). 13.

Francis, J. C., & Rentzler, J. (2022). The Evils of Cryptocurrencies. Journal of Financial Transformation, 55. 82-93.

Francis, J. C. (2022). The Evils of Cryptocurrency. JOURNAL OF FINANCIAL TRANSFORMATION ,

Francis, J. C. (2021). Reformulating Prospect Theory to Become a von Neuman Morgenstern Theory. Review of Quantitative Finance and Accounting, 56(3). 965-985.

Francis, J., & Ibbotson, R. G. (2020). Real Estate Returns. JOURNAL OF ALTERNATIVE INVESTMENTS , 21.

Francis, J. C. (2019). Bitcoins, Cryptocurrencies and Blockchains. JOURNAL OF FINANCIAL TRANSFORMATION, 49(March 2019). 29.

Harel, A., Francis, J. C., & Francis, J. C. (2018). Alternative Utility Functions: Review, Analysis and Comparison. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 51. 785-811.

Harel, A., Harpaz, G., & Francis, J. C. (2016). Market Efficiency: Is It Possible?. THE INTERNATIONAL JOURNAL OF FINANCE, 28(1). 1-13 inclusive.

Francis, J. C., Hessel, C. A., & Wang, J. (2016). Future Economic Information Embedded in High Yield Spreads. JOURNAL OF FIXED INCOME, 26(2). 32-39 inclusive.

Bali, R., & Francis, J. C. (2016). Ex Day Effects of the 2003 Dividend Tax Cut. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, Elsevier, 41(2016). 11-22 inclusive.

Francis, J., & Bali, R. (2014). Ex-day Effects of the 1984 and 1986 Tax Reform Acts. The Empirical Economics Letters, 13(1), January 2014, 13(1). 53-58.

Harel, A., Harpaz, G., & Francis, J. (2014). Optimal Executive Compensation Schemes . The International Journal of Finance , 26(1). 1-7.

(2012). "Forecasting Yield Curves With Survey Information". JOURNAL OF PORTFOLIO MANAGEMENT, About 15.

(2011). Trading Volume Around Ex-Dividend Days. APPLIED ECONOMICS LETTERS, 18(8). 769-772.

(2011). Effects of Tax Reform on Drop-Off Ratios and the Ex-Dividend and Ex-Right Prices. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING,

(2011). Further Evidence From Ex-Dividend Days. APPLIED ECONOMIC LETTERS,

(2011). Analysis of Efficient Markets. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 36(2). 287-296.

(2010). Actuarially Fair Premia for Deductible Insurance Policies. AMERICAN ECONOMIST , 55(2). 9.

(2010). Portfolios Weighted by Repurchase and Total Payout. JOURNAL OF PORTFOLIO MANAGEMENT, 36(4). 77-83.

(2010). A New Paradigm for Forecasting Security Returns in a Market Regulated by Price Limits . Review of Quantitative Finance and Accounting, 35(1). 13 double-spaced pages.

(2009). Exchange Mergers and Electronic Trading. The Journal of Trading, 4(1). 35-43.

(2009). Contrasting Real Estate with Comparable Investments, 1978-2008. JOURNAL OF PORTFOLIO MANAGEMENT, 35(5). 141-155.

(2007). Pricing Securities with Exchange-Imposed Price Limits Via Risk Neutral Valuation. INTERNATIONAL JOURNAL OF THEORETICAL AND APPLIED FINANCE, 10(3). 399-406.

(2007). What Are BLDRS?. JOURNAL OF ALTERNATIVE INVESTMENTS, 9(4). 66-78.

(2007). INTERNATIONAL JOURNAL OF THEORETICAL & APPLIED FINANCE. Pricing Securities with Exchange-Imposed Price Limits Via Risk Neutral Valuation/ World Scientific Publishing Company, 10(3). 399-406.

(2007). Pricing Futures on Geometric Indexes; A Discrete Time Approach. Review of Quantitative Finance and Accounting/ Springer Netherlands, 28(3). 227-240.

(2007). Pricing Futures on Geometric Indexes; A Discrete Time Approach. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING/ Springer Netherlands, 28(3). 227-240.

(2005). Financial Holding Companies. JOURNAL OF FINANCE LITERATURE, 1. 31-52.

(2001). Empirical Risk-Return Analysis of Real Estate Investments in the U.S., 1972-1999. JOURNAL OF ALTERNATIVE INVESTMENTS, 4(1). 33-39.

(2000). Innovations In Partitioning A Share Of Stock. JOURNAL OF APPLIED CORPORATE FINANCE, 12(1). 128-136.

(1998). Money Markets In The U.S. And Taiwan. REVIEW OF PACIFIC BASIN FINANCIAL MARKETS & POLICIES/ JAI Press, 1(2). 157-178.

(1996). Comparison of Two Low Cost S&P 500 Index Funds. DERIVATIVES QUARTERLY, 32-38.

(1994). New Economic Policies For The U.S. ADVANCES IN PACIFIC BASIN BUSINESS, ECONOMICS, AND FINANCE/ JAI Press,

(1994). Investment Horizon And Mutual Fund Performance: A Theoretical Analysis and Empirical Investigation. ADVANCES IN FINANCIAL PLANNING AND FORECASTING/ J.A.I. Press, 5, Part A.

(1994). Asset Pricing Implications of a Non-expected Recursive Utility Function: A Review. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS/ JAI Press, 3(1). 19-35.

(1991). Cross-Hedging: Basis Risk and Choice of the Optimal Hedging Vehicle. THE FINANCIAL REVIEW, 26(2). 179-210.

(1991). Arbitrage Pricing Theory Factors and Their Relationship To Macro-Economic Variables. ADVANCES IN QUANTITATIVE ANALYSIS OF FINANCE AND ACCOUNTING/ J.A.I. Press, 1, Part A. 25-45.

(1991). Optimal Portfolio Choices of Commodity Options in Incomplete Markets: A Simulation Analysis. ADVANCES IN QUANTITATIVE ANALYSIS IN FINANCE AND ACCOUNTING/ J.A.I. Press, 1, (Part A). 165-196.

(1991). On The Theory Of Spreading. RESEARCH IN FINANCE/ J.A.I. Press, 9. 171-186.

(1991). Some Thoughts About Harry Markowitz. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 1(2). 214-215.

(1988). Investment Performance Of Common Stocks In Relation To Inside Ownership. THE FINANCIAL REVIEW, 23(1). 53-64.

(1987). Hedging Mispriced Options. JOURNAL OF FUTURES MARKETS, 7(2). 147-156.

(1984). How To Apply Duration to Equity Analysis. JOURNAL OF PORTFOLIO MANAGEMENT, 52-58.

(1983). Financial Planning and Forecasting Models: An Overview. JOURNAL OF ECONOMICS AND BUSINESS, 35. 285-300.

(1983). Investment Horizon, Risk Proxies, Skewness, and Mutual Fund Performance: A Theoretical Analysis and Empirical Investigation. READINGS IN FINANCE/ J.A.I. Press, 4. 1-19.

(1983). Risk and Security Prices. REVIEW OF BUSINESS, 14-26.

(1983). Bankruptcy as a Mathematical Catastrophe. READINGS IN FINANCE/ J.A.I. Press, 4. 68-89.

(1982). Specification Error, Random Coefficient, And The Risk-Return Relationship. QUARTERLY REVIEW OF ECONOMICS AND BUSINESS, 22(1). 23-31.

(1982). Basis Speculation in Commodity Futures: The Maturity Effect. JOURNAL OF FUTURES MARKETS, 2(2). 195-206.

(1980). The Stability of Mutual Fund Systematic Risk Coefficients. JOURNAL OF BUSINESS RESEARCH, 263-275.

(1980). Heteroscedasticity in the Single Index Market Model. JOURNAL OF ECONOMICS AND BUSINESS, 32(3). 243-248.

(1980). A Simultaneous Equation Model of the Firm for Financial Analysis and Planning. ISSUES IN MANAGERIAL FINANCE/ Dryden Press, (second edition).

(1980). Generalized Functional Form for Mutual Fund Returns. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, XV(5). 14 journal pages.

(1979). QUARTERLY REVIEW OF ECONOMICS AND BUSINESS. Industry Effects and the Determinants of Beta, 19(3). 61-74.

(1979). Mutual Fund Risk Statistics for Bull and Bear Markets: An Empirical Examination. JOURNAL OF FINANCE, XXXIV(5). 1243-1250.

(1979). Statistical Analysis of Risk Coefficients for NYSE Stocks. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, XIV(5). 981-997.

(1979). The Effects of Changing Macroeconomic Conditions on the Parameters of the Single Index Market Model. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, XIV(2). 351-360.

Francis, J. (1978). Portfolio Analysis of Asset and Liability Management at Small-, Medium-, and Large-Sized Banks. JOURNAL OF MONETARY ECONOMICS, 4(3). 459-480.

(1978). A Simultaneous Equation Model of the Firm for Financial Analysis and Planning. FINANCIAL MANAGEMENT, 7(1). 29-44.

(1978). Beta as a Random Coefficient. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS , 101-115.

(1977). Analysis of Equity Returns: A Survey with Extensions. JOURNAL OF ECONOMICS AND BUSINESS, 29(3). 181-192.

(1977). Stability Tests for Alphas and Betas in Bull and Bear Market Conditions. JOURNAL OF FINANCE, xxxii(4). 1093-1099.

(1976). Bond Risk Premia. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS,

(1975). Skewness and Investors Decisions. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 163-172.

(1975). Intertemporal Differences in Systematic Stock Price Movements. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 205-219.

Book Chapters

Francis, J. C. (2022). Cube Root Utility Theory. ENCYCLOPEDIA OF FINANCE, 2022 Switzerland. Springer Nature.

Francis, J. (2011). "Portfolio Analysis". In Lee, C. F., Lee, A. C., & Lee, J. (Eds.), HANDBOOK OF QUANTITATIVE FINANCE & RISK MANAGEMENT (pp. 259-266). New York, NY,USA.

Francis, J. (2000). Buy-Write Securities. HANDBOOK OF EQUITY DERIVATIVES John Wiley and Sons.

Francis, J. (2000). Why Some Financial Instruments Succeed and Some Fail. In Francis, J. C., Whittaker, G., & Toy, W. (Eds.), HANDBOOK OF EQUITY DERIVATIVES John Wiley and Sons.

Francis, J., & McManus, T. (1995). Buy-Write Securities. In Francis, J. C., Whittaker, G., & Toy, W. (Eds.), HANDBOOK OF EQUITY DERIVATIVES Burr Ridge, Illinois. Irwin Professional Publishing.

Francis, J. (1995). Why Some Financial Instruments Succeed and Some Fail. In Francis, J. C., Whittaker, G., & Toy, W. (Eds.), HANDBOOK OF EQUITY DERIVATIVES Burr Ridge, Illinois. Irwin Professional Publishing.

Black, F., Derman, E., Toy, W., & Francis, J. (1994). Using A One-Factor Model to Value Interest Rate Sensitive Securities: With An Application to Treasury Bond Options. In Francis, J. C., & Wolf, A. (Eds.), HANDBOOK OF INTEREST RATE RISK MANAGEMENT Burr Ridge, Illinois. Irwin Professional Publishing.

Francis, J., & Rowell, D. R. (1988). A Simultaneous Equation Model Of The Firm For Financial Analysis And Planning. In Smith, K. V., & Gallinger, G. W. (Eds.), READINGS ON SHORT-TERM FINANCIAL MANAGEMENT (pp. 702-717, Reading 61). St. Paul, Minnesota. West Publishing Company.

Francis, J. (1986). Introduction To Theories Of The Pricing Of Securities. In Fabozzi, F. J., & Zarb, F. G. (Eds.), HANDBOOK OF FINANCIAL MARKETS (pp. 34-52). Homewood, Illinois. Dow Jones-Irwin.

Francis, J. (1981). Introduction To Option Pricing Theories. In Fabozzi, F. J., & Zarb, F. G. (Eds.), HANDBOOK OF FINANCIAL MARKETS Homewood, Illinois. Dow Jones-Irwin.

Francis, J. (1981). Speculative Markets: Valuable Institutions or Dens of Inequity?. In Fabozzi, F. J., & Zarb, F. G. (Eds.), HANDBOOK OF FINANCIAL MARKETS Homewood, Illinois. Dow Jones-Irwin.

Francis, J., & Rowell, D. R. (1980). A Simultaneous Equation Model Of The Firm For Financial Analysis And Planning. In Brigham, E. F., & Johnson, R. E. (Eds.), ISSUES IN MANAGERIAL FINANCE (pp. 299-425). Hinsdale, Illinois. Dryden Press.

Presentations

Francis, J. C. (2024, April 22). Individual and Group Utility Functions. Pacific Basin Financial Research and Development Conference. National Yang Ming Chaio Tung University, Taiwan

Francis, J. C. (2024, September 22). About Cryptocurrencies. 29th Annual Pacific Basin Finance, Economics, Accounting and Management Conference. Rutgers University, New Brunswick, New Jersey

Francis, J. C. (2020, June 26). Cube Root Utility Theory and Prospect Theory. 28th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management. Embassy Suite Hotel in Anchorage, Alaska: Pacific Basin Finance, Economics, Accounting and Management Society.

Francis, J. C. (2018, September 6). BITCOINS, CRYPTOCURRENCIES AND BLOCKCHAINS. 26th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management. New Jersey: Rutgers University.

Francis, J. (2005, August 6). Initial Public Offerings. Finance Workshop. New York City: UBS.

Francis, J. (2003, December 14). . Executive Lending Program. Basking Ridge, New Jersey: Paine Webber Division of UBS.

Francis, J. (1996, November 8). A Reexamination Of Firm Size, Book-To-Market, And Earnings-Price In The Cross-Section Of Expected Stock Returns by Professor Dongcheol Kim. Seventh Annual Conference On Financial Economics and Accounting. New Brunswick, New Jersey: Rutgers University.

Francis, J. (1996, October 11). Integrating Risk Management and Controls into the Business Processes. panel member. New Orleans: Financial Management Association’s Annual Meeting.

Francis, J. (1996, October 10). Exchange Traded Mutual Funds: Building a Better Mousetrap. panel member. New Orleans: Financial Management Association’s Annual Meeting.

Francis, J. (1996, October 10). Nonmonetary Effects of the Financial Crisis in the Great Depression by Ali Anari and James W. Kolari. discussed paper. New Orleans: Financial Management Association’s Annual Meeting.

Francis, J. (1995, November 9). Uses And Abuses Of Derivatives. panel member, Professor Roger Ibbotson chaired the panel. Crown Plaza Hotel, New York City: International Association Of Financial Engineers Annual Meeting.

Francis, J. (1995, August 8). Comparison Of The Money Markets In Taiwan and The U.S.. presented a paper. Taipei, Taiwan: Third Annual Conference on Pacific Basin Business, Economics, and Finance.

Francis, J. (1995, August 7). Innovations In Exchange-Listed Equity Derivatives. presented a paper. Hong Kong: City University of Hong Kong, College of Business.

Francis, J. (1994, October 13). Using A One-Factor Model To Value Interest-Rate-Sensitive Securities: With Applications To Modeling Market Interest Rate Structures. presented a paper. St. Louis, Missouri: Financial Management Association Annual Meeting.

Francis, J., & Lam, J. (1994, October 14). Risk Management And Derivatives. presentation. St. Louis, Missouri: Financial Management Association Annual Meeting.

Francis, J. (1994, April 15). Do Security Markets Respond To Earnings Paths? A Case For Low-Balling written by John C. Alexander and James S. Ang. discussed paper. Boston, MA.: Eastern Finance Association Annual Meeting.

Francis, J. (1993, December 3). Equity Derivatives. panel member. World Trade Center in New York City: 1993 International Association of Financial Engineers at Salomon Brothers Executive Center.

Francis, J. (1993, April 23). Why Some Financial Instruments Succeed and Some Fail. Optimal Security Design and Innovations in Financing Conference. Newark, New Jersey: Rutgers University.

Francis, J. (1993, April 30). Macro-Economics and Industrial Policy for 1993 in the United States. Economics Seminar for Pacific Basin Countries. New Brunswick, New Jersey: Rutgers University.

Francis, J. (1990, October 19). Financial Analysis. Conference on Financial Economics and Accounting. New Brunswick, New Jersey: Rutgers University.

Francis, J. (1989, June 26). Trading and Price Volatility. Chairperson at session. Seattle, Washington: Western Finance Association.

Francis, J. (1989, October 21). Empirical Evidence On The Relationship Between Ownership And Performance written by W.P. Lloyd and C.D. Hudson. discussed paper. Boston, MA.: 1989 Financial Management Association Annual Meeting.

Francis, J. (1988, April 8). Investment Performance Of Common Stocks In Relation To Inside Ownership. Annual Meeting. Chicago, IL: Midwest Finance Association.

Francis, J. (1988, March 22). A Roundtable Discussion Of The Value Line Ranking System. Panel Discussant. Bal Harbor, Florida: Eastern Finance Association.

Francis, J. (1986, October 31). Fundamentalists, Technicians, Contrarians And Passive Managers: Where Is The Truth?. Panel Discussant. New York City: Financial Management Association Annual Meeting.

Francis, J., & McGowan, C. (1986, April 16). Relationships Between Principle Components From Stock Prices And Macro-Economic Variables: An APT Based Inquiry. paper presented. Nashville, Tennessee: Eastern Finance Association Meetings.

Francis, J., & Kim, W. S. (1984, March 11). Investment Performance of Common Stocks In Relation To Inside Ownership Structure of The Firm. paper presented. Buena Vista, Florida: Eastern Finance Association Meetings.

Francis, J. (1984, October 12). Price-Earnings Ratio Topics,. Chairperson of Session 37. Toronto, Canada: Financial Management Association Annual Meeting.

Francis, J., & Rowell, D. (1976, October 31). Simultaneous Equation Model of the Firm. Financial Management Association. Montreal, Canada

Francis, J., & Rowell, D. (1976, July 31). Inflation Effects on Risk Measurement. paper presented. Valley Forge, Pennsylvania: Eastern Finance Association Meetings.

Francis, J. (1976, June 30). Bond Risk Premia. Paper delivered. San Francisco: Western Finance Association.

Francis, J., & Rowell, D. (1976, December 31). Simultaneous Equation Model of the Firm. paper presented. Montreal, Canada: Financial Management Association.

Francis, J. Speeches at regional bankers meetings.. Federal Reserve Speeches, 1972-74. As an Economist for the U.S. Federal Reserve System, one of Dr. Francis' primary responsibilities was speaking at professional meetings. At regional bank association meetings, business economist club meetings, trade associations, and other public functions Dr. Francis delivered approximately 30 presentations of 30 to 90 minutes each. Topics: Monetary Economics and Business Forecasting.. US: US Federal Reserve.

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