Terrence Martell

Professor

Zicklin School of Business

Department: Bert Wasserman Dept Eco & Fin

Areas of expertise:

Email Address: terrence.martell@baruch.cuny.edu

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Education

Ph.D., Finance, Pennsylvania State Univ.

B.A., Economics, Iona College

SemesterCourse PrefixCourse NumberCourse Name
Spring 2024FIN4720Futures Markets
Spring 2023FIN4720Futures Markets
Spring 2022FIN4720Futures Markets
Spring 2021FIN9893Special Topics in Investments
Spring 2021FIN4720Futures Markets
Spring 2020FIN4720Futures Markets
Spring 2019FIN4720Futures Markets
Spring 2018FIN4720Futures Markets
Spring 2017FIN4720Futures Markets
Spring 2016FIN4720Futures Markets
Fall 2015FIN5000Independent Study FIN I
Spring 2015FIN4720Futures Markets
Fall 2014FIN5000Independent Study FIN I
Spring 2014FIN4720Futures Markets
Spring 2014FIN4093Special Topics in Finance
Spring 2014FIN5000Independent Study FIN I
Spring 2013FIN4720Futures Markets
Spring 2012FIN4720Futures Markets
Spring 2011FIN9983Selected Topics in Investments
Spring 2011FIN4720Futures Markets
Spring 2011FIN9773Investment Theory & Applicat
Spring 2011FIN9790Seminar in Finance
Spring 2010FIN4720Futures Markets
Spring 2009FIN4720Futures Markets
Spring 2009FIN9797Options Markets
Spring 2008FIN4720Futures Markets
Spring 2007FIN4720Futures Markets
Spring 2006FIN4720Futures Markets
Spring 2005FIN4720Futures Markets
Fall 2004FIN9782Futures and Forward Markets
Spring 2004FIN4720Futures Markets
Fall 2003FIN4720Futures Markets
Spring 2003FIN4720Futures Markets
Fall 2002FIN4720Futures Markets
Spring 2002FIN4720Futures Markets
Fall 2001FIN9782Futures and Forward Markets

Books

Martell, T. F., & Gehr, A. (1993). Derivative Markets and the Demand for Gold. (p. 1-44). World Gold Council.

Martell, T. F. (1991). Financial Management I. Madison, WI, Credit Union National Association.

Journal Articles

Demir, M., Martell, T. F., & Wang, J. (2018). The Trilogy of China Cotton Markets: The Lead-Lag Relationship Amongst Spot, Forward, and Futures Markets . Journal of Futures Markets , 39(4). 522-534.

Sethi, S., Martell, T. F., & Demir, M. (2016). Building Corporate Reputation Through Corporate Social Responsibility (CSR) Reports: The Case of Extractive Industries. Palgrave Macmillan UK , 19(3). 219-243.

Sethi, P., Martell , T. F., & Demir , M. (2015). An Evaluation of the Quality of Corporate Social Responsibility Reports by Some of the World's Largest Financial Institutions. . Journal of Business Ethics, 140(4). 787-805.

Sethi, S., Martell, T. F., & Demir, M. (2015). Enhacing the Role and Effectiveness of Corporate Social Responsibility (CSR) Reports: The Missing Element of Content Verification and Intergrity Assurance . Journal of Business Ethics, 144(1). 59-82.

(2008). The Performance of Stocks that are Reverse Split. Review of Quantitative Finance and Accounting, 30(3).

(2007). A New Look at Hedging with Derivatives: Will Firms Reduce Market Risk Exposure?. Journal of Futures Markets, 27(11). 1-31.

(2005). A New Era for Commodity Investments. Journal of Financial Transformation, 15. 120-125.

(2005). Empirical Evidence on the Evolution of Liquidity: Choice of Market vs. Limit Orders by Informed and Uniformed Traders. Journal of Financial Markets, 8(3). 289-309.

(2003). The Split of S&P 500 Futures Contracts: Effects on Liquidity and Market Dynamics. Review of Quantitative Finance and Accounting, (323-348).

(1999). Changing the Size of a Futures Contract: Liquidity and Microstructure Effects. Financial Review, 34(4). 75-94.

(1999). The Impact of Listing Latin American ADRs on the Risks and Returns of the Underlying Shares. Global Finance, 10(2). 147-160.

(1997). A Bond Review and Rating Change Announcements: Tests of Informational Value and Market Efficiency. Journal of Economics and Finance, 21(2). 75-82.

(1997). Commodity Markets and Market Risk Based Capital Requirements. Derivatives Quarterly, 4(1). 7-17.

(1994). Derivative Usage in The Gold Market and Its Impact on Spot Gold. The Journal of Derivatives, I(4). 68-79.

(1992). Pricing Efficiency in the Secondary Market for Investment - Grade Corporate Bonds. The Journal of Fixed Income, 2(3). 24-38.

(1990). The Intraday Behavior of Commodity Futures Prices. The Journal of Futures Markets, 10(6). 661-672.

(1988). The Determinants of Scalped Ticket Prices. Northeast Journal of Business and Economics, 14(1). 33-43.

(1987). Determinants of Trading Volume in Futures Markets. Journal of Futures Markets, 7(3). 233-244.

Helms, B., & Martell, T. F. (1985). An Examination of the Distribution of Commodity Price Changes. Journal of Futures Markets, 5(2). 259-272.

(1985). Multibank Holding Company Activity and Local Market Structure: Some Implications for Intra and Interstate Banking. Journal of Economics and Business, 37. 327-341.

(1985). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Classics of Commercial Bank Lending, 2.

(1983). The Accuracy of Deposit Forecasts Generated by the Bank Chartering Process. Journal of Bank Research, 13(4). 309-311.

(1981). Cash Settlement for Futures Contracts Based Upon Common Stock Indices -- An Economic and Legal Perspective. Journal of Futures Markets, 1(3). 291-301.

Fitts, R., & Martell, T. F. (1981). A Quadratic Discriminant Analysis of Bank Credit Card User Characteristics. Journal of Economics and Business, 33(2). 153-159.

(1981). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Fortune,

(1981). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Journal of Commercial Bank Lending, 27-38.

(1981). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Financial Markets Instruments and Concepts/ R.F. Dame Inc.,

(1980). On the Interpretation of Individual Variables in Multiple Discriminant Analysis. Journal of Financial and Quantitative Analysis, 15(1). 211-217.

Hooks, D., & Martell, T. F. (1979). Effects of Multibank Holding Companies on Local Market Concentration. Journal of the Mid-West Finance Association, 8(57-70).

(1978). Dependency in Commodity Futures Prices - An Examination of the Transaction-to-Transaction Data. Journal of the Mid-West Finance Association, 7(121-131).

(1978). Determinants of Bank Trust Department Usage. Journal of Bank Research, 9(1). 8-14.

(1977). MVBFS; A Program Which Utilizes the Multi-Variate Behrens-Fisher Solution for Conditional Deletion in Two Group Discriminant Models. The Journal of Marketing Research, 245.

Martell, T. F. (1976). Adaptive Trading Rules for Commodity Futures. Omega, The International Journal of Management Science, 4(4). 407-416.

(1976). The Law and Electronic Funds Transfer Development. The Business Law Forum, 8(1). 63-76.

Martell, T. F., & Hooks, D. (1975). Holding Company Affiliation and Economies of Scale. Journal of the Mid-West Finance Association, 57-71.

(1974). Adaptation, Information and Dependence in Commodities Markets. Journal of Finance, 493-498.

Book Chapters

Jarecki, H., & Martell, T. F. (2008). Diversify a Portfolio with Tangible Commodities. In Fabozzi, F. J. (Ed.), Handbook of Finance Series (pp. 585-592). Wiley Publishing.

Jones, F., & Martell, T. F. (1981). Futures Markets - Market Participants. In Fabozzi, F. J., & Zart, F. S. (Eds.), Handbook of Dynamic Markets: Financial Options Futures (p. 11 pgs). Dow Jones - Irwin, Inc..

Presentations

Sethi, S., Martell, T. F., & Demir, M. (2015, December 10). CSR Monitor – A Novel Instrument for Evaluating the Quality of CSR -reports. 14th Australasian Centre on Social and Environmental Accounting, A-CSEAR, 2015. Sydney, Austrlia: Australasian Centre on Social and Environmental Accounting.

Sethi, S., & Martell, T. F. (2014, June 30). An evaluation of the quality of corporate CSR reports by some of the world’s largest financial institutions. 18th International symposium on Ethics in Accountability, Finance and Banking: Toward a More Comprehensive View. Barcelona, Spain: IESE Business School.

Sethi, S., & Martell, T. F. (2014, June 19). Patterns of CSR Reporting by Large Corporations around the world: An analytical system to evaluate and critique the quality of corporate CSR-S reports from Asia, Europe, North America, and Australia-New Zealand. 25th Annual Meeting of the International Association of Business & Society. Sydney, Australia: the International Association of Business & Society.

Martell, T. F. (2011, May 28). Global Macro Economic Activity and Global Commodity Markets. Plenary Speech. : Derivatives Forum.

Martell, T. F., Bali, T., & Hume, S. (2004, October 31). Does Hedging with Derivatives Reduce the Market Risk Exposure?. presented. : Financial Management Association Meetings.

Martell, T. F. (2004, October 5). How Electronic Market Mechanisms Are Transforming the Competitive Landscape on Wall Street & Globally. presented. : Financial Markets World Conference.

Martell, T. F., & Anand, A. (2002, October 31). Informed Limit Order Trading. : Financial Management Association Meetings.

Martell, T. F., Karagozoglu, A., & Wang, G. (2002, October 31). The Split of S&P 500 Futures Contracts: Effects on Liquidity and Market Dynamics. : Financial Management Association Meetings.

Martell, T. F., & Followill, R. (1993, December 31). Bond Review and Rating Change Announcements: Tests of Informational Value and Market Efficiency. : Financial Management Association Meetings.

Martell, T. F., & Tehranian, H. (1986, December 31). Distribution of Gold Price Changes and Alternative Portfolio Strategies. : Annual Meeting of the International Precious Metals Institute.

Helms, B., & Martell, T. F. (1984, December 31). A Re-examination of Price Changes in the Commodity Futures Market. Proceedings of the International Research Seminar. Vol. V, pp. 137-151.. : Sponsored by the Chicago Board of Trade.

Helms, B., & Martell, T. F. (1984, December 31). A Re-examination of Price Changes in the Commodity Futures Market. Selected Writings On Futures - Research Directions in Commodity Markets, 1970-1980. : Chicago Board of Trade.

Martell, T. F. (1982, December 31). Financial Futures and the Insurance Industry. Research review. : Society of Insurance Research.

Martell, T. F. (1981, May 31). Financial Futures and the Insurance Industry. Proceedings of Seminar. Rio de Janeiro: The International Insurance.

Martell, T. F. (1980, December 31). New Bank Deposit Forecasts. Abstracted in the Proceedings Conference on Bank Structure. : Federal Reserve Bank of Chicago.

Martell, T. F., & Trevino, R. (1980, December 31). Evaluating the Performance of Floor Traders: A Direct Approach. : Annual Meeting of the Financial Management Association.

Martell, T. F., & Helms, B. (1978, December 31). An Examination of the Price Behavior in the New Financial Futures Contract. : Annual Meeting of the Financial Management Association.

Martell, T. F., & Helms, B. (1978, December 31). An Examination of the Distribution of Commodity Price Changes. Annual Meetings. : TIMS/ORSA.

Karson, M., & Martell, T. F. (1978, December 31). A Procedure for Ranking of Variables in Quadratic Discriminant Analysis. Proceedings. : American Statistical Association.

Martell, T. F., & Vernon, V. (1977, December 31). Decomposition Analysis of Affiliated Bank Balance Sheets. Proceedings. : Southeastern AIDS.

Martell, T. F., & Taylor, W. (1977, December 31). Stochastic Dominance--A New Analytical Tool in the Multi-Bank Holding Company Acquisition Decision. Proceedings. : American Institute for Decision Sciences.

Martell, T. F. (1976, December 31). An Application of the Quadratic Discriminant Model to the Credit Scoring Problem. : National Meeting of the American Institute for Decision Science.

Hooks, D., & Martell, T. F. (1976, December 31). The Bank Loan Supply Function: A Re-specification. Annals. : The Mid-South Academy of Economics.

Martell, T. F. (1974, December 31). The Effects of the Bank Holding Company Movement on Bank Structure in Alabama. Annual Meeting. : Eastern Finance Association.

Martell, T. F. (1974, December 31). Entropy Trading Rules, Enlightenment, and Risk in Commodity Futures Markets. Annual Meetings. : TIMS/ORSA.

Martell, T. F., & Taylor, W. (1974, December 31). The Bank Holding Company Acquisition Decision. : Annual Meeting of the Financial Management Association.

Martell, T. F. (1973, December 31). Non-Symmetric Price Changes in Commodity Futures and Its Implications for the Weak Form Martingale Hypothesis. Proceedings. : Eastern Finance Association.

Gehr, A., & Martell, T. F. (1971, December 31). The Impact of Monetary Policy on the Earnings Yield of Common Stock. Proceedings. : Mid-West Finance Association.

Other Scholarly Works

Demir, M., Martell, T. F., & Ozbilgin, M. (2018). Corporate Transparency and Firm Value: International Evidence from Corporate Social Responsibility.

Sethi, S., Martell, T. F., & Demir, M. (2018). CSR Monitor - A Novel Insturmental for Evaluating the Quality of CSR Reports.

Demir, M., & Martell, T. F. (2014). Non Financial Disclosure Qualify and Firm Value.

In Progress.

Martell, T. F. (1999). Futures Exchanges: Which Way?.

Martell, T. F. (1992). Fee Income is an ALM Issue. 17-20.

Martell, T. F. (1985). Commercial Uses of Commodity Options.

Martell, T. F. (1985). Mutual Offset Trading : The Comex-Sydney Futures Exchange Linkage Agreement.

Martell, T. F. (1979). Credit Unions and Capital Adequacy. III(12),

Martell, T. F. (1979). The Multibank Holding Company Movement in Alabama.

Fitts, R., & Martell, T. F. (1979). Who Uses Bank Trust Departments. 162(3), 74-78.

Martell, T. F. (1977). EFT: The Quiet Revolution.

Martell, T. F. Clearing up Clearing Issues.

Martell, T. F. Clearing: A Liquid Asset. (Premier Issue), 23-26.

Reviews

Martell, T. F. (1997,January 1). Against The Gods by P.Bernstein. Business and Contemporary World.

Martell, T. F. (1975,October 1). A Random Walk Down Wall Street by B. Malkiel. Review of Business and Economic Research.

Research Currently in Progess

Ozbilgin, M., Demir, M., & Martell, T. F.(n.d.). Determinants of Non-Financial Disclosure Levels of U.S. Firms. In Progress.

We examine the determinants of corporate social responsibility disclosure levels of U.S. firms between 2007 and 2016.

Honor / AwardOrganization SponsorDate ReceivedDescription
Fulbright Award for Global Education, Leadership One To World 2016
Distinguished Visiting ProfessorSouthwestern University of Finance and Economics2011Chendu, China
The Benard Baruch Distinguished Faculty Award2011
Franco Caparrelli FellowshipMonte dei Paschi di Siena Foundation, University of Siena2010
Presidential Excellence Award for Distinguished Service2006
Honorary DegreePelham Memorial High School2006
Beta Gamma Sigma, Faculty HonoreeBaruch Chapter2003
Golden Key International Honor SocietyFaculty Honoree, Baruch Chapter2002
School of Business Award for Teaching Excellence1999
School of Business Award for Teaching Excellence1995
Brother Arthur A. Loftus Award for Outstanding Achievement in Business and CommerceIona College1986
Chicago Mercantile Exchange Visiting Professor Fellowship1978
Beta Gamma SigmaNational Business Administration Honorary Society1970
Omicron Delta EpsilonNational Economics Honorary Society1967

College

Committee NamePosition RoleStart DateEnd Date
Search Committee for Vice President for Advancement (Fredrick)Committee MemberPresent
Search Committee for Vice President for Administration & Finance (Hammond, Spector)Committee MemberPresent
Search Committee for Comptroller (Homan)Committee MemberPresent
Search Committee for Vice President and Provost (Dannenbring)Committee MemberPresent
Weissman Center for International BusinessDirectorPresent
Search Committee for Associate Provost for Teaching & Learning Enviornment (Potash)Committee MemberPresent
Exchange Student Curriculum Transfer Evaluation Present
Search Committee for Weissman School Dean (Chase)Committee MemberPresent
Field Chair in Entrepreneurship (Newbert)12/31/2017
International Executive Programs Advisory CommitteeCommittee Member12/31/2014
Honorary Degree CommitteeCommittee Member12/31/2013
Search Committee for Provost and Senior Vice President for Academic Affairs (Christie)Committee Member12/31/2013
Graduate Curriculum CommitteeCommittee Chair12/31/2012
Graduate Curriculum CommitteeCommittee Member5/31/2012
Graduate Curriculum CommitteeCommittee Chair5/31/2012
President's CabinetCommittee Member12/31/2011
Middle States Steering CommitteeCo-Chairperson12/31/2010
Faculty SenateCommittee Member12/31/2009
17 Lex Building Design CommitteeCommittee Member12/31/2009
Faculty SenateCommittee Chair12/31/2008
Honorary Degree CommitteeCommittee Member12/31/2008
Senior Staff CommitteeCommittee Member12/31/2008
Promotion and Budget CommitteeCommittee Member12/31/2008
President's CabinetCommittee Member12/31/2008
Corporate Action TeamCommittee Member12/31/2006
Search Committee for Provost and Senior Vice President for Academic Affairs (Christie)Committee Member12/31/2006
School of Business Executive CommitteeCommittee Member12/31/2006
Bill Newman Real Estate Chair Search CommitteeCommittee Member12/31/2005
William Aldinger III C Search CommitteeCommittee Chair12/31/2005
Middle States Periodic Review CommitteeCommittee Member12/31/2005
Linked Planning & Budget Subcommittee12/31/2005
Search Committee for School of Public Affairs DeanCommittee Member12/31/2005
Search Committee, Associate Dean for Graduate Affairs (Ducoffe)Committee Member12/31/2004
Search Committee, Associate Dean for Undergraduate Students (Zadra)Committee Member12/31/2004
Academic Policy, Faculty SenateVice Chair12/31/2004
Responsible for recruiting. During the period, hired 20 faculty members.12/31/2004
Deputy Dept. Chairman6/30/2004
Executive CommitteeCommittee Member6/30/2004
Ad Hoc Committee on Budget PlanningCo-Chair5/31/2004
Task Force on SchedulingCommittee Member12/31/2003
Budget Task ForceCommittee Member12/31/2003
Mission Review CommitteeCommittee Chair12/31/2002
Retention Support CommitteeCommittee Member12/31/2002
Faculty Senate Finance and BudgetVice Chair 12/31/2000
Board of Directors, The Baruch College Association, Inc.Committee Member12/31/1999
School of Business Executive CommitteeCommittee Member12/31/1997
President's Ad Hoc Budget Advisory CommitteeCommittee Member5/31/1997
General Faculty Committee on Collegiate Athletics Committee Member12/31/1995
Executive CommitteeCommittee Member6/30/1995

University

Committee NamePosition RoleStart DateEnd Date
UFS Budget Advisory CommitteeCommittee Member1/1/2005Present
Chaired 3 dissertations and served on 6 additional dissertation committees.Present
University Faculty SenateMember1/1/2005Present
PSC/CUNY Welfare FundTrustee1/1/2003Present
PSC/CUNY Welfare Fund (Investment Committee)Committee Member1/1/2008Present
PSC/CUNY Welfare Fund - Audit CommitteeCommittee Chair7/1/2005Present
UFS Executive CommitteeCommittee Member1/1/200712/31/2017
Search Committee Vice Chancellor for University Advacement (Bryant) 12/31/2017
Faculty Governance LeadersMember1/1/20046/30/2017
Search Committee Lehman College President (Cruz) 12/31/2016
Faculty SenateChairperson1/1/201212/31/2016
City University of New YorkTrustee6/1/20126/30/2016
City University of New York - Fiscal CommitteeCommittee Member6/1/20056/30/2016
City University of New York - Investment CommitteeCommittee Member6/1/20126/30/2016
City University of New York - Audit CommitteeCommittee Member6/1/20056/30/2016
Search Committee Vice Chancellor and University Provost (Rabinowitz) 12/31/2015
Chancellor Search Committee (Milliken)12/31/2014
UFS Budget Advisory CommitteeChairperson1/1/201012/31/2011
Presidential Search Committee (Wallerstein)12/31/2010
CUNY Board of Trustees,Audit SubcommitteeCommittee Member12/31/2009
Executive Vice Chancellor Search Committee (Logue)12/31/2009
Middle States Steering CommitteeCommittee Member1/1/200412/31/2005
Presidential Search Committee (Waldron)Committee Member4/30/2004

Professional

OrganizationPosition RoleOrganization StateOrganization CountryStart DateEnd DateAudience
One To World Treasurer 1/1/2016Present
ICE Clear Credit Risk CommitteeChairperson5/1/2009Present
Rapaport Family TrustChairperson1/1/2015Present
One To World Board of Directors of a Company1/1/2016Present
ICE Audit CommitteeMember1/1/2014Present
VVC ExplorationBoard Chair1/1/2014Present
ICE Group Risk CommitteeCommittee Chair12/1/2013Present
VVC ExplorationBoard Member9/1/2012Present
Pelham Civics Association Director 1/1/2010Present
Gresham Investment Management LLCBoard Member 9/1/2015Present
ICE Clear CreditBoard Member5/1/2009Present
ICE Futures US Member1/1/2007Present
ICE Futures USVice Chair1/1/2007Present
Review of Pacific Basin Financial Markets and PoliciesEditor, Associate Editor1/1/2006Present
Manhattan Chamber of Commerce Executive Committee 1/1/2003Present
New York District Export Council, U.S. Dept of Commerce1/1/2003Present
Manhattan Chamber of Commerce Director 1/1/1998Present
FuturesEditorial Review Board Member1/1/1997Present
ICE Clear USChairperson1/1/2007Present
ICE GroupBoard Member1/1/20075/31/2016
ICE Risk Committee Chairperson11/1/20145/31/2016
ICE Clear Credit Audit CommitteeCommittee Member5/1/20085/31/2016
Intercontinental Exchange (ICE) Director 1/1/20075/31/2016
New York Board of Trade Director 1/1/200112/31/2007
Pelham School Board President 1/1/200112/31/2006
Pelham School BoardDirector 1/1/199712/31/2006
WPBA Softball Division President1/1/199712/31/2006
Westchester Putman Baseball Association, Softball Division President 1/1/199712/31/2006
Derivatives Risk Management ServiceBoard of Advisors of a Company1/1/199812/31/2002
Pelham School Board Vice President 1/1/199912/31/2001
The Financial ReviewEditor, Associate Editor1/1/198812/31/2000
New York City Council on Economic Education President 1/1/199012/31/1999
United Way Pelham Director 6/1/19926/30/1998
United Way Pelham President 6/1/19956/30/1997
The Journal of Futures MarketsEditorial Review Board Member1/1/198012/31/1991