David Brown

David Brown joined the Eller College of Management in 2014 after earning his PhD in Business Administration (Finance) from the University of Colorado Boulder. His areas of research include institutional investors, asset management, price feedback and price informativeness, early-stage financing and IPOs, taxes and retirement planning. Prior to joining academia, he worked in high-frequency algorithmic trading and private student lending where he was involved in several fundraising efforts, ranging from $300,000 to $75 million.

Courses

• FIN 413 Financial Modeling - Spring
• FIN 415 Critical Thinking in Finance - Spring

Publications and Working Papers

• "ETF Arbitrage, Non-Fundamental Demand, and Return Predictability," Review of Finance, forthcoming (with S. Davies and M. Ringgenberg)
• "Dominated ETFs" (with S. Cederburg and M. Towner)
• "Off Target: On the Underperformance of Target-Date Funds" (with S. Davies)
• "Financing Efficiency of Securities Based Crowdfunding”, Review of Financial Studies, September 2020, 33(9), 3975-4023 (with S. Davies)  
• "Moral Hazard in Active Asset Management," Journal of Financial Economics, August 2017, Volume 125, Issue 2, Pages 311-325 (with S. W. Davies)
• "Tax Uncertainty and Retirement Savings Diversification," Journal of Financial Economics, December 2017, Vol. 126, Issue 3, Pages 689-712 (S. Cederburg and M. O'Doherty)
• "Investing in Security Price Informativeness: The Role of IPO Underpricing," Job Market Paper. NASDAQ OMX Group Ph.D. Dissertation Grant, 2013
• "Key Investors in IPOs," (with S. Kovbasyuk)
• "Simple Intuition Gone Awry: Combining Real and Financial Options in Tax Elections," McGraw-Hill/Irwin Distinguished Paper Award, SWFA, 2013 (with J. C. Leach)
• "Dark Pool Exclusivity Matters," (with L. Boni and J. C. Leach)
• "The Effects of ETF Competition on Active Asset Managers," (with S. W. Davies and M. Kronlund)
• "Equity Crowdfunding - Theory and Evidence," (with S. W. Davies and M. Lin)
• "Exclusive Dark Pools," Review of Financial Regulation Studies, 2012, 10: 5-6 (with L. Boni and J. C. Leach)