Tom Arnold
Professor of Finance
Joseph A. Jennings Chair in Business
Profile

Tom Arnold is a Professor of Finance at the Robins School of Business at the University of Richmond. He received his Ph.D. from the Terry College of Business at the University of Georgia and is a Chartered Financial Analyst. His research appears in the Journal of Finance, Journal of Business, the Financial Analysts Journal, the Journal of Applied Corporate Finance, and the Journal of Financial Education. His research has been mentioned in the Wall Street Journal, the New York Times, and the Economist.

Awards

Outstanding Scholarship Award, Robins School of Business

Outstanding Derivatives Paper Award, Southern Finance Association, Award given at the Southern Finbance Association annual meeting

Outstanding Paper Award, Southwestern Finance Association, Given at Southwestern Finance Association annual meeting

Presentations

Arnold M. Thomas, Member of Panel, The Financial Planning Association, Richmond, VA

Arnold M. Thomas, Fishe P. Raymond, North S. David, The Effects of Ambiguous Information on Initial and Subsequent IPO Returns, Eastern Finance Association- Annual Meeting, Washington, DC

Arnold M. Thomas, What is the form of informed trading in options markets preceding tender offer announcements?, Financial Management Association 2008 Meetings, Dallas, Texas

Arnold M. Thomas, A Real Option Approach to Investing in the Vietnam Sugar Industry: Is the Opportunity Worth the Wait?, Southern Finance Association Meetings, Charleston, SC

Arnold M. Thomas, Inferring Physical Probability Distributions from Option Prices , Southern Finance Association Meetings, Charleston, SC

Arnold M. Thomas, Risk Disclosure in IPOs: Complete or Incomplete? , FInancial Management Association Meetings, Orlando, FL

Designations
Chartered Finacial Analyst
Memberships
Financial Management Association
Financial Education Association
CFA-Virginia
Selected Publications
Books

Thomas M. Arnold, Terry Nixon, Alternative Methods of Evaluation Capital Investments, Capital Budgeting Valuation, 2011, 79-94

Thomas M. Arnold, Bonnie Buchanan, Applications of Real Options Analysis, Capital Budgeting Valuation, 2011, 321-336

Thomas M. Arnold, Terry Terry, Measuring Investment Value: Free Cash Flow, Net Present Value, and Economic Value Added, Capital Budgeting Valuation, 2011,59-77

Thomas M. Arnold, Bonnie Bucahan, Real Options Analysis: An Introduction, Capital Budgeting Valuation, 2011, 301-320

Thomas M. Arnold, David S. North, Risk Simulation Concepts and Methods, Capital Budgeting Valuation, 2011, 279-298

Thomas M. Arnold, Timothy Falcon Crack, Adam Schwartz, Inferring Physical Probability Distributions from Option Prices Using Implied Binomial Trees, Handbook of Econometrics/Palgrave-MacMillan, 2011,35-52

Thomas M. Arnold, Buchanan Bonnie , Corruption, Foreign Direct Investment and the Cost of Doing Business in Vietnam, Nova Science Publishers, Inc., 2010, 133-143

Articles

Thomas M. Arnold, Bonnie Buchanan, How Much Value Within Foreign Direct Investment Can a Government Destroy?, Journal of Wealth Management, 2012, 16-26

Thomas M. Arnold, Jerry L Stevens, Mixed Agendas and Government Regulation of Business: Can we Clean Up the Mess?, Richmond Law Review, 2011, 1059-1089

Thomas M. Arnold, David S. North, Firm Valuation with Long-Run Business Cycles, The Journal of Private Equity, 2011

David S. North, Thomas M. Arnold, Raymond P. Fishe, The Effects of Ambiguous Information on Initial and Subsequent IPO Returns, Financial Management, 2010, 1497-1519

C. Mitchell Conover, Thomas M. Arnold, M. Carol Lancaster, Maintaining a Flexible Payout Policy in a Mature Industry: The Case of Crown Cork and Seal in the Connelly Era, Journal of Applied Corporate Finance, 2010

Douglas Bosse, Thomas M. Arnold, Trade credit: A real option for bootstrapping new ventures, Venture Capital, 2010, 49-63

Thomas M. Arnold, John H. Earl, David S. North, On a Risk-Adjusted Basis, Do Firms Featured on Business Magazine Covers Make Good Contrarian Investments?, The Journal of Wealth Management, 2010, 88-93

Thomas M. Arnold, Buchanan Bonnie , Furniture as a Conduit for Credit, The Journal of Structured Finance, 2010, 10-17

Thomas M. Arnold, John H. Earl, David S. North, Z-Score Calculator for the PDA, The Investment Professional, 2009, 21

Thomas M. Arnold, David S. North, Programming a Firm Value Calculator on Your PDA, The Invesment Journal, 2009, 30-31

Thomas M. Arnold, John H. Earl, David S. North, The Impact of Barron's on Stock Prices, The Investment Journal, 2009, 22-25

Thomas M. Arnold, John H. Earl, Michael Weiss, , A Quick Flip of the Coin, The Investment Professional, 2009, 52-53

Thomas M. Arnold, The Ghost of Credit Past. The Spector of the Heilig-Meyers Fiasco Haunts Today's Failed Lenders, The Investment Professional, 2009, 20-22

Thomas M. Arnold, C. Mitchell Conover, M. Carol Lancaster, Brand New or Old News? The Corporate Restructuring Techniques of Private-Equity Firms and the Case of Crown, Cork, and Seal, The Investment Professional , 2008,22-24

Thomas M. Arnold, John H. Earl, Calculating the VIX in Excel , Journal of Trading, 2008, 39-45

Thomas M. Arnold, Peter Eisemann, Debt Financing Does NOT Create Circularity Within Pro Forma Analysis, Advances in Financial Education (Journal of Financial Education), 2008, 96-102

Thomas M. Arnold, Mark Bertus, Jonathan Godbey, A Simplified Approach to Understanding the Kalman Filter Technique, Engineering Economist, 2008

Thomas M. Arnold, Duration Measures for Corporate Project Valuation, Engineering Economist, 2008

Thomas M. Arnold, A Simple Model of Interest Rate Term Structure for the Classroom, Journal of Financial Education, 2007

Thomas M. Arnold, Jimmy Hilliard, Adam Schwartz, Short Maturity Options and Jump Memory, Journal of Financial Research, 2007

Thomas M. Arnold, Bonnie Buchanan, Visual Portfolio Statistics, Accounting Research Journal, 2007

Thomas M. Arnold, John H. Earl, David S. North, Cover Stories: Are Business Magazine Covers Effective Contrarian Indicators?, Financial Analysts Journal, 2007, 70-75

Thomas M. Arnold, Timothy F. Crack, Adam Schwartz, Valuing Real Options Using Implied Binomial Trees and Commodity Futures Options, Journal of Futures Markets, 2007, 203-226

Thomas M. Arnold, Timothy F. Crack, Adam Schwartz, Implied Binomial Trees in Excel Without VBA, Journal of Financial Education, 2006, 37-54

Thomas M. Arnold, Terry D. Nixon, Adding Depth to the Discussion of Capital Budgeting Techniques, Journal of Financial Education, 2006, 78-89

Thomas M. Arnold, John H. Earl, Applying Altman's Z-Score in the Classroom, Journal of Financial Education, 2006, 97-102

Thomas M. Arnold, Gayle R. Erwin, Lance A. Nail, Terry D. Nixon, Do Option Markets Substitute for Stock Markets? Evidence from Trading on Anticipated Tender Offer Announcements, International Review of Financial Analysis, 2006, 247-255

Thomas M. Arnold, Lance A. Nail, Terry D. Nixon, Getting More Out of Two Asset Portfolios, Journal of Applied Finance, 2006, 72-81

Thomas M. Arnold, Bonnie Buchanan, Janice Lo, The Subtlety of Political Risk with Foreign Direct Investment: The Case of the Vietnamese Sugar Industry, Journal of Finance Case Research, 2006

Thomas M. Arnold, Using GMM to Flatten the Volatility Smile, Research in International Business and Finance, 2006, 1-21

Thomas M. Arnold, Bonnie Buchanan, Lance A. Nail, A Calamity of Monumental Proportions: The Collapse of HIH Insurance, Journal of Finance case Research, 2005

Thomas M. Arnold, David S. North, Roy A. Wiggins, Improving Pro Forma Analysis through Better Terminal Value Estimates, Journal of Financial Education, 2005, 76-95

Thomas M. Arnold, Alexander W. Butler, Tmothy F. Crack, Yan Zhang, The Informational Content of Short Interest: A Natural Experiment, Journal of Business, 2005, 1307-1335

Thomas M. Arnold, Stephen C. Henry, An Excel Application for Valuing European Options with Monte Carlo Analysis, Journal of Financial Education, 2005,86-97

Thomas M. Arnold, Timothy F. Crack, Using WACC to Value Real Options, Financial Analysts Journal, 2004, 78-82

Thomas M. Arnold, Lance A. Nail, Terry D. Nixon, Do ADRs Enhance Portfolio Performance for a Domestic Portfolio? Evidence from the 1990s, Research in International Business and Finance, 2004, 341-359

Thomas M. Arnold, Bonnie Buchanan, Interest Rate Parity in Excel, Journal of Financial Education, 2004, 28-41

Thomas M. Arnold, Leroy D. Brooks, Terry D. Nixon, Understanding the Impact of Financial Decisions on Financial Statements: A Pedogogical Note, Advances in Financial Education (Journal of Financial Education), 2004, 11-21

Thomas M. Arnold, Bonnie Buchanan, Lance A. Nail, Beware of the Ides of March: The Demise of HIH Insurance, Research in International Business and Finance, 2003, 199-221

Thomas M. Arnold, Terry D. Nixon, Richard L. Shockley, Intuitive Black-Scholes Option Pricing with a Simple Table, Journal of Applied Finance, 2003, 46-55

Thomas M. Arnold, Stephen C. Henry, Visualizing the Stochastic Calculus of Option pricing with Excel and VBA, Journal of Applied Finance, 2003, 56-65

Thomas M. Arnold, Alexander Butler, Timothy F. Crack, Ayca Altintig, Impact: What Influences Finance Research?, Journal of Business, 2003, 343-361

Thomas M. Arnold, Jerry James, Finding Firm Value Quickly with an Analysis of Debt, Journal of Financial Education, 2003, 65--81

Thomas M. Arnold, Richard L. Shockley, Real Options, Corporate Finance, and the Foundations of Value Maximization, Journal of Applied Corporate Finance, 2003, 82-88

Thomas M. Arnold, Lance A. Nail, Terry D. Nixon, ADR Risk Characteristics and Measurement, Research in International Business and Finance, 2002,451-472

Thomas M. Arnold, Advanced Portfolio Theory: Why Understanding the Math Matters, Journal of Financial Education, 2002, 79-96

Thomas M. Arnold, Richard Shockley, Value Creation at Anheuser-Busch- A Real Options Example, Journal of Applied Corporate Finance, 2001,52-61

Thomas M. Arnold, Jerry James, Finding Firm Value Without a Pro Forma Analysis, Financial Analysts Journal, 2000, 77-84

Thomas M. Arnold, Phil Hersch, J. Harold Mulherin, Jeffry Netter, Merging Markets, Journal of Finance, 1999, 1083-1107


Education
B.A., LaSalle University
Mathematics and History
M.S., Temple University
Finance
Ph.D., University of Georgia
Finance
Contact Information
333 RSB
(804) 287-6399
(804) 289-8878 (Fax)
Areas of Expertise
Corporate Finance
Derivative Securities
Econometrics
Finance Pedagogy
Initial Public Offerings
Practitioner Issues
Securities and Exchange Commission
Small Business Management