J. Austin Murphy

Title: Professor of Finance
Office: 408 Elliott Hall
Phone: (248) 370-2125
Email: [email protected]

Education:
University of Georgia, Ph.D. in Finance

Biography:
Received PhD in Finance from the University of Georgia in 1984 and has been teaching and researching Investments and Portfolio Management at Oakland University since then.

Teaching interests: 
Investments and Portfolio Management

Research interests: 
Investments and Portfolio Management

Journals and Articles:

Murphy, J. A., AlSalman, Z. (2023). The Continued Forecasting Effectiveness of a Fundamental Model of the Equity Premium. Journal of Investing. 8

Murphy, J. A., AlSalman, Z. Relationships between Stock Returns and Real Earnings Yields over the Last 150 Years. Finance Research Letters. 14

Murphy, J. A., AlSalman, Z. The Effectiveness of Ex-Ante Real Earnings Yields in Forecasting Stock Market Returns. Journal of Portfolio Management. 10

Murphy, J. A., Headley, A. (2022). An Empirical Evaluation of Alternative Fundamental Models of Credit Spreads. International Review of Financial Analysis. 79

Murphy, J. A., Siddiqi, H. (2021). The Resource-Constrained Brain: A New Perspective on the Equity Premium Puzzle. Journal of Behavioral Finance. 39

Murphy, J. A.(2021). Economics -2020: What Happens When Everything Shuts Down Except the “Money Printing Presses. Economic Alternatives. 2791-112

Murphy, J. A.(2020). Determining the Optimal Capital Structure and Measuring the Cost of Capital. Advances in Financial Education. 24

Murphy, J. A.(2020). In Service of Creditors: Emergency Financial Management and Poison Water in Flint, MI. Public Finance and Management. 32

Murphy, J. A.(2020). The Returns on Government and Corporate Securities with Prices Propped up by Central Bank Purchases using Unlimited Quantities of Currencies with Less Intrinsic Value than Toilet Paper.. Journal of Investing. 29121-131

Murphy, J. A.(2020). An Analysis of the Use of Money to Divert the Exercise of Government Power for the Wealthiest. Economic Alternatives. 48

Murphy, J. A., Headley, A. (2020). An Empirical Examination of the Term Structure Fundamentals of Credit Spreads. Journal of Fixed Income. 49

Murphy, J. A.(2019). A Simple Model Explaining the Interaction Between Special Interest Spending and Voter Choices. Journal of Economics and Political Economy. 37

Murphy, J. A., Fu, L. (2019). An Empirical Analysis of Investor Confidence Incorporated in Market Prices. Journal of Behavioral Finance. 20267-293

Murphy, A. (2019). The “Absolute Priority Rule” in Bankruptcy: Has It Been Enabled to Allow Creditors to Liquidate Productively, Viable U.S. Corporations?. Business and Bankruptcy Law Journal/Texas Tech University. 20

Murphy, J. A.(2019). A Model of Optimizing Political Expenditures to Buy Government Power. Economic and Political Studies. 31

Murphy, A. (2018). A Precisely Practical Measure of the Total Cost of Debt for Determining the Optimal Capital Structure and the Weighted Average Cost of Capital. Journal of International Financial Management. 831-40

Murphy, J. A., Fu, L. (2018). The Effect of Confidence in Valuation Estimates on Arbitrager Behavior and Market Mispricings. Journal of Behavioral Finance. (19), 349-363

Murphy, J. A.(2018). Insured Bond Pricing in the Biggest Municipal Bankruptcy in History: The Case of Detroit. International Review of Law and Economics. 15

Fu, L. , Murphy, J. A.The Impact of Endogenously Determined Uncertainty about Future Mispricings and Investigatory Outcomes. Journal of Behavioral Finance and Economics. 41

Murphy, J. A., Benzschawel, T. , Fu, L. (2015). Systematic Risk and Yield Premiums in the Bond Market. Journal of Credit Risk. 62

Fu, L. , Murphy, J. A., Benzschawel, T. (2015). Systematic Risk and Yield Premiums in the Bond Market. Journal of Credit Risk. 40

Fu, L. , Murphy, J. A., Benzschawel, T. (2014). An Empirial Examination of Ex-ante Estimates of the Market Risk Premium. Journal of Investing. 9

Murphy, J. A., Benzschawel, T. , Fu, L. (2014). An Empirical Analysis of Segmented Pricing of Bond Systematic Risk. Credit and Capital Markets. 415-440

Murphy, J. A., Fu, L. , Benzschawel, T. (2014). An Empirical Analysis of Ex-ante Estimates of the Market Risk Premium. Journal of Investing. 31-58

Murphy, J. A.An Empirical Examination of the Relationship Between Naked Shorting and Share Prices Around the Announcement of a Firm’s Need for External Capital. Journal of Governance and Corporate Regulation. 50

Murphy, J. A.(2012). An Evolutionary Analysis of Being. Perspective Journal. (7), 56-134

Murphy, J. A.(2012). Biology-Induced Effects on Investor Psychology and Behavior. International Review Of Financial Analysis. 2420-25

Murphy, J. A.(2012). First International Conference on Credit Analysis and Risk Management. Journal of Credit Risk. 2

Murphy, J. A., Callaghan, J. H., Parkash, M. (2012). Shorting Down Value. Pacific-Basin Finance Journal. 41

Murphy, J. A., Qian, H. , Zhu, Y. , Chaudhuri, R. (2012). An Empirical Examination of the Relationship Between Naked Shorting and Share Prices Around the Announcement of a Firm’s Need for External Capital. Journal of Governance and Corporate Regulation. 1(4), 92

Murphy, J. A.(2011). The Effect of Allowing Unregulated Credit Default Swaps. International Review of Applied Financial Issues and Economics. 2620-631

Murphy, J. A., Virmani, S. (2010). An Empirical Analysis of Residential Mortgage Refinancing Decision-Making. Journal of Housing Research. 19129-138

Murphy, J. A.(2010). The Mispricing of Credit Default Swaps: Institutional Causes and Effects. Banking and Finance Review. 31

Murphy, J. A.(2010). An Analysis of SAM Pricing in the UK. Investment Management and Financial Innovation. 789-102

Murphy, J. A.Biology-Induced Effects on Investor Behavior and the Psychology of Arbitrage. International Review Of Financial Analysis. 30

Murphy, J. A., Callaghan, J. H., Parkash, M. (2010). Shorting Down Value: The Toxic Effect of Insufficient Internal Liquidity. Pacific-Basin Finance Journal. 175-292

Murphy, J. A.An Analysis of the Financial Crisis of 2008: Causes and Solutions. Journal Of Financial Education. 30

Murphy, J. A., Qian, H. , Callaghan, J. H., Parkash, M. (2009). The Empirical Relationship Between Stock Prices and Long-Term Earnings. Journal of Investing. 12

Murphy, J. A.(2008). History Without the Standard Patriarchal Bias. International Journal of Interdisciplinary Social Sciences. 75-84

Murphy, J. A.(2008). An Empirical Investigation of Investor Expectations in the Currency Market. International Review Of Financial Analysis. 17(2008), 108-133

Murphy, J. A., Zhu, Y. (2008). Unraveling the Complex Interrelationships Between Exchange Rates and Fundamentals. Journal Of Banking And Finance. 32(6), 1150-1160

Murphy, J. A., Sabov, Z. (2006). Fynansovye i valjutnye krizisy: vozmoznye puti preodolenija (Finanz- und W?hrungskrisen: M?gliche Wege der Vermeidung).. Finansy i biznes. 5(1), 5-24

Murphy, J. A., Sabov, Z. (2005). Sravnitelnyj analiz finansovych sistem vostocnoj i zapadnoj Germanii.. Finansy i biznes. 422-39

Murphy, J. A.(2004). A New Method of Raising New Equity. Financial Engineering News.

Murphy, J. A.(2004). An Analysis of Preferred Stock. Financial Engineering News. 21-22

Murphy, J. A.(2003). An Empirical Analysis of the Structure of Credit Risk Premiums in the Eurobond Market. Journal Of International Money And Finance. 22865-885.

Murphy, J. A.(2003). An Analysis of Tax-Exempt Municipal Debt. Financial Engineering News.

Murphy, J. A.(2003). Analyzing Callable Convertibles. Financial Engineering News. 5

Murphy, J. A.(2003). An Analysis of Residential Mortgage Pools. Financial Engineering News. 19-20

Murphy, J. A.(2002). Stocks May Earn Less than Bonds in the 21st Century. Journal of Investing. 1123-24

Murphy, J. A.(2001). A Comparison of Taxable and Tax-Deductible Preferred Yields. Research In Finance. 18169-193

Murphy, J. A., Sahu, A. (2001). Empirical Evidence of a Positive Inflation Premium Being Incorporated into Stock Prices. Atlantic Economic Journal. 29177-185

Murphy, J. A.(2001). Market Equilibrium with Capital Loss Deduction Options. International Journal of Theoretical and Applied Finance. 4783-803

Murphy, J. A.(2001). Hedging Fixed-Rate Preferred Stock Investments. Journal of Applied Corporate Finance. 1480-89

Murphy, J. A.(2000). A Comparative Analysis of the Price-Process Model of Mortgage Valuation. Review Of Financial Economics. 965-82

Callaghan, J. , Murphy, J. A.(1999). An Empirical Evaluation of the Forecasting Power of Fundamental Stock Analysis Models Over Time. Journal of Research in Finance. 2138-157

Murphy, J. A., Schlag, C. (1999). An Empirical Examination of the Effect of Dividend Taxation on Asset Returns in Germany. Global Finance Journal. 1033-52

Sabov, Z. , Murphy, J. A.(1999). The Relationship Between Bond Returns and Inflation in a Controlled Economy. Economics of Planning. 3289-101

Murphy, J. A.(1999). Enhancing the Motivation for Good Teaching with an Improved System of Evaluation. Financial Practice And Education. 9100-104

Murphy, J. A.(1999). The Effect of an Unobservable Portfolio on Bias in Beta Estimation: An Empirical Investigation. New York Economic Review. 2918-24

Murphy, J. A.(1998). A Note on Economic Growth in Eastern Europe. Journal of Economic Issues. 321150-1152

Murphy, J. A., Callaghan, J. (1998). An Empirical Test of a Stochastic Cash Flow Theory of Evaluating Credit. Advances in Financial Planning and Forecasting. 831-51

Murphy, J. A.(1998). An Empirical Investigation into the Components of Long-Term Municipal Bond Yields. Journal of Private Portfolio Management. 127-36

Murphy, J. A.(1998). A Possible Adverse Effect of Needing to Issue New Equity in the Future. Quarterly Review Of Economics And Finance. 38129-136

Murphy, J. A.(1997). Buying Put Options to Insure Against Bankruptcy. Journal of Financial Engineering. 6307-320

Murphy, J. A., Kleiman, R. , Nathan, K. (1997). The Value of Convertible Preferred Stock in Transactions with 'Relationship Investors' Like Warren Buffett. International Review Of Financial Analysis. 6241-256

Murphy, J. A., Sabov, Z. (1996). An Examination of the Relationship between Professional Investment Recommendations and Stock Prices in a Developing Eastern European Stock Market. Journal of East-West Business. 2197-208

Murphy, J. A.(1996). The Determinants of Exchange Rates between Two Major Currencies. Multinational Business Review. 4107-111

Murphy, J. A., Sabov, Z. (1995). An Analysis of Intermarket Pricing in an Embryonic Environment. Journal Of International Financial Markets, Institutions And Money. 557-72

Murphy, J. A., Sabov, Z. (1994). A Preliminary Note on the Newly Created Budapest Commodity Exchange. International Review Of Financial Analysis. 3233-237

Murphy, J. A.(1993). An Analysis of the Cost of Paying for Thrift Deposits Insured by the Government. Journal of Bank Cost & Management Accounting. 660-68

Murphy, J. A., Mueller, E. , Sabov, Z. (1993). Ein empirischer Vergleich betrieblicher Finanzstrukturen Westdeutschlands und der ehemaligen DDR. Zeitschrift fuer Unternehmensgeschichte. 38261-268

Murphy, J. A.(1992). An Analysis of Terms of Trade Problems. Economic Systems. 16149-160

Murphy, J. A., Sabov, Z. (1992). An Empirical Analysis of Pricing Efficiency in the Hungarian Capital Markets. Applied Financial Economics. 263-78

Murphy, J. A.(1992). An Empirical Analysis of the Market for Inconvertible Currency. Journal Of International Financial Markets, Institutions And Money. 251-75

Murphy, J. A., Sauer, A. (1992). An Empirical Comparison of Alternative Models of Capital Asset Pricing in Germany. Journal Of Banking And Finance. 16183-196

Murphy, J. A., Sabov, Z. (1992). An Empirical Investigation of Business Financial Structures in a Regulated Economy. Soviet Studies. 44333-341

Murphy, J. A., Bazaz, S. (1992). More Empirical Evidence on the Relationship between Current Cost Data and Stock Prices. Southern Business and Economic Journal. 15147-153

Murphy, J. A.(1992). The Valuation of Interest Rate Swaps. American Business Review. 1037-41

Murphy, J. A.(1991). An Empirical Analysis of Thrift Futures Market Activity. Journal Of Futures Markets. 11491-503

Murphy, J. A.(1991). An Empirical Test of an Option Pricing Model of Mortgage-Backed Securities Pricing. Journal Of Economics And Business. 4337-48

Murphy, J. A., Cokelez, S. (1991). An Inventory Model With Non-Constant Prices and Demand. Modelling, Simulation & Control. 2427-33

Murphy, J. A., Sabov, Z. (1991). Financial Institution Structures in a Developing 2-Tier Banking System: An Empirical Perspective from Eastern Europe. Journal Of Banking And Finance. 151131-1142

Murphy, J. A.(1991). Hedging Fixed-Rate Mortgage Investments against Interest-Rate Risk. Advances in Futures and Options Research. 5309-321

Murphy, J. A.(1991). A Technical Analysis of the Efficiency of the T-bond Futures Market. Kentucky Journal of Economics and Business. 1197-102

Murphy, J. A.(1991). An Empirical Examination of the Intertemporal Capital Asset Pricing Model. Business Insights. 1019-21

Murphy, J. A.(1991). Evaluating Diversification Adequacy with Different Asset Risk Estimates. New York Economic Review. 2150-55

Murphy, J. A.(1991). Using Statistics to Manage Portfolio Risk in a Financial Plan. Journal Of Business And Economic Perspectives. 1738-43

Murphy, J. A.(1990). A Practical Analysis of Shared Appreciation Mortgages. Housing Policy Debate. 243-48

Murphy, J. A., Gordon, D. (1990). An Empirical Note on Hedging Mortgages with Puts. Journal Of Futures Markets. 1075-78

Murphy, J. A.(1990). Using Bayesian Betas to Estimate Risk-Return Parameters: an Empirical Investigation. Journal of Business Finance and Accounting. 17471-477

Murphy, J. A.(1990). Using the CAPM as a General Framework for Asset Pricing Analysis. Journal Of Financial Research. 13233-241

Murphy, J. A.(1990). A Modification and Re-Examination of the Bachelier Option Pricing Model. American Economist. 3434-41

Murphy, J. A.(1990). Estimating the Risk and Return Attributes of American Puts. American Business Review. 812-19

Murphy, J. A.(1989). A Discounted Cash-Flow Model of Convertibles Subject to Multiple Calls in a World of Refunding Costs and Stochastic Interest Rates. Southern Economic Journal. 5687-104

Murphy, J. A., Nathan, K. (1989). An Analysis of Merger Financing. Financial Review. 24551-566

Murphy, J. A., Hilliard, J. (1989). An Empirical Investigation into the Equilibrium Structure of the Commodity Futures Anomaly. Financial Review. 241-18

Murphy, J. A.(1989). Mortgage Instruments and Interest-Rate Volatility. Housing Finance Review. 9165-173

Murphy, J. A., Kleiman, R. (1989). The Inflation-Hedging Characteristics of Equity REITs: An Empirical Study. Quarterly Review Of Economics And Business. 2995-101

Murphy, J. A.(1989). A Large-Scale Cross-Sectional Test of the Risk-Return Implications of the Consumption Risk Model. Southern Business Review. 1543-52

Murphy, J. A.(1989). A Mechanical Procedure for Incorporating Detailed Forecasts and Accounting Data into the Stock Price Model. Midwestern Journal of Business and Economics. 415-30

Murphy, J. A.(1989). An Empirical Test of Stochastics Trading Systems. American Business Review. 758-62

Murphy, J. A.(1989). An Empirical Examination of the Demand for Risky Assets under Uncertain Inflation. Journal Of Business And Economic Perspectives. 1579-87

Murphy, J. A.(1989). Analyzing Sub-Classes of General Motors Common Stock. Financial Management. 1864-71

Murphy, J. A., Theisen, B. (1989). Calling Convertibles 'Late': A Note. New York Economic Review. 1941-45

Murphy, J. A.(1989). A Note on the Effect of Personal Taxes on Capital Market Equilibrium. Akron Business And Economic Review. 20119-125

Murphy, J. A., Kleiman, R. (1989). The Performance of Alternative Real Estate Investment Vehicles: An Empirical Investigation. American Business Review. 763-66

Murphy, J. A.(1988). A Discounted Cash-Flow Model of Fixed-Income Securities Subject to Multiple Calls. Southern Economic Journal. 5521-36

Murphy, J. A.(1988). An Econometric Procedure for Estimating and Testing Parameters in the CAPM and Other Financial Models. Midwestern Journal of Business and Economics. 31-9

Murphy, J. A.(1988). Consumption Risk in Futures Markets: A Test. American Business Review. 655-57

Murphy, J. A.(1987). Stable Distributions, Futures Prices, and the Measurement of Trading Performance: A Reply. Journal Of Futures Markets. 7103-107

Murphy, J. A.(1987). The Seasonality of Risk and Return on Agricultural Futures Positions. American Journal of Agricultural Economics. 69639-646

Murphy, J. A.(1986). Futures Fund Performance: A Test of the Effectiveness of Technical Analysis. Journal Of Futures Markets. 6175-185

Murphy, J. A.(1986). An Empirical Analysis of Risk-Return Tradeoffs in the Futures Market. Southern Business Review. 1117-26

Murphy, J. A.(1986). The Recent Performance of Commodity Futures Investments. Business Insights. 524-25

Books and Chapters:

Murphy, J. (2015). Scientific Investment Analysis. (pp. 700). Other (not in list).

Callaghan, J. Murphy, J. Qian, H. (2015). Third International Conference on Credit Analysis and Risk Management. (pp. pp. 1-308). Cambridge Scholars Publishing.

Murphy, J. (2012). A Summary of the First International Conference on Credit Analysis and Risk Managementdit Analysis and Risk Management. (pp. 1-8). Cambridge Scholars Publishing.

Murphy, J. (2012). Analysis of Individual Loans. (pp. 59-62). Cambridge Scholars Publishing.

Murphy, J. (2012). Commercial Credit Analysis. (pp. 53). Cambridge Scholars Publishing.

Murphy, J. Callaghan, J. Qian, H. (2012). Credit Analysis and Risk Management. (pp. 397). Cambridge Scholars Publishing.

Murphy, J. (2012). Teaching and Learning Credit Analysis. (pp. 54-58). Cambridge Scholars Publishing.

Murphy, J. (2010). Scientific Investment Analysis. (pp. 643). SIA.

Murphy, J. (2010). The Making of the Financial Crisis of 2007-2009. (pp. 7). Wiley.

Murphy, J. (2009). A Colossal Failure of Common Sense. (pp. 5). Journal of Applied Finance.

Murphy, J. (2008). Scientific Investment Analysis. (pp. 500+). SIA.

Murphy, J. (2003). Practical Financial Economics. (pp. 1-228). Praeger.

Murphy, J. (2003). Practical Financial Economics, A Financial Analysis of the Economic Effects of Having to Reverse Current Account Deficits. (pp. 177-223). Praeger.

Murphy, J. Bloomquist, D. (2003). Practical Financial Economics, A Modern Financial Analysis of the Titanic Disaster: A Timeless Case Study of Excessive Risk-Taking. (pp. 133-149). Praeger.

Murphy, J. (2003). Practical Financial Economics, A Possible Solution to Excessive Risk-Taking. (pp. 151-154). Praeger.

Murphy, J. (2003). Practical Financial Economics, The Outlook for Equity Values. (pp. 1-12). Praeger.

Murphy, J. (2003). Practical Financial Economics, Valuation: A Case Study of Scientifically Valuing Enron Using the Historical Financial Statements.? Practical Financial Economics (2003), 33-46.. (pp. 33-46). Praeger.

Murphy, J. (2000). Scientific Investment Analysis. Quorum Books.

Murphy, J. (2000). The Triumph of Evil. European Press Academic Publishing.

Murphy, J. (1994). Scientific Investment Analysis. Orchises.

Murphy, J. (1992). Managed Futures, Futures Fund Performance: A Test of the Effectiveness of Technical Analysis. (pp. 239-253). Probus.

Murphy, J. (1992). Research Solutions to the Balance Sheet Problems of Financial Institutions. Quorum Books.

Other Publications:

Murphy, J. (2010). Supplement to Scientific Investment Analysis. (pp. 300). N/A -- Not Applicable.

Murphy, J. An Empirical Examination of the Relationship Between Naked Shorting and Share Prices Around the Announcement of a Firm’s Need for External Capital. (pp. 45). Financial Markets, Institutions, and Instruments.

Murphy, J. (2006). Investment Technical Analysis. (pp. 31, 34). Financial Engineering News.

Murphy, J. (2006). Hedging Business Currency Risk. Financial Engineering News.

Murphy, J. (2005). Incorporating Detailed Accounting Information into Stock Valuation Analysis. Financial Engineering News.

Murphy, J. (2005). The Tax Option and its Effect. Financial Engineering News.

Murphy, J. (2005). Integrating Investment Decisions into a Complete Financial Plan. (pp. 19, 22). Financial Engineering News.

Murphy, J. (2005). A Practical Structural Model of Credit Analysis. (pp. 17-18). Financial Engineering News.

Murphy, J. (2005). Exchange Rate Modeling. (pp. 13, 16). Financial Engineering News.

Murphy, J. Callaghan, J. Parkash, M. (2004). Shorting Down Value. International Journal of Theoretical and Applied Finance.

Murphy, J. (2004). Inflation-Indexed Bonds: Their Investment and Forecasting Uses. (pp. 11-12). Financial Engineering News.

Murphy, J. (2004). Simple Hedges of Callable Securities. Financial Engineering News.

Murphy, J. (2004). Company Puts on their Own Stock. Financial Engineering News.

Murphy, J. (2003). Residential Mortgage Refinancing: How to Rob the Bank. (pp. 7). Financial Engineering News.

Murphy, J. (2003). The Right to Prepay: A Complex Analysis for Financial Engineers. (pp. 19). Financial Engineering News.

Murphy, J. (1988). "A Mechanical Procedure for Incorporating Detailed Forecasts and Accounting Data into the Stock Price Model",. Midwest Accounting Society meeting.

Murphy, J. (1987). The Effect of Portfolio Insurance on the Probability Distribution of Return. (pp. 6-11). Journal Of Financial Education.