Timothy Johnson

Timothy Johnson

Professor of Finance and Karl and Louise Schewe Professor

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Contact

343 E Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-4089

tcj@illinois.edu

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Educational Background

  • Ph.D., Finance, University of Chicago, 1999
  • M.S., Operations Research, Columbia University, 1985
  • MBA, International Business, Columbia University, 1985
  • B.S., Mathematics, Massachusetts Institute of Technology, 1983

Positions Held

  • Karl and Louise Schewe Professor, Finance, University of Illinois, 2016 to present
  • Professor of Finance, University of Illinois, 2011 to present
  • Associate Professor of Finance, University of Illinois, 2006-2011
  • Associate Professor of Finance, London Business School, 2006
  • Assistant Professor of Finance, London Business School, 1999-2006
  • Senior Trader, Global Derivatives, Caxton Corporation, 1989-1994
  • Director, Quantitative Research, Mabon Securities, Inc., 1979-1983

Recent Publications

  • Johnson, T., Chebonenko, T., Cunha, I., D'Almeida, F., & Spencer, X. Forthcoming. Endogenous Leverage and Expected Stock Returns. Finance Research Letters, 8 (3), 132-145.  link >
  • Johnson, T. Forthcoming. Uncertainty Shocks, Aggregate Debt, and the Real Effects of Corporate Finance. Critical Finance Review,.
  • Johnson, T., Liang, M., & Liu, Y. (2018). What Drives Index Option Exposure? Review of Finance, 22 (2), 561–593.
  • Johnson, T., Hackbarth, D., & Gu, L. (2018). Inflexibility and Stock Returns. Review of Financial Studies, 31 (1), 278-321.

Other Publications

Article

  • Johnson, T. (2016). Rethinking Reversals. Journal of Financial Economics, 120 (2),
  • Johnson, T., & Hackbarth, D. (2015). Real Options and Risk Dynamics. Review of Economic Studies, 82 (4), 1449-1482.
  • Johnson, T., & Lee, J. (2014). On the Systemantic Volatility of Unpriced Earnings. Journal of Financial Economics, 114 (1),
  • Johnson, T. (2012). Inequality Risk Premia. Journal of Monetary Economics, 59 (6), 565-580.
  • Deuskar, P., & Johnson, T. (2011). Market Liquidity and Flow-Driven Risk. Review of Financial Studies, 24 (3), 721-753.  link >
  • Johnson, T., & Acharya, V. (2010). More Insiders, More Insider Trading: Evidence from Private Equity Buyouts. Journal of Financial Economics, 98.
  • Johnson, T. (2009). Liquid Capital and Market Liquidity. Economic Journal, 119 (540),
  • Johnson, T. (2008). Volume, Liquidity, and Liquidity Risk. Journal of Financial Economics, 87 (2),
  • Johnson, T. (2007). Optimal Learning and New Technology Bubbles. Journal of Monetary Economics, 54 (8), 2486-2511.
  • Johnson, T., & Acharya, V. (2007). Insider Trading in Credit Derivatives. Journal of Financial Economics, 84 (1), 110-141.
  • Johnson, T. (2006). Dynamic Liquidity in Endowment Economies. Journal of Financial Economics, 80 (3), 531-562.
  • Johnson, T., & Jackson, A. (2006). Unifying Underreaction Anomalies. Journal of Business,.
  • Johnson, T. (2004). Forecast Dispersion and the Cross-Section of Expected Returns. Journal of Finance,.
  • Johnson, T. (2002). Rational Momentum Effects. Journal of Finance,.
  • Johnson, T. (2002). Volatility, Momentum and Time-Varying Skewness in Foreign Exchange Returns. Journal of Business and Economic Statistics,.
  • Johnson, T. (2001). Return Dynamics when Persistence is Unobservable. Mathematical Finance,.

Presentation

  • Johnson, T. (2018). The Private and Social Value of Capital Structure Commitment. Northern Finance Association.
  • Johnson, T. (2018). The Private and Social Value of Capital Structure Commitment. Western Finance Association.
  • Johnson, T., Liu, P., & Yu, C. (2018). "The Private and Social Value of Capital Structure Commitment". Western Finance Association.
  • Johnson, T., Yu, C., & Liu, P. (2018). "The Private and Social Value of Capital Structure Commitment". Society for Financial Studies Cavalcade.
  • Johnson, T., Liu, P., & Yu, C. (2018). "The Private and Social Value of Capital Structure Commitment". University of British Columbia Winter Finance Conference.
  • Johnson, T. (2017). "Uncertainty Shocks, Aggregate Debt, and the Real Effects of Corporate Finance". American Finance Association.
  • Johnson, T. (2016). "Uncertainty Shocks, Aggregate Debt, and the Real Effects of Corporate Finance". Auckland Finance Conference.
  • Johnson, T. (2013). On the Systematic Volatility of Unpriced Earnings. American Finance Association Meetings.
  • Johnson, T. (2012). On the Systematic Volatility of Unpriced Earnings. UBC Summer Finance Confernece.
  • Johnson, T., & Hackbarth, D. (2012). Real Options and Risk Dynamics. Utah Winter Finance Conference.
  • Deuskar, P., & Johnson, T. (2011). Market Liquidity and Flow-Driven Risk. American Finance Association Meetings.
  • Johnson, T., & Hackbarth, D. (2011). Real Options and Risk Dynamics. NBER Meetings.
  • Deuskar, P., & Johnson, T. (2010). Market Liquidity and Flow-Driven Risk China International Conference in Finance.
  • Johnson, T. (2010). Inequality Risk Premia. American Finance Association Meetings.
  • Deuskar, P., & Johnson, T. (2009). Market Liquidity and Flow-Driven Risk. Fifth Annual Early Career Women in Finance Conference.
  • Johnson, T. (2009). Volume, Liquidity, and Liquidity Risk. American Finance Association Meetings.

Working Paper

  • Johnson, T., Liu, P., & Yu, C. The Private and Social Value of Capital Structure Commitment".
  • Johnson, T., & Deuskar, P. Central Banks and Dynamics of Bond Market Liquidity.
  • Johnson, T., Acharya, V., & Yalin, G. Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentive.
  • Johnson, T. Commodity Dependence and Aggregate Risk.

Current Courses

  • Financial Derivatives (FIN 512) Introduction to options, futures, swaps and other derivative securities; examination of institutional aspects of the markets; theories of pricing; discussion of simple as well as complicated trading strategies (arbitrage, hedging, and spread); applications for asset and risk management.
  • Financial Engineering I (FIN 513) Provides an introduction to modern techniques for pricing options, swaps, and related financial instruments; the use of such instruments in managing financial risk; and the measurement and management of their risks.
  • Seminar in Investments (FIN 593) Investigates portfolio theory, CAPM, OPM, and arbitrage pricing theory theoretically and empirically; uses both mathematical statistics and modern econometric models to empirically analyze investment decisions and portfolio management.

Contact

343 E Wohlers Hall

1206 S. Sixth

Champaign, IL 61820

217-333-4089

tcj@illinois.edu

Vita

Homepage