J. Howard Creekmore Professor of Finance and Professor of Economics
Kerry Back is the J. Howard Creekmore Professor of Finance at Rice University’s Jones Graduate School of Business and a Professor of Economics. He has previously served on the faculties of Northwestern University, Indiana University, Washington University in St. Louis, and Texas A&M University. At Washington University in St. Louis, he served as the Associate Dean for Academic Affairs of the Olin School of Business and was named a University Distinguished Faculty Member. He received faculty research awards at Texas A&M and at Rice University. Currently, he teaches investments to MBA students and asset pricing theory to PhD students at the Jones School. His research interests are in the areas of investments and market design, and he has served as an editor of the Review of Financial Studies, a co-editor of Finance & Stochastics, and an associate editor of the Journal of Finance and other journals. In January 2013, his paper "Strategic Liquidity Provision in Limit Order Markets" (with Shmuel Baruch) appeared in Econometrica, and in June 2014, his paper "Liquidity and Governance" (with Tao Li and Alexander Ljungqvist) received the Charles River Associates prize for the best paper in corporate finance at the Western Finance Association conference.
Ph.D., Economics, University of Kentucky, 1983
|RESEARCH INTERESTS:||Asset Pricing, Market Microstructure, Derivative Securities, and Auction Theory
In a Kyle (1985} model, the sign of the correlation between a firm's debt and equity returns is...more
We characterize and prove the existence of Nash equilibrium in a limit order market with a...more
The investment boundaries defined by Grenadier (2002) for an oligopoly investment game determine...more
This paper analyzes models of securities markets with a single strategic informed trader and...more