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Ryan Davies

  • Professor
Academic Division: Finance
CV
781-239-5345
Ryan J. Davies is a Professor of Finance who teaches advanced undergraduate and graduate electives, including Financial Trading Strategies and Risk Management, Fixed Income and Structured Products, Financial Markets and Institutions, Security Valuation, Options and Futures, and Capital Markets. He is deeply committed to experiential learning and integrates trading simulation platforms and real‑time market data into all of his courses. He also serves as faculty advisor to the Babson trading competition team, which has achieved strong results at the annual Rotman International Trading Competition. Previously, he advised numerous award‑winning undergraduate business case competition teams. He served for six years as Chair of the Finance Division.

Professor Davies has held visiting academic appointments at Paris‑Dauphine University, the University of the West Indies, the University of Illinois, the University of New South Wales, and Boston College. Before joining Babson College in 2004, he spent three years as a lecturer at the ICMA Centre at the University of Reading in England. He has also taught in executive education programs for Siemens, the International Capital Market Association’s International Fixed Income and Derivatives program, and the HSE Executive MBA in Seoul, Korea.

An expert in financial market microstructure, Professor Davies has conducted research on a wide range of topics, including the role of market preopening sessions in price discovery; matched‑sample estimation techniques for evaluating trade execution costs; strategic end‑of‑quarter trading by mutual fund managers; intermediary responses to alleged manipulation of commodity futures settlement prices; and the evolution of European Union securities market regulation. He co‑developed a widely cited portfolio optimization method for funds of hedge funds. In recognition of the impact of his work, he received the Babson College Faculty Scholarship Award in 2011. His research has been published in leading peer‑reviewed journals, including Review of Financial Studies, Journal of Finance, Journal of Financial Markets, Journal of Corporate Finance, Journal of Derivatives and Hedge Funds, Canadian Journal of Economics, Journal of Futures Markets, and Economics Letters.

Professor Davies provides consulting services and expert witness testimony on regulatory rate cases and on strategies for managing commodity risk within the utility sector. He is Co‑Chair and Secretary of the Board of Directors at Artisan Industries, Inc., a company that designs and manufactures advanced thermal separation and purification technologies. He has also advised multiple early‑stage companies in both formal and informal capacities.

Academic Degrees

  • Ph D, Queen’s University
  • MA, Queen’s University
  • BA, St. Francis Xavier University

Academic Interest / Expertise

Capital Markets; Design of Security Exchanges and Trading Systems; Financial Markets; Market Structure and Trading Costs; Mutual Funds and Money Management; Securities Law and Finance

Awards & Honors

  • 2019 — Babson Research Scholar Award (2020-2023), Babson College
  • 2011 — Faculty Scholarship Award, Babson College
  • 1998 — E.G. Bauman Fellowship, Queen’s University
  • 1995 — University Silver Medal, Bachelor of Arts, St. Francis Xavier University
  • 1993 — Ellis Charters Award – Outstanding Sophomore of the Year, St. Francis Xavier University
  • 1992 — Meech Memorial Award – Outstanding Freshman of the Year, St. Francis Xavier University

Courses

  • Degree Courses 2026

    • FIN 4505 FINANCIAL TRADING STRAT AND RISK MGT
    • FIN 7545 FINANCIAL TRADING STRATEGIES

  • Degree Courses 2025

    • MFE 7500 MGMT CONSULTING FIELD EXPERIENCE
    • FIN 4505 FINANCIAL TRADING STRAT AND RISK MGT
    • FIN 7545 FINANCIAL TRADING STRATEGIES

Publications

Journal Articles

  • Davies, R.J., Hevert, K.T. (2020). Stay-out adjustments and multi-year regulatory rate plans. Quarterly Review of Economics and Finance. Vol: 76, Page: 105-114. Elsevier. link
  • Barardehi, Y.H., Bernhardt, D., Davies, R.J. (2019). Trade-Time Measures of Liquidity. Review of Financial Studies, The. Vol: 32, Issue: 1, Page: 126-179. Oxford University Press. link
  • Atanasov, V., Davies, R.J., Merrick, J.J. (2015). Financial intermediaries in the midst of market manipulation: Did they protect the fool or help the knave?. Journal of Corporate Finance. Vol: 34, Page: 210-234. link
  • Davies, R.J., Kat, H.M., Lu, S. (2009). Fund of hedge funds portfolio selection: A multiple-objective approach. Journal of Derivatives & Hedge Funds. Vol: 15, Issue: 2, Page: 91-115. link
  • Bernhardt, D., Davies, R.J. (2009). Smart Fund Managers? Stupid Money?. Canadian Journal of Economics / Revue Canadienne D'Economique. Vol: 42, Issue: 2, Page: 719-748. link
  • Davies, R.J., Kim, S. (2009). Using Matched Samples to Test for Differences in Trade Execution Costs. Journal of Financial Markets. Vol: 12, Issue: 2, Page: 173-202.
  • Davies, R.J., Brooks, C., Kim, S.S. (2007). Cross Hedging with Single Stock Futures. Assurances et Gestion des Risque. Vol: 74, Issue: 4, Page: 473-504.
  • Davies, R.J., Bernhardt, D., Spicer, J. (2006). Long-Term Information, Short-Lived Securities. Journal of Futures Markets. Vol: 26, Issue: 5, Page: 465-502.
  • Davies, R.J., Bernhardt, D. (2005). Painting the Tape: Aggregate Evidence. Economics Letters. Vol: 89, Issue: 3, Page: 306-311.
  • Davies, R.J. (2003). The Toronto Stock Exchange Preopening Session. Journal of Financial Markets. Vol: 6, Issue: 4, Page: 491-516.

Book Chapters

  • Davies, R.J. (2020). The Integrity of Closing Prices: Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation, Wiley. Page: 251-274. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation, Wiley. link
  • Davies, R.J., Sirri, E. (2018). The Economics of Trading Markets: Securities Market Issues for the 21st Century. Page: 149-220. Columbia University. link
  • Davies, R.J., Kat, H.M., Lu, S. (2015). Fund of Hedge Funds Portfolio Selection: A Multiple-Objective Approach: Derivatives and Hedge Funds. Page: 45-71. Palgrave Macmillan.
  • Davies, R.J., Kat, H.M., Lu, S. (2006). Single Strategy Funds of Hedge Funds: How Many Funds?: Fund of Hedge Funds: Performance, Assessment, Diversification and Statistical Properties. Page: 203-210.
  • Davies, R.J., Dufour, A., Scott-Quinn, B. (2006). The MiFID: Competition in a new European equity: Investor Protection in Europe: Corporate Law Making, The MiFID and. Oxford University Press.

Reports

  • Davies, R.J., Dufour, A., Scott-Quinn, B. (2003). Building a Competitive and Efficient European Financial Market. Page: 103.

Working Papers

  • Davies, R.J. (2008). MiFID and a changing competitive landscape: Social Sciences Research Network. link

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