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Ryan Davies

  • Professor
Academic Division: Finance
CV
781-239-5345
Ryan J. Davies is a Professor of Finance. He teaches advanced undergraduate and graduate finance 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 passionate about experiential learning and incorporates trading simulation software and real-time market data into all of his courses. He is the faculty advisor for the Babson trading competition team, which has been very successful at the annual Rotman International Trading Competition. He formerly served as faculty advisor for numerous award winning undergraduate business case competition teams. He was Chair of the Finance Division from July 2016 to August 2020 and January 2022 to June 2023.

Professor Davies has been a visiting academic scholar at Paris-Dauphine University, the University of the West Indies, the University of Illinois, the University of New South Wales, and Boston College. Prior to joining Babson College in 2004, he was a lecturer for three years at the ICMA Centre of the University of Reading in England. He has taught in a Babson executive education course for Siemens, in the International Capital Market Association's International Fixed Income and Derivatives program, and in the HSE Executive MBA program in Seoul, Korea.

Professor Davies is an expert on financial market microstructure. His past research has examined diverse topics such as: the impact of European Union securities markets regulation (particularly MiFID); the role of market preopening sessions on price discovery; the usage of matched sample estimation to test for differences in trade execution costs; the effects of strategic end-of-quarter trading by mutual fund managers; and the response of financial intermediaries to an alleged manipulation of commodity futures settlement prices. He also helped develop a widely cited portfolio optimization method for funds of hedge funds. In recognition of the impact of this research, he won the Babson College Faculty Scholarship Award in 2011. His research has been published in peer-reviewed journals such as the Review of Financial Studies, the 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 is an Executive Advisor at ScottMadden Management Consultants. In that capacity, he has testified as an expert witness before the Alberta Utilities Commission. He is a member of the Board of Directors for Artisan Industries, Inc. and a Business Advisor to Moon Invest and Volos Portfolio Solutions LLC.

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 2024

    • FIN 4505 FINANCIAL TRADING STRAT AND RISK MGT

  • Degree Courses 2023

    • 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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