Professor
Acctng, Finance & Info Sys, Dept of
Kyle Hall 274
Box 6951
Ph.D. in Finance, University of Arkansas, Fayetteville, AR
M.S. in Statistics (ABC), University of Arkansas, Fayetteville, AR
M.A. in Economics, University of Arkansas, Fayetteville, AR
M.S. in Economics & Public Policy, Instituto Torcuato Di Tella, Buenos Aires, Argentina
Specialization, Tax Law, Universidad de Belgrano, Buenos Aires, Argentina
Specialization, Taxation, Universidad de Belgrano, Buenos Aires, Argentina
Public Accountant, Universidad Catolica de Cordoba, Cordoba, Argentina
Exotic Structured Products – The case of Victory Certificates, presented at the AABRI 2025 Conference, 28th Annual Western Hemispheric Trade Conference, 2022 Marshall Business Research Conference, 2022 Academy of Finance Conference, 2022 EKU Appalachian Research in Business Symposium, and 2020 IGBR Summer Conference
FINC 331 – Intro to Business Finance
FINC 332 – Intermediate Business Finance
FINC 333 – Financial Modeling
FINC 335 – Financial Markets & Institutions
FINC 336 – Principles of Real Estate
FINC 381 – Investment Analysis
FINC 436 – Real Estate Finance
FINC 441 – Individual and Business Insurance Planning
FINC 438 – Financial Decision Making
FINC 439 – International Finance
FINC 471 - Special Topics in Finance
FINC 472 - Independent Study
FINC 631 - Financial Management
FINC 635 - International Finance
FINC 671 - Special Topics in Finance
FINC 681 – Investment Analysis
FINC 698 - Directed Study
Hernandez, R., Shao, Y., Liu, P. (2018). Financial Innovation and Aggregate Risk Sharing.
*Theoretical Economics Letters*, 8, 2182-2198
Hernandez, R., Tobler, C., Liu, P. (2017). Valuation of Extra Bonus Certificates -
Theory and Evidence. Journal of Applied Financial Research, 1, 19-28
Hernandez, R., Shao, Y., Liu, P., Gu, J. (2017). Mortgage Loan Securitization and
Personal Consumption Smoothening. Journal of Economics and Finance, 41(1), 100-115
Hernandez, R., Shao, Y., Liu, P. (2017). Leverage Certificates - A Case of Innovative
Financial Engineering. Review of Economics and Finance, 9, 71-82
Hernandez, R., Brusa, J., Carter, M. (2016). The Size of Underwriting Syndicates and
Underpricing In IPOs. Journal of International Finance & Economics, 16(2), 57-62
Hernandez, R., Shao, Y., Liu, P. (2015). Government Intervention and Corporate Policies:
Evidence from China. Journal of Business Research, 68(6), 1205-1215
Hernandez, R., Jones, J., Gu, Y. (2014). Protect PUT Certificates - A Case of Bearish
Structured Products. American Journal of Business Research, 7(1), 61-79
Hernandez, R., Shao, Y., Liu, P. (2014). Valuation of Flex Bonus Certificates - Theory
and Evidence. Academy of Economics and Finance Journal, 5, 47-57
Hernandez, R., Brusa, J., Heilman, G. (2014). Severance Agreements as Managerial Incentives.
Journal of International Finance Studies, 14(2), 15-26
Hernandez, R., Liu, P. (2014). An Option Pricing Analysis of Exotic Bonus Certificates
- The case of Bonus Certificates PLUS. Theoretical Economics Letters, 4, 331-340
Hernandez, R., Shao, Y. (2014). Valuation of Certificates on a Straddle with Forward
Start - Theory and Evidence. Theoretical Economics Letters, 4, 341-349
Hernandez, R., Lee, W., Liu, P., Dai, T. (2013). Outperformance Certificates: Analysis,
Pricing, Interpretation, and Performance. Review of Quantitative Finance and Accounting,
40(4), 691-713
Hernandez, R., Tobler, C., Liu, P. (2013). Exotic Outperformance Certificates - The
Case of Outperformance Certificates Plus. Journal of Applied Financial Research, 2,
Hernandez, R., Brusa, J., Liu, P. (2012). Contingent Claim Valuation-The Case of Advanced
Index Certificates. Academy of Accounting and Financial Studies Journal, 16(1), 111-126
Hernandez, R., Brusa, J., Liu, P. (2012). The Design of Bank-Issued Market-Indexed
Certificates - A Survey, Pricing and Empirical Test. International Journal of Financial
Markets and Derivatives, 3(1), 45-60
Hernandez, R., Tobler, C., Liu, P. (2011). Contingent Claim Valuation-The Case of
Certificates Plus Reloaded. American Journal of Business Research, 4(1), 91-103
Hernandez, R., Brusa, J., Liu, P. (2011). Reverse Weekend Effect, Trading Volume and
Illiquidity. Managerial Finance, 37(9), 817-839
Hernandez, R., Brusa, J., Liu, P. (2011). An Economic Analysis of Bank-Issued Market-Indexed
Certificate Of Deposit - An Option Pricing Approach. International Journal of Financial
Markets and Derivatives, 2(3), 195-208
Hernandez, R., Saubert, L., Tobler, C. (2011). Contingent claim valuation - The case
of Phoenix Certificates. Journal of Finance and Accountancy, 7, 1-14
Hernandez, R., Jones, J., Gu, Y. (2011). An Economic Analysis of Protect Certificates
- An Option-Pricing Approach. Banking and Finance Review, 3(2), 17-40
Hernandez, R., Lee, W., Liu, P. (2010). An Economic Analysis of Reverse Exchangeable
Securities - An Option-Pricing Approach. Review of Futures Markets, 19(1), 67-95
Hernandez, R., Lee, W., Liu, P. (2010). An Economic Analysis of the Japanese Reverse
Exchangeable Market. Advances in Financial Planning and Forecasting, 4, 159-191
Hernandez, R., Brusa, J., Tobler, C. (2010). Contingent Claim Valuation of Express
Certificates. Banking and Finance Review, 2(2), 119-126
Hernandez, R., Chatham, M., Tobler, C. (2010). Bull and Bear Reverse Exchangeable
Securities - An Option-Pricing Approach. International Journal of Global Business
and Economics, 3(1), 131-135
Hernandez, R., Chatham, M. (2010). A Guide to the Rules-Based Versus Principles-Based
Accounting Debate. International Journal of Global Business and Economics, 3(1), 126-130
Hernandez, R., Brusa, J., Liu, P. (2008). An Economic Analysis of Bonus Certificates
- Second-Generation of Structured Products. Review of Futures Markets, 16(4), 419-451
Distinguished Research Award, Institute for Global Business Research, 2020
Nomination to the 2014-2015 Donald N. Dedmon Distinguished Teaching Professor Award, Radford University, 2015
Best Paper in Finance at the 2014 Academy of Economics and Finance Conference
Best Paper Award, Academy of Business Research - Spring 2014 Conference