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Hello! My name is Rodrigo Hernandez. I teach courses in finance at Radford University’s Davis College of Business and Economics. 
 
I completed my PhD in Finance at the University of Arkansas and hold a MA in Economics from the University of Arkansas, MA in Economics and Public Policies from Instituto Torcuato Di Tella – InterAmerican Development Bank, Specialization in Taxation and Specialization in Tax Law from the Universidad de Belgrano, and Public Accountant from Universidad Catolica de Cordoba. I joined the faculty at Radford University in 2007.  
 
My research interest is in Investments, Structured Products, Market Efficiency, Financial Services, Fixed Income Securities, International Finance, Risk Management, and Corporate Finance. My research has been published in the J. of Business Research, Rev. of Quant. Finance and Accounting, Rev. of Futures Markets, Rev. of Economics and Finance, J. of Economics and Finance, Theoretical Economics Letters, Managerial Finance, and other journals. My research has been presented at the meetings of the FMA, European FMA, Asian FMA, EFA, SFA, MFA, SWFA, Multinational Finance Society, INFINITI Conference, AFS and research seminars at George Mason Univ., National Chiao Tung Univ. (Taiwan), Texas A&M Intl. Univ., National Central University (Taiwan), University of Arkansas, The University of Melbourne (Australia), Marshall Univ., Univ. Autonoma de Yucatan (Mexico) and others. My research has also been cited on the media, Le Temps (Switzerland) and won the 2014 Academy of Economics and Finance Best Paper Award in Finance. I have held visiting teaching positions at the University of Arkansas, Washington State University, University of Maryland, Texas A&M & UT Systems, and Stetson University-University of Florida. I serve as ad-hoc reviewer for the Journal of Banking and Finance, Theoretical Economics Letters, Journal of Risk Finance, Banking and Finance Review, among others.  
 
I am a faculty member of the Alpha Kappa Psi, Beta Gamma Sigma, and Beta Alpha Psi honor societies. I have been nominated for the 2014-2015 Donald N. Dedmon Distinguished Teaching Professor Award. 

Education

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 

Recent Research and Engagement

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 

Courses Taught

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 

Publications- Journals

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 
 

Honors and Awards

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