Ryan Davies

Ryan J. Davies is a Professor of Finance and Chair of the Finance Division at Babson College. 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.

Dr. Davies has been a visiting academic scholar at Paris-Dauphine University, the University of the West Indies, the University of Illinois, and the University of New South Wales. Prior to joining Babson College in 2004, Dr. Davies 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.

Dr. 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, 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.

Dr. 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 an Advisor to the Board of Artisan Industries, Inc. and a Business Advisor to Volos Portfolio Solutions LLC. He is Treasurer and Executive Board member of the Wellesley Community Children's Center.

Academic Degrees

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

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

Publications

Journal Articles

• Davies, R., Hevert, K.T. (2019). Stay-out adjustments and multi-year regulatory rate plans. Quarterly Review of Economics and Finance. Elsevier. link
• Barardehi, Y.H., Bernhardt, D., Davies, R. (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., 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.
• Davies, R., 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.
• Bernhardt, D., Davies, R. (2009). Smart Fund Managers? Stupid Money?. Canadian Journal of Economics / Revue Canadienne D'Economique. Vol: 42, Issue: 2, Page: 719-748.
• Davies, R., 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., 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., Bernhardt, D., Spicer, J. (2006). Long-Term Information, Short-Lived Securities. Journal of Futures Markets. Vol: 26, Issue: 5, Page: 465-502.
• Davies, R. (2006). Which Hedge Fund Strategies? – New Tool for Portfolio Allocation Across Hedge Fund Strategies. Canadian Investment Review. Vol: 19, Issue: 1, Page: R7.
• Davies, R., Bernhardt, D. (2005). Painting the Tape: Aggregate Evidence. Economics Letters. Vol: 89, Issue: 3, Page: 306-311.
• Davies, R. (2003). The Toronto Stock Exchange Preopening Session. Journal of Financial Markets. Vol: 6, Issue: 4, Page: 491-516.