BiographyPublicationsCoursesCase Studies Education: B.A., Johns Hopkins University; Ph.D., University of North Carolina at Chapel HillFrancis E. Warnock, the James C. Wheat, Jr. Professor of Business Administration, is a member of the Global Economies and Markets (GEM) area. Warnock developed and delivers GEM's First Year Core Elective Global Financial Markets, the Second Year Electives Advanced Global Financial Markets and Markets and Society, and the year-long practicum Markets for Human Hope.Warnock is an expert on international capital flows, international portfolio allocation and financial sector development. Warnock's work has been featured in the Financial Times, the Economist, Barron's, the Wall Street Journal and the New York Times, and his publications have appeared in a number of journals, including the American Economic Review, Quarterly Journal of Economics, Review of Financial Studies, Journal of Accounting Research, Journal of International Economics, Journal of Housing Economics and Financial Analysts Journal.Before coming to Darden in 2004, Warnock developed his expertise in international capital flows as a senior economist in the international finance division at the Board of Governors of the Federal Reserve System while also teaching at Georgetown University. Warnock's international experience includes, among other things, two years as a Peace Corps Volunteer in Malawi's Thyolo District. His professional career started on Wall Street, where he was a commodity trading advisor.Warnock is research associate at the National Bureau of Economic Research in Cambridge, senior fellow at the Globalization and Monetary Policy Institute at the Federal Reserve Bank of Dallas, and research associate at the Institute of International Integration Studies at Trinity College Dublin. He is a serial consultant at the European Central Bank and the Bank for International Settlements Representative Office for Asia and the Pacific. In the recent past, he has been a research fellow at the Hong Kong Monetary Authority and Council for Foreign Relations; co-led a multi-team Inter-American Development Bank project on housing finance systems in Latin America; and been a consultant to the IMF and to the World Bank on its GEMLOC emerging bond markets project.Selected PublicationsCurcuru, S., C. Thomas, Frank Warnock, and J. Wongswan. "Uncovered Equity Parity and Rebalancing in International Portfolios," Journal of International Money and Finance, 2014.Curcuru, S., C. Thomas and Frank Warnock. "On Returns Differentials," Journal of International Money and Finance, 36: 1-25 (lead article).Ammer, J., S. Holland, D. Smith, and F. Warnock. "U.S. Equity Investment," Journal of Accounting Research, Vol. 50, No. 5 (2012): p. 1109-1139.Burger, J., F. Warnock and V. Warnock. "Emerging Local Currency Bond Markets," Financial Analysts Journal, Vol. 68, No. 4 (2012): p. 73-93.Cai, F. and Francis E. Warnock. "Foreign Exposure Through Domestic Equities," Finance Research Letter, Vol. 9, No. 1 (2012): p. 8-20.Forbes, K. and F. Warnock. "Capital Flow Waves: Surges, Stops, Flight and Retrenchment," Journal of International Economics, Vol. 88, No. 2 (2012): p. 235-251.Francis E. Warnock."Global Imbalances: The Crisis That Did Not Occur…Yet," in No Way Out: Persistent Government Interventions in the Great Contraction(AEI). 2012.John D. Burger, Francis E. Warnock and Veronica Warnock. "Investing in local currency bond markets," Financial Analysts Journal, 68 (4): 73-93. 2012.Warnock, Veronica and Francis E. Warnock. "Developing Housing Finance Systems," in Property Markets and Financial Stability, eds. Alexandra Heath, Frank Packer, and Callan Windsor. Pgs. 49-67. Reserve Bank of Australia and BIS. 2012.Warnock, Veronica and Frank Warnock. "Mortgage Market Functioning," in Susan J. Smith, Marja Elsinga, Lorna Fox O'Mahony, Ong Seow Eng, Susan Wachter, Kyung-Hwan Kim, editors. International Encyclopedia of Housing and Home, Vol 4 pp. 394-398. Oxford: Elsevier.K. Forbes and F. Warnock. "Debt- and Equity-Led Capital Flow Episodes," in Capital Mobility and Monetary Policy, edited by Miguel Fuentes and Carmen M. Reinhart. Santiago: Central Bank of Chile.Curcuru, Stephanie E., Charles P. Thomas, Francis E. Warnock, and J. Wongswan. "U.S. International Equity Investment and Past and Prospective Returns." American Economic Review 101, No. 7 (December 2011): p. 3440-3455.Rothenberg, A. and Francis E. Warnock. "Sudden Flight and True Sudden Stops." Review of International Economics 19, No. 3 (August 2011): p. 509-524.John D. Burger, Alessandro Rebucci, Francis E. Warnock, and Veronica Cacdac Warnock. "External Capital Structures and Oil Price Volatility," Journal of Business, Finance and Economics in Emerging Economies, Vol. 5, No. 2, 2010, 1-37.E. van Wincoop and Francis E. Warnock. "Can trade costs in goods explain home bias in assets?," Journal of International Money and Finance, Vol. 29, No. 6, October 2010, 1108-1123.Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock. "Decomposing the U.S. External Returns Differential," Journal of International Economics, January 2010, Vol. 80, No. 1, 22-32.Francis E. Warnock and Veronica Warnock. "International Capital Flows and U.S. Interest Rates, Journal of International Money and Finance, Vol. 28, No.6, October 2009, 903-919.Bong-Chan. Kho, Rene. Stulz, and Francis E. Warnock. "Financial Globalization, Governance, and the Evolution of the Home Bias, Journal of Accounting Research, Vol. 47, No. 2, May 2009, 597-635.Christian Leuz, Karl V. Lins, Francis E. Warnock. "Do Foreigners Invest Less in Poorly Governed Firms?," Review of Financial Studies, Vol. 22, No. 8, August 2009, 3245-3285.Campbell R. Harvey, Marc Lipson, and Francis E. Warnock. "Capital raising in emerging economies," Journal of Financial Economics , Vol. 88, No. 3, June 2008, 425-429.Stephanie E. Curcuru, Charles P. Thomas, and Francis E. Warnock. "Current Account Sustainability and Relative Reliability," in Jeffrey A. Frankel and Christopher Pissarides (Editors) NBER International Seminar on Macroeconomics 2008, University of Chicago Press, 2009, 67-109.Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock. "Cross-Border Returns Differentials," Quarterly Journal of Economics, Vol. 123, No. 4, November 2008, 1495-1530.Francis E. Warnock. "The Impact of a Disorderly Resolution of Global Imbalances on Global Wealth," Economic Notes--Review of Banking, Finance and Monetary Economics, Vol. 37, No. 3, November 2008, 345-379.John Burger, Francis E. Warnock, and Veronica Warnock. "Ingredients of a Well-Functioning Capital Market, Korea's Economy, Volume 24, 2008, 31-38.Veronica Warnock and Frank Warnock. "Markets and Housing Finance," Journal of Housing Economics, Vol. 17, No. 3, September 2008, 239-251.Hali Edison and Francis E. Warnock. "Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets, Journal of International Money and Finance, Vol. 27, No. 6, October 2008, 1013-1027. MBA CoursesFY Elective: Global Financial Markets SY Elective: Advanced Global Financial Markets SY Elective: Markets and Society SY Practicum: Markets in Human Hope FY Core: Global Economies and MarketsAdvancing knowledge through research that shapes business, Darden professors are recognized thought leaders in their fields. They are not only master case method teachers, they also author many of the cases used in Darden classrooms and around the world.Francis E. Warnock's cases are available in the Darden Business Publishing website.