Faculty & Research

Richard B. Evans

Richard B. Evans, Associate Professor of Business Administration

  • BS, MS, University of Utah; MA, PhD, Wharton School, University of Pennsylvania
Office: FOB 292A
Phone: +1-434-924-4030
E-mail: evansr@darden.virginia.edu

More Information


Associate Professor Richard Evans' research deals broadly with investment decisions. His current research projects explore risk taking on the part of mutual fund managers, the role of broker intermediation in mutual fund investing and the impact of commission bundling and other trading costs on portfolio performance. His research has been published in the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies and cited by the New York Times, Wall Street Journal, The Economist and Forbes magazine. He has presented his research to the Securities and Exchange Commission, Social Security Administration and the American Finance Association. Evans has also taught executive education courses for investment professionals from Merrill Lynch, Morgan Stanley and Citizens Bank and he is the advisor to Darden Capital Management, Darden’s student run investment funds.

Journal Publications

Mutual Fund Incubation
Journal of Finance, 2010, 65 (4), 1581-1611.

Failure is an Option: Impediments to Short Selling and Option Prices
Review of Financial Studies, 2009, 22 (5), 1955-1980.
(with Christopher Geczy , Adam Reed and David Musto)

Disclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission Bundling
Journal of Financial Economics, 2012, 103 (2), 308-326.
(with Roger Edelen and Greg Kadlec) 

What do Consumers’ Fund Flows Maximize? Evidence from Their Brokers’ Incentives
Journal of Finance, 2013, 68 (1), 201-235. 
(with Susan Christoffersen and David Musto)
Institutional Investors and Mutual Fund Governance: Evidence from Retail – Institutional Fund Twins
Review of Financial Studies, 2012, 25 (12), 3530-3571.
(with Rüdiger Fahlenbrach)

Shedding light on 'invisible' costs: Trading costs and mutual fund performance
Financial Analysts Journal, 2013, 69 (1), 33-44.
(with Roger Edelen and Greg Kadlec)

Working Papers

Scale Effects in Mutual Fund Performance: The Role of Trading Costs
(with Roger M. Edelen, and Gregory B. Kadlec)

The Portfolio Choices of Young and Old Active Mutual Fund Managers
(with David A. Chapman, and Zhe Xu).

Does Alpha Really Matter? Evidence from Mutual Fund Incubation, Termination and Manager Change


Asset Management
Trading Costs and Portfolio Performance
Mutual Fund Governance
Fund Distribution Channels
Short-Selling and Option Prices

MBA Courses

Portfolio Management

Teaching Materials

Virginia Investment Partners

Pittinos Financial Advisors, LL

Liquidity, Funds Flow and ReFlow, LLC

Pravda Asset Management

The Oxcel Endowment and Socially Responsible Investing

Research Affiliates

Performance Measurement with Factor Models

Gold as a Portfolio Diversifier: The
World Gold Council and Investing in Gold

CornerStone Partners

Featured Video

Darden Faculty Profile: Rich Evans

Professor Rich Evans shares his non-traditional path to the study of finance.