Richard B. Evans

Richard B. Evans

Senior Associate Dean for Research Services and Support
Professor of Business Administration
Donald McLean Wilkinson Research Chair in Business Administration


FOB 291B

Academic Area

Areas of Expertise

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

Education: B.S., M.S., University of Utah; M.A., Ph.D., Wharton School, University of Pennsylvania

Richard Evans is the Senior Associate Dean for Research Services and Support and holds the Donald McLean Wilkinson Research Chair at the University of Virginia's Darden School of Business. His research deals broadly with investment decisions, and his current research projects explore fund manager compensation and incentives, exchange-traded funds, corporate political activity and stock performance, short-selling and quantitative vs. fundamental investment strategies. His work has been published in the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies and has been cited by the financial press (The New York TimesThe Wall Street JournalThe Economist and Forbes) as well as regulatory agencies (Securities and Exchange Commission, U.S. General Accounting Office and the White House Council of Economic Advisors). He has presented his research to the SEC, Federal Reserve, Social Security Administration and the American Finance Association. He currently serves on the editorial board of the Financial Analysts Journal and as the Academic Director of the Money Management Institute's Executive IQ Program. He has also taught executive education courses for investment professionals from Merrill Lynch, Morgan Stanley, Sands Capital Management, and Citizens Bank. He has been the recipient of a Santander Research Fellowship at Cambridge University, a Senior Research Fellowship at the Long-Term Investors think tank at the Università di Torino, and he has served as a visiting faculty member at Nova Universidade de Lisboa. He holds bachelor’s and master’s degrees in chemistry from the University of Utah and a master’s degree and doctorate in finance from the Wharton School of the University of Pennsylvania.

Selected 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)

Institutional Investors and Mutual Fund Governance: Evidence from Retail - Institutional Fund Twins
Review of Financial Studies, 2012, 25 (12), 3530-3571. 
(with Rüdiger Fahlenbrach) 

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)  

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


Case Studies

Advancing 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.

Richard B. Evans' cases are available in the Darden Business Publishing website.