ACADEMIC AREA Finance AREAS OF EXPERTISE Asset Management, Exchange-Traded Funds, Trading Costs and Portfolio Performance, Mutual Fund Governance, Fund Distribution Channels, Short-Selling and Option Prices BiographyPublicationsCoursesCase Studies Education: B.S., MS, University of Utah; MA, Ph.D., Wharton School, University of PennsylvaniaRichard Evans’ 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 (New York Times, the Wall Street Journal, The Economist, and Forbes magazine) as well as regulatory agencies (Securities and Exchange Commission, US 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 he has taught executive education courses for investment professionals from Merrill Lynch, Morgan Stanley, and Citizens Bank and is the advisor to Darden Capital Management, Darden's student run investment funds. 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.Journal PublicationsMutual Fund IncubationJournal of Finance, 2010, 65 (4), 1581-1611. DownloadFailure is an Option: Impediments to Short Selling and Option PricesReview of Financial Studies, 2009, 22 (5), 1955-1980. (with Christopher Geczy, Adam Reed and David Musto) DownloadDisclosure and Agency Conflict in Delegated Investment Management: Evidence from Mutual Fund Commission BundlingJournal of Financial Economics, 2012, 103 (2), 308-326. (with Roger Edelen and Greg Kadlec) DownloadInstitutional Investors and Mutual Fund Governance: Evidence from Retail - Institutional Fund TwinsReview of Financial Studies, 2012, 25 (12), 3530-3571. (with Rüdiger Fahlenbrach) DownloadWhat do Consumers' Fund Flows Maximize? Evidence from Their Brokers' IncentivesJournal of Finance, 2013, 68 (1), 201-235. (with Susan Christoffersen and David Musto) DownloadShedding light on 'invisible' costs: Trading costs and mutual fund performanceFinancial Analysts Journal, 2013, 69 (1), 33-44. (with Roger Edelen and Greg Kadlec)Working PapersScale Effects in Mutual Fund Performance: The Role of Trading Costs(with Roger M. Edelen, and Gregory B. Kadlec) DownloadThe Portfolio Choices of Young and Old Active Mutual Fund Managers(with David A. Chapman, and Zhe Xu). DownloadDoes Alpha Really Matter? Evidence from Mutual Fund Incubation, Termination and Manager ChangeDownloadMBA CoursesInvestments Portfolio ManagementAdvancing 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.