Professor
Acctng, Finance & Info Sys, Dept of
Kyle Hall 274
Box 6951				
	Ph.D. in Finance, University of Arkansas, Fayetteville, AR
M.S. in Statistics (ABC), University of Arkansas, Fayetteville, AR
M.A. in Economics, University of Arkansas, Fayetteville, AR
M.S. in Economics & Public Policy, Instituto Torcuato Di Tella, Buenos Aires, Argentina
Specialization, Tax Law, Universidad de Belgrano, Buenos Aires, Argentina
Specialization, Taxation, Universidad de Belgrano, Buenos Aires, Argentina
Public Accountant, Universidad Catolica de Cordoba, Cordoba, Argentina
Exotic Structured Products 鈥 The case of Victory Certificates, presented at the AABRI 2025 Conference, 28th Annual Western Hemispheric Trade Conference, 2022 Marshall Business Research Conference, 2022 Academy of Finance Conference, 2022 EKU Appalachian Research in Business Symposium, and 2020 IGBR Summer Conference
Exotic Structured Products 鈥 The Case of Papillon Certificates, presented at the 29th Annual Western Hemispheric Trade Conference, 2025 Academy of Finance Conference, 2021 Academy of Economics and Finance, 2015 Financial Education Association Conference, and 2014 Academy of Financial Services Conference.
DeSPACs: Board Centrality and Financial Reporting Quality (Under Review)
Post-EGC Firms: Investor Perception and Performance Consequences (Under Review)
Social Trust and Small Business Loans (Under Review)
FINC 331 鈥 Intro to Business Finance 
FINC 332 鈥 Intermediate Business Finance 
FINC 333 鈥 Financial Modeling 
FINC 335 鈥 Financial Markets & Institutions 
FINC 336 鈥 Principles of Real Estate 
FINC 381 鈥 Investment Analysis 
FINC 436 鈥 Real Estate Finance 
FINC 441 鈥 Individual and Business Insurance Planning 
FINC 438 鈥 Financial Decision Making 
FINC 439 鈥 International Finance 
FINC 471 - Special Topics in Finance 
FINC鈥472鈥-鈥疘ndependent Study 
FINC 631鈥-鈥疐inancial Management 
FINC 635鈥-鈥疘nternational Finance 
FINC 671鈥-鈥疭pecial Topics in Finance 
FINC 681 鈥 Investment Analysis 
FINC 698鈥-鈥疍irected Study 
Hernandez, R., Shao, Y., Liu, P. (2018). Financial Innovation and Aggregate Risk Sharing.
                                                            *Theoretical Economics Letters*, 8, 2182-2198 
 
Hernandez, R., Tobler, C., Liu, P. (2017). Valuation of Extra Bonus Certificates -
                                                            Theory and Evidence. Journal of Applied Financial Research, 1, 19-28 
 
Hernandez, R., Shao, Y., Liu, P., Gu, J. (2017). Mortgage Loan Securitization and
                                                            Personal Consumption Smoothening. Journal of Economics and Finance, 41(1), 100-115 
 
Hernandez, R., Shao, Y., Liu, P. (2017). Leverage Certificates - A Case of Innovative
                                                            Financial Engineering. Review of Economics and Finance, 9, 71-82 
 
Hernandez, R., Brusa, J., Carter, M. (2016). The Size of Underwriting Syndicates and
                                                            Underpricing In IPOs. Journal of International Finance & Economics, 16(2), 57-62 
 
Hernandez, R., Shao, Y., Liu, P. (2015). Government Intervention and Corporate Policies:
                                                            Evidence from China. Journal of Business Research, 68(6), 1205-1215 
 
Hernandez, R., Jones, J., Gu, Y. (2014). Protect PUT Certificates - A Case of Bearish
                                                            Structured Products. American Journal of Business Research, 7(1), 61-79 
 
Hernandez, R., Shao, Y., Liu, P. (2014). Valuation of Flex Bonus Certificates - Theory
                                                            and Evidence. Academy of Economics and Finance Journal, 5, 47-57 
 
Hernandez, R., Brusa, J., Heilman, G. (2014). Severance Agreements as Managerial Incentives.
                                                            Journal of International Finance Studies, 14(2), 15-26 
 
Hernandez, R., Liu, P. (2014). An Option Pricing Analysis of Exotic Bonus Certificates
                                                            - The case of Bonus Certificates PLUS. Theoretical Economics Letters, 4, 331-340 
 
Hernandez, R., Shao, Y. (2014). Valuation of Certificates on a Straddle with Forward
                                                            Start - Theory and Evidence. Theoretical Economics Letters, 4, 341-349 
 
Hernandez, R., Lee, W., Liu, P., Dai, T. (2013). Outperformance Certificates: Analysis,
                                                            Pricing, Interpretation, and Performance. Review of Quantitative Finance and Accounting,
                                                            40(4), 691-713 
 
Hernandez, R., Tobler, C., Liu, P. (2013). Exotic Outperformance Certificates - The
                                                            Case of Outperformance Certificates Plus. Journal of Applied Financial Research, 2, 
 
Hernandez, R., Brusa, J., Liu, P. (2012). Contingent Claim Valuation-The Case of Advanced
                                                            Index Certificates. Academy of Accounting and Financial Studies Journal, 16(1), 111-126 
 
Hernandez, R., Brusa, J., Liu, P. (2012). The Design of Bank-Issued Market-Indexed
                                                            Certificates - A Survey, Pricing and Empirical Test. International Journal of Financial
                                                            Markets and Derivatives, 3(1), 45-60 
 
Hernandez, R., Tobler, C., Liu, P. (2011). Contingent Claim Valuation-The Case of
                                                            Certificates Plus Reloaded. American Journal of Business Research, 4(1), 91-103 
 
Hernandez, R., Brusa, J., Liu, P. (2011). Reverse Weekend Effect, Trading Volume and
                                                            Illiquidity. Managerial Finance, 37(9), 817-839 
 
Hernandez, R., Brusa, J., Liu, P. (2011). An Economic Analysis of Bank-Issued Market-Indexed
                                                            Certificate Of Deposit - An Option Pricing Approach. International Journal of Financial
                                                            Markets and Derivatives, 2(3), 195-208 
 
Hernandez, R., Saubert, L., Tobler, C. (2011). Contingent claim valuation - The case
                                                            of Phoenix Certificates. Journal of Finance and Accountancy, 7, 1-14 
 
Hernandez, R., Jones, J., Gu, Y. (2011). An Economic Analysis of Protect Certificates
                                                            - An Option-Pricing Approach. Banking and Finance Review, 3(2), 17-40 
 
Hernandez, R., Lee, W., Liu, P. (2010). An Economic Analysis of Reverse Exchangeable
                                                            Securities - An Option-Pricing Approach. Review of Futures Markets, 19(1), 67-95 
 
Hernandez, R., Lee, W., Liu, P. (2010). An Economic Analysis of the Japanese Reverse
                                                            Exchangeable Market. Advances in Financial Planning and Forecasting, 4, 159-191 
 
Hernandez, R., Brusa, J., Tobler, C. (2010). Contingent Claim Valuation of Express
                                                            Certificates. Banking and Finance Review, 2(2), 119-126 
 
Hernandez, R., Chatham, M., Tobler, C. (2010). Bull and Bear Reverse Exchangeable
                                                            Securities - An Option-Pricing Approach. International Journal of Global Business
                                                            and Economics, 3(1), 131-135 
 
Hernandez, R., Chatham, M. (2010). A Guide to the Rules-Based Versus Principles-Based
                                                            Accounting Debate. International Journal of Global Business and Economics, 3(1), 126-130 
 
 Hernandez, R., Brusa, J., Liu, P. (2008). An Economic Analysis of Bonus Certificates
                                                            - Second-Generation of Structured Products. Review of Futures Markets, 16(4), 419-451 
鈥淧ost-EGC Firms: The impact of Regulatory Transition on Audit Fees鈥 (with K. Wade)
Journal of Finance and Accountancy (Forthcoming)
鈥淓xotic Structured Products 鈥 The case of Victory Certificates鈥 (with K. Wade)
Journal of Finance and Accountancy 35 (2025), 1-13.
Distinguished Research Award, Institute for Global Business Research, 2020
Nomination to the 2014-2015 Donald N. Dedmon Distinguished Teaching Professor Award, 福利导在线观看, 2015
Best Paper in Finance at the 2014 Academy of Economics and Finance Conference
Best Paper Award, Academy of Business Research - Spring 2014 Conference