Steven Thorley

H. Taylor Peery Professor of Finance
Department Chair
Finance, Department of

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Office: 640A TNRB
Phone: (801) 422-6065
Email: steven.thorley@byu.edu
Office hours: 3:30-4:00 Tuesday and Thursday, Friday 1:30-3:00
Expertise:
  • Investments
Research:
  • Stock market anomalies
  • Investor behavior
  • Portfolio management
Education:
  • Chartered Financial Analyst, CFA Institute, 1995
  • PHD, Finance, University of Washington, 1991
  • MBA, Finance, Brigham Young University, 1982
  • BS, Mathematics, Brigham Young University, 1979
Group Affiliations:
  • Finance and Economics - Primary
Selected Publications:
  • "Long-Short Extensions: How Much is Enough?," Financial Analysts Journal Volume 64, Issue 1, February, 2008    
  • "Minimum Variance Portfolios in the U.S. Equity Market," Journal of Portfolio Management Volume 61, Issue 5, Pages 10-24, October, 2006    
  • "The Fundamental Law of Active Portfolio Management," Journal of Investment Management Volume 4, Issue 3, Pages 54-72, July, 2006    
  • "Investor Overconfidence and Trading Volume," Review of Financial Studies Volume 19, Issue 4, Pages 1531-1565, October, 2006    
  • "Performance Attribution and the Fundamental Law," Financial Analyst Journal September, 2005    
  • "Portfolio Constraints and the Fundamental Law of Active Management," Financial Analysts Journal September, 2002    
  • "Return Dispersion and Active Management," Financial Analysts Journal September, 2001    
  • "Mining Fools Gold," The Financial Analysts Journal March, 1999    
  • "Are There Rational Speculative Bubbles in Asian Stocks Markets," Pacific-Basin Finance Journal March, 1998    
  • "Does the Dow-10 Investment Strategy Beat the Dow Statistically and Economically," The Financial Analysts Journal July, 1997    
  • "Do Investors Learn? Evidence from a Gold Market Anomaly," The Financial Review August, 1997    
  • "Delayed Reaction to Good News and the Cross-Autocorrelation of Portfolio Returns," Journal of Finance July, 1996    
  • "The Time Diversification Controversy," The Financial Analysts Journal May, 1995    
  • "Bubbles, Stock Returns, and Duration Dependence," Journal of Financial and Quantitative Analysis September, 1994    
  • "Assymetric Business Cycle Turning Points," Journal of Monetary Economics June, 1993    
  • "Are Stock Returns Predictable? A Test Using Markov Chains," Journal of Finance March, 1991    
Experience:
   Teaching
  • Professor, Brigham Young University, 1991
   Professional
  • Interim Research Director, Analytic Investors, 2000-2001
  • Partner, Thorley, Pynes & Associates, 1985-1987
  • Senior Consultant, Andersen Consulting, 1982-1985
  • Aerospace Engineer, Hughes Aircraft, 1979-1980
Awards:
  • Outstanding Teacher Award , Business Management Department , 2008
  • Outstanding Faculty Award , Marriott School of Management , 2007
  • Bernstein Fabozzi/Jacobs Levy Award , Journal of Portfolio Management , 2007
  • Oustanding Research Award , Business Management Department , 2006
  • Graham and Dodd Scroll Award , CFA Institute , 2005
  • Merrill J. Bateman Student Choice Award , BYU Management Society , 2003
  • Graham and Dodd Award of Excellence , Association for Investment Management and Research , 2002
Languages:
  • Danish
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