Steven Thorley

Steven Thorley

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

Office: 616 TNRB
Phone: (801) 422-6065

Biography

Steven Thorley is the H. Taylor Peery Professor of Finance at the BYU Marriott School of Management. Professor Thorley received his Ph.D. in Financial Economics from the University of Washington and holds numerous awards for academic excellence including the Marriott School Outstanding Faculty Award. While on academic leave from BYU, Professor Thorley served as the interim Research Director for Analytic Investors, an institutional money management firm in Los Angeles.

Steven publishes on financial market topics in various academic and practitioner journals. His academic research topics include delayed reaction to news, speculative bubbles, and investor overconfidence. His applied research focuses on portfolio constraints, performance attribution, and factor-based portfolio construction. Professor Thorley’s research has been presented at academic and professional seminars around the world and cited in the Wall Street Journal and other financial periodicals.

Professor Thorley is a Chartered Financial Analyst (CFA) and a Co-Editor of the Financial Analysts Journal. He teaches investments in the MBA program at the Marriott School and acts in a consulting capacity for Analytic Investors. Professor Thorley is currently on the investment committees for Intermountain Healthcare, Deseret Mutual Benefit Administrators, and Brigham Young University.

Education

  • PhD, Financial Economics, University of Washington, 1991
  • MBA, Finance, Brigham Young University, 1982
  • BS, Mathematics, Brigham Young University, 1979

Group Affiliations

  • American Finance Association - Primary
  • CFA Institute

Selected Publications

Experience

    Other
    • 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

  • Bernstein Fabozzi/Jacobs Levy Award , Journal of Portfolio Management
  • Driggs Fellowship , Marriott School
  • Graham and Dodd Award of Excellence , Association for Investment Management and Research
  • Graham and Dodd Scroll Award , CFA Institute
  • H. Taylor Peery Professorship , Marriott School of Management
  • Outstanding Colleague , Marriott School, Brigham Young University
  • Outstanding Faculty Award , Marriott School of Management
  • Outstanding Faculty Research Award , Marriott School, Brigham Young University
  • Outstanding Research Award , Business Management Department
  • Outstanding Teacher Award , Business Management Department

Administrative Assignments

  • Associate Director — H. Taylor Peery Institute 2011 - 2017
  • Department Chair — Finance Department 2008 - 2011

Certificates and Licenses

  • Chartered Financial Analyst CFA Institute 1995

Professional Citizenship

  • Financial Analysts Journal Editor, Associate Editor January, 2017

Presentations

  • Fundamentals of Efficient Factor Investing - South Africa - CFA Society - 2016
  • The Not-so-well-known Three-and-one-half-factor Model - Q Group - 2014 Spring Seminar - 2014
  • Mathematics of Low Risk Portfolio Construction - Deutsche Bank - Global Quantitative Strategy Conference - 2012
  • Relaxing the Long-Only Constraint - JP Morgan - Client Conferences - 2007
  • The Characteristics of Minimum Variance Portfolios - - Quantitative Alliance - 2006
  • The Fundamental Law of Active Management with Full Covariance Matrix - - Deutsche Asset Management - 2006
  • Portfolio Constraints and the Fundamental Law of Active Management - - Barclays Global Investors - 2003