Sheridan Titman

Sheridan Titman

Academic Affiliate

Email: Contact Jeffrey S. Andrien

Phone: (512) 703-4600 VCard View CV


Sheridan Titman holds the McAllister Centennial Chair in Financial Services at the University of Texas at Austin, and serves as a Research Associate for the National Bureau of Economic Research. He was recently elected Vice President of the American Finance Association and will become its President in 2012. He is also the former President of the Western Finance Association.

Sheridan is a world-renown academic, who has co-authored two textbooks and published a number of award-winning articles in leading finance journals. He has performed extensive research in the areas of corporate finance, valuation, real estate finance, energy finance and mutual fund trading, among others; and he has served on the editorial board of many top academic journals.

In addition to his academic responsibilities, Sheridan has extensive experience consulting and testifying for corporations, law firms and governmental agencies on a wide variety of financial matters. From 1988-1989, Sheridan worked as a special assistant to the Secretary of the Treasury.

Sheridan has a B.S. from the University of Colorado and an M.S. and Ph.D. from Carnegie Mellon University.


Ph.D., Economics, Carnegie Mellon University, 1981
M.S., Economics, Carnegie Mellon University, 1978
B.S., Management Science, University of Colorado, Boulder, 1975

Areas of expertise

Recent news, presentations, and publications

“Single vs. Multiple Discount Rates: How to Limit ‘Influence Costs’ in the Capital Allocation Process,” Journal of Applied Corporate Finance (with John Martin), 2008.

“Individual Investor Trading and Stock Returns” (with Ron Kaniel and Gideon Saar), Journal of Finance, 2008.

Valuation: The Art and Science of Corporate Investment Decisions, (with John Martin), Addison-Wesley, 2007.

“Financial Constraints, Competition and Hedging in Industry Equilibrium” (with Tim Adams and Sudipto Dasgupta), Journal of Finance, 2007.

“Why do Firms Hold So Much Cash? A Tax-Based Explanation” (with Fritz Foley, Jay Hartzell, and Garry Twite), Journal of Financial Economics, 2007.

“A Dynamic Model of Optimal Capital Structure” (with Sergey Tsyplakov), Review of Finance, 2007.

“Firm Location and the Creation and Utilization of Human Capital” (with Andres Almazan and Adolfo de Motta), Review of Economic Studies, 2007.

“An Equilibrium, Analysis of Exhaustible Resource Investments,” (with Murray Carlson and Zeigham Khokher), Journal of Finance, 2007.

“Firms’ Histories and their Capital Structures” (with Ayla Kayhan), Journal of Financial Economics, 2007.

“Feedback and the Success of Irrational Investors,” (with David Hirshleifer and Avanidhar Subrahmanyam), Journal of Financial Economics, 2006.

“The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts,” (with Jay Hartzell and Libo Sun), Real Estate Economics, 2006.

“Changes in Institutional Ownership and Stock Returns: Assessment and Methodology,” with Richard Sias and Laura Starks), Journal of Business, 2006.

“Market Reactions to Tangible and Intangible Information,” (with Kent Daniel), Journal of Finance, 2006.

“Determinants of Credit Spreads in Commercial Morgages,” (with Stathis Tompaidis and Sergey Tsyplakov), Real Estate Economics, 2005.

“Capital Investments and Stock Returns,” (with K.C. John Wei and Feixue Xie), Journal of Financial and Quantitative Analysis, 2004.

“Market Imperfections, Investment Optionality and Default Spreads,” (with Stathis Tompaidis and Sergey Tsyplakov), Journal of Finance, 2004.

“The Cross-section of Expected REIT Returns,” (with Andy Chui and K.C. John Wei), Real Estate Economics, 2003.

“The Capital Structure Choice: New Evidence for a Dynamic Tradeoff Model” (with Tim Opler and Armen Hovakimian), Journal of Applied Corporate Finance, 2002.

Financial Markets and Corporate Strategy, (second edition) (with Mark Grinblatt), Irwin-McGraw-Hill, 2001.

Financial Markets and Corporate Strategy, (with Mark Grinblatt), Irwin-McGraw-Hill, 1998.

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