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Profile for Adam Stivers

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Adam Stivers

Associate Professor
College of Business Dean University of Wisconsin-La Crosse

Adam Stivers's office hours

Monday
By appointment only
Tuesday
1 p.m. to 3 p.m.
or by appointment
Wednesday
By appointment only
Thursday
By appointment only
Friday
By appointment only

Remote office hours offered: Please email me or use the scheduling link below and indicate you prefer a virtual meeting.
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Adam Stivers

Associate Professor

College of Business Dean

Specialty area(s)

Investments, asset pricing, behavioral finance, entrepreneurship, economic institutions

Brief biography

Starting in Spring 2023, I am also serving as co-director of the Menard Family Initiative.

Current courses at UWL

FIN 475: Investment Analysis and Portfolio Management

Education

McMaster University, PhD Finance

West Virginia University, MA Economics

West Virginia University, BS Economics

Career

Teaching history

FIN 380: Principles of Investments

FIN 407: Advanced Financial Planning

FIN 475: Investment Analysis and Portfolio Management

Research and publishing

  • Publications
  • "Bias in cryptocurrency investing: The effect of financial and moral considerations" with Hesam Shahriari and Ming Tsang, Journal of Behavioral and Experimental Finance, 2025, 47, 101097.
  • "The Impact of Individual Characteristics on Life Insurance Purchase Decisions" with Hesam Shahriari and Ming Tsang, Journal of Insurance Issues, 2025 (Accepted).
  • "To Equality: Gendered Outcomes, Economic Freedom & Gender Laws" with Nabamita Dutta and Russell Sobel, Kyklos, 2025, 78(3), 896-921.
  • "Females in Top Management and Perceived Obstacles by Indian Firms - Does Economic Freedom Help?" with Nabamita Dutta, Contemporary Economic Policy, 2025, 43(4), 589-599.
  • "Individualism and Financial Inclusion for Females" with Nabamita Dutta, International Review of Applied Economics, 2025 (Forthcoming).
  • “Opportunity And Necessity Entrepreneurship: Do Linguistic Structures Matter?” with Nabamita Dutta, Thor Lienhard, and Russell Sobel, Small Business Economics, 2025, 64(4), 1981-2012.
  • “Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles” with Tammy Schlosky and Serkan Karadas, International Review of Financial Analysis, 2024, 96, 103707.
  • “Perceived Corruption, Economic Freedom, and Firms in India” with Nabamita Dutta and Saibal Kar, Business and Politics, 2024, 26(4), 621-648.
  • “Comparing the effectiveness of case-based learning and problem-based learning in a core finance class” with Nilakshi Borah and Shishir Paudel, Journal of Education for Business, 2024, 99(2), 113-124.
  • “Investigating AI Languages’ Ability to Solve Undergraduate Finance Problems” with Changyu Yang, Journal of Education for Business, 2024, 99(1), 44-51.
  • “An experimental investigation of the ‘follow own signal’ decision rule under increased information uncertainty” with Ming Tsang, Review of Behavioral Finance, 2023, 15(5), 634-651
  • “Do economic forecasters believe the stock market is efficient? Evidence from Germany” with Richard Deaves, Michael Schröder, Ming Tsang, Applied Finance Letters, 2021, 10, 40-47
  • “Assessment within a student-managed investment fund.” Journal of Financial Education, 2021, 47(1), 25-42.
  • “A comparison of forecasting performance and systematic risk across different political environments” with Serkan Karadas and Adam Hoffer. American Journal of Finance and Accounting, 2021, 6(3-4), 266-283
  • “Behavior when the Chips are Down: An Experimental Study of Wealth Effects and Exchange Media” with Ming Tsang, Richard Deaves, Adam Hoffer. Journal of Behavioral and Experimental Finance, 2020, 27,
  • “Equity Premium Predictions with Many Predictors: A Risk-Based Explanation of the Size and Value Factors” Journal of Empirical Finance, 2018, 45, 126-140.
  • “Forecasting Returns with Fundamentals-Removed Investor Sentiment” International Journal of Financial Studies, 2015, 3, 319-341
  • Revise and Resubmit
  • “Arbitrage Pricing Restrictions and the Predictability of Stock Returns by Statistical Factor Analysis” with Ron Balvers (revise and resubmit at Journal of Finance)
  • “Built-in or Built-Up: The Relative Impacts of Innate Skills and Acquired Attributes on Stock Market Participation” with Parastoo Ostad and Richard Deaves (revise and resubmit at Journal of Behavioral and Experimental Finance)

Kudos

published

Nabamita Dutta, Economics, and Adam Stivers, Finance, co-authored the article "Females in top management and perceived obstacles by Indian firms—Does economic freedom help?" in "Contemporary Economic Policy" published on March 7 by Wiley. They explore how the combination of economic freedom and perceptions of obstacles (such as corruption, crime, and political instability) may influence the ability for females to reach top levels of management. They find when economic freedom is low, perceptions of obstacles lead to lower probabilities of having women in top management roles. The work reveals that some benefits of economic freedom may depend crucially on perceptions of corruption, crime, and political instability.

Submitted on: Mar. 17

published

Nabamita Dutta, Economics and Adam Stivers, Finance, co-authored the article "Opportunity and necessity entrepreneurship: Do linguistic structures matter?" in Small Business Economics published on Oct. 18 by Springer. The authors look at how differences in language structure affect international differences in entrepreneurship, distinguishing between necessity entrepreneurship (people pushed into starting businesses due to lack of employment opportunities) and opportunity entrepreneurship (people choosing to leave employment in pursuit of promising opportunities). The language a speaker uses has been shown to influence cognition, behavior, and the content of cultural information shared through time and generations. The authors find statistical evidence that language also influences the pursuit of opportunity entrepreneurship.

Submitted on: Oct. 21, 2024

Memberships & affiliations

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