Sheridan Titman
Professor; Director, Energy Management and Innovation Center
Department: Finance
Additional Titles: Walter W. McAllister Centennial Distinguished University Chair in Financial Services
Industry Areas: Energy, Investment Banking, Investment Management, Real Estate
Research Areas: Accounting - Government, Finance - Corporate, Investments, Real Estate
Sheridan Titman is a professor of finance in the McCombs School of Business at The University of Texas at Austin. He holds the Walter W. McAllister Centennial Distinguished University Chair in Financial Services and is a research associate of the National Bureau of Economic Research.
Prior to joining the faculty at McCombs, Titman was a professor at the University of California, Los Angeles; the Hong Kong University of Science and Technology; and Boston College, and he spent the 1988-89 academic year in Washington, D.C., as the special assistant to the assistant secretary of the Treasury for economic policy.
He is an award-winning researcher, and his academic publications include both theoretical and empirical articles on asset pricing, corporate finance, energy finance, real estate finance, and urban economics. He has also co-authored three finance textbooks, “Financial Markets and Corporate Strategy,” “Valuation: The Art and Science of Corporate Investment Decisions,” and “Financial Management: Principles and Applications.”
Winner of the Smith-Breeden Best Paper Award for the Journal of Finance, Titman has also garnered the GSAM Best Paper Award for the Review of Finance and the Batterymarch Fellowship. In addition, his research on momentum with Narasimhan Jegadeesh received the Wharton-Jacobs Levy Prize.
Sheridan has served on the editorial boards of leading academic journals, including the Journal of Finance, the Review of Financial Studies, and Real Estate Economics, and he has served as president of the Western Finance Association, the American Finance Association, and the American Real Estate and Urban Economics Association.
Titman has also taught at the University of California, Los Angeles; the Hong Kong University of Science & Technology; and Boston College. He has co-written three finance textbooks: "Financial Markets and Corporate Strategy," "Valuation: The Art and Science of Corporate Investment Decisions," and “Financial Management: Principles and Applications.”
Titman earned an M.S. and Ph.D. in economics at Carnegie Mellon University. He received a B.S. in management science from the University of Colorado Boulder.
ACADEMIC LEADERSHIP & AWARDS
2022 |
Jack Treynor Prize
|
2021 |
Wharton-Jacobs Levy Prize for Quantitative Financial Innovation |
2018 |
President, American Real Estate and Urban Economics Association |
2013 |
NAREIT Research Prize Best Paper AREUEA/NAREIT Conference |
2013 |
Fellow, American Finance Association |
2012 |
President, American Finance Association |
Sheridan Titman, and Guozhong Zhu. City Characteristics, Land Prices and Volatility. Journal of Urban Economics. Forthcoming.
Narasimhan Jegadeesh, and Sheridan Titman. Dec 2023.
Momentum: Evidence and Insights 30 Years Later.
Pacific-Basin Finance Journal 82: 102202.
Jie Cao, Sheridan Titman, Xintong Zhan, and Weiming Zhang. Aug 2023. ESG Preference, Institutional Trading, and Stock Return Patterns. Journal of Financial and Quantitative Analysis 58(5): 1843-1877.
Hamed Ghoddusi, Sheridan Titman, and Stathis Tompaidis. May 2023. Hedging Commodity Price Risk.
Journal of Financial and Quantitative Analysis 58(3): 1202-1229.
Jedrzej Bialkowski, Sheridan Titman, and Garry Twite. May 2023. The Determinants of Office Cap Rates: The International Evidence. Real Estate Economics 51(3): 539-572.
Casey Dougal, Christopher A. Parsons, and Sheridan Titman. 2022. Geography of Value Creation. Review of Financial Studies 35(9): 4201-4248.
Sheridan Titman, Chishen Wei, and Bin Zhao. 2022. Corporate Actions and the Manipulation of Retail Investors in China: An Analysis of Stock Splits. Journal of Financial Economics 145(3): 762-787.
Momentum, Reversals, and Investor Clientele. By: Andy C. W. Chui, Avanidhar Subrahmanyam, Sheridan Titman. Review of Finance. Mar2022, Vol. 26 Issue 2, p217-255.
Gregg Fisher; Eva Steiner; Sheridan Titman; Ashvin Viswanathan. Location Density, Systematic Risk, and Cap Rates: Evidence from REITs. Real Estate Economics. Jun2022, Vol. 50(2): 366-400.
Sheridan Titman. 2021. Risk Transmission Across Supply Chains. Production and Operations Management , 30(12): 4579-4587.
Jiang Luo, Avanidhar Subrahmanyam, and Sheridan Titman. 2021. Momentum and Reversals When Overconfident Investors Underestimate Their Competition. Review of Financial Studies 34(1), 351-393.
Christopher A. Parsons, Riccardo Sabbatucci, and Sheridan Titman. 2020. Geographic Lead-Lag Effects. Review of Financial Studies 33(10), 4721-4770.
Aydogan Alti and Sheridan Titman. 2019. A Dynamic Model of Characteristic-based Return Predictability. Journal of Finance 74(6), 3187-3216.
Ahmad Ismail, Samer Khalil, Assem Safieddine, and Sheridan Titman. 2019. Smart Investments by Smart Money: Evidence from Acquirers' Projected Synergies. Journal of Corporate Finance 56, 343-363.
Chuan-Yang Hwang, Sheridan Titman, and Yuxi Wang. 2018. Is It Who You Know or What You Know? Evidence from IPO Allocations and Mutual Fund Performance. Journal of Financial and Quantitative Analysis 53(6), 2491-2523.
Christopher A. Parsons, Johan Sulaeman, and Sheridan Titman. 2018. The Geography of Financial Misconduct. Journal of Finance 73(5), 2087-2137.
Sheridan Titman. 2017. Does Ownership Structure Matter? European Financial Management 23(3), 357-375.
Andres Almazan, Zhaohui Chen, and Sheridan Titman. 2017. Firm Investment and Stakeholder Choices: A Top-Down Theory of Capital Budgeting. Journal of Finance 72(5), 2179-2228.
Leila Atwi, Assem Safieddine, and Sheridan Titman. 2017. Investor Protection and Governance in the Valuation of Emerging Markets Investments. Journal of Applied Corporate Finance 29(3), 89-100.
Si Cheng, Allaudeen Hameed, Avanidhar Subrahmanyam, and Sheridan Titman. 2017. Short-Term Reversals: The Effects of Past Returns and Institutional Exits. Journal of Financial and Quantitative Analysis 52(1), 143-173.
Gregg Fisher, Ronnie Shah, and Sheridan Titman. 2016. Combining Value and Momentum. Journal of Investment Management 14(2), 33-48.
Marshall Adkins, Greg Beard, Bernard Clark, Gene Shepherd, George Vaughan, and Sheridan Titman. 2016. University of Texas Roundtable on Financing and Managing Energy Investments in a Low-Price Environment. Journal of Applied Corporate Finance 28(1), 30-45.
Andres Almazan, Adolfo de Motta, and Sheridan Titman. 2015. Debt, Labor Markets, and the Creation and Destruction of Firms. Journal of Financial Economics 118(3), 636-657.
Libo Sun, Sheridan Titman, and Garry J. Twite. 2015. REIT and Commercial Real Estate Returns: A Postmortem of the Financial Crisis. Real Estate Economics 43(1), 8-36.
Casey Dougal, Christopher A. Parsons, and Sheridan Titman. 2015. Urban Vibrancy and Corporate Growth. Journal of Finance 70(1), 163-210.
Jay C. Hartzell, Libo Sun, and Sheridan Titman. 2014. Institutional Investors as Monitors of Corporate Diversification Decisions: Evidence from Real Estate Investment Trusts. Journal of Corporate Finance 25, 61-72.
Sheridan Titman, Ko Wang, and Jing Yang. 2014. The Dynamics of Housing Prices. Journal of Real Estate Research 36(3), 283-317.
Larry W. Lake, John Martin, J. Douglas Ramsey, and Sheridan Titman. 2013. A Primer on the Economics of Shale Gas Production Just How Cheap is Shale Gas? Journal of Applied Corporate Finance 25(4), 87-96.
Avanidhar Subrahmanyam and Sheridan Titman. 2013. Financial Market Shocks and the Macroeconomy. Review of Financial Studies 26(11), 2687-2717.
Sheridan Titman. 2013. Financial Markets and Investment Externalities. Journal of Finance 68(4), 1307-1329.
Sheridan Titman and Garry J. Twite. 2013. Urban Density, Law and the Duration of Real Estate Leases. Journal of Urban Economics 74, 99-112.
V. Ravi Anshuman, John Martin, and Sheridan Titman. 2012. An Entrepreneur's Guide to Understanding the Cost of Venture Capital. Journal of Applied Corporate Finance 24(3), 75-83.
Joseph P.H. Fan, Sheridan Titman, and Gary Twite. 2012. An International Comparison of Capital Structure and Debt Maturity Choices. Journal of Financial and Quantitative Analysis 47(1), 23-56.
Armen Hovakimian, Ayla Kayhan, and Sheridan Titman. 2012. Are Corporate Default Probabilities Consistent with the Static Trade-off Theory? Review of Financial Studies 25(2), 315-340.
Ron Kaniel, Shuming Liu, Gideon Saar, and Sheridan Titman. 2012. Individual Investor Trading and Return Patterns around Earnings Announcements. Journal of Finance 67(2), 639-680.
V. Ravi Anshuman, John Martin, and Sheridan Titman. 2011. Accounting for Sovereign Risk When Investing in Emerging Markets. Journal of Applied Corporate Finance 23(2), 41-49.
Sheridan Titman and Christian Tiu. 2011. Do the Best Hedge Funds Hedge? Review of Financial Studies 24(1), 123-168.
Jay C. Hartzell, Tobias Muhlhofer, and Sheridan Titman. 2010. Alternative Benchmarks for Evaluating Mutual Fund Performance. Real Estate Economics 38(1), 121-154.
Andres Almazan, Aldolfo De Motta, Sheridan Titman, and Vahap Uysal. 2010. Financial Structure, Acquisition Opportunities, and Firm Locations. Journal of Finance 65(2), 529-563.
Andy Chui, Sheridan Titman, and K.C. Wei. 2010. Individualism and Momentum around the World. Journal of Finance 65(1), 361-392.
Sheridan Titman and Sergey Tsyplakov. 2010. Originator Performance, CMBS Structure, and the Risk of Commercial Mortgages. Review of Financial Studies 23(9), 3558-3594.
Eric Jacquier, Sheridan Titman, and Yalcin Atakan. 2010. Predicting systematic risk: Implications from growth options. Journal of Empirical Finance 17(5), 991-1005.
Andres Almazan, Javier Suarez, and Sheridan Titman. 2009. Firms' Stakeholders and the Costs of Transparency. Journal of Economics & Management Strategy 18, 871-900.
Ron Kaniel, Gideon Saar, and Sheridan Titman. 2008. Individual Investor Trading and Stock Returns. Journal of Finance 63, 273-310.
John Martin and Sheridan Titman. 2008. Single vs. Multiple Discount Rates: How to Limit. Journal of Applied Corporate Finance 20, 79-83.
Murray Carlson, Zeigham Khokher, and Sheridan Titman. 2007. Equilibrium Exhaustible Resource Price Dynamics. Journal of Finance 62, 1663-1703.
David Hirshleifer, Avanidhar Subrahmanyam, and Sheridan Titman. 2007. Feedback and the Success of Irrational Investors. CFA Digest 37, 64-65.
Tim Adam, Sudipto Dasgupta, and Sheridan Titman. 2007. Financial Constraints, Competition, and Hedging in Industry Equilibrium. Journal of Finance 62, 2445-2473.
Andres Almazan, Adolfo de Motta, and Sheridan Titman. 2007. Firm Location and the Creation and Utilization of Human Capital. Review of Economics Studies 74, 1305-27.
Ayla Kayhan and Sheridan Titman. 2007. Firms' histories and their capital structures. Journal of Financial Economics 83, 1-32.
Fritz Foley, Jay C. Hartzell, Sheridan Titman, and Garry Twite. 2007. Why Do Firms Hold So Much Cash? A Tax-Based Explanation. Journal of Financial Economics 86, 579-607.
Richard W. Sias, Laura T. Starks, and Sheridan Titman. 2006. Changes in Institutional Ownership and Stock Returns: Assessment and Methodology. Journal of Business 79, 2869-2910.
Sheridan Titman and Hovakimian, Gayané. 2006. Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales. Journal of Money, Credit and Banking 38, p357-374.
David Hirshleifer, Avanidhar Subrahmanyam, and Sheridan Titman. 2006. Feedback and the success of irrational investors. Journal of Financial Economics 81, 311-338.
Kent Daniel and Sheridan Titman. 2006. Market Reactions to Tangible and Intangible Information. Journal of Finance 61, 1605-1643.
Jay C. Hartzell, Sun, Libo, and Sheridan Titman. 2006. The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts. Real Estate Economics 34, 343-376.
Sheridan Titman, Stathis Tompaidis, and Sergey Tsyplakov. 2005. Determinants of Credit Spreads in Commercial Mortgages. Real Estate Economics 33, 711-738.
Sheridan Titman, K. C. John Wei, and Feixue Xie. 2004. Capital Investments and Stock Returns. Journal of Financial and Quantitative Analysis39, 677-700.
Julia Devlin and Sheridan Titman. 2004. Managing Oil Price Risk in Developing Countries. World Bank Research Observer 19, 119-139.
Sheridan Titman, Stathis Tompaidis, and Sergey Tsyplakov. 2004. Market Imperfections, Investment Flexibility, and Default Spreads. Journal of Finance 59.
Andy C. W. Chui and Sheridan Titman. 2003. The Cross Section of Expected REIT Returns. Real Estate Economics 31, 451-479.
Ann E. Sherman and Sheridan Titman. 2002. Building the IPO Order Book: Underpricing and Participation Limits With Costly Information. Journal of Financial Economics 65, 3-29.
Narasimhan Jegadeesh and Sheridan Titman. 2002. Cross-Sectional and Time-Series Dterminants of Momentum Returns. Review of Financial Studies 15, 143-157.
Armen Hovakiman and Sheridan Titman. 2002. The Capital Structure Choice: New Evidence for a Dynamic Tradeoff Model. Journal of Applied Corporate Finance 15, 24-30.
Sheridan Titman. 2002. The Modigliani and Miller Theorem and the Integration of Financial Markets. Financial Management 31, 101-115.
Sheridan Titman. 2002. Underreaction to Self-Selected News Events. Review of Financial Studies 15, 527-531.
Kent Daniel, Sheridan Titman, and John Wei. 2001. Explaining the Cross-Section of Stock Returns in Japan: Factors or Characteristics? Journal of Finance 56, 743-766.
Avindhar Subrahmanyam and Sheridan Titman. 2001. Feedback From Stock Prices to Cash Flows. Journal of Finance 56, 2389-2413.
Narasimhan Jegadeesh and Sheridan Titman. 2001. Profitability of Momentum Strategies: An Evaluation of Alternative Explanations. Journal of Finance 56, 699-720.
Armen Hovakimian, Tim Opler, and Sheridan Titman. 2001. The Debt-Equity Choice. Journal of Financial and Qualitative Analysis 36, 1-24.
Bhagwan Chowdhry and Sheridan Titman. 2001. Why Real Interest Rates, Cost of Capital and Price/Earnings Ratios Vary Across Countries. Journal of International Money and Finance 20, 165-189.
Sheridan Titman and Assem Safieddene. 1999. Debt and Corporate Performance: Evidence From Unsuccessful Takeovers. Journal of Finance.
Daniel C. Quan and Sheridan Titman. 1999. Do Real Estate Prices and Stock Prices Move Together? An International Analysis. Real Estate Economics 27, 183-207.
Assem Safieddine and Sheridan Titman. 1999. Leverage and Corporate Performance: Evidence From Unsuccessful Takeovers. Journal of Finance 54, 547-580.
Kent Daniel and Sheridan Titman. 1999. Market Efficiency in an Irrational World. Financial Analysis Journal 55, 28-40.
Avindhar Subrahmanyam and Sheridan Titman. 1999. The Going-Public Decision and the Development of Financial Markets. Journal of Finance54, 1045-1082.
Kent Daniel and Sheridan Titman. 1998. Characteristics or Covariances? Journal of Portfolio Management 24, 24-33.
Sheridan Titman and Mark Grinblatt. 1998. Financial Markets and Corporate Strategy. Irwin-McGraw-Hill.
Sheridan Titman and Sudipto Dasgupta. 1998. Pricing Strategy and Financial Policy. Review of Financial Studies.
Daniel C. Quan and Sheridan Titman. 1997. Commercial Real Estate Prices and Stock Market Returns: An International Analysis. Financial Analysts Journal 53, 21-35.
Kent Daniel and Sheridan Titman. 1997. Evidence of the Characteristics of Cross Sectional Variation in Stock Returns. Journal of Finance 52, 1-33.
Narasimhan Jegadeesh and Sheridan Titman. 1996. Overreaction, Delayed Reaction and Contrarian Profits. Review of Financial Studies 9, 973-993.
Mark Grinblatt and Sheridan Titman. 1995. Momentum Investment Strategies, Portfolio Performance, And.. American Economic Review 85, 1088-1105.
Mark Grinblatt and Sheridan Titman. 1994. A Study of Monthly Mutual Fund Returns and Performance Evaluation Techniques. Journal of Financial and Qualitative Analysis 29, 419-444.
Tim C. Opler and Sheridan Titman. 1994. Financial Distress and Corporate Performance. Journal of Finance 49, 1015-1040.
Sheridan Titman and Mark Grinblatt. 1993. Performance Measurement Without Benchmarks: An Examination of Mutual Fund Returns. Journal of Business 66, 47-68.
Sheridan Titman. 1992. Interest Rate Swaps and Corporate Financing Choices. Journal of Finance 47, 1503-1516.
Mark Grinblatt and Sheridan Titman. 1992. The Persistence of Mutual Fund Performance. Journal of Finance 47, 1977-1984.
Vojislav Maksimovic and Sheridan Titman. 1991. Financial Policy and Reputation for Product Quality. Review of Financial Studies 4, 175-200.
Julian Franks, Robert Harris, and Sheridan Titman. 1991. The Postmerger Share Price Performance of Acquiring Firms. Journal of Financial Economics 29, 81-96.
David Hirshleifer and Sheridan Titman. 1990. Share Tendering Strategies and the Success of Hostile Takeover Bids. Journal of Political Economy 8, 295-324.
Eli Talmor and Sheridan Titman. 1990. Taxes and Dividend Policy. Financial Management 19, 32-35.
Mark Grinblatt and Sheridan Titman. 1989. Adverse Risk Incentives and the Design of Performance-Based Contracts. Management Science 35, 807-822.
Mark Grinblatt and Sheridan Titman. 1989. Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings. Journal of Business 62, 393-416.
Mark Grinblatt and Sheridan Titman. 1989. Portfolio Performance Evaluation: Old Issues and New Insights. Review of Financial Studies 2, 393-421.
Sheridan Titman and Arthur Warga. 1989. Stock Returns as Predictors of Interest Rates and Inflation. Journal of Financial and Quantitative Analysis 24, 47-58.
Sheridan Titman and Walter Torous. 1989. Valuing Commercial Mortgages: An Empirical Investigation of the Contingent Claims Approach to Pricing Risky Debt. Journal of Finance 44, 345-373.
Sheridan Titman and Roberto E. Wessels. 1988. The Determinants of Capital Structure Choice. Journal of Finance 43, 1-18.
Mark Grinblatt and Sheridan Titman. 1987. The Relation Between Mean-Variance Efficiency and Arbitrage Pricing. Journal of Business 60, 97-112.
Sheridan Titman and Brett Trueman. 1986. Information Quality and the Valuation of New Issues. Journal of Accounting and Economics 8, 159-172.
Sheridan Titman and Arthur Warga. 1986. Risk and the Performance of Real Estate Investment Trusts: A Multiple Index Approach. Journal of the American Real Estate and Urban Economics Association 14, 414-431.
Mark Grinblatt and Sheridan Titman. 1985. Approximate Factor Structures: Interpretations and Implications for Empirical Tests. Journal of Finance 40, 1367-1373.
Tim C. Opler and Sheridan Titman. 1985. The Determinants of Leveraged Buyout Activity: Free Cash Flows Vs. Financial Distress Costs. Journal of Finance 40, 1985-1999.
Sheridan Titman. 1985. The Effect of Forward Markets on the Debt-Equity Mix of Investor Portfolios and the Optimal Capital Structure of Firms. Journal of Financial and Quantitative Analysis 20, 19-27.
Sheridan Titman. 1985. Urban Land Prices Under Uncertainty. American Economic Review 75, 505-514.
Sheridan Titman. 1984. The Effect of Capital Structure on a Firm's Liquidation Decision. Journal of Financial Economics 13, 137-151.
Mark Grinblatt, Ronald W. Masulis, and Sheridan Titman. 1984. The Valuation Effects of Stock Splits and Stock Dividends. Journal of Financial Economics 13, 461-490.
Mark Grinblatt and Sheridan Titman. 1983. Factor Pricing in a Finite Economy. Journal of Financial Economics 12, 497-507.
Sheridan Titman. 1982. The Effects of Anticipated Inflation in Housing Market Equilibrium. Journal of Finance 37, 827-842.