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University of Colorado Denver Business School, offering Bachelor, MBA, MS, and PhD degrees

Business School, University of Colorado Denver

Rina Ray, Assistant Professor of Finance


  • PhD Finance Major, Mathematics Minor, Indiana University Bloomington
  • MBA Finance, Southern Methodist University
BTech Honors in Chemical Engineering Indian Institute of Technology Kharagpur


  • Financial Management, BUSN 6640 
  • Commodities and Financial Derivatives, FNCE 6382
  • Real Options,​ FNCE 6410

Areas of Expertise

  • Credit and Default Risk
  • Financial Markets and Institutions
  • Household Finance

Professional H​istory

Academic Experience:

  • Assistant Professor, University of Colorado at Denver, October 2011 - 
  • Assistant Professor, Norwegian School of Economics, August 2007 – January 2011  (on leave February 2009 – January 2011

Selected Publicatio​ns 


  • “Financial Distress and Idiosyncratic Volatility: An Empirical Investigation”, with Jing Chen and Lorán Chollete, in the Journal of Financial Markets, 2010, vol 13, 249 - 267
  • “The Role of the Media in the Internet IPO Bubble”, with Utpal Bhattacharya, Neal Galpin and Xiaoyun Yu, the Journal of Financial and Quantitative Analysis, 2009, vol 44, 657 – 682

Selected Pre​sentati​​ons

  • Center for Economic Policy Research Conference 2007, Solstrand
  • European Finance Association Meetings 2005, Moscow
  • European Finance Association Meetings 2006, Zurich
  • European Financial Management Symposium 2008, Oxford University
  • Gerzensee Summer Symposium 2008 (evening session)
  • Western Finance Association Meetings 2008, Hawaii

Current​ Research

  • Consumer Finance
  • Heterogeneous Beliefs and Asset Prices
  • Supplier Firm Relationship

Non-A​cademic Employment and Experience

  • Crestmont Holdings LLP (Fund III, Wingate Partners), Dallas

  • Nancy Chambers Underwood Fund, Southern Methodist University, Dallas

  • Oil and Gas Industry: Indian Oil, Caltex, Exxon International/Exxon-Mobil 

Achievem​ents and Honors

  • Research Grant from the National Stock Exchange of India
  • Faculty Research Grants, Norwegian School of Economics
  • Indiana University Kelley School of Business Fellowship for Best Doctoral Student
  • American Finance Association Student Travel Grant

Academic and Professional Activities 

  • Ad Hoc Reviewer: Journal of Banking and Finance, Journal of Corporate Finance
  • Chairperson: Financial Management Association Meetings
  • Discussant: EFMA, FMA, FIRS and Front Range Conferences


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