Tom Arnold

University of Richmond - E. Claiborne Robins School of Business

Assistant Professor of Finance

102 UR Drive

University of Richmond, VA 23173

United States

SCHOLARLY PAPERS

42

DOWNLOADS
Rank 697

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Top 697

in Total Papers Downloads

54,403

SSRN CITATIONS
Rank 19,443

SSRN RANKINGS

Top 19,443

in Total Papers Citations

31

CROSSREF CITATIONS

32

Scholarly Papers (42)

1.

A Simplified Approach to Understanding the Kalman Filter Technique

Number of pages: 24 Posted: 07 May 2005 Last Revised: 17 Apr 2008
University of Richmond - E. Claiborne Robins School of Business, Auburn University and Georgia State University - Department of Finance
Downloads 21,005 (248)
Citation 1

Abstract:

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Kalman Filter, time series, EM algorithm, Excel, Pedagogy

2.

Implied Binomial Trees in Excel Without Vba

Number of pages: 21 Posted: 08 May 2004
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance and Washington and Lee University - Department of Business Administration
Downloads 4,863 (3,315)
Citation 8

Abstract:

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Option Pricing, Implied Binomial Tree, Excel

3.

Option Pricing in the Real World: A Generalized Binomial Model with Applications to Real Options

Number of pages: 54 Posted: 27 Dec 2000
Tom Arnold and Timothy Falcon Crack
University of Richmond - E. Claiborne Robins School of Business and University of Otago - Department of Accountancy and Finance
Downloads 4,660 (3,591)
Citation 12

Abstract:

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4.

A Practical Guide to GMM (with Applications to Option Pricing)

Number of pages: 74 Posted: 10 May 2001
Tom Arnold and Timothy Falcon Crack
University of Richmond - E. Claiborne Robins School of Business and University of Otago - Department of Accountancy and Finance
Downloads 3,089 (7,105)
Citation 3

Abstract:

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Generalized Method of Moments, GMM, Newey-West, Option Pricing, Black-Scholes

5.

Applying Altman's Z-Score in the Classroom

Number of pages: 11 Posted: 03 Jul 2005
Tom Arnold and John H. Earl
University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business
Downloads 2,337 (11,001)

Abstract:

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Z-Score, bankruptcy, pedogogy, excel, ratio analysis

6.

Real Option Valuation Using NPV

Number of pages: 16 Posted: 07 Jan 2005
Tom Arnold and Timothy Falcon Crack
University of Richmond - E. Claiborne Robins School of Business and University of Otago - Department of Accountancy and Finance
Downloads 2,162 (12,461)
Citation 2

Abstract:

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Real option valuation, NPV, risk-adjusted option valuation, risk-neutral option valuation

7.
Downloads 1,865 (15,738)
Citation 7

Impact: What Influences Finance Research?

Number of pages: 43 Posted: 08 Jun 2001
University of Richmond - E. Claiborne Robins School of Business, Rice University - Jesse H. Jones Graduate School of Business, University of Otago - Department of Accountancy and Finance and Claremont Colleges - Peter F. Drucker Graduate School of Management
Downloads 1,865 (15,471)
Citation 7

Abstract:

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Research Impact, Journal Ranking, citations

Impact: What Influences Finance Research?

Posted: 22 Aug 2003
University of Richmond - E. Claiborne Robins School of Business, Rice University - Jesse H. Jones Graduate School of Business, University of Otago - Department of Accountancy and Finance and Claremont Colleges - Peter F. Drucker Graduate School of Management

Abstract:

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Research Impact, Journal Ranking, citations

8.

Speculation or Insider Trading: Informed Trading in Options Markets Preceding Tender Offer Announcements

Number of pages: 40 Posted: 09 Aug 2000
University of Richmond - E. Claiborne Robins School of Business, University of Virginia - McIntire School of Commerce, University of Alabama at Birmingham - Department of Finance, Economics, and Quantitative Methods and University of Alabama at Birmingham
Downloads 1,629 (19,408)
Citation 17

Abstract:

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Informed trading, insider trading, options, tender offer

9.
Downloads 1,445 (23,305)

Using the Wacc to Value Real Options

Number of pages: 13 Posted: 08 May 2004
Tom Arnold and Timothy Falcon Crack
University of Richmond - E. Claiborne Robins School of Business and University of Otago - Department of Accountancy and Finance
Downloads 1,445 (22,890)
Citation 1

Abstract:

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Real Options, Risk-Neutral Valuation, WACC, Binomial Option Pricing, Volatility Estimation

Using the Wacc to Value Real Options

Posted: 30 Dec 2004
Tom Arnold and Timothy Falcon Crack
University of Richmond - E. Claiborne Robins School of Business and University of Otago - Department of Accountancy and Finance

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Derivatives Instruments, Other, Corporate Finance, Capital Investment Decisions, Equity Investments, Fundamental Analysis and Valuation Models, Quantitative Tools, Mathmatical Methods

10.

Valuing Real Options Using Implied Binomial Trees and Commodity Futures Options

Number of pages: 38 Posted: 08 Jan 2005
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance and Washington and Lee University - Department of Business Administration
Downloads 1,060 (36,583)

Abstract:

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Real Options, Implied Binomial Trees, Commodity Futures Options, Commodities

11.

Connecting Balance Sheet Plugs: A New Integrated Presentation of Pro Forma Analysis

Number of pages: 15 Posted: 07 Sep 2011
Tom Arnold
University of Richmond - E. Claiborne Robins School of Business
Downloads 1,037 (37,761)
Citation 5

Abstract:

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pro forma analysis, equity plug, debt plug, debt-to-equity ratio, additional funds needed, circularity

12.

Introducing Linear Regression: An Example Using Basketball Statistics

Number of pages: 29 Posted: 09 Jan 2011
Tom Arnold and Jonathan M. Godbey
University of Richmond - E. Claiborne Robins School of Business and Georgia State University - Department of Finance
Downloads 964 (41,860)

Abstract:

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regression, pedagogy, basketball

13.

Valuing Real Options with Implied Binomial Trees

Number of pages: 13 Posted: 08 Jan 2005
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance and Washington and Lee University - Department of Business Administration
Downloads 817 (52,595)

Abstract:

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Real Options, Implied Binomial Trees

The Information Content of Short Interest: A Natural Experiment

Number of pages: 43 Posted: 08 Feb 2002
University of Richmond - E. Claiborne Robins School of Business, Rice University - Jesse H. Jones Graduate School of Business, University of Otago - Department of Accountancy and Finance and State University of New York at Binghamton - School of Management
Downloads 765 (56,575)
Citation 17

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Sort Interest, Short Sale Against the Box, Tax Payer Relief Act of 1997

The Information Content of Short Interest: A Natural Experiment

Posted: 19 Jan 2004
University of Richmond - E. Claiborne Robins School of Business, Rice University - Jesse H. Jones Graduate School of Business, University of Otago - Department of Accountancy and Finance and State University of New York at Binghamton - School of Management

Abstract:

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Short interest, Short sale against the box, Taxpayer Relief Act of 1997

15.

Margin Accounting for Stocks: an Excel Classroom Exercise

Number of pages: 17 Posted: 20 Apr 2006
Tom Arnold
University of Richmond - E. Claiborne Robins School of Business
Downloads 696 (65,065)

Abstract:

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Margin, Student-managed Funds, Excel, Pedagogy

16.

A Simple Model of Interest Rate Term Structure for the Classroom

Number of pages: 14 Posted: 22 Apr 2006
Tom Arnold
University of Richmond - E. Claiborne Robins School of Business
Downloads 619 (75,483)
Citation 1

Abstract:

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Interest Rate, Term Structure, Excel, Pedagogy

17.

Un-Intimidating Portfolio Theory and Statistics

Number of pages: 24 Posted: 26 May 2003
Tom Arnold and Lance A. Nail
University of Richmond - E. Claiborne Robins School of Business and University of Alabama at Birmingham - Department of Finance, Economics, and Quantitative Methods
Downloads 586 (80,762)
Citation 1

Abstract:

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Statistics, Portfolio Theory, Capital Allocation Line, Pedagogy

18.

Flattening the Volatility Smile: A Test of Option Pricing Models

Number of pages: 39 Posted: 02 Oct 2001
Tom Arnold
University of Richmond - E. Claiborne Robins School of Business
Downloads 579 (81,981)

Abstract:

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Options, SPX, Generalized Method of Moments, GMM,

19.

Implementing Risk-Averse Implied Binomial Trees: Additional Theory, Empirics, and Extensions

Number of pages: 46 Posted: 03 Jul 2005 Last Revised: 14 Jun 2009
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance and Washington and Lee University - Department of Business Administration
Downloads 577 (82,340)

Abstract:

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Binomial Option Pricing, Implied Binomial Trees, Physical Probabilities, Risk-Neutral Probabilities, Calibration, Representative Agent, Risk-Averse Probabilities, Hedge Funds

20.

Debt Financing Does NOT Create Circularity Within Pro Forma Analysis

Number of pages: 13 Posted: 06 Mar 2007 Last Revised: 13 Oct 2007
Tom Arnold and Peter Charles Eisemann
University of Richmond - E. Claiborne Robins School of Business and Georgia State University - Department of Finance
Downloads 547 (88,021)
Citation 1

Abstract:

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Pro Forma, Financial Statement Analysis, Circularity, Sensitivity Analysis, Debt Plug, Slack Term

21.

A Simple Pragmatic Justification for Risk-Neutral Option Pricing

Number of pages: 12 Posted: 02 Nov 2007
Tom Arnold and Timothy Falcon Crack
University of Richmond - E. Claiborne Robins School of Business and University of Otago - Department of Accountancy and Finance
Downloads 509 (96,296)
Citation 1

Abstract:

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Risk-Neutral Option Pricing, Binomial Option Pricing, Risk-Adjusted Option Pricing, Physical Probability Measure, RA-BT

22.

Duration Measures for Corporate Project Valuation

Number of pages: 18 Posted: 04 Mar 2005
Tom Arnold and David S. North
University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business
Downloads 425 (119,325)

Abstract:

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sensitivity analysis, duration, NPV, payback period, adjusted payback period, cash flow

23.

Visual Portfolio Statistics

Number of pages: 18 Posted: 25 Jun 2006 Last Revised: 24 May 2010
Tom Arnold and Bonnie Buchanan
University of Richmond - E. Claiborne Robins School of Business and Surrey Business School, University of Surrey
Downloads 353 (147,081)

Abstract:

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Correlation, Portfolio Statistics, Statistics, Potfolio Theory

24.

Inferring Risk-Averse Probability Distributions from Option Prices Using Implied Binomial Trees: Additional Theory and Extensions

Number of pages: 19 Posted: 01 Jun 2009
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance and Washington and Lee University - Department of Business Administration
Downloads 263 (200,097)
Citation 1

Abstract:

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Binomial Option Pricing, Implied Binomial Trees, Physical Probabilities, Risk-Neutral Probabilities, Calibration, Representative Agent, Risk-Averse Probabilities

25.
Downloads 261 (201,556)
Citation 3

Getting More Out of Two Asset Portfolios

Number of pages: 21 Posted: 19 Jun 2006
Tom Arnold, Lance A. Nail and Terry Nixon
University of Richmond - E. Claiborne Robins School of Business, University of Alabama at Birmingham - Department of Finance, Economics, and Quantitative Methods and Miami University
Downloads 198 (261,612)
Citation 4

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pedogogy, minimum variance portfolio, efficient frontier, capital allocation line

Getting More Out of Two-Asset Portfolios

Journal of Applied Finance, Vol. 16, No. 1, Spring/Summer 2006
Number of pages: 10 Posted: 24 Aug 2006
Tom Arnold, Lance A. Nail and Terry Nixon
University of Richmond - E. Claiborne Robins School of Business, University of Alabama at Birmingham - Department of Finance, Economics, and Quantitative Methods and Miami University
Downloads 63 (600,179)

Abstract:

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26.

Short Maturity Options and Jump Memory: An Empirical Analysis

Number of pages: 40 Posted: 26 Nov 2002
University of Richmond - E. Claiborne Robins School of Business, Louisiana State University, Baton Rouge - E.J. Ourso College of Business Administration and Washington and Lee University - Department of Business Administration
Downloads 198 (262,139)

Abstract:

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options, jump-memory, jump-diffusions, SPX, genetic

27.

Exactly How Long Should a New Venture Lose Money?

Number of pages: 15 Posted: 10 Apr 2002
Tom Arnold
University of Richmond - E. Claiborne Robins School of Business
Downloads 184 (279,779)

Abstract:

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Firm Value, Pro Forma

28.

Embedding an NPV Analysis into a Binomial Tree with a Real Options Application

Number of pages: 26 Posted: 24 Feb 2020
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance and Washington and Lee University - Department of Business Administration
Downloads 140 (351,969)

Abstract:

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Real option, Binomial tree, embedded NPV analysis

29.

The Minimum Variance Portfolio, the Tangency Portfolio, and the Associated Matrix Algebra

Number of pages: 32 Posted: 16 Jun 2020
Tom Arnold and Terry Nixon
University of Richmond - E. Claiborne Robins School of Business and Miami University
Downloads 128 (376,980)

Abstract:

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Minimum variance portfolio, Tangency portfolio, Matrix algebra

30.

Bond Pricing Pedagogy and One-Step Bond Pricing

Number of pages: 10 Posted: 06 Jul 2012
Tom Arnold
University of Richmond - E. Claiborne Robins School of Business
Downloads 125 (383,827)

Abstract:

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bond pricing, pedagogy, annuity

31.

Using Excel to Simulate a Financial Calculator and Excel TVM Formulas

Number of pages: 10 Posted: 18 Feb 2021
Maura Alexander, Tom Arnold and Joseph Farizo
affiliation not provided to SSRN, University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business
Downloads 123 (390,869)

Abstract:

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Excel, Financial Calculator, Excel financial functions

32.

Introducing a Real Option Framework for EVA/MVA Analysis

Number of pages: 28 Posted: 15 Oct 2020
University of Richmond - E. Claiborne Robins School of Business, University of Otago - Department of Accountancy and Finance, University of Richmond - Department of Finance and Washington and Lee University - Department of Business Administration
Downloads 96 (463,296)

Abstract:

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economic value added, EVA, market value added, MVA, real option, binomial tree

33.

Multi-Stage Stock Pricing Techniques for the Classroom

Number of pages: 14 Posted: 09 Jul 2020
Maura Alexander, Tom Arnold and Ge Wu
affiliation not provided to SSRN, University of Richmond - E. Claiborne Robins School of Business and University of Richmond
Downloads 89 (486,092)

Abstract:

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multi-stage stock pricing, fintech, algorithm

34.

Visual Timelines in Excel to Illustrate TVM Calculations

Number of pages: 15 Posted: 18 Feb 2021
Maura Alexander, Tom Arnold and Joseph Farizo
affiliation not provided to SSRN, University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business
Downloads 77 (530,327)

Abstract:

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Timeline, Time Value of Money, Pedagogy

35.

Visual Presentation of MIRR and MNPV Calculations

Number of pages: 12 Posted: 18 Feb 2021
Tom Arnold and Joseph Farizo
University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business
Downloads 68 (568,045)

Abstract:

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MIRR, MNPV, Pedagogy

36.

Multi-Stage Stock Pricing with a Financial Calculator

Number of pages: 11 Posted: 09 Jul 2020
Tom Arnold and Ge Wu
University of Richmond - E. Claiborne Robins School of Business and University of Richmond
Downloads 62 (595,554)

Abstract:

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multi-stage stock pricing, fintech, algorithm, financial calculator

37.

Firm Valuation with Long-Run Business Cycles

Posted: 21 May 2019
Tom Arnold and David S. North
University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business

Abstract:

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pro forma analysis, cyclic cash flows, business cycles, valuation

38.

Calculating the VIX in Excel

Posted: 20 May 2019
Tom Arnold and John H. Earl
University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business

Abstract:

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VIX, options, Excel

39.

The Economics of Sallie Mae

Journal of Structured Finance, Forthcoming
Posted: 30 Jun 2012
University of Richmond - E. Claiborne Robins School of Business, Surrey Business School, University of Surrey and Seattle University - Albers School of Business and Economics

Abstract:

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student loans, Sallie Mae, Asset backed securities, securitization, financial crisis

40.

How Much Value within Foreign Direct Investment Can a Government Destroy?

Journal of Wealth Management, Forthcoming
Posted: 25 Jan 2012
Tom Arnold and Bonnie Buchanan
University of Richmond - E. Claiborne Robins School of Business and Surrey Business School, University of Surrey

Abstract:

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Real options, foreign direct investment, government policy, emerging markets

41.

Are Cover Stories Effective Contrarian Indicators?

Financial Analysts Journal, Vol. 63, No. 2, pp. 70-75, 2007
Posted: 20 Apr 2007
Tom Arnold, John H. Earl and David S. North
University of Richmond - E. Claiborne Robins School of Business, University of Richmond - E. Claiborne Robins School of Business and University of Richmond - E. Claiborne Robins School of Business

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Equity Investments, Fundamental Analysis and Valuation Models, Research Sources

42.

Finding Firm Value 'Quickly' with an Analysis of Debt

Posted: 16 Aug 2001
Tom Arnold and Jerry James
University of Richmond - E. Claiborne Robins School of Business and Independent

Abstract:

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pro forma, firm value, calculator