Richard Simon Warr

Richard Warr received his Ph.D in Finance from the University of Florida in 1998. His research focuses on information transmission in markets, equity valuation, endogeneity of corporate events such as option listings, short selling, capital structure and market microstructure. He has published papers in several top finance and accounting journals including the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, Financial Management and the Journal of Corporate Finance. more

Works (37)

Updated: February 28th, 2026 05:06

2026 article

Diversity and innovation

Warr, R. S., & Zhao, J. (2026, February 19). Edward Elgar Publishing EBooks.

By: R. Warr*  & J. Zhao

topics (OpenAlex): Gender Diversity and Inequality; Innovation and Socioeconomic Development; University-Industry-Government Innovation Models
Source: ORCID
Added: February 26, 2026

2025 article

How a Global Trade War Hurts the U.S. Stock Market

Warr, R. S. (2025, April 25). https://poole.ncsu.edu/thought-leadership/article/how-a-global-trade-war-hurts-the-u-s-stock-market/

By: R. Warr 

poole.ncsu.edu
Source: ORCID
Added: May 7, 2025

2021 article

A message from the outgoing editors of The Financial Review

Krishnamurthy, S., & Warr, R. S. (2021, April 7). Financial Review, Vol. 56, pp. 203–203.

By: S. Krishnamurthy*  & R. Warr n 

topics (OpenAlex): Sustainable Finance and Green Bonds
Sources: Web Of Science, NC State University Libraries
Added: April 19, 2021

2020 article

Analysts versus time-series forecasts of quarterly earnings: A maintained hypothesis revisited

Pagach, D. P., & Warr, R. S. (2020, November 10). Advances in Accounting, Vol. 51.

By: D. Pagach*  & R. Warr* 

author keywords: Analysts' quarterly EPS forecasts; ARIMA models; Maintained hypothesis; Expectation models
topics (OpenAlex): Auditing, Earnings Management, Governance; Financial Markets and Investment Strategies; Corporate Finance and Governance
Sources: Web Of Science, NC State University Libraries
Added: January 19, 2021

2018 article

Report of the Editors of The Financial Review for 2017

Krishnamurthy, S., & Warr, R. S. (2018, July 15). Financial Review, Vol. 53, pp. 657–664.

By: S. Krishnamurthy*  & R. Warr* 

topics (OpenAlex): Sustainable Finance and Green Bonds; Impact of AI and Big Data on Business and Society
Sources: Web Of Science, NC State University Libraries
Added: October 16, 2018

2017 article

Do Pro‐Diversity Policies Improve Corporate Innovation?

Mayer, R. C., Warr, R. S., & Zhao, J. (2017, December 18). Financial Management, Vol. 47, pp. 617–650.

By: R. Mayer* , R. Warr*  & J. Zhao  n

Contributors: R. Mayer* , R. Warr*  & J. Zhao  n

topics (OpenAlex): Corporate Finance and Governance; Firm Innovation and Growth; Gender Diversity and Inequality
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Sources: Web Of Science, ORCID, NC State University Libraries
Added: October 19, 2018

2017 article

Inflation and equity mutual fund flows

Krishnamurthy, S., Pelletier, D., & Warr, R. S. (2017, December 14). Journal of Financial Markets, Vol. 37, pp. 52–69.

By: S. Krishnamurthy n , D. Pelletier n  & R. Warr n 

Contributors: S. Krishnamurthy n , D. Pelletier n  & R. Warr n 

author keywords: Mutual funds; Fund flows; Inflation illusion; Equity valuation
topics (OpenAlex): Financial Markets and Investment Strategies; Monetary Policy and Economic Impact; Corporate Finance and Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
1. No Poverty (OpenAlex)
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2017 article

The Propensity to Split and CEO Compensation

Devos, E., Elliott, W. B., & Warr, R. S. (2017, April 11). Financial Management, Vol. 47, pp. 105–129.

By: E. Devos, W. Elliott * & R. Warr* 

Contributors: E. Devos, W. Elliott * & R. Warr* 

topics (OpenAlex): Corporate Finance and Governance; Auditing, Earnings Management, Governance; Financial Markets and Investment Strategies
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2015 article

CEO opportunism?: Option grants and stock trades around stock splits

Devos, E., Elliott, W. B., & Warr, R. S. (2015, March 14). Journal of Accounting and Economics, Vol. 60, pp. 18–35.

By: E. Devos *, W. Elliott * & R. Warr n 

Contributors: E. Devos *, W. Elliott * & R. Warr n 

author keywords: Managerial incentives; Executive compensation; Stock splits
topics (OpenAlex): Corporate Finance and Governance; Financial Markets and Investment Strategies; Financial Reporting and Valuation Research
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2014 article

Capital structure, equity mispricing, and stock repurchases

Bonaimé, A. A., Öztekin, Ö., & Warr, R. S. (2014, April 2). Journal of Corporate Finance, Vol. 26, pp. 182–200.

By: A. Bonaimé *, Ö. Öztekin * & R. Warr n 

Contributors: A. Bonaimé *, O. Öztekin * & R. Warr n 

author keywords: Target leverage; Residual income model; Capital structure; Equity mispricing; Market timing; Share repurchase
topics (OpenAlex): Corporate Finance and Governance; Corporate Taxation and Avoidance; Financial Markets and Investment Strategies
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2014 journal article

Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts

Journal of Real Estate Research, 36(2).

By: B. Danielsen, D. Harrison, R. Ness & R. Warr 

Source: NC State University Libraries
Added: September 18, 2019

2014 journal article

Liquidity, accounting transparency, and the cost of capital: Evidence from real estate investment trusts

Journal of Real Estate Research, 36(2), 221–251.

By: B. Danielsen, D. Harrison, R. Van Ness & R. Warr 

Source: NC State University Libraries
Added: August 6, 2018

2012 article

Equity Mispricing and Leverage Adjustment Costs

Warr, R. S., Elliott, W. B., Koëter-Kant, J., & Öztekin, Ö. (2012, January 17). Journal of Financial and Quantitative Analysis, Vol. 47, pp. 589–616.

By: R. Warr n , W. Elliott *, J. Koëter-Kant* & Ö. Öztekin *

Contributors: R. Warr n , W. Elliott *, J. Koëter-Kant* & O. Öztekin *

topics (OpenAlex): Corporate Finance and Governance; Financial Markets and Investment Strategies; Financial Reporting and Valuation Research
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2011 article

Short selling of ADRs and foreign market short-sale constraints

Blau, B. M., Ness, R. A. V., & Warr, R. S. (2011, October 15). Journal of Banking & Finance, Vol. 36, pp. 886–897.

By: B. Blau *, R. Ness * & R. Warr n 

Contributors: B. Blau *, R. Van Ness * & R. Warr n 

author keywords: Short selling; Short-sale constraints; American Depository Receipts (ADRs)
topics (OpenAlex): Corporate Finance and Governance; Financial Markets and Investment Strategies; Auditing, Earnings Management, Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2010 article

The Characteristics of Firms That Hire Chief Risk Officers

Pagach, D., & Warr, R. (2010, August 17). Journal of Risk & Insurance, Vol. 78, pp. 185–211.

By: D. Pagach n  & R. Warr n 

Contributors: D. Pagach n  & R. Warr n 

topics (OpenAlex): Risk Management in Financial Firms; Corporate Finance and Governance; Auditing, Earnings Management, Governance
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2009 book

Corporate Reputational Risk and Enterprise Risk Management: An Analysis from the Perspectives of Various Stakeholders

Society of Actuaries.

By: D. Pagach & R. Warr 

Source: NC State University Libraries
Added: September 18, 2019

2009 article

REIT Auditor Fees and Financial Market Transparency

Danielsen, B. R., Harrison, D. M., Ness, R. A. V., & Warr, R. S. (2009, August 26). Real Estate Economics, Vol. 37, pp. 515–557.

By: B. Danielsen n, D. Harrison *, R. Ness * & R. Warr n 

Contributors: B. Danielsen n, D. Harrison *, R. Van Ness * & R. Warr n 

topics (OpenAlex): Housing Market and Economics; Financial Markets and Investment Strategies; Auditing, Earnings Management, Governance
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2009 article

Single Stock Futures as a Substitute for Short Sales: Evidence from Microstructure Data

Danielsen, B. R., Ness, R. A. V., & Warr, R. S. (2009, September 10). Journal of Business Finance &Amp Accounting, Vol. 36, pp. 1273–1293.

By: B. Danielsen n, R. Ness  n & R. Warr n 

Contributors: B. Danielsen n, R. Van Ness  n & R. Warr n 

author keywords: stock futures; microstructure; short sales
topics (OpenAlex): Financial Markets and Investment Strategies; Corporate Finance and Governance; Market Dynamics and Volatility
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2009 journal article

Strategic Risk Management from an Enterprise Perspective

FSR Forum.

By: D. Pagach & R. Warr 

Source: NC State University Libraries
Added: February 13, 2021

2008 journal article

Information Conveyed in Hiring Announcements of Senior Executives Overseeing Enterprise-Wide Risk Management Processes

Journal of Accounting, Auditing & Finance, 23(3), 311–332.

By: M. Beasley n , D. Pagach n  & R. Warr n 

Contributors: M. Beasley n , D. Pagach n  & R. Warr n 

topics (OpenAlex): Risk Management in Financial Firms; Corporate Finance and Governance; Auditing, Earnings Management, Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
8. Decent Work and Economic Growth (OpenAlex)
Sources: ORCID, Crossref, NC State University Libraries
Added: February 20, 2019

2007 article

A valuation-based test of market timing

Elliott, W. B., Koëter-Kant, J., & Warr, R. S. (2007, February 3). Journal of Corporate Finance, Vol. 13, pp. 112–128.

By: W. Elliott *, J. Koëter-Kant* & R. Warr n 

Contributors: W. Elliott *, J. Koëter-Kant* & R. Warr n 

author keywords: residual income model; capital structure; market timing; financing deficit
topics (OpenAlex): Financial Markets and Investment Strategies; Corporate Finance and Governance; Financial Reporting and Valuation Research
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2007 article

Cubes to quads: The move of QQQ from AMEX to NASDAQ

Broom, K. D., Ness, R. A. V., & Warr, R. S. (2007, February 28). Journal of Economics and Business, Vol. 59, pp. 520–535.

By: K. Broom *, R. Ness * & R. Warr n 

Contributors: K. Broom *, R. Van Ness * & R. Warr n 

author keywords: QQQ; ETF; NASDAQ
topics (OpenAlex): Financial Markets and Investment Strategies; Corporate Finance and Governance; Auditing, Earnings Management, Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Source: ORCID
Added: February 20, 2019

2007 article

Market timing and the debt–equity choice

Elliott, W. B., Koëter-Kant, J., & Warr, R. S. (2007, June 20). Journal of Financial Intermediation, Vol. 17, pp. 175–197.

By: W. Elliott *, J. Koëter-Kant* & R. Warr n 

Contributors: W. Elliott *, J. Koëter-Kant* & R. Warr n 

author keywords: capital structure; market timings; security choicer; mispricing; earnings-based valuation; residual income model
topics (OpenAlex): Corporate Finance and Governance; Financial Markets and Investment Strategies; Financial Reporting and Valuation Research
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
10. Reduced Inequalities (OpenAlex)
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2007 article

Reassessing the Impact of Option Introductions on Market Quality: A Less Restrictive Test for Event-Date Effects

Danielsen, B. R., Ness, B. F., & Warr, R. S. (2007, December 1). Journal of Financial and Quantitative Analysis.

By: B. Danielsen n, B. Ness* & R. Warr n 

topics (OpenAlex): Financial Markets and Investment Strategies; Auditing, Earnings Management, Governance; Corporate Finance and Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Source: Web Of Science
Added: August 6, 2018

2007 journal article

Reassessing the impact of option introductions on market quality: A less restrictive test for event-date effects

Journal of Financial and Quantitative Analysis, 42(4), 1041–1062. http://www.scopus.com/inward/record.url?eid=2-s2.0-37849029537&partnerID=MN8TOARS

By: B. Danielsen, B. Van Ness & R. Warr 

Contributors: B. Danielsen, B. Van Ness & R. Warr 

www.scopus.com
Source: ORCID
Added: February 20, 2019

2006 article

Auditor Fees, Market Microstructure, and Firm Transparency

Danielsen, B. R., Ness, R. A. V., & Warr, R. S. (2006, September 5). Journal of Business Finance &Amp Accounting, Vol. 34, pp. 202–221.

By: B. Danielsen n, R. Ness  n & R. Warr n 

Contributors: B. Danielsen n, R. Van Ness  n & R. Warr n 

author keywords: market microstructure; opacity; audit fees
topics (OpenAlex): Auditing, Earnings Management, Governance; Financial Markets and Investment Strategies; Corporate Finance and Governance
Source: ORCID
Added: February 20, 2019

2006 article

What Drives the S&P 500 Inclusion Effect? An Analytical Survey

Elliott, W. B., Ness, B. F. V., Walker, M. D., & Warr, R. S. (2006, December 1). Financial Management, Vol. 12, pp. 31–48.

By: W. Elliott  n, B. Ness n, M. Walker n  & R. Warr n 

Contributors: W. Elliott  n, B. Van Ness n, M. Walker n  & R. Warr n 

topics (OpenAlex): Financial Markets and Investment Strategies; Auditing, Earnings Management, Governance; Corporate Finance and Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2005 chapter

A Comparison of NYSE and Regional Trading (1993-2002)

In E. Klein (Ed.), Stock Exchanges, IPOs and Mutual Funds. Hauppauge, NY: Nova Science Publishers, Inc.

By: R. Warr , B. Van Ness & R. Van Ness

Ed(s): E. Klein

Source: NC State University Libraries
Added: February 13, 2021

2005 article

An empirical study of inflation distortions to EVA

Warr, R. S. (2005, March 1). Journal of Economics and Business, Vol. 57, pp. 119–137.

By: R. Warr n 

Contributors: R. Warr n 

author keywords: EVA; Economic value added; Inflation; Inflation distortion
topics (OpenAlex): Financial Reporting and Valuation Research; Auditing, Earnings Management, Governance; Capital Investment and Risk Analysis
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
8. Decent Work and Economic Growth (OpenAlex)
Source: ORCID
Added: February 20, 2019

2005 article

Nasdaq Trading and Trading Costs: 1993-2002

Ness, B. F. V., Ness, R. A. V., & Warr, R. S. (2005, July 19). Financial Review, Vol. 40, pp. 281–304.

By: B. Ness*, R. Ness * & R. Warr n 

Contributors: B. Van Ness*, R. Van Ness * & R. Warr n 

author keywords: bid-ask spread; liquidity; Nasdaq; order handling rules; tick size; trading costs; trading activity
topics (OpenAlex): Islamic Finance and Banking Studies; Financial Markets and Investment Strategies; Market Dynamics and Volatility
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Source: ORCID
Added: February 20, 2019

2005 article

THE IMPACT OF MARKET MAKER CONCENTRATION ON ADVERSE‐SELECTION COSTS FOR NASDAQ STOCKS

Ness, B. F. V., Ness, R. A. V., & Warr, R. S. (2005, July 28). The Journal of Financial Research, Vol. 28, pp. 461–485.

By: B. Ness*, R. Ness * & R. Warr n 

Contributors: B. Van Ness*, R. Van Ness * & R. Warr n 

topics (OpenAlex): Financial Markets and Investment Strategies; Complex Systems and Time Series Analysis; Housing Market and Economics
Source: ORCID
Added: February 20, 2019

2005 chapter

The Impact of the Introduction of Index Securities on the Underlying Stocks: The Case of the Diamonds and the Dow 30

In Advances in Quantitative Analysis of Finance & Accounting (pp. 105–128).

By: B. Van Ness*, R. Van Ness * & R. Warr n 

author keywords: Index securities; exchange traded funds; spreads
topics (OpenAlex): Corporate Finance and Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Sources: Crossref, NC State University Libraries
Added: August 30, 2019

2004 chapter

Comparison of NYSE and Regional Trading (1993-2002

In R. Roll (Ed.), Focus on financial institutions and services. New York: Nova Science Publishers.

By: B. Van Ness, R. Van Ness & R. Warr 

Ed(s): R. Roll

Source: NC State University Libraries
Added: February 20, 2021

2003 article

Price Pressure on the NYSE and Nasdaq: Evidence from S&P 500 Index Changes

Elliott, W. B., & Warr, R. S. (2003, January 1). Financial Management, Vol. 32, pp. 85–99.

By: W. Elliott * & R. Warr n 

Contributors: W. Elliott * & R. Warr n 

topics (OpenAlex): Financial Markets and Investment Strategies; Corporate Finance and Governance; Auditing, Earnings Management, Governance
UN Sustainable Development Goals Color Wheel
UN Sustainable Development Goal Categories
Sources: Web Of Science, ORCID, NC State University Libraries
Added: August 6, 2018

2002 article

Is the Adverse Selection Component Really Higher on the NYSE/Amex than on the Nasdaq?

Ness, B. F. V., Ness, R. A. V., & Warr, R. S. (2002, January 1). Journal of Business Finance &Amp Accounting, Vol. 29, pp. 807–824.

By: B. Ness*, R. Ness * & R. Warr n 

Contributors: B. Van Ness*, R. Ness * & R. Warr n 

topics (OpenAlex): Financial Markets and Investment Strategies; Corporate Finance and Governance; Auditing, Earnings Management, Governance
Source: ORCID
Added: February 20, 2019

2002 article

The Decline of Inflation and the Bull Market of 1982-1999

Ritter, J. R., & Warr, R. S. (2002, March 1). Journal of Financial and Quantitative Analysis, Vol. 37, pp. 29–61.

By: J. Ritter * & R. Warr* 

Contributors: J. Ritter * & R. Warr* 

topics (OpenAlex): Financial Markets and Investment Strategies; Financial Reporting and Valuation Research; Corporate Finance and Governance
Source: ORCID
Added: February 20, 2019

2001 journal article

How well do adverse selection components measure adverse selection?

Financial Management, 30(3), 77–98. http://www.scopus.com/inward/record.url?eid=2-s2.0-0039246531&partnerID=MN8TOARS

By: B. Van Ness, R. Van Ness & R. Warr 

Contributors: B. Van Ness, R. Van Ness & R. Warr 

www.scopus.com
Source: ORCID
Added: February 20, 2019

Employment

Updated: February 20th, 2019 13:44

2002 - present

North Carolina State University Raleigh, NC, US
Professor Business Management

Education

Updated: February 14th, 2018 10:35

1993 - 1998

University of Florida Gainesville, FL, US
Ph.D. Finance, Insurance and Real Estate

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