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Sheridan Titman - The University of Texas at Austin, McCombs School of Business. Austin, TX, US

Sheridan Titman Sheridan Titman

Professor, Department of Finance | The University of Texas at Austin, McCombs School of Business


Investments, corporate finance, banking, and real estate and energy finance


Areas of Expertise (10)

Financial Management

Corporate Finance

Financial Markets

Energy Finance

Oil and Gas Pricing

Real Estate Investment

Risk Management

Stock Market and Investors

Energy Innovation



Sheridan Titman is an influential researcher and thought leader in the fields of corporate finance and investments. While exploring financial topics in general, he also leads research efforts in the areas of real estate finance and investment, and energy finance and innovation.

Titman is a professor of finance at the McCombs School of Business, The University of Texas at Austin, where he has been the director of the Energy Management and Innovation Center, and a member of the Real Estate Finance and Investment Center. He is a past president of the American Finance Association, and a current director of both the Asia Pacific Finance Association and the Western Finance Association.

Besides his academic writing, Titman also writes and contributes to articles for the general business press on energy policy and other topics from a financial economist's perspective. Having co-authored a leading advanced corporate finance textbook entitled "Financial Markets and Corporate Strategy," he has also served on the editorial boards of leading academic journals.

He has served on the faculties of UCLA, the Hong Kong University of Science and Technology, and Boston College. He has also worked in Washington D.C. as special assistant to the Assistant Secretary of the Treasury for Economic Policy. He is a research associate of the National Bureau of Economic Research.



Sheridan Titman Publication Sheridan Titman Publication Sheridan Titman Publication Sheridan Titman Publication



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Financial Markets and Investment Externalities REITs on the Rebound Following Liquidity Crisis, Titman Says Oil in Troubled Waters: Dr. Sheridan Titman - The Message From the Markets The Message on the Markets: The Economic Effects of an Oil Spill


Education (3)

Carnegie Mellon University, Tepper School of Business: Ph.D., Financial Economics 1981

Carnegie Mellon University, Tepper School of Business: M.S., Economics 1978

University of Colorado Boulder: B.Sc., Management Science 1975

Media Appearances (5)

Should Value Investors Buy IPO Of World's Most Valuable Company, Saudi Aramco?

Forbes  online


Titman believes that the biggest downfall to buying a piece of Saudi Aramco's assets is risk because one is "betting" not only on Saudi Arabian oil prices, but also the political stability of Saudi Arabia.

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Peer Pressure for CEOs? How Financial Misconduct Can Spread

The Wall Street Journal  online


Companies or people surrounded by others notorious for engaging in financial fraud are more likely to follow suit.

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Utility's Bankruptcy Prompts Consumer Worries in Texas

Houston Chronicle  print


Titman said, however, that he doesn't expect the bankruptcy to affect the company's operations. "My feeling is it probably doesn't mean much for consumers."

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A Look Into Saudi Arabia's Future

Seeking Alpha  online


In the conservative estimate of Sheridan Titman, from University of Texas at Austin and a National Bureau of Economic Research associate, Aramco is worth approximately $2.2 - $3.6 trillion.

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Trump's tariffs against China will harm American farmers, workers, say economists

World News  online


Sheridan Titman, professor in the department of finance, University of Texas at Austin, said if the tension worsened into a trade war, it would hurt the U.S. agricultural sector badly.

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Articles (10)

Sheridan Titman Citations Google Scholar

Listing of top scholarly works by Sheridan Titman.

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Firm Investment and Stakeholder Choices: A Top-Down Theory of Capital Budgeting Journal of Finance


This paper develops a top‐down model of capital budgeting in which privately informed executives make investment choices that convey information to the firm's stakeholders (e.g., employees).

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Investor Protection and Governance in the Valuation of Emerging Markets Investments. Journal of Applied Corporate Finance


The combination of ineffective corporate governance at the company level and an uncertain legal and regulatory environment can significantly reduce the prices investors are willing to pay when investing in companies in emerging markets. The authors report the findings of their recent survey that asks investment professionals to compare the value of a hypothetical Australian company with that of its identical counterparts located in five emerging markets: Malaysia, Mexico, Saudi Arabia, South Africa, and Iran.

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Debt, Labor Markets, and the Creation and Destruction of Firms. Journal of Financial Economics Journal of Financial Economics


We analyze the financing and liquidation decisions of firms that face a labor market with search frictions. By inducing bankruptcy, debt can facilitate the process of creative destruction (i.e., the elimination of inefficient firms and the creation of new firms) but can also lead to excessive liquidation and unemployment in particular, during economic downturns. Within this setting, we examine policy interventions that influence the firms׳ financing and liquidation choices.

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REIT and Commercial Real Estate Returns: A Postmortem of the Financial Crisis Real Estate Economics


In the years surrounding the financial crisis, the share prices of equity REITs were much more volatile than the underlying commercial real estate prices. We examine the cross-sectional dispersion of REIT returns during this time period.

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Urban Vibrancy and Corporate Growth Journal of Finance


We find that a firm's investment is highly sensitive to the investments of other firms headquartered nearby, even those in very different industries.

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Institutional Investors as Monitors of Corporate Diversification Decisions: Evidence from Real Estate Investment Trusts Journal of Corporate Finance


We find that REITs that diversify by investing in more locations tend to be valued lower than REITs with a tighter geographical focus.

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Measuring Mutual Fund Performance with Characteristic-Based Benchmarks The Journal of Finance


This article develops and applies new measures of portfolio performance which use benchmarks based on the characteristics of stocks held by the portfolios that are evaluated.

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Firms' Stakeholders and the Costs of Transparency Journal of Economics & Management Strategy


Our analysis indicates that while transparency (i.e., generating information about a firm's quality) may improve the allocation of resources, a firm may have a higher ex ante value if information about its quality is not prematurely generated.

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Profitability of Momentum Strategies: An Evaluation of Alternative Explanations The Journal of Finance


This paper evaluates various explanations for the profitability of momentum strategies documented in Jegadeesh and Titman (1993).

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