Lee M. Dunham, PhD, CFA
Lee M. Dunham, PhD, CFA

Lee M. Dunham, PhD, CFA

Associate Professor
Heider College of Business

Academic Appointments


  • Economics and Finance


  • Associate Professor

Publications and Presentations


  • Dunham, L., York, A.S., Ahn, M., Verticle vs. Horizontal Integration in the Biopharma Industry: The Link between Acquisition Announcements and Stock Market Performance (Book Chapter), Advances in Mergers and Acquisitions, 10, 121-143, 2012


  • Dunham, L., Jorgensen, R., Washer, K., Securities Lending Activities in Mutual Funds and ETFs: Ethical Considerations, Journal of Business Ethics, 139(1), 21-28, 2016
  • Dunham, L., Simpson, T.H., An Analysis of the Impact of Securities Lending on the Performance of ETF's, Journal of Wealth Management, 17(4), 75-84, 2015
  • Dunham, L., Implications of Limited Investor Attention to Customer-Supplier Information Transfers, CFA Digest, 44(7), 2014
  • Dunham, L., DeFusco, R.A., Geppert, J.M., An Empirical Analysis of the Dynamic Relation among Investment, Earnings and Dividends, Managerial Finance, 40(2), 118-136, 2014
  • Dunham, L., Washer, K., The Ethics of Hedging by Executives, Journal of Business Ethics, 111(2), 157-164, 2013
  • Dunham, L., Singal, V., Equity Securities (Chapter 9 in the CFA Investment Foundations Program curriculum), Claritas Investment Certificate Curriculum, 2013
  • Dunham, L., Singal, V., Debt Securities (Chapter 10 in CFA Investment Foundations Program curriculum)., Claritas Investment Certificate Curriculum, 2013
  • Dunham, L., Simpson, T.H., The impact of Security Lending on Index Fund Performance, Journal of Investing, 21(2), 9-16, 2012
  • Dunham, L., Managerial Hedging Ability and Firm Risk, Journal of Economics & Finance, 36(4), 882-899, 2012
  • Dunham, L., Washer, K., Inflation and Asset Class Performance, Journal of Finance and Investment Analysis, 1(3), 61-72, 2012
  • Dunham, L., Friesen, G.C., Building A Better Mousetrap: Enhanced Dollar Cost Averaging, Journal of Wealth Management, 15(1), 41-50, 2012
  • Dunham, L., York, A.S., Ahn, M., Building a Bioeconomy in the Heartland: Bridging the Gap between Resources and Perceptions, Journal of Enterprising Communities, People and Places in the Global Economy, 6(1), 84-100, 2012
  • Dunham, L., Momentum: The Technical Analysis Anomaly, book chapter (Chapter 8) in The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies., The Handbook of Equity Market Anomalies: Translating Market, 173-204, 2011
  • Dunham, L., Simpson, T.H., Do Index Fund Managers Actively Trade? An Empirical Examination of S&P 500 Index Funds Around Index Changes, Journal of Index Investing, 1(3), 58-64, 2010
  • Dunham, L., Loosening Your Collar: Alternative Implementations of QQQ Collars, CFA Digest, 2010
  • Dunham, L., Credit Default Swaps and the Credit Crisis, CFA Digest, 2010
  • Dunham, L., Equity Market Comovement and Contagion: A Sectoral Perspective, CFA Digest, 2010
  • Dunham, L., Hedging Real Estate Risk, CFA Digest, 2010
  • Dunham, L., Weller, P.A., Friesen, G.C., Price Trends and Patterns in Technical Analysis: A Theoretical and Empirical Examination, Journal of Banking & Finance, 33, 1089-1100, 2009
  • Dunham, L., Market and Political/Regulatory Perspectives on the Recent Accounting Scandals, CFA Digest, 2009
  • Dunham, L., the Crisis in Perspective: The Cost of Being Quiet, CFA Digest, 2009
  • Dunham, L., Unobserved Actions of Mutual Funds, CFA Digest, 2009
  • Dunham, L., Hedge Fund Due Diligence: A Source of Alpha in a Hedge Fund Portfolio Strategy, CFA Digest, 2009
  • Dunham, L., The Stocks at Stake: Return and Risk in Socially Responsible Investment, CFA Digest, 2009
  • Dunham, L., Friesen, G.C., An Empirical Examination of Jump Risk in U.S. Equity and Bond Markets, North American Actuarial Journal, 11(4), 76-91, 2007


  • Is Price Support a Motive for Increasing Share Repurchases?, CFA Digest, 47(1), 2017
  • The Wisdom of Twitter Crowds: Predicting Stock Market Performance Reactions to FOMC Meetings via Twitter Feeds, CFA Digest, 46(11), 2016
  • The Value of Corporate Culture, CFA Digest, 45 (12), 2015
  • Dunham, L., An Integrated Risk-Budgeting Approach for Multi-Strategy Equity Portfolios, CFA Digest, 44(11), 2014
  • Dunham, L., Are Extreme Returns Priced in the Stock Market? European Evidence, CFA Digest, 43(5), 2013
  • Dunham, L., Conflicting Family Values in Mutual Fund Families, CFA Digest, 43(3), 2013
  • Dunham, L., The Seeds of a Crisis: A Theory of Bank Liquidity and Risk Taking over the Business Cycle, CFA Digest, 43(1), 40-42, 2013
  • Dunham, L., Setting the Benchmark: Spotlight on Private Equity, CFA Digest, 42(3), 135-137, 2012
  • Dunham, L., Can Investing in Volatility Help Meet Your Portfolio Objectives, CFA Digest, 42(2), 23-25, 2012
  • Dunham, L., Can Change in the Purchasing Managers' Index Foretell Stock Returns? An Additional Forward-Looking Sentiment Indicator, CFA Digest, 42(2), 44-46, 2012
  • Dunham, L., Currency Hedged Benchmark Replication: Challenges and Improvements, CFA Digest, 42(1), 87-89, 2012
  • Dunham, L., Risk Shifting and Mutual Fund Performance, CFA Digest, 42(1), 93-95, 2012
  • Dunham, L., The Internal Governance of Firms, CFA Digest, 41(4), 23-25, 2011
  • Dunham, L., The Determinants of Corporate Cash Management Policies: Evidence from Around the World, CFA Digest, 41(3), 14-16, 2011
  • Dunham, L., Conditional Style Rotation Model on Enhanced Value and Growth Portfolios: The European Experience, CFA Digest, 41(2), 71-73, 2011
  • Dunham, L., Empirical Evidence of the Existence of Investable Premiums in Emerging Market Investable Stocks, CFA Digest, 41(1), 29-31, 2011
  • Dunham, L., Mutual Fund Incubation, CFA Digest, 40(4), 12-14, 2010