finance research

Finance ResearchNivine Richie, Ph.D., CFA

Associate Professor of FinanceCameron Hall 220-K

[email protected]

Research Paper ElementsIntroductionLiterature ReviewHypothesesData and MethodologyResultsConclusions

IntroductionThis section outlines the research question and the motivation for the study.

Why are we studying this?Why should the reader care?This section also tells the reader the key results.

Sample Introduction

Murdock, M. and Richie, N., 2008, The United States Oil Fund as a hedging instrument, Journal of Asset Management, 9, 333-346.

Literature ReviewWhat have others already accomplished in this area?

What has prior literature already established?

The literature review is written “essay” style with prior research grouped by topic or common theme.

Sample Literature Review

Madura, J., Ngo, T., and Richie, N., 2009, Takeovers of targets lacking analyst coverage, International Journal of Corporate Governance, 1 (3), 298-314.

HypothesesWhat are we expecting to find?These are built on prior research.

We can reject or fail to reject a null hypothesis, but we generally can’t “prove” anything.

Sample Hypotheses

Madura, J., Richie, N., and Tucker, A. 2006, Trading halts and price discovery, Journal of Financial Services Research, 30, 311-328.

Data and MethodologyWhat data sources did we use?What are some summary statistics that describe the sample?

What empirical methods did we use to test the hypothesis?

What model did we estimate and why is it appropriate?

Sample Data and Methodology


ResultsThe results in each table are described in writing.

Results should be tied to prior research in that they confirm prior findings, contradict prior findings, or extend prior findings.

Sample Results

Murdock, M. and Richie, N., 2008, The United States Oil Fund as a hedging instrument, Journal of Asset Management, 9, 333-346.

ConclusionsThis section offers a restatement of the research question and our key findings.

What are the implications of the research?

Why does this research matter?

Sample Conclusions


How to find a research question worth answering:• Browse the Table of Contents of

journals.• Read the Wall Street Journal, the

Economist, or other popular sources.• Find prior studies that can be

replicated with more current data.• Watch CNBC or other business news

for recent business trends.

finance research

Education