Wayne Kelly, Ph.D.

Chair and Professor

Prof. Kelly joined the faculty of The University of Southern Mississippi in August 2011 and accepted the appointment as department chair in July, 2012. His background includes extensive graduate and undergraduate teaching, new course development, sponsorship of student professional organizations and student managed investment funds, connecting students with industry professionals, and referral of students to graduate programs.

Selected Publications

Since arriving at USM, Prof. Kelly has published in the Journal of Real Estate Research, Financial Review, The Review of Financial and Quantitative Analysis, and Financial Management. His articles have been designated as Top Ten Downloaded papers in multiple categories of the Social Sciences Research Network.

Refereed Publications

“Determinants and Effects of Corporate Lobbying,” with M. Hill, B. Lockhart, and R. Van Ness. Financial Management, 2013, 42:4, pp. 931-957.

    • SSRN Top Ten Download in 5 topic areas. 

"Corporate Cash Holdings and Political Connections," with M. Hill, K. Fuller, and J. Washam. The Review of Financial and Quantitative Analysis, published online January, 2013.

    • SSRN Top Ten Download in 2 topic areas.

 “Downstream Value from Upstream Finance,” with M. Hill and  B. Lockhart. Financial Review, 2013, 48:4, pp. 697-723. 

    • SSRN Top Ten Download in 1 topic area.

 “On the Direct Costs of REIT SEOs,” with S. Gokkaya, and M. Hill. Journal of Real Estate Research, 2013, 35:4.

    • SSRN Top Ten Download in 1 topic area.

 “Shareholder Returns From Supplying Trade Credit,” with M. Hill, and B. Lockhart.  Financial Management, 2012, 41:1, 255–280. 

    • SSRN Top Ten Download in 2 topic areas.

“Dividends, Values and Agency Costs in REITs,” with W. Chou, W. Hardin, and M. Hill,  Journal of Real Estate Finance and Economics, published online May 2011.

    • SSRN Top Ten Download in 4 topic areas.

“Market Value of REIT Liquidity,” with M. Hill, and W. Hardin, Journal of Real Estate Finance and Economics, September 2010, 45:1, 383–340.

 “Net Operating Working Capital Behavior: A First Look,” with M. Hill and M. Highfield, Financial Management, 2010, 39:2, 783-805.

    • FMA Conference Top Ten Paper 2008
    • SSRN Top Ten Download in 2 topic areas

“The Determinants of REIT Cash Holdings,” with M. Hill, M. Highfield, and W. Hardin, Journal of Real Estate Finance and Economics, 2009, 39:1, 39-57.

“International Bond Markets: A Cointegration Study,” with K. Rogers and K. Van Rensselaer, Academy of Accounting and Financial Studies Journal, 2008, 12:1, 123-135.

“Investigation into a Citation Based Ranking Procedure for Marketing Journals,” with A. Tahai and R. Taylor, Marketing: Moving Toward the 21st Century:  Proceedings of the SMA Conference, 1997 edited by Stuart, et. al., Rock Hill, SC:  Winthrop University, 186-188.

“An Alternative View of Citation Patterns in Quantitative Literature Cited by Business and Economics Research,” with A. Tahai, Journal of Economic Education, 1996, 27:3, 263-275.

“A Requiem for Ellwood,” with D. Epley and P. Mitchell, The Appraisal Journal, 1995, LXIII:3, 284-290.

“Currency Futures and the Monthly Effect,” with K. Liano, Global Finance Journal, 1995, 6:1, 1-7.

“A Comparison of the Projected Cash Flows Used With the Gordon Constant Growth Model, J-Factor, and the Index Method,” with D. Epley, Real Estate Perspectives, Spring 1995, 14-19. 

“Partnerships as a Means of Increasing Investment in Hardwood Sawtimber Production on NIPF Lands in North Mississippi,” with J. Curry and S. Bullard, Proceedings of the Southern Forestry Economics Workshop, April 1995, 407-417.

“The Six Factors of One Dollar Are Actually Fourteen,” with D. Epley, The Appraisal Journal, 1993, LXI:3, 399-404.

“International Investment In the U.S.: An Alternative View,” Focus On Management, with E. Duett, 1989, 1:3. 

“Some Regulatory Determinants of Bank Risk Behavior: Comment,” Journal of Money, Credit, and Banking, 1988, 20:2, 265-269.

Professional Affiliations

Financial Management Association
Midwestern Finance Association