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  5. Dr. Adam Harper, research featured in the IR Impact article 鈥淔rom policy ambiguity to price volatility: the hidden cost of indecision.鈥�

Dr. Adam Harper, research featured in the IR Impact article 鈥淔rom policy ambiguity to price volatility: the hidden cost of indecision.鈥�

Posted on April 24, 2025 by Amanda Akey
Amanda Akey

A man, Dr. Adam Harper, stands outside in a brown sport coat and glasses. data-lightbox='featured'

Dr. Adam Harper, assistant professor in the department of Economics, Finance and Real Estate in the Mitchell College of Business, had his research featured in the IR Impact article 鈥淔rom policy ambiguity to price volatility: the hidden cost of indecision.鈥� IR Impact is a digital magazine that provides investor relations professionals with the insights, data and connections they need to navigate the evolving capital markets.


Harper鈥檚 paper shares how inconsistent debt policies can lead to higher investor ambiguity. 鈥淎s markets become more sensitive to signals from the options markets, tools like volatility over volatility (VOV) may become essential not only for understanding investor risk and sentiment but for helping to shape it,鈥� wrote Harper, 鈥淚n the field of corporate finance, being clear and consistent might be more important than simply being conservative and safe.鈥�



The paper included the implications of Harper鈥檚 recent peer-reviewed study published in the Journal of Risk and Financial Management co-authored with Yilun Lu and Sumit Tembhurne, from the University of Texas at Arlington. 鈥淔irm Policies and Uncertainty About Risk鈥� explores how corporate debt strategy, market sentiment and investor ambiguity intersect, focusing on VOV, the volatility of option-implied volatility, derived from options market data provided by OptionMetrics鈥� IvyDB US database.


As a Mitchell College faculty member, Harper currently teaches courses in business finance, investments and portfolio management. He has his PhD in finance from The University of Texas at Arlington and is a Chartered Financial Analyst by the CFA Institute. His current research interests revolve around option predictability, behavioral finance and monetary policy.

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