Stephen J. Ciccone

Associate Professor of Finance

 

 

University of New Hampshire

Whittemore School of Business and Economics

McConnell Hall

15 Academic Way

Durham, NH 03824

Phone: (603) 862-3343

Office: 403D

Email: stephen.ciccone@unh.edu

 

 

                                      Home Page   |   Biography   |   Curriculum Vitae:  pdf   |   Research   |   Teaching   |   Links

 

 

ACADEMIC APPOINTMENTS

University of New Hampshire, Whittemore School of Business and Economics, Durham, NH

Associate Professor of Finance, 2006-present

Assistant Professor of Finance, 2000-2006

 

Florida State University, College of Business, Tallahassee, FL

Instructor and Research Assistant, 1996-2000

 

EDUCATION

Florida State University, College of Business, Tallahassee, FL

Ph.D. in Business (Finance), 2000, Econometrics support area

 

University of Florida, Fischer School of Accounting, Gainesville, FL

Master of Accounting, 1994, Systems track

Bachelor of Science in Accounting, 1994, Graduated with High Honors

 

Certified Public Accountant

Awarded 1995 (Florida)

 

PUBLICATIONS

Ciccone, Stephen J. 2011. “Investor Optimism, False Hopes and the January Effect.” Journal of Behavioral Finance, vol. 12, no. 3: 158-168.

 

Related Editorial: “Why Do Stock Prices Rise Every January? New Year Optimism.” Washington Post (December 30, 2011).

 

Ciccone, Stephen J. 2011. “Analyst Forecasts, Forecasting Complexity, and Financial Distress.” Financial Decisions, vol. 23, no. 1 (Summer).

 

Boyer, Carol, Stephen J. Ciccone, and Philip Swicegood. 2010. “The Search for a Dog-Free Portfolio: Why Unions Matter to Investors.” Journal of Business and Economics Research, vol. 8, no. 6 (June): 67-72.

 

Boyer, Carol and Stephen J. Ciccone. 2009. “Do Utility Stocks Provide Exposure to Bond Markets?” Journal of Business and Economics Research, vol. 7, no. 12 (December): 25-30.

 

Ciccone, Stephen J. and Ahmad Etebari. 2008. “A Month-by-Month Examination of Long-Term Stock Returns.” Investment Management and Financial Innovations, vol. 5, no. 3: 8-18.

 

Ciccone, Stephen J. and Ahmad Etebari. 2007. “Analyst Forecasts in New Zealand.” Investment Management and Financial Innovations, vol. 4, no. 2: 25-32.

 

Boyer, Carol, Stephen J. Ciccone, and Wei Zhang. 2006. “Insider Trading and Earnings Reporting: Evidence of Managerial Optimism or Opportunism?” Advances in Investment Analysis and Portfolio Management, vol. 2: 123-146.

 

Ciccone, Stephen J. and Thomas A. Rocco. 2005. “The Tech Industry or the Regulated Industry: Which One has the True Glamour Stocks?” Journal of Financial Service Professionals, vol. 59, no. 5 (September): 64-74.

 

Ciccone, Stephen J. 2005. “Trends in Analyst Earnings Forecast Properties.” International Review of Financial Analysis, vol. 14, no. 1: 1-22.

 

Ciccone, Stephen J. and Ahmad Etebari. 2004. “Analyst Earnings Forecast Trends in Pacific Rim Countries.” Managerial Finance, vol. 30, no. 7: 19-35.

 

Boyer, Carol, Stephen J. Ciccone, Yvette S. Harman, and Philip G. Swicegood. 2003. “Play Ball at My House: The Value of Naming Rights in Sports Complexes.” Southern Business and Economic Journal, vol. 26, nos. 3 and 4 (Summer/Fall): 103-118.

 

Ciccone, Stephen J. 2003. “Does Analyst Optimism about Future Earnings Distort Stock Prices?” Journal of Behavioral Finance, vol. 4, no. 2: 59-64.

 

Ciccone, Stephen J. 2003. “Forecast Dispersion and Error Versus Size, Book-to-Market Ratio, and Momentum: A Comparison of Anomalies from 1992 to 2001.” Journal of Asset Management, vol. 3, no. 4 (March): 333-344.

 

Ciccone, Stephen J. 2002. “GAAP Versus Street Earnings: Making Earnings Look Higher and Smoother.” Accounting Enquiries, vol. 11, no. 2 (Spring/Summer): 155-186.

 

Reprinted in the ICFAI Journal of Accounting Research, a journal of the Institute of Chartered Financial Analysts of India: vol. 3, no. 1 (January 2004): 59-68.

 

Benesh, Gary A. and Stephen J. Ciccone. 2000. “Trading Commissions, Portfolio Turnover Rates, and Wealth Accumulation.” Journal of Research in Finance, vol. 3, nos. 1 and 2 (Summer/Winter): 152-171.

 

BOOK CHAPTERS

Ang, James S. and Stephen J. Ciccone. 2009. “Dividend Irrelevance Policy.” In H. Kent Baker (editor), Dividends and Dividend Policy. Hoboken, NJ, Wiley: 97-113.

 

PROFESSIONAL MEETING PRESENTATIONS

“Investor Optimism, False Hopes, and the January Effect”

     -2009 Northeast Business and Economics Association, Worcester, MA

 

“Do Analysts Like Dividends? Evidence from Stock Recommendations” (with James S. Ang)

     -2009 Eastern Finance Association, Washington D.C.

 

“Do Utility Stocks Provide Exposure to Bond Markets?” (with Carol Boyer)

     -2008 Northeast Business and Economics Association, Melville, NY

 

“Analyst Forecasts and Financial Distress”

     -2007 Northeast Business and Economics Association, New Britain, CT

     -2007 University of New Hampshire ACFI Seminar

 

“A Month-by-Month Examination of Long-Term Stock Returns” (with Ahmad Etebari)

     -2007 Northeast Business and Economics Association, New Britain, CT

 

“Analysts’ Annual Forecasts and Quarterly Earnings Releases”

-2007 French Finance Association, Bordeaux, France

-2005 Southern Finance Association, Key West, FL

-2004 Northeast Business and Economics Association, New York, NY

-2004 University of New Hampshire WSBE/ACFI Seminar

 

“Analyst Forecasts in New Zealand” (with Ahmad Etebari)

-2006 Asian Finance Association/Financial Management Association, Auckland, NZ

     -2005 Northeast Business and Economics Association, Newport, RI

 

“Using Debt to Pay Dividends” (with James S. Ang)

     -2006 Financial Management Association, Salt Lake City, UT

     -2006 European Financial Management Association, Madrid, Spain

     -2006 Northeast American Accounting Association, Portsmouth, NH

     -2005 Northeast Business and Economics Association, Newport, RI

 

“Insider Trading and Earnings Reporting: Evidence of Managerial Optimism or Opportunism?” (with Carol Boyer and Wei Zhang)

-2004 Financial Management Association International, New Orleans, LA

-2004 Financial Management Association Europe, Zurich, Switzerland

-2004 Eastern Finance Association, Mystic, CT

-2003 University of New Hampshire WSBE/ACFI Seminar

 

“The Tech Industry or the Regulated Industry: Which One has the True Glamour Stocks?” (with Thomas A. Rocco)

-2003 Northeast Business and Economics Association, Parsippany, NJ

-2003 University of New Hampshire WSBE/ACFI Seminar

-2003 University of New Hampshire WSBE Honor’s Student Seminar

-2003 Undergraduate Research Opportunities Program (by Thomas A. Rocco)

 

“Trends in Analyst Earnings Forecast Properties”

-2003 Financial Management Association International, Denver, CO

-2003 University of New Hampshire WSBE Seminar

 

“Play Ball at My House: The Value of Naming Rights in Sports Complexes” (with Carol Boyer, Yvette Harman, and Philip G. Swicegood)

-2003 Financial Management Association International, Denver, CO

 

“International Differences in Analyst Forecast Properties” (with James S. Ang)

-2003 Northeast Business and Economics Association, Parsippany, NJ (Best Paper Award)

-2000 International Finance Conference, “Financial Market Development in Emerging and Transition Economies,” London Business School, London, UK

-2000 University of New Hampshire ACFI Seminar

-1999 Florida State University Finance Seminar

 

“Does Analyst Optimism about Future Earnings Distort Stock Prices?”

-2002 Eastern Finance Association, Baltimore, MD

-2002 University of New Hampshire ACFI Seminar

 

“Analyst Forecasts and Stock Returns” (with James S. Ang)

-2002 Financial Management Association International, San Antonio, TX

-2000 Northern Finance Association Meeting, Waterloo, Canada (keynote address by James S. Ang)

-1999 Financial Management Association Doctoral Student Seminar, Orlando, FL

-1999 University of New Hampshire ACFI Seminar

-1999 Florida State University Finance Seminar

 

“Analyst Forecast Properties, Financial Distress, and Business Risk”

-2001 Financial Management Association International, Toronto, Canada

-2001 University of New Hampshire ACFI Seminar

 

“Dividend Policy and Signaling Theory? Evidence Against Signaling Using Analyst Forecasts”

-2001 Northeast Business and Economics Association, Windsor Locks, CT

 

“Dividend Policy Changes, Market Reaction, and Transparency”

-1999 Financial Management Association International, Orlando, FL

 

“Trading Commissions, Portfolio Turnover Rates, and Wealth Accumulation” (with Gary A. Benesh)

-1998 Eastern Finance Association, Williamsburg, VA

 

HONORS AND AWARDS

National Society of Leadership and Success (student organization) Excellence in Teaching Award (2009)

WSBE Outstanding Researcher Award (2006)

WSBE Research Excellence Award (2004)

Best Paper, Northeast Business and Economics Association conference (2003)

WSBE Summer Research Grant (2003, 2004, 2005)

College of Business Teaching Award, Florida State University (1999)

Karl and Sophia Schweitzer Graduate Fellowship (1998)

University Fellowship (1996, 1997)

Graduated with High Honors, University of Florida (1994)

Don Miller Fellowship (1994)

Beta Alpha Psi Accounting Honor Society (1994)

Phi Eta Sigma, Alpha Lambda Delta, Golden Key Honor Societies (1989–1994)

Florida Academic Scholarship (1989–1993)

 

PROFESSIONAL EXPERIENCE

Arthur Andersen LLP, Fort Lauderdale, FL

Auditor, 1994-1996

 

Motorola, Plantation, FL

Accounting and Finance Intern, 1993