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Felicia C. Marston

Professor of Commerce

Felicia C. Marston
+1 434-924-1417
Ph.D., Finance, The University of North Carolina at Chapel Hill
B.S., Accounting, University of Richmond
Areas of Expertise: 
Analysts' forecasts and recommendations
Market risk premium
Measurement of lease financing
Professional Activities: 
Professor Marston’s specialties lie in the area of corporate finance. Her current research interests focus on strategic analyst coverage of firms and on conflicts of interest and analyst recommendations. She also has research papers on the measurement of and motivations for leasing and on the properties and use of financial analysts’ forecasts of long-term earnings growth. She teaches courses in financial management, financial statement analysis and valuation, and advanced corporate finance.
Professor Marston has published work in the areas of risk and return, cost of capital, and leasing in various academic and professional journals, including Financial Management;The Financial ReviewThe Journal of FinanceFinancial Analysts’ Journal; andJournal of Accounting, Auditing and Finance. She has presented her work at regional, national, and international conferences. She has also served on the program and competitive paper award committees for the Financial Management Association.

Selected Publications:

“Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations,” The Journal of Finance, 2006 (A. Ljungqvist, F. Marston and W. Wilhelm).

“Ex Ante Cost of Equity Estimates for US Stocks: Global versus Domestic CAPM," Financial Management,2003 (with R. S. Harris, D. Mishra, and T. O’Brien).

“The Market Risk Premium: Expectational Estimates Using Analysts’ Forecasts," Journal of Applied Finance, 2001 (with R. S. Harris).

“Differences in Information and Common Stock Returns: Estimation Risk or Unequal Distribution of Information?” The Financial Review, 1996.

“Implied Penalties for Financial Leverage: Theory versus Empirical Evidence,” Quarterly Journal of Business and Economics, 1996 (with S. Perry).