Texas Tech University

Drew Winters, Ph.D.

Interim Area Coordinator
Finance

Email: drew.winters@ttu.edu

Phone: 806.834.3350

Office Hours: By Appointment

Room Number: W301

Education: Ph.D., MBA, University of Georgia; B.S., Duke University

Area of Expertise:
 Money Markets, Market Microstructure

Website: 
http://drewwinters.ba.ttu.edu | Curriculum Vitae

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Drew B. Winters

About Professor Winters

Dr. Winters joined the finance faculty at Texas Tech University in 2004. Dr. Winters' research focuses on the intraday and daily behavior of short-term interest rates. His publications in this area appear in several academic journals including the Journal of Business, the Journal of Banking and Finance, the Journal of Financial Research, and the Economic Review of the Federal Reserve Bank of St. Louis. Dr. Winters also does research on factors that influence the interest rate banks charge on lines of credit. This work appears in the Journal of Accounting Research, the Journal of Financial Research, and the Quarterly Journal of Business and Economics. Dr. Winters has previously held academic positions at the University of Central Florida, University of Southern Mississippi, University of Wisconsin-Milwaukee, and Western Illinois University. During his academic career he has also been a Visiting Research Economist at the Federal Reserve Bank of St. Louis. Prior to his academic positions, Dr. Winters was a loan officer for First Union National Bank and was a staff accountant for a public accounting firm.

Publications

  • “Reserve Primary: Fools Rush in Where Wise Men Fear
    to Tread!,” Ozzy Akay, Mark D. Griffiths and Drew B. Winters, Journal of Investment Management,
    forthcoming.
  • “Federal Reserve Financial Crisis Lending Programs and Bank Stock Returns,” Ken B. Cyree, Mark D. Griffiths and Drew B. Winters, Journal of Banking and Finance, 2013, 37, 3819-3829.
  • “When is a Treasury Security On-the-Run?” Mark E. Moore and Drew B. Winters, Financial Review, 2014, 49, 77-88
  • “A Look Inside AMLF: What Traded and Who Benefited,” Ozzy Akay, Mark D. Griffiths, Vladimir Kotomin and Drew B. Winters, Journal of Banking and Finance, 2013, 37, 1643-1657.
  • “Price Discovery: Learning from Trading in the When-issued T-bill Markets,” Jeffrey M. Mercer, Mark E. Moore, Ryan J. Whitby and Drew B. Winters, Financial Review, 2013, 48, 1-24.
  • “A crisis of confidence: Understanding money markets during the financial crisis,” Mark D. Griffiths, Vladimir Kotomin, and Drew B. Winters, Journal of Applied Finance, 2011, 22, 39-59.
  • “What does PIN identify?  Evidence from the T-bill market” Ozzy Akay, Ken B. Cyree, Mark D. Griffiths, and Drew B. Winters, Journal of Financial Markets, 2011, 15, 26-46.
  • “Interest-rate and Calendar-time Effects in Money Market Fund and Bank Deposit Cash Flows,”  Vladimir Kotomin, Stanley D. Smith, and Drew B. Winters, Journal of Economics and Finance, 2011.
  • “The Federal Reserve and the 2007-2009 financial crisis: Treating a virus with antibiotics? Evidence from the commercial paper market,” Mark D. Griffiths, Vladimir Kotomin, and Drew B. Winters, Financial Review, 2011, 46, 541-567.
  • “Market-making costs in Treasury bills: A benchmark for the cost of liquidity,” Mark D. Griffiths, James T. Lindley and Drew B. Winters, Journal of Banking and Finance, 2010, 34, 2146-2157.
  • “Temporary open market operation on MBS repos: Any foreshadowing of the Financial Crisis of 2008,” Ozzy Akay and Drew B. Winters, Journal of Economics and Finance,
    2011, 35, 260-273.
  • “On the Robustness of Range-Based Volatility Estimators,” Ozzy Akay, Mark D. Griffiths, and Drew B. Winters. Journal of Financial Research, 2010, 33, 179-199.
  • “Year-end and Quarter-end Effects in the Term Structure of Sterling Repo and Eurepo Rates,” Mark D. Griffiths, Vladimir Kotomin, and Drew B. Winters, Journal of International Financial Markets, Institutions and Money, 2009, 19:5, 803-817.
  • “Do Traders Benefit from Riding the T-bill Yield Curve?” Jeffrey M. Mercer, Mark E. Moore, and Drew B. Winters, Journal of Portfolio Management, 2009, 36:1 131-140.
  • “An Analysis of Executive Compensation in Small Businesses,” Kathleen A. Farrell, and Drew B. Winters, The Journal of Entrepreneurial Finance and Business Venture, 2008, 12:3, 1-21.
  • “An examination of two competing hypotheses for
    the demand for lottery tickets,” Ozzy, Akay, Mark D. Griffiths, and Drew B. Winters, Journal of Gambling Business and
    Economics
    , 2008, 77-102.
  • “Does Time have Value? An Empirical Examination
    of the Put Option Embedded in Refundable US Air Fares,” Ray R. Sturm and Drew B. Winters, Journal of Economics and Finance, 2009, 376-.
  • “The Effects of Bankruptcy on U.S. Air Fares,”Ray R. Sturm and Drew B. Winters, Research in Applied Economics, 2010, Vol. 2.
  • “A Benchmark for Comparison of Top Journal
    Publications Across the Functional Areas in Colleges of Business
    Administration,” Mark D. Griffiths and Drew B. Winters, Journal of Financial Education, 34, 1-17.
  • “Further Analysis of the Expectations Hypothesis Using Very Short-term Rates,” Craig R. Brown, Ken B. Cyree, Mark D. Griffiths, and Drew B. Winters, Journal of Banking and Finance, 32, 600-613.
  • “Preferred Habitat for Liquidity in International Short-term Interest Rates,” Vladimir Kotomin, Stanley D. Smith, and Drew B. Winters, Journal of Banking and Finance, 2008, 240-250.
  • “An Empirical Examination of Intraday Volatility in On-the-Run U.S. Treasury Bills,” Michael P. Hughes, Stanley D. Smith, and Drew B. Winters, Journal of Economics and Business, 2007, 59:6, 487-499.
  • “The Effect of Substitute Assets on Yields in Financial Markets,” Ken B. Cyree, James T. Lindley, and Drew B. Winters, Financial Management, 2007, 36:1, 27-47.
  • “The Impact of the Return to Lagged Reserve Requirements in the Federal Funds Market,” Vladimir Kotomin and Drew B. Winters, Journal of Economics and Business, 2007, 59:2, 111-129.
  • “The Effect of Auctions on Daily Treasury-bill Volatility,” Michael P. Hughes, Stanley D. Smith, and Drew B. Winters, Quarterly Review of Economics and Finance, 2008, 48:1, 48-60.
  • “Year-end Seasonality in One-Month LIBOR Derivatives,” Christopher J. Neely and Drew B. Winters, Journal of Derivatives, Spring 2006, 13, 47-65.
  • “Quarter-end Effects in Banks: Preferred Habitat or Window Dressing?, Vladimir Kotomin and Drew B. Winters, Journal of Financial Services Research, 2006, 29, 61-82.
  • “Y2K: Is There a Lesson in the Bug that Did Not Bite?” Ernest W. King and Drew B. Winters, Managerial Finance, 2008, 34:2, 91-102.
  • “What is the Source of Different Levels of Time-Series Return Volatility?  The Intraday U-Shaped Pattern or Time-Series Persistence,”Michael P. Hughes and Drew B. Winters, Journal of Economics and Finance, 2005, 29, 300-312.
  • “Inferring Promotion and Tenure Research Hurdles: What the Data Say,” Mark D. Griffiths and Drew B. Winters, Journal of Financial Education, Fall 2005, 31, 42-66.
  • “The Year-End Price of Risk in a Market for Liquidity,” Mark D. Griffiths and Drew B. Winters, Journal of Investment Management, 2005, 3:1, 99-109.
  • “The Turn-of-the-Year in Money Markets:  Tests of the Risk-Shifting Window Dressing and Preferred Habitat Hypotheses,” Mark D. Griffiths, and Drew B. Winters, Journal of Business, July 2005, 78:4, 1337-1364.
  • “An Empirical Examination of the Intraday Volatility in Euro-Dollar Rates,” Ken B. Cyree, Mark D. Griffiths and Drew B. Winters, Quarterly Review of Economics and Finance, 2004,Vol 44:1, 44-57.
  • "How Banks can Self-Monitor their Lending to Comply with the Equal Credit Opportunity Act," James H. Gilkeson, Drew B. Winters, and Peggy D. Dwyer, St. Louis Federal Reserve Bank Review, 2003, September/October, 7-21.
  • "On the Pervasive Effect of Federal Reserve Settlement Regulations" Ken B. Cyree, Mark D. Griffiths and Drew B. Winters, St. Louis Federal Reserve Bank Review, March/April 2003, 27-46.
  • "An Intraday Examination of the Federal Funds Market: Implications for the Theories of the Reverse-J Pattern," Ken B. Cyree and Drew B. Winters, Journal of Business, 2001, Vol 74:4, 535-556.
  • "Analysis of Federal Funds Rate Changes and Variance Patterns," Ken B. Cyree and Drew B. Winters, Journal of Financial Research, 2001, Vol. 24:3, 403-418.
  • "Local Lending Markets: What a Small Business Owner/Manager Needs to Know," David W. Blackwell and Drew B. Winters, Quarterly Journal of Business and Economics, 2000, Vol 39:2, 62-79.
  • "An Examination of the 1992 Increase in the Allowable Carryover of Reserves in the Bank Settlement Process," Mark D. Griffiths and Drew B. Winters, Financial Review, 2000, Vol 41, 67-84.
  • "Delayed reaction in stocks with the characteristics of past winners: Implications for momentum, value, and institutional following," Steven L. Jones and Drew B. Winters, Quarterly Journal of Business and Economics, 1999, Vol. 38:3, 21-40.
  • "A Profitable Trading Rule for Net Borrowers on Settlement Wednesday," Craig R. Brown, Mark D. Griffiths, Wayne E. Hansen and Drew B. Winters, Quarterly Review of Economics and Finance, 1999, Vol. 39:1, 129-146.
  •  "The Value of Auditor Assurance: Evidence from Loan Pricing," David W. Blackwell, Thomas Noland and Drew B. Winters, Journal of Accounting Research, 1998,Vol.36:1. 153-166.
  • "On a Preferred Habitat for Liquidity at the Turn-of-the-Year: Evidence from the Term Repo Market," Mark D. Griffiths and Drew B. Winters, Journal of Financial Services Research, Volume 12:1, August 1997, 21-38.
  • "The Effects of Federal Reserve Accounting Rules on the Equilibrium Level of Overnight Repo Rates," Mark D. Griffiths and Drew B. Winters, Journal of Business Finance and Accounting, Volume 24:6, July 1997.
  • "Banking Relationships and the Effect of Monitoring on Loan Pricing," David W. Blackwell and Drew B. Winters, Journal of Financial Research, Summer 1997, 275-289.
  • "The Market Value of Debt, Market vs. Book Value of Debt, and Returns to Assets," Richard J. Sweeney, Arthur D. Warga and Drew B. Winters, Financial Management, Spring 1997, 5-21.
  • "A Note on the Use of Debt by Venture Capital Backed Firms," Rick H. Mull and Drew B. Winters, Journal of Entrepreneurial and Small Business Finance, 1996,Vol. 5:3, 287-293.
  • "The Relationship between the Federal Funds Cash and Futures Markets," Mark D. Griffiths and Drew B. Winters, Journal of Financial Research, Fall 1996, 359-376.
  • "The Benefits for Banks of Selling and Underwriting Insurance: An Empirical Examination of the Delaware Law," Craig R. Brown and Drew B. Winters, Studies in Economics and Finance, Fall 1996.
  • "IPOs, Public Market Access and Firm Capital Structure," Rick H. Mull and Drew B. Winters, Journal of Economics and Finance, 1996 supplemental issue, Volume 20,4.
  • "Day-of-the-Week Effects in Federal Funds Rates: Further Empirical Findings," Mark D. Griffiths and Drew B. Winters, Journal of Banking and Finance, 1995, 1265-1284.
  • "Does the Industry Effect Exist for Leveraged Buyouts," Brent W. Ambrose and Drew B. Winters, Financial Management, Spring 1992, 89-101.

Awards and Honors

  • Certified Public Accountant
  • Received the January 2000 award for the outstanding contribution to the auditing literature over the past five years from Auditing Section of the American Accounting Association for the following paper: 
     "The Value of Auditor Assurance: Evidence from Loan Pricing," David W. Blackwell, Thomas Noland and Drew B. Winters, Journal of Accounting Research, 1998,Vol.36:1. 153-166.

Journal Reviews

  • Journal of Financial Research (Co-editor)
  • Financial Review (Associate Editor)