This site is designed to supplement my work in academic finance. Some of the material posted here is taught in university courses but most is for those students that want additional material for self study beyond the classroom. If you are not currently in one of my courses, use the menu above to find course coverage and resources to learn on your own.

I love working with new data sets particularly those related to market microstructure. Please contact me if you are interested in microstructure, asset allocation, or general asset pricing projects.

Students, please use the LMS (Canvas, Blackboard, etc.) if you are registered for class and the university email if you are not yet registered. Encrypted email can be sent with Keybase.


Stephen Rush

Assistant Professor of Finance

Bowling Green State University


I grew up as a musician in California and then served for several years in the Marine Corps. After college, I was an equity analyst on the buy side in New England. I am not a quant although I do believe that quantitative methods should be used to augment analyst capabilities rather than replace them.

I am active on various platforms under the nom de guerre ProbablePattern. For anyone curious about my Interwebz handle, it alludes to the inability of empirical evidence to provide absolute certainty. For a mathy explanation, see Gödel.


  • Market Microstructure
  • Empirical Asset Pricing
  • Investment Management
  • Data Analysis
  • Jazz Music


  • PhD in Finance, 2016

    University of Connecticut

  • MBA and MSc in Finance, 2011

    Boston College

  • BSBA Finance and Economics, 2007

    Bryant University

  • MAGTF Intelligence Specialist

    Navy Marine Corps Intelligence Training Center

  • Piano Performance

    Armed Forces School of Music



Associate Professor

University of Economics and Law

Jun 2018 – Present HCM City, Vietnam

Courses Taught:

  • Investments for Undergraduates
  • Doctoral Seminar in Corporate Finance

Assistant Professor

Bowling Green State University

Aug 2016 – Present Ohio, USA

Courses Taught:

  • FIN 3000 / MBA 6060 Financial Management
  • FIN 4350 / MBA 5510 Investment Analysis
  • FIN 4360 / MBA 5610 Portfolio Management

Finance Instructor

University of Connecticut

Aug 2012 – May 2016 Connecticut, USA

Courses Taught:

  • FNCE 3101 - Financial Management
  • FNCE 3302 - Investments and Security Analysis
  • FNCE 4306 - Financial Services

Finance Lecturer

Bryant University

May 2012 – May 2016 Rhode Island, USA

Courses Taught:

  • FIN 201 - Financial Management
  • FIN 312 - Investments
  • FIN 315 - Financial Institutions and Markets

Investment Analyst

Amica Mutual Insurance

Aug 2007 – Dec 2009 Rhode Island, USA


  • Researched, recommended, and traded equities in the Technology and Alternative Energy sectors
  • Voted proxy statements on approximately 60 companies
  • Developed quantitative valuation models to evaluate individual company performance
  • Made weekly recommendations to the Chief Investment Officer and bimonthly written reports to the board of directors
  • Part of a team that managed approximately $5 billion across 6 portfolios beating the S&P 500

Fund Accountant

State Street Bank and Trust

May 2007 – Aug 2007 Massachusetts, USA


  • Calculate NAV daily based on Bloomberg, Reuters, and IDC price and exchange rate information
  • Adjusting entries for share transactions, currency derivatives, expense accruals, and income payments
  • Fix failing trades and find missing information on non-DTC settled trades
  • Responsible for over $7 billion in assets under custody

Political/Military Analyst

U.S. Army Reserve

Mar 2005 – Mar 2007


  • Wrote background papers for the European Command Joint Analysis Center
  • Coordinated analysis with reporting personnel


U.S. Marine Corps

Aug 1996 – Feb 2005


  • Intelligence Chief - Provided the commanding officer with enemy strength, location, and probable courses of action
  • Platoon Sergeant - Supervised 35 Marines
  • Marine Band Pianist and Jazz Combo Leader

Recent & Upcoming Talks

Information Diffusion in Korean Equity Markets

Information Diffusion in Korean Equity Markets

Measuring Information Asymmetry in Event Time

Measuring Information Asymmetry in Event Time

A Network Analysis of Information Diffusion in the Financial Sector

A Network Analysis of Information Diffusion in the Financial Sector


Information Networks in the Financial Sector and Systemic Risk

A network based on informed trading in financial firms predicts firm-specific risk and performance, while one formed on financial firm …

Non-Standard Errors

Conditional Correlation Network Data from the Financial Sector

Conditional Correlation Network Data


  • +1 419 372 8972
  • 317 Maurer Center, Bowling Green, OH 43403
  • Park in Lot A and walk to the Schmidthorst College of Business in the Maurer Center. Take the elevator or stairs to the third floor.
  • Skype
  • Telegram