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Stephen Rush

Sr Risk Quant

SF Federal Reserve Bank


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. As a finance professor, I have taught most of the standard finance courses. I am now interested in risk management and thinking about risk that is not described in historical data.


  • Investment Management
  • Market Microstructure
  • Risk Management
  • Valuation
  • Data Analysis
  • Music


  • PhD in Finance

    University of Connecticut

  • MBA and MSc in Finance

    Boston College

  • Chartered Financial Analyst

    CFA Institute

  • BSBA Finance and Economics

    Bryant University

  • All Source Intelligence Analyst

    Navy Marine Corps Intelligence Training Center

  • Piano Performance

    Armed Forces School of Music



Associate Professor

University of Economics and Law

Jun 2018 – Dec 2018 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

Non-Standard Errors

Non-Standard Errors

Information Diffusion in Korean Equity Markets

Information Diffusion in Korean Equity Markets

Measuring Information Asymmetry in Event Time

Measuring Information Asymmetry in Event Time


Non-Standard Errors

In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in …

Conditional Correlation Network Data from the Financial Sector

Conditional Correlation Network Data

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 …