School of Business

Bert Smoluk

Professor of Finance
Bert Smoluk, Professor of Finance

Office Location

314 Luther Bonney Hall



Academic Degrees

  • Ph.D., Finance, Lehigh University 1997
  • M.B.A., Rider University 1992
  • B.S., Accounting, Pennsylvania State University 1984


Courses Taught

Undergraduate: Investment Management; Derivatives: Options, Futures, and Swaps; Basic Financial Management.

Graduate: Investment Management; Derivatives: Options, Futures, and Swaps; Financial Management; Bond Management, Strategies, and Pricing; Economic Analysis.


Areas of Expertise

Media Talking Points

Current events in the economy and their influence on the stock and bond markets.

Research Interests

Asset pricing models, financial economics, the economics of long-term disability claims rates, option valuation.

Recent Publications

"The Spirit of Capitalism Among Income Classes" coauthored with John Voyer, forthcoming with Review of Financial Economics.

Macroeconomic Influences on Social Security Disability Application Rates,” coauthored with Dana Kerr, Journal of Insurance Issues, Volume 34, No. 2, p. 112-150, Fall 2011.

Long-Term Disability Claims Rates and the Consumption-to-Wealth Ratio,” Journal of Risk and Insurance, Volume 76, No. 1, p. 109-131, March 2009.

Evaluating Stock Returns with Time-Varying Risk Aversion Driven By Trend Deviations From the Consumption-to-Wealth Ratio: An Analysis Conditional on Income Levels,” co-authored with Jim Bennett, Review of Financial Economics, Volume 17, No. 4, p.261-279, December 2008.

A Prerequisite for Meaningful State Economic Performance Comparisons: Adjusted for Population Density,” co-authored with Bruce Andrews, The Annals of Regional Science, June 2005, Volume 39, p. 253-272.

Working Paper: Oil Price Shocks: Bank Size and Firm Size Effects October 17 2017 JE&F  

Working Paper: Pricing Extra Credit JFE November 10 2017

Working paper: Dynamically Engaged University Local June 20 2017 JF&E

Professional Activity

Professor Smoluk is a Chartered Financial Analyst. Before coming to USM, he worked four years with Deloitte & Touche in New York City specializing in auditing investment companies, and for five years as a senior financial analyst at the corporate headquarters of Summit Bank in Princeton, New Jersey. He was a Certified Public Accountant from 1986 to 2008. He is an active researcher having published over 17 articles in refereed journals.