Tom Nohel

Professor of Finance

Tom Nohel is a professor of finance at Loyola University Chicago, where he has taught since 1994. He has also served as a visiting faculty member and economist at Cornell University, the University of Michigan, the Federal Reserve Bank of Chicago, and most recently at Imperial College London.

Dr. Nohel’s research focuses primarily on corporate finance, with publications appearing in the Journal of Banking & Finance, Journal of Corporate Finance, Journal of Financial Economics, and Review of Financial Studies, among others. His recent work examines Special Purpose Acquisition Companies (SPACs).

He served as director of Loyola’s MS in Finance program for six years and was on the leadership team of the Midwest Finance Association (MFA) from 2013–2020, serving as president of the MFA in 2017–2018.

Education

PhD, Finance, University of Minnesota
MS, Applied Math, Northwestern University
BA, Applied Math, University of Wisconsin

Research Interests

Role of asymmetric information in corporate financial policy
Role of financial intermediaries in corporate financial policy
Corporate finance of financial intermediaries
Empirical corporate finance
Executive Compensation and incentives
Hedge Funds
Limits to arbitrage, volatility
Corporate Finance/Governance
Asymmetric Information
Executive Compensation
Agency Problems
Volatility
Restructuring
Hedge Funds
Risk Management
SPACs

Professional Employment

Loyola University Chicago Professor of Finance 2015-Present
Imperial College – London Visiting Professor of Finance 2021-2023
Loyola University Chicago Director, MSF Program 2013-2020
Australian National University Visiting Professor of Finance 2018
Texas Christian University Visiting Professor of Finance 2016
Loyola University Chicago Associate Professor 2000-2015
Federal Reserve Bank-Chicago Visiting Economist 2012-2013
Indian School of Business Visiting Associate Professor 2006
University of Michigan Visiting Associate Professor 2003-2005

Professional/Community Affiliations

Vice President-Elect, Midwest Finance Association, 2013-2014
Vice President (Program Chair), Midwest Finance Association, 2014-2015
President-Elect, Midwest Finance Association, 2015-2016
President, Midwest Finance Association, 2016-2017
Advisory Board Chair, Midwest Finance Association, 2017-2018
Past President, Midwest Finance Association, 2017-present
Board Member, Midwest Finance Association, 2013-2019, Advisory, 2017-present

Courses Taught

FINC 335: Investments
FINC 337: Banking and Capital Markets
FINC 342: Advanced Corporate Finance
FINC 345: Advanced Investments
FINC 346: Options
FINC 450: Financial Management
FINC 452: Investments
FINC 453: Advanced Corporate Finance
FINC 423: Options Markets
FINC 624: Derivatives and Risk Management
FINC 558: Valuing Start-ups and other ventures
FINC 630: Hedge Funds (Capstone)
Money and Banking
Mergers and Restructuring
Valuation & Real Options
Valuation & Corporate Control
Risk Management
Interest Rate Risk Mgmt
Principles of Finance (CCMF)
Corporate Finance

Publications/Research Listings

'“The Incentives of SPAC Sponsors”, with Felix Feng, Xuan Tian, Wenyu Wang, and Yufeng Wu, Journal of Financial Economics, forthcoming (2025). On SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4069007

“The Information Content of SPAC Securities”, International Review of Financial Analysis 93 (2024) 1-11. On SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4702187

“Side-by-Side Management of Mutual Funds and Hedge Funds”, with Zhi Wang and Lu Zheng, Review of Financial Studies 23 (June 2010), 2342-2373. On SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1607515

“Undoing the Powerful Anti-Takeover Force of Staggered Boards”, with Re-Jin Guo and Timothy Kruse, Journal of Corporate Finance 14 (2008), 274-288. On SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=891534

“Share Repurchases and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow”, joint with Vefa Tarhan, Journal of Financial Economics 49 (1998), 187-222.

Awards

“The Incentives of SPAC Sponsors” awarded best paper in corporate finance (Moody’s/Van Dyck Prize) at the 2023 Australian Finance and Banking Conference, Sydney, Australia.
“Side-by-Side Management of Mutual Funds and Hedge Funds”, awarded “Best Paper in Financial Institutions at the 2007 Midwest Finance Association Annual Meeting.
“Compensation for Managers with Career Concerns: The Role of Stock Options in Optimal Contracts”, awarded best paper in corporate finance at the 10th Annual Global Finance Conference in Frankfurt, Germany, 2003.
Award of “Best Paper in Financial Institutions” at the 1996 Annual Meeting of the Midwest Finance Association.