Philip Howard, Ph.D.

Senior Research Associate and Professor of Finance, Wake Forest University

Philip guides quantitative research efforts for the institute.

He is an assistant professor of finance at Wake Forest University’s School of Business. His primary areas of research are international finance and alternative investments.

Philip holds a doctorate in finance from the UNC Kenan-Flagler Business School, as well as a master’s and bachelor’s degrees in statistics and operations research from the University of North Carolina at Chapel Hill.

Related Publications

Crowded Trades and Tail Risk

A growing body of research examines the implications of common holdings for asset price determination; however, far less is known about the impact of hedge fund ownership concentration on risk and return. Yet, hedge fund positions are an important component of the degree of crowdedness because these investment vehicles tend to be particularly active in their pursuit of out performance, they often take highly concentrated positions, and they utilize leverage and short sales. Using a large database of U.S. equity position-level holdings for hedge funds, we measure the degree of security level crowdedness.
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