Kartono Liano, Ph.D.

Professor of Finance

office:  316B McCool Hall
office phone:  (662) 325-1981

mailing address:   Department of Finance and Economics
Box 9580
Mississippi State, MS 39762-9580

e-mail:  kliano@business.msstate.edu
personal web page:  http://www.kliano.business.msstate.edu
complete vita:  Click here.



Academic History
YearDegreeMajor AreaInstitution
1989Ph.D.FinanceUniversity of Alabama, Tuscaloosa, Alabama
1984M.B.A.General BusinessOhio University, Athens, Ohio
1983B.S.B.A.ManagementOhio Northern University, Ada, Ohio



Courses Taught
Course
Code
Course DescriptionCourse web siteSyllabusOnline Grades
FIN 9433Seminar in Portfolio Theory   
FIN 8423Portfolio Management   
FIN 4433Security Analysis and Portfolio Management   
FIN 4423Investments   
FIN 4223Intermediate Financial Management   
FIN 3113Financial Systems   



Work Experience
YearDescription
1999-PresentProfessor of Finance, Mississippi State University
1994-1999Associate Professor of Finance, Mississippi State University
1989-1994Assistant Professor of Finance, Mississippi State University



Journal Articles
YearDescription
2013Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2013, Investors' opinion divergence and the REIT post-repurchase announcement price drift, Journal of Real Estate Portfolio Management 19 (2), 155-168.
2013Gow-Cheng Huang, Kartono Liano, Herman Manakyan, and Ming-Shiun Pan, 2013, Open-market stock repurchases by insurance companies and signaling, Risk Management and Insurance Review 16 (1), 47-69.
2012William G. Hardin III, Gow-Cheng Huang, and Kartono Liano, 2012, Dividend size, yield, clienteles and REITs, Journal of Real Estate Finance and Economics 45 (2), 435-449.
2012Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2012, REIT share repurchase decision and stock market liquidity, Journal of Real Estate Portfolio Management 18 (1), 43-56.
2012Kam C. Chan, Pikki Lai, and Kartono Liano, 2012, A threshold citation analysis in marketing research, European Journal of Marketing 46 (1/2), 134-156.
2011Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2011, REIT stock splits and liquidity changes, Journal of Real Estate Finance and Economics 43 (4), 527-547.
2010Kam C. Chan, William G. Hardin III, and Kartono Liano, 2010, Author order conditions and co-authorship in real estate journals, Journal of Real Estate Literature 18 (1), 41-51.
2010Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2010, The operating performance of REITs conducting open-market repurchases, Journal of Real Estate Portfolio Management 16 (1), 59-69.
2010James J. Chrisman, Franz W. Kellermanns, Kam C. Chan, and Kartono Liano, 2010, Intellectual foundations of current research in family business: An identification and review of 25 influential articles, Family Business Review 23 (1), 9-26.
2009Kartono Liano and Alexandre Sanchini, 2009, Return-adjusted risk, Journal of Financial Education 34 (Fall), 94-100.
2009Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2009, REIT open-market stock repurchases and profitability, Journal of Real Estate Finance and Economics 39 (4), 439-449.
2009Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2009, The information content of stock splits, Journal of Empirical Finance 16 (4), 557-567.
2009Kam C. Chan and Kartono Liano, 2009, Influential articles, journals, and institutions in risk management and insurance, Risk Management and Insurance Review 12 (1), 125-139.
2009Kam C. Chan and Kartono Liano, 2009, Threshold citation analysis of influential articles, journals, institutions and researchers in accounting, Accounting and Finance 49 (1), 59-74.
2008Gow-Cheng Huang, Kartono Liano, Herman Manakyan, and Ming-Shiun Pan, 2008, The information content of multiple stock splits, Financial Review 43 (4), 543-567.
2008William G. Hardin III, Kartono Liano, Kam C. Chan, and Robert C. W. Fok, 2008, Finance editorial board membership and research productivity, Review of Quantitative Finance and Accounting 31 (3), 225-240.
2008Kam C. Chan and Kartono Liano, 2008, Ranking of institutions in economic research: A threshold citation approach, Eastern Economic Journal 34 (3), 347-363.
2008Kam C. Chan, William G. Hardin III, Kartono Liano, and Zheng Yu, 2008, The internationalization of real estate research, Journal of Real Estate Research 30 (1), 91-124.
2008Charles F. Beauchamp, William G. Hardin III, Matthew Hill, and Kartono Liano, 2008, The finance and real estate publications of real estate editorial board members, Journal of Real Estate Literature 16 (1), 23-31.
2007William G. Hardin III, Kartono Liano, and Kam C. Chan, 2007, A citation proportions evaluation of real estate research, Journal of Real Estate Literature 15 (3), 383-396.
2007William G. Hardin III, Kartono Liano, Gow-Cheng Huang, and Gregory L. Nagel, 2007, REITs, decimalization, and ex-dividend stock prices, Journal of Real Estate Finance and Economics 34 (4), 499-511.
2006William G. Hardin III, Kartono Liano, and Kam C. Chan, 2006, Influential journals, institutions and researchers in real estate, Real Estate Economics 34 (3), 457-478.
2006William G. Hardin III, Charles F. Beauchamp, Kartono Liano, and Matthew Hill, 2006, Research and real estate editorial board membership, Journal of Real Estate Practice and Education 9 (1), 1-18.
2006Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, 2006, Do stock splits signal future profitability?, Review of Quantitative Finance and Accounting 26 (4), 347-367.
2005William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, 2005, Real estate investment trusts and calendar anomalies: Revisited, International Real Estate Review 8 (1), 83-94.
2005William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, 2005, REIT stock splits and market efficiency, Journal of Real Estate Finance and Economics 30 (3), 297-315.
2004Xiaofeng Zhao, Kartono Liano, and William G. Hardin III, 2004, Presidential election cycles and the turn-of-the-month effect, Social Science Quarterly 85 (4), 958-973.
2004Ming-Shiun Pan, Kartono Liano, and Gow-Cheng Huang, 2004, Industry momentum strategies and autocorrelations in stock returns, Journal of Empirical Finance 11 (2), 185-202.
2003Joe H. Sullivan and Kartono Liano, 2003, Market breadth and the Monday seasonal in stock returns, Quarterly Journal of Business and Economics 42 (3 and 4), 65-72.
2003Kartono Liano, Gow-Cheng Huang, and Herman Manakyan, 2003, Market reaction to open market stock repurchases and industry affiliation, Quarterly Journal of Business and Economics 42 (1 and 2), 97-120.
2002William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, 2002, The ex-dividend pricing of REITs, Real Estate Economics 30 (4), 533-549.
2001Herman Manakyan and Kartono Liano, 2001, Performance of focused mutual funds, Journal of Business and Economic Perspectives 27 (1), 91-101.
2000Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, 2000, An alternative explanation of the market reaction to dividend changes, Advances in Financial Planning and Forecasting 9, 253-278.
2000Kartono Liano, 2000, A simple approach to risk-adjusted performance, Journal of Financial Education 26 (Spring), 22-24 [Full text] (PDF 26 kbytes).
1999Donald R. Epley and Kartono Liano, 1999, The residential mortgage supply function of commercial banks, Urban Studies 36 (11), 1959-1971.
1999Kartono Liano, Kadir Liano, and Herman Manakyan, 1999, Presidential administrations and the day-of-the-week effect in stock returns, Review of Financial Economics 8 (1), 93-99.
1999Donald R. Epley and Kartono Liano, 1999, Borrower age differences in residential mortgage lending by commercial banks, Social Science Quarterly 80 (3), 604-613.
1997Arnold L. Redman, Herman Manakyan, and Kartono Liano, 1997, Real estate investment trusts and calendar anomalies, Journal of Real Estate Research 14 (1 and 2), 19-28.
1997Herman Manakyan and Kartono Liano, 1997, Performance of mutual funds before and after closing to new investors, Financial Services Review 6 (4), 257-269.
1996Donald R. Epley, Kartono Liano, and Richard Haney, 1996, Borrower risk signaling using loan-to-value ratios, Journal of Real Estate Research 11 (1), 71-86.
1995Kartono Liano and James T. Lindley, 1995, An analysis of the weekend effect within the monthly effect, Review of Quantitative Finance and Accounting 5 (4), 419-426.
1995Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, 1995, Economic conditions and dividend announcements: A new approach to signaling hypothesis, Advances in Financial Planning and Forecasting 6, 205-216.
1995Kartono Liano, 1995, A pre-holiday effect in the currency futures market: A note, International Review of Economics and Finance 4 (3), 299-304.
1995Kartono Liano, Benton E. Gup, and Gow-Cheng Huang, 1995, Enhancing the January effect through industry and market selection, Business and Economic Review 20 (1), 8-12.
1995Kartono Liano and G. Wayne Kelly, 1995, Currency futures and the turn-of-month effect, Global Finance Journal 6 (1), 1-7.
1994Kartono Liano and Larry R. White, 1994, Business cycles and the pre-holiday effect in stock returns, Applied Financial Economics 4 (3), 171-174.
1993Kartono Liano and Patrick H. Marchand, 1993, Seasonality in the foreign-exchange futures market, International Journal of Finance 6 (1), 697-708.
1993Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, 1993, The 1986 Tax Reform Act and ex-dividend day price and volume patterns: Evidence from organized exchanges and the OTC market, Journal of Economics and Finance 17 (1), 135-147.
1993Kartono Liano, Gow-Cheng Huang, and Benton E. Gup, 1993, A twist on the Monday effect in stock returns: A note, Journal of Economics and Business 45 (1), 61-67.
1992Kartono Liano, 1992, Macroeconomic events and seasonality of risk and return, Applied Financial Economics 2 (4), 205-209.
1992Kartono Liano, Patrick H. Marchand, and Gow-Cheng Huang, 1992, The holiday effect in stock returns: Evidence from the OTC market, Review of Financial Economics 2 (1), 45-54.
1992Kartono Liano, Herman Manakyan, and Patrick H. Marchand, 1992, Economic cycles and the monthly effect in the OTC market, Quarterly Journal of Business and Economics 31 (4), 41-50.
1989Kartono Liano and Benton E. Gup, 1989, The day-of-the-week effect in stock returns over business cycles, Financial Analysts Journal 45 (4), 74-77.
1989Benton E. Gup, David C. Cheng, Larry D. Wall, and Kartono Liano, 1989, Regional differences in bank merger pricing, in Bank Mergers: Current Issues and Perspectives, Boston: Kluwer Nijhoff Publishing, 69-86.



Presentations, Proceedings, and Other Publications
YearDescription
2010Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, July 2010, REIT share repurchase decisions and stock market liquidity, Asian Real Estate Society International Conference in Kaohsiung, Taiwan.
2010Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, July 2010, Liquidity changes around stock splits, Asian Financial Management Association Annual Meeting in Singapore.
2010Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, April 2010, REIT share repurchase decisions and stock market liquidity, American Real Estate Society Annual Meeting in Naples, Florida.
2010William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, April 2010, Another nail: Dividend size, yield, clienteles, and REITs, American Real Estate Society Annual Meeting in Naples, Florida.
2010Gow-Cheng Huang, Kartono Liano, Herman Manakyan, and Ming-Shiun Pan, March 2010, Liquidity changes subsequent to reverse stock splits, Academy of Finance Conference in Chicago, Illinois.
2009Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, April 2009, REIT stock splits and liquidity changes, American Real Estate Society Annual Meeting in Monterey, California.
2008Kam C. Chan, William G. Hardin III, and Kartono Liano, July 2008, Author order conditions and co-authorship in real estate journals, Asian Real Estate Society Annual Conference in Shanghai, China.
2008Kam C. Chan, William G. Hardin III, Kartono Liano, and Zheng Yu, April 2008, The internationalization of real estate research, American Real Estate Society Annual Meeting in Captiva Island, Florida.
2007Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, October 2007, Liquidity changes around stock splits, Financial Management Association Annual Meeting in Orlando, Florida.
2007Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, October 2007, REIT open-market stock repurchases and profitability, Financial Management Association Annual Meeting in Orlando, Florida.
2007Kam C. Chan, William G. Hardin III, Kartono Liano, and Zheng Yu, July 2007, The internationalization of real estate research, Asian Real Estate Society Annual Conference in Macau, China.
2007Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, April 2007, REIT open-market stock repurchases and profitability, American Real Estate Society Annual Meeting in San Francisco, California.
2007William G. Hardin III, Kartono Liano, and Kam C. Chan, April 2007, A citation proportions evaluation of real estate research, American Real Estate Society Annual Meeting in San Francisco, California.
2006William G. Hardin III, Kartono Liano, Kam C. Chan, and Robert C. W. Fok, October 2006, Research achievement and finance editorial board membership, Financial Management Association Annual Meeting in Salt Lake City, Utah.
2006William G. Hardin III, Kartono Liano, and Kam C. Chan, April 2006, Influential journals, institutions and researchers in real estate, American Real Estate Society Annual Meeting in Key West, Florida.
2006William G. Hardin III, Charles F. Beauchamp, Kartono Liano, Matthew Hill, April 2006, Real estate editorial board membership and finance publications, American Real Estate Society Annual Meeting in Key West, Florida.
2005Gow-Cheng Huang, Kartono Liano, Herman Manakyan, and Ming-Shiun Pan, November 2005, Another look at the stock split puzzle: Frequency of splits as an explanation of the motivation to split, Southern Finance Association Annual Meeting in Key West, Florida.
2005Gow-Cheng Huang, Kartono Liano, Herman Manakyan, and Ming-Shiun Pan, October 2005, The information content of multiple stock splits, Financial Management Association Annual Meeting in Chicago, Illinois.
2005William G. Hardin III, Charles F. Beauchamp, Kartono Liano, Matthew Hill, April 2005, A comparison of real estate editorial board research activity, American Real Estate Society Annual Meeting in Santa Fe, New Mexico.
2005James T. Lindley, Kartono Liano, Sean Salter, April 2005, The impact of risk and the tax effect on the January effect, Eastern Finance Association Annual Meeting in Norfolk, Virginia.
2004Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, October 2004, Operating performance following stock splits, Financial Management Association Annual Meeting in New Orleans, Louisiana.
2004James T. Lindley, Kartono Liano, and Sean Salter, October 2004, The strength of the tax effect at the turn of the year, Financial Management Association Annual Meeting in New Orleans, Louisiana.
2004James T. Lindley, Kartono Liano, and Sean Salter, October 2004, The strength of the tax effect at the turn of the year, Academy of Financial Services Annual Meeting in New Orleans, Louisiana.
2004William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, April 2004, Real estate investment trusts and calendar anomalies: Revisited, American Real Estate Society Annual Meeting in Captiva Island, Florida.
2003Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, October 2003, Open-market stock repurchases and future profitability, Financial Management Association Annual Meeting in Denver, Colorado.
2003Kartono Liano, William G. Hardin III, and Gow-Cheng Huang, October 2003, The ex-dividend day stock price behavior and decimalization, Financial Management Association Annual Meeting in Denver, Colorado.
2003William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, July 2003, An evaluation of REIT dividends, earnings, and FFO, Asian Real Estate Society Annual Conference in Singapore.
2003William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, April 2003, An evaluation of REIT dividends, earnings, and FFO, American Real Estate Society Annual Meeting in Monterey, California.
2002James T. Lindley and Kartono Liano, November 2002, More pieces of the turn of the year puzzle, Southern Finance Association Annual Meeting in Key West, Florida.
2002Gow-Cheng Huang, Kartono Liano, and Ming-Shiun Pan, October 2002, Do stock splits signal future profitability?, Financial Management Association Annual Meeting in San Antonio, Texas.
2002William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, April 2002, REIT stock splits: An empirical analysis, American Real Estate Society Annual Meeting in Naples, Florida.
2001Kartono Liano, Gow-Cheng Huang, and Herman Manakyan, November 2001, Market reaction to open market stock repurchases and industry affiliation, Southern Finance Association Annual Meeting in Destin, Florida.
2001Joe H. Sullivan, Carolyn Carroll, and Kartono Liano, October 2001, What information moves markets and how does the market respond?, Financial Management Association Annual Meeting in Toronto, Canada.
2001Ming-Shiun Pan, Kartono Liano, and Gow-Cheng Huang, October 2001, Industry portfolios, return autocorrelations, and momemtum profits, Financial Management Association Annual Meeting in Toronto, Canada.
2001William G. Hardin III, Kartono Liano, and Gow-Cheng Huang, April 2001, The ex-dividend day pricing of REITs, American Real Estate Society Annual Meeting in Coeur d'Alene, Idaho.
1999Herman Manakyan and Kartono Liano, November 1999, Comparative performance of focused mutual funds, Southern Finance Association Annual Meeting in Key West, Florida.
1997Richard Haney, Donald Epley, and Kartono Liano, October 1997, Comparing commercial mortgage origination rates to yields in other capital markets, Financial Management Association Annual Meeting in Honolulu, Hawaii.
1997Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, October 1997, Industry affiliation and market reaction to dividend signals, Financial Management Association Annual Meeting in Honolulu, Hawaii.
1997Richard Haney, Donald Epley, and Kartono Liano, April 1997, A cross-spectral analysis of commercial mortgage market rates, American Real Estate Society Annual Meeting in Sarasota, Florida.
1997James T. Lindley and Kartono Liano, January 1997, An evaluation of stock-return anomalies across years: Significance versus usefulness, South Central Finance Workshop in Long Beach, Mississippi.
1996Donald Epley, Kartono Liano, and Richard Haney, March 1996, Regional residential mortgage rates: A simultaneous equation approach, American Real Estate Society Annual Meeting in South Lake Tahoe, California.
1996Herman Manakyan and Kartono Liano, November 1996, An examination of mutual funds closed to new investments, Southern Finance Association Annual Meeting in Key West, Florida.
1996James T. Lindley and Kartono Liano, November 1996, Calendar anomalies and the frequency of occurrence, Southern Finance Association Annual Meeting in Key West, Florida.
1995Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, November 1995, A re-examination of the dividend signaling hypothesis: Evidence of industry effects, Southern Finance Association Annual Meeting in Sarasota, Florida.
1995Arnold L. Redman, Herman Manakyan, and Kartono Liano, March 1995, Real estate investment trusts and calendar anomalies, American Real Estate Society Annual Meeting in Hilton Head Island, South Carolina.
1995Donald R. Epley and Kartono Liano, March 1995, A canonical analysis of commercial bank residential mortgage analysis, 1985-1992, American Real Estate Society Annual Meeting in Hilton Head Island, South Carolina.
1994Donald R. Epley and Kartono Liano, April 1994, Favorable and unfavorable terms in residential loans after initial credit screening using typical qualification criteria, American Real Estate Society Annual Meeting in Santa Barbara, California.
1993Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, November 1993, Economic conditions and dividend announcements: A new approach to signaling hypothesis, Southern Finance Association Annual Meeting in New Orleans, Louisiana.
1993Gow-Cheng Huang and Kartono Liano, October 1993, An examination of stock price adjustment to unexpected announcement of dividend increase, Financial Management Association Annual Meeting in Toronto, Canada.
1992Kartono Liano and Patrick H. Marchand, October 1992, Seasonality in the foreign-exchange futures market, Financial Management Association Annual Meeting in San Francisco, California.
1991Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, November 1991, 1986 Tax Reform Act and ex-dividend day price and volume behavior in the OTC market, Southern Finance Association Annual Meeting in Key West, Florida.
1991Kartono Liano and James T. Lindley, November 1991, An analysis of the day-of-the-week effect within the monthly effect, Southern Finance Association Annual Meeting in Key West, Florida.
1991Kartono Liano, Herman Manakyan, and Patrick H. Marchand, November 1991, Economic conditions and the monthly effect in the OTC market, Southern Finance Association Annual Meeting in Key West, Florida.
1990Herman Manakyan, Kartono Liano, and Gow-Cheng Huang, December 1990, The 1986 Tax Reform Act and behavior of stock prices and trading volume on the ex-dividend day, Southern Finance Association Annual Meeting in Savannah, Georgia.



Professional Activities
YearDescription
2007-PresentEditorial Board, Journal of Real Estate Practice and Education.
2006-PresentAdvisory Editor, Jurnal Keuangan & Perbankan.
1990-PresentReviewer for Applied Financial Economics; Financial Management; Financial Review; International Review of Economics and Finance; Journal of Economics and Finance; Journal of Financial Research; Journal of Property Research; Journal of Real Estate Finance and Economics; Journal of Real Estate Portfolio Management; Journal of Real Estate Practice and Education; Journal of Real Estate Research; Managerial Finance; Quarterly Journal of Business and Economics; Quarterly Journal of Finance and Accounting; Real Estate Economics; Review of Financial Economics; Southern Economic Journal.



Honors
YearDescription
2011Red Pen Award - Journal of Real Estate Practice and Education, American Real Estate Society.
2010McGraw-Hill Irwin Best Paper Award, Academy of Finance.
2009J. J. Rouse Outstanding Researcher Award, College of Business, Mississippi State University.
2007Outstanding Research Award, College of Business and Industry, Mississippi State University.
2006College of Business and Industry Faculty Research Award, Mississippi State University.
2005Best Paper in Real Estate Education Award, American Real Estate Society.
2005Outstanding Research Award, College of Business and Industry, Mississippi State University.
2005Outstanding Faculty-Doctoral Student Collaboration Research Award, College of Business and Industry, Mississippi State University.
2001Outstanding Research Award, College of Business and Industry, Mississippi State University.
2000College of Business and Industry Faculty Research Award, Mississippi State University.
1994Thomas W. Hinckle Outstanding Undergraduate Teacher Award, College of Business and Industry, Mississippi State University.
1993Outstanding Research Award, College of Business and Industry, Mississippi State University.
1991Outstanding Dissertation Award, College of Commerce and Business Administration, University of Alabama.



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