The undergraduate finance curriculum is designed to familiarize the student with the institutions, theory, and practice involved in the allocation of financial resources within the private sector. It is also designed to incorporate foundation study in such related disciplines as economics and the quantitative areas. Finance provides an educational foundation for careers involving financial management, investment analysis and portfolio management, investment banking, risk management, banking, and international finance. The four year finance major requirements are here.

Finance majors have the opportunity to participate in one of six competitive Finance Fellows programs. Sophomore Fellows is a sophomore level program for students who want to begin their finance studies early. The three junior/senior level programs are Emerging CFOs for students interested in corporate finance, Financial Services for students interested in traditional and personal banking, and Quantitative Fellows for students who want to pursue mathematical finance. Students may also participate in one of two highly competitive senior level funds: Senbet Fund, whose students manage donor money and Private Equity and Venture Capital Clinic where students serve as analysts for an actual private equity fund.

The Smith School has two Netcentric Financial Markets Laboratories to facilitate teaching and research related to financial markets. Developed in partnership with Reuters, the lab emphasizes hands-on learning and utilizes the latest in technology. The lab resembles a New York Stock Exchange specialist post surrounded by floor broker booths. Real-time data and analytical tools are provided by Reuters and displayed on Daktronics' electronic display boards and a 20-foot electronic stock ticker. In the lab, students are analyzing real-time and historical data to understand financial instruments. They are also building and testing investment portfolios using professional software packages.

The undergraduate finance program is also a partner school with the CFA Institute. The CFA Institute is a global organization comprised of the world’s largest association of investment professionals. The CFA program is a graduate level study program. Investment professionals can become CFA charter holders by taking a series of three exams, covering ethical standards, investments, corporate finance, global issues, economics, accounting, and statistics. CFA Institute partners with a limited number of globally diverse, select institutions whose degree programs cover a significant portion of the CFA Program Candidate Body of Knowledge, including the high ethical and professional standards. These universities are recognized leaders and serve as role models for other institutions. As a partner school, the finance department will participate in CFA Institute conferences, and will be able to nominate students for CFA scholarships.

Financial Markets Labs Sponsors

professor and students in the Fiance Lab

The University of Maryland Robert H. Smith School of Business is extremely grateful for the continuing in-kind support of these organizations. They have contributed greatly to the success of the Financial Markets Labs.

  • Thomson Reuters LLC
  • Bloomberg Finance LP
  • Standard & Poor's
  • Center for Research in Security Prices (CRSP)
  • IBISWorld, Inc.
  • IHS Global, Inc.
  • Morningstar Inc.
  • MSCI, Inc.

Cutting Edge Technology

professor and student in the Finance Lab

Currently the portfolio of products available on all 50 PCs in the Financial Markets Labs (17 in the 1318 VMH Lab and 33 in the VMH 3505 Lab) includes the following:

Thomson Reuters Products:

  • Thomson Reuters Eikon
  • Thomson Reuters Eikon Excel
  • Thomson ONE with the Thomson Reuters Spreadsheet Link (TRSL) Microsoft Excel Add-in
  • SDC Platinum Databases (accessed via the smithapps portal):
    • SDC Platinum Worldwide Mergers & Acquisitions
    • SDC Platinum Global New Issues
    • SDC Platinum VentureXpert
    • SDC Platinum Joint Ventures/Alliances
    • SDC Platinum Municipals

Bloomberg Professional Terminals with the Bloomberg Microsoft Excel Add-in

Morningstar Products:

  • Morningstar Direct
  • Morningstar EnCorr (accessed via the smithapps portal)

Mergent Products:

  • Mergent Online
  • Mergent Web Reports

Standard & Poor's (S&P) Capital IQ Products:

  • ExecuComp
  • Capital IQ (1318 VMH Lab only) with the Capital IQ Microsoft Excel Add-in

IHS Global Insight DataInsight Web


Wharton Research Data Services (WRDS)
(This list is only some of the principal data products available via WRDS)

  • AuditAnalytics
  • Center for Research in Security Prices (CRSP) Database Products:
    • US Equity Daily and Monthly starting in 1925
    • US Equity, Treasury Indices and Portfolio Assignments
    • Monthly US Government Bills, Notes, and Bonds Files
    • Survivor Bias Free US Mutual Fund
    • CRSP/Compustat Merged
  • S&P's Compustat Database
  • Thomson Reuters Database Products:
    • I/B/E/S (Institutional Brokers Estimates System)
    • Mutual Funds Holdings
    • 13f Institutional Holdings
    • Insiders Filings and Holdings
    • Dealscan
  • WRDS SEC Analytics Suite
  • OptionMetrics Database
  • MSCI Institutional Shareholder Services (ISS) RiskMetrics Products:
    • Historical Directors Data
    • Historical Governance Data
  • MFLINKS Database
  • MSCI KLD Social Ratings Database

Finance Lab's Purpose and History

Financial Markets Lab

Mission Statement:

Russ WermerThe Financial Markets Laboratory will provide world-class teaching and research opportunities in financial markets for the Robert H. Smith School of Business.

- A Message from the first Financial Markets Lab Director, Dr. Russ Wermers

Our vision was to design and build a lab structure with technology to support financial research and to help educate business students for the financial environment of the 21st century. The lab enables access to leading edge financial analysis software and real-time international financial data feeds to provide Smith School students with the hands-on modeling experience that will give them an edge in competing for the most promising careers in various subfields of finance. We view the impact on student education and employment opportunities as the number one priority for this lab.

A second priority for the lab is to enable research in the areas of market microstructure, risk management strategies, derivatives pricing, financing and valuation of knowledge-based companies, and other technology-driven financial research areas. The lab enables participants to conduct analyses in real-time, using the most advanced analytical software available. In addition, we wish to evaluate, in a research setting, various software products that become available for the teaching mission of the lab before fully implementing them in a teaching setting.

Thus, our vision for the lab was to create one of the most advanced research and teaching environments in the world. The lab:

  • Provides cutting-edge training in financial modeling and analysis for undergraduate and MBA finance courses, as well as enabling the development of certificate programs in contemporary issues in finance, such as risk management, derivatives strategies, and structured products;
  • Supports and enhances academic research through the availability of extensive data;
  • Stimulates opportunities for collaborative research and teaching alliances among fields such as logistics, operations research, accounting systems, information systems, and finance; and;
  • Serves as an information repository for live feed data and financial databases needed for both research and teaching.

Seminars / Conferences

Fall 2014




September 12

VMH 1333

10:30 a.m. - Noon

Michael Jensen, Harvard Business School

September 15

VMH 2505

Sheridan Titman, University of Texas at Austin

September 26

VMH 1333

10:30 a.m. - Noon

Mitchell Petersen, Northwestern University

October 3

VMH 1333

10:30 a.m. – Noon


October 10

VMH 1333

10:30 a.m. - Noon

Kevin Murphy, University of Southern California

October 17

VMH 1333

10:30 a.m. – Noon

Joshua Coval, Harvard Business School

October 24

VMH 1333

10:30 a.m. – Noon

Lucian Taylor, University of Pennsylvania

October 31

VMH 1333

10:30 a.m. - Noon

Nicolae Garleanu, University of California, Berkeley

November 7

VMH 1333

10:30 a.m. – Noon

Pierto Veronesi, University of Chicago

November 21

VMH 1333

10:30 a.m. – Noon


December 5

VMH 1333

10:30 a.m. - Noon


Spring 2014




January 7 10:30 a.m. - Noon
VMH 2505
Oliver Boguth, Arizona State University
January 14 10:30 a.m. - Noon
VMH 2505
Arthur Korteweg, Stanford University
January 16 10:30 a.m. - Noon
VMH 1202
Lai Xu, Duke University
January 22 2 - 3:30 p.m.
VMH 1202
Igor Salitskiy, Stanford University
January 22 10:30 a.m. - Noon
VMH 1418
Nikolai Roussanov, Pennsylvania State University
January 24 10:30 a.m. - Noon
VMH 1303
Shrihari Santosh, University of Chicago
January 27 10:30 a.m. - Noon
VMH 2505
Jillian Popadak, University of Pennsylvania
January 28 10:30 a.m. - Noon
VMH 2505
Jakub Jurek, Princeton University
January 29 10:30 a.m. - Noon
VMH 2511
Taylor Begley, University of Michigan
January 31 2 - 3:30 p.m.
VMH 1511
Xiaolan Zhang, University of California, Los Angeles
February 4 10:30 a.m. - Noon
VMH 2511
Shengxing Zhang, New York University
February 5 Noon – 1:00 PM
VMH 2505
Jordan Siegel, Harvard University
February 6 10:30 a.m. - Noon
VMH 2511
Erik Vogt, Duke University
February 7 10:30 a.m. - Noon
VMH 1330
Olivier Dessaint, HEC Paris
February 12 10:30 a.m. - Noon
VMH 2511
William Mullins, Massachusetts Institute of Technology
February 17 10:30 a.m. - Noon
VMH 2511
Jerome Tallaird, Boston College
February 28 10:30 a.m. - Noon
VMH 1333
Efraim Benmelech, Northwestern University
March 7 10:30 a.m. - Noon
VMH 1333
Kevin Murphy, University of Southern California
March 28 10:30 a.m. - Noon
VMH 1333
Andrew Patton, Duke University
April 4 10:30 a.m. - Noon
VMH 1333
Urban Jermann, University of Pennsylvania
April 18 10:30 a.m. - Noon
VMH 1333
Lorenzo Garlappi, University of British Columbia
April 25 10:30 a.m. - Noon
VMH 1333
Rene Stulz, Ohio State University
May 2 10:30 a.m. - Noon
VMH 1333
Jay Ritter, University of Florida
May 9 10:30 a.m. - Noon
VMH 1333
Bill Wilhelm, University of Virginia

Fall 2013

September 13 Lukas Schmid, Duke University
"Testing Dynamic Agency Theory via Structural Estimation"
September 20 Youchang Wu, University of Wisconsin
"Industry competition, winners advantage, and cash holdings."
September 27 Hongjun Yan, Yale University
“Collateral-Motivated Financial Innovation”
October 18 Peter Christoffersen, University of Toronto
"The Factor Structure in Equity Options"
October 28
Maria Cecilia Bustamante, London School of Economics
“Product Market Competition and Industry Returns”
Note:  This seminiar will take place in VMH 2505 at 2 p.m.
November 1 Sumit Agarwal, National University of Singapore
Did the Community Reinvestment Act (CRA) Lead to Risky Lending?
November 15 Ashwini Agrawal, New York University
November 22 Malcolm Baker, Harvard
“Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation and the Low Risk Anomaly”
November 25 Alexei Tchistyi
Note: This seminar will take place in VMH 2505 at 1 p.m.
December 2 Zhaogang Song
December 3 Elena Loutskina

Spring 2013

March 8 Xavier Giroud, Massachusetts Institute of Technology
Download Paper
March 15 Amy Dittmar, University of Michigan
Download Paper
April 5 Stefano Giglio, University of Chicago
Download Paper
April 12 Zhiguo He, University of Chicago
Download Paper
April 26 Dimitri Vayanos, London School of Economics
May 3 David Matsa, Northwestern University
Download Paper

Fall 2012

September 21 Charles Trzcinka, University of Indiana
Download Paper
September 28 Itay Goldstein, Wharton
Download Paper
October 5 PhD Student Presentations
October 19 Itzhak Ben-David, Ohio State University
Download Paper
November 2 Dana Kiku, Wharton
November 9 Philip Valta, HEC Paris
Download Paper
November 16 David McLean, University of Alberta
Download Paper
November 28 Denis Sosyura, University of Michigan
Download Paper
December 7 Hong Liu, Olin Business School
Download Paper

Financial Databases & Software

The Robert H. Smith School of Business provides its faculty and students easy access to the world’s leading online real-time financial data and software.

In partnership with the University of Maryland McKeldin Library, the Robert H. Smith School of Business provides its faculty and students with a world-class set of research financial and other business databases, and the software to access them.

Thomson Reuters

Reuters 3000 Xtra – 62 concurrent accesses

Reuters 3000 Xtra is a high-speed, integrated information and transaction service. It gives users a commanding view of the global real-time financial arena and provides a combination of news, information and insight as well as access to the global Reuters trading community. Its integrated price discovery and trading capabilities across all asset classes mean that decisions can be made and executed from a single desktop. Reuters 3000 Xtra reflects Reuters vast experience in global financial markets; functionality is continually upgraded and content enriched.

Datastream Advance

Thomson Datastream Advance offers you access to the world's largest and most respected financial statistical database. It contains more than two million financial instruments, securities, and indicators for over 175 countries in 60 markets. With up to 50 years of history and over 8,000 different fields, it provides access to over one hundred million time series. Thomson Datastream Advance combines easy-to-use, pre-formatted charts and tabular reports with truly flexible charting to help reveal new insights and relationships.


Bloomberg Professional – 6 full function terminals

The BLOOMBERG PROFESSIONAL® service seamlessly integrates real-time and historical information on about 5 million bonds, equities, commodities, currencies and funds. The electronic library also comprises data on almost every publicly traded company and biographies of more than 1 million people. And because everything is provided in single source, information can be accessed, analyzed or archived with just a few keystrokes or clicks.

Historical Databases and Retrieval Software

Click here for a list of databases. Full access is available to members of the University of Maryland community and on the Maryland campus.


We subscribe to the Wharton Research Data Services (WRDS), a web based data service that provides instant access to several research quality financial databases. More details


Welcome to the Finance Department at the University of Maryland’s Robert H. Smith School of Business.

The Finance Department offers courses and programs leading to BS, MS and PhD degrees. In addition, the Finance Department plays a significant role in providing accounting and information assurance courses with the Smith School’s MBA program.

Over the past decade, the Finance Department has doubled in size and earned an international reputation for its distinguished record of research and its contributions to practice through teaching excellence and professional thought leadership.

Finance department contacts.


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