In Memoriam

We honor the memories of FMA members who have passed away and recognize their intellectual contributions, mentorship, and friendship to the finance profession.

Hans Stoll 

Hans Stoll, the Anne Marie and Thomas B. Walker Jr. Professor of Finance, Emeritus, at Vanderbilt University’s Owen Graduate School of Management, died March 20. He was 80.

A pioneer in the world of academic finance, Stoll was the first to define and test the put-call parity relationship for option prices, and to identify the “triple witching hour,” a quarterly expiration of several kinds of derivatives contracts, resulting in greater trading volume and market volatility. He also undertook work around understanding the components and sources of the bid-ask spread.

Throughout his career, Stoll authored several books and over 60 published academic articles. He also served on the editorial boards of a variety of financial journals, including Financial Management. Stoll served as president of the Western Finance Association from 1992 to 1993, president of the American Finance Association from 1999 to 2000, and on various government and industry advisory panels, including the Quality of Markets Committee of the NASD, formed to study the 1987 stock market crash.

E. Bruce Fredrikson 

E. Bruce Fredrikson, Ph.D., 81, of Wall Township died unexpectedly on Thursday, December 5, 2019 at Ocean Medical Center, Brick.  Dr. Fredrikson was born in New York and had lived in Scarsdale, NY, Syracuse, NY and Wayne, PA before moving to The Monmouth in 2016.  He was a Professor of Finance at the Wharton School of Business and Syracuse University for 39 years, retiring in 1999. Bruce received his undergraduate degree in Economics from Princeton University and his Ph.D. in Finance from Columbia University.  Bruce was an avid runner and a member of the Syracuse Chargers running club where he still holds multiple age-group records.

David Kidwell  

David S. Kidwell, 79, of Annapolis, Maryland passed away on November 28, 2019 at his home surrounded by loving family. 

David lived his life with great intensity and became a highly regarded business school dean, an expert in finance, the winner of numerous honors and awards, a member of a dozen boards, a keynote speaker and a popular commentator on key economic issues. After spending his early career in the corporate world, he found his calling in academia.

As a finance professor, he served on the faculty of Purdue University's Krannert Graduate School of Management and he held endowed chairs in banking and finance at Tulane University, the University of Tennessee, and Texas Tech University. In 1991 he was named the tenth Dean of the Carlson School of Management at the University of Minnesota. At his retirement, the University of Minnesota President called David the "father" of the current Carlson School, highlighting the many accomplishments under his watch.

Usha Mittoo  

Dr. Usha Mittoo passed away on September 14, 2019. 

Usha received her PhD in Finance from the University of British Columbia and an MBA from the Asper 

School of Business. Usha joined Asper in 1988 and has since had a long-lasting positive impact on the faculty and the field of finance. She was a prolific researcher known worldwide for her influential work in the areas of international and corporate finance.

Usha was the first female Associate Dean at the Asper School of Business (1996-98), and in this role she spearheaded the faculty’s first AACSB accreditation. Usha received numerous awards and notations for her research, teaching and service. She held the BMO Professorship in Finance from 2000 to 2012 and the Stu Clark Professorship in Financial Management from 2012 until her recent passing.

Usha made a difference to the lives of the thousands of students she taught at all levels, especially to her doctoral students who aspire to follow in her footsteps.

John Boquist  

John Boquist, of Elk Rapids, formerly of Bloomington, Indiana, was born March 22, 1947 in Traverse City to Albert Lewis and Sylvia Tellervo (née Keto) Boquist and died Aug. 28, 2019 in Suttons Bay.

A graduate of Traverse City High School, John's wit and humor were exceeded only by his intellect. He received a degree in industrial engineering from General Motors Institute (now Kettering University) in Flint in 1969 and soon after married Jean (née Bjork), also of Traverse City. The two moved to West Lafayette, Indiana, where John received a master's degree in industrial administration and then a Doctor of Philosophy in finance from the Krannert School of Management at Purdue University.

He joined the faculty of the Kelley School of Business at Indiana University (IU) in 1973 and retired in 2011 as the Edward E. Edwards professor of finance. John spent his entire career at IU and was among its most devoted and beloved educators. He received innumerable awards over his 37-year career; of note, he was recognized with the all-university Herman F. Lieber Award for outstanding teaching in 1979, by Business Week in 1994 as one of "12 Masters of the Classroom" and by the university that same year with the Max Barney Executive Education Teaching Award. His career spanned nations, generations and settings, and he was lauded for his work with audiences from the Portland Cement Association and General Motors, to managers and faculty seeking to transition Eastern Europe from a planned to a market economy, to Master of Business Administration and Doctor of Philosphy students at IU. He was also an accomplished researcher, publishing throughout his career and co-authoring The Value Sphere: The Corporate Executives' Handbook for Creating and Retaining Shareholder Wealth, which is now in its fourth edition. In 2008 a former student's generous gift established the Meyer-Boquist Chair, honoring his impact on his students. His former colleagues continue to enjoy teaching his cases in class.

In 1977, John was named as the successor to Donald L Tuttle as FMA’s Executive Director, a position he held until the Association’s move to the University of South Florida.

Marshall Blume

After a sudden and brief illness, Marshall Edward Blume died the afternoon of Sunday, Jan. 27, 2019. 

As a lifelong scholar, Marshall studied at Trinity College and earned his Ph.D. in finance at the University of Chicago. He believed in living at the edge of knowledge and in working to extend that boundary. His curiosity and intellect ultimately brought him to the Wharton School in Philadelphia, Pa., where he was a professor of finance for 44 years. Marshall was widely recognized as an authority on investment strategies, measurement of risk and pricing of financial assets. He once served as director of the Rodney L. White Center for Financial Research and was honored as the Howard Butcher Professor, Emeritus, of Financial Management. 

As a real world complement to his work in academia, Marshall co-founded the asset management firm Prudent Management Associates in 1982.

Arthur Stonehill 

Arthur was born in New York City. He was an educator and entrepreneur. He began his education at Andover in 1945. He received his B.A. in 1953 from Yale, his MBA from Harvard and PhD from U. of California in Berkeley in 1965.

In June of 1964, he met and married Kari Kvam in Oslo, Norway. They lived in Berkeley, California where Art became assistant professor at UC Berkeley. In 1966, he accepted an offer from Oregon State University in Corvallis and became a pioneer in the field of international business. He had a 24-year career at OSU and retired in 1990.
Art’s sabbaticals and leaves were spent at Copenhagen Business School (1981 and 1988), University of Hawaii at Manoa (1976, 1983 and 1988, and spring semesters 1991-2001). While in Copenhagen as a visiting professor, he became interested in international student exchange programs. In 1987, Art and the Dean of Aarhus School of Business in Denmark had students ready to exchange with OSU Students in Corvallis. Other exchange programs were established in Norway, Hong Kong, Sweden, Thailand, Australia, Czech Republic, Austria and Germany.
Art became best known for two successful textbooks on international financial management featuring “Multinational Business Finance” and “Fundamentals of Multinational Finance." He received three Honorary Doctorate Degrees from Aarhus School of Business (1989) and Copenhagen Business School, Denmark (1992), and Lund University, Sweden (1998).

In addition to being a full-time academic, Art had numerous opportunities to pursue entrepreneurial activities; the main being Vineyard Mountain (a 330-acre residential development in Corvallis), Computer Stores Northwest in Oregon and Washington, and as part owner of Walnut Park development in Corvallis of 190 houses and 30 more houses in Albany, Oregon. In 1983, Art purchased New Horizons Travel and, in 1985, merged with Teel’s Travel. In 1991, Art and Kari Stonehill moved permanently to Hawaii. He lived in Honolulu until his death in March of 2019.

Robert Hansen

Robert S. Hansen, Francis Martin Chair in Business and professor of finance at Tulane University’s A. B. Freeman School of Business, died unexpectedly on March 3, 2019.

Hansen joined the Freeman School in 2001 after serving 11 years as the R. B. Pamplin Professor of Finance at Virginia Tech University. He joined Virginia Tech in 1980 shortly after earning his PhD in economics from the University of Florida. Hansen also taught as a visiting professor at Vanderbilt University, the University of North Carolina at Chapel Hill, the University of Michigan and the University of Florida.

He is perhaps best known for his research on initial public offerings of equity, which was part of his more general interest in the capital raising process and equity issuance. More recently, Hansen had developed a research interest in stock analysts and their forecasting activities, which led to several papers in leading journals.

T. Boone Pickens 

T.Boone Pickens, legendary energy executive and one of America’s best-known entrepreneurs, passed away on September 11, 2019.

Pickens, born May 22, 1928, in Holdenville, a small town in eastern Oklahoma, spent his adult years in Texas. 

In 1957, he founded what later became Mesa Petroleum, one of the nation’s premiere independent natural gas and oil companies. During his career, Pickens’ face appeared regularly on virtually every significant business publication in America. He put a spotlight on the rights of the true owners of American businesses — its shareholders. He pounded on the doors of Japanese boardrooms, demanding that American investors have the same access to Japan and other foreign markets as foreign investors have in the United States.

Pickens was proud of his fourth-quarter performance. In 1996, upon leaving Mesa Petroleum, at age 68, Pickens embarked on an even more successful career by forming an energy-focused investment firm, BP Capital, often one of America’s most successful hedge funds primarily focused on oil and gas commodities and energy-dependent equities.

Pickens was a pioneer in the energy industry, a career-long champion for shareholder rights, a groundbreaking health and fitness advocate, and a generous philanthropist whose charitable donations exceeded $1 billion. In July 2008, he launched a self-funded, $100 million, grass-roots campaign aimed at reducing this country’s crippling dependence on OPEC oil.  

Dilip Shome

Dilip Kumar Shome, professor emeritus of finance, died Dec. 7, 2018.

A member of the Virginia Tech community since 1983, Shome retired from the university in 2014 and had been living in Charlottesville, Virginia, since then. He served as head of the Department of Finance, Insurance, and Business Law in the Pamplin College of Business from 1996 to 2000. During this term, the department achieved some of the highest levels of research productivity in elite finance journals due to Shome’s focus on retention, rewards, and resource allocation for faculty who were active researchers. As the chair of the committees charged with restructuring the curriculum for the undergraduate and MBA programs, he led the major curriculum revisions implemented in the department in the past 10 years.

Shome contributed to the college’s international programs by leading study-abroad groups, developing exchange programs, and teaching abroad. He directed his department's Ph.D. program for two three-year terms, helping to recruit and advise Ph.D. students and to implement curricular revisions.

An award-winning teacher, Shome received the college’s Warren Holtzman Outstanding Educator Award on two occasions, its Ph.D. Teaching Award, and two Certificates of Teaching Excellence, as well as a University Certificate of Teaching Excellence.

Wesley Marple 

Wesley "Wes" Marple, formerly of Weston, died peacefully on May 24, 2018. 

Wes joined the faculty of Northeastern University in 1966 where he was a Professor of Finance and enjoyed serving as faculty Marshal at commencement ceremonies for many years. He retired from the University in 2013. Wes provided outstanding academic leadership to his colleagues, with whom he enjoyed teaching and designing new educational programs for business people and college administrators around the world. As a finance subject matter expert, he shared his intellect and interests with companies globally, building his practical expertise and breadth of knowledge to encompass areas of finance from business policy and capital resource management, to M&A and investment banking.

Revered by his students for his quick wit, diligent class preparation, and thoughtful and sharp critiques of students' classroom case preparations, he most enjoyed engaging with students in their exploration of the financial problems embedded in the cases he presented. In addition to Northeastern, he taught at Massachusetts Institute of Technology Sloan School of Management, Templeton College at Oxford University, Harvard Business School, and the Hult International School of Business, where he helped lay the foundation of faculty governance and administrative structure when he started with its predecessor, Arthur D. Little, decades ago.

As a consultant with Arthur D. Little Inc., Wes was also instrumental in launching the first MBA program in Iran. Wes has been a member and past chairman of the Financial Advisory Board of the Commonwealth of Massachusetts, appointed by Governor Dukakis. He was elected a trustee of Eastern Utilities Associates and of several Scudder mutual funds. He was Chairman of the Board of Directors of the Biddeford Internet Corporation, a director of the Hult International Business School, and a director of the New Hampshire Electric Cooperative. He served as a consultant to many companies in addition to Arthur D. Little, including Sears Roebuck, IBM and Honeywell. 

Oliver (Rawley) Thomas Oliver Thomas

Oliver (Rawley) Thomas, 71, of St. Charles, IL, died Thursday, January 11, 2018, at Fair Oaks Rehabilitation & Health Care Center, South Beloit, IL.

He was born September 20, 1946 in Newton, MA, the son of Alexander and Margaret (Moody) Thomas. Oliver received his master’s degree from Carnegie Mellon University, Pittsburgh, PA. He married Carol Ann Fortney on May 27, 1978, in the Little Brown Church, Nashua, IA. She predeceased him on November 21, 2008.

Rawley worked for Super Value, the Boston Consulting Group, Callard Madden Associates, and the Holt Planning Association. He was a member of the Christ Evangelical Lutheran Church in Sharon, WI, the Financial Management Association of Chicago (FMA) and the Practitioner Demand Driven Academic Research Initiative (PDDARI) Project. 

Survivors include his children, John Thomas of Sioux City, IA, Alexis Rowcliff of Eldon, MO, and Kimberly Thomas of Roscoe, IL; like a son, Robert Harston of Minnesota; grandchildren, Cody and Cassandra Rowcliff; and sister, Sue (Marlon) Frakes of Colorado. He was predeceased by his parents and wife, Carol Ann.

Michael HemlerMichael Helmer

Mike Hemler, 64, of Granger, IN, passed away on Wednesday, February 14, 2018, in South Bend. Mike was born July 21, 1953, in Dayton, OH to the late Helen (Rose) and Charles Hemler. He is survived by his wife, Deb; his daughters, Suzanne, Megan and her partner Mike, and Michelle and her husband Pablo; his stepdaughter, Amanda Banik (Joe Esch); stepson, Andrew (Mary Elizabeth) Banik; his sisters, Carol (Larry) Quenette and Patricia Hemler; along with many nieces and nephews. Mike was preceded in death by his parents and his sister, Charlene Yungck.

Mike was an Associate Professor of Finance in the University of Notre Dame's Mendoza College of Business. He worked endless hours to be sure that he gave his students the best possible education experience. Education was so very important to Mike. He knew at a very young age that he wanted to be in academics. Mike earned two doctoral degrees - one from the University of Chicago and the other from Washington University in St. Louis.

Mike was also a sports enthusiast. He grew up playing competitive tennis in St. Louis. He followed his Notre Dame sports teams and his St. Louis Cardinals, played tennis every week, and spent many hours at the gym. Mike also had a passion for growing roses. He had many beautiful varieties growing around his home and he especially made sure to grow the long stem fragrant varieties so he could have cut fresh roses every day during the summer for his wife, Deb.

Peter ChristoffersenPeter F. Christoffersen

Professor Peter F. Christoffersen, Professor of Finance and TMX Chair in Capital Markets at the University of Toronto, passed away on June 22, 2018. He received his Ph.D. from Penn’s Department of Economics in 1996. At Toronto, and earlier at McGill, he emerged as a leader in empirical asset pricing, financial econometrics, and financial risk management. His many well-known contributions include “Evaluating Interval Forecasts” (International Economic Review, 1998), “Backtesting Value-at-Risk: A Duration-Based Approach” (Journal of Financial Econometrics, 2004), and “Illiquidity Premia in the Equity Options Market” (Review of Financial Studies, 2018). Professor Christoffersen advised twenty-five doctoral students and received many honors and awards. His classic 1998 paper is one of the ten most cited in the International Economic Review since its founding in 1960 by Penn Nobel laureate Lawrence R. Klein. Click here to view UToronto's "Remembering Peter Christoffersen" page