Tyson Van Alfen

College of Business & Analytics · Southern Illinois University · Carbondale, IL 62901 · (618) 453-1418 · Tyson.VanAlfen@siu.edu

I am an Assistant Professor of Finance and Analytics in the College of Business and Analytics at Southern Illinois University Carbondale. My areas of research include financial advisors, reputation, misconduct, and product markets. I also have experience teaching a variety of courses at both the undergraduate and graduate level.


Academic Appointments

Southern Illinois University Carbondale

Assistant Professor of Finance & Analytics

SIU faculty page

2019 - Present

Education

University of Kentucky

Ph.D. in Finance
2019

Utah State University

M.S. in Financial Economics
2013

Utah State University

B.S. in Finance & Economics
2012

Research

Real Estate Shocks and Financial Advisor Misconduct

With Stephen Dimmock and William Gerken

Journal of Finance (2021)

We test whether personal real estate shocks affect professional misconduct by financial advisors. We use a panel of advisors' home addresses and examine within-advisor variation relative to other advisors who work at the same firm and live in the same ZIP code. We find a negative relation between housing returns and misconduct. We show that advisors' housing returns explain misconduct against out-of-state customers, breaking the link between customer and advisor housing shocks. Furthermore, the results are stronger for advisors with lower career risk from committing misconduct, and for advisors with greater borrowing constraints.

Dual Ownership as a Market Solution to Risk Shifting: Evidence from Loan Covenant Violations

With Steven Irlbeck and Eric McKee

Working Paper

We examine the the choices of creditors to simultaneously hold equity in the same underlying firm and posit that creditors may become "dual holders" as a rational response to heightened asset substitution risk. We find that, following a firm's violation of a covenant, creditors increase their equity position relative to other owners. This effect persists several quarters into the future and is concentrated among lenders and not bond holders. We also find that bond holders who also own equity reduce their bond exposure following violations. We do not see a similar effect for bond holders that do not own equity, suggesting a strategic reallocation for dual holders.

Managerial Myopia and Product Market Reputation: Evidence from Amazon.com Reviews

Working Paper

Using a novel dataset of customer reviews from Amazon.com, I study the impact of managerial myopia on product market reputation. Using exogenous variation due to the timing of CEO equity vesting events, I show that short-term incentive shocks predict declines in reputation. A changing product market lineup and a deterioration of existing products are two mechanisms through which reputation is affected. The effect is larger when the CEO has other short-term concerns and when the firm has a low reputation in the product market. However, higher advertising expenses mitigate the negative reputational effect among consumers. Using an alternative empirical methodology, I find that higher short-term ownership in the firm is also associated with declining product market reputation, while higher long-term ownership is associated with increasing reputation.

Political Transactions Around Company Filings

With Guitao Wen

Work in Progress


Teaching

Security Valuation

FIN 469 & BA 536 — Southern Illinois — 2019–2023

Undergraduate MBA

Working Capital Management

FIN 462 — Southern Illinois — 2019–2023

Undergraduate

Information Visualization

BSAN 406 — Southern Illinois — 2022–2023

Undergraduate

Corporate Finance Seminar I

BA 539A — Southern Illinois — 2021, 2023

PhD

Investment Analysis

FIN 410 — Kentucky — 2014, 2015, 2017, 2018

Undergraduate

Introduction to Microeconomics

ECN 2010 — Utah State — 2013

Undergraduate

Applied Econometrics

ECN 6330 — Utah State — 2013

MBA

Other Instructional Seminars

Introduction to web scraping with python
  • Southern Illinois University Carbondale — 2019
  • University of Kentucky — 2015, 2019
Presentations with RevealJS
  • University of Kentucky — 2019

Technical

Stata Packages

I am the author of two Stata packages:

recol

This program dynamically resizes columns in Stata's data browser. It's annoying when you are trying to view your data and either the variable names or contents are truncated. Sure, you could manually determine the appropriate widths and format the affected variables each time. Or you could just run recol when needed.

Since its release in Feb 2022, this package has been downloaded ~500 times.

To install:

ssc install recol
sicff

This program converts SIC codes to any of the Fama French industries. I'm sure everyone has those obnoxious lines of code to do this somewhere, but this should save you some space in your Stata code.

Since its release in July 2017, this package has been downloaded ~14,000 times.

To install:

ssc install sicff

Python Tutorial

I created this tutorial primarily for my students. I add to it and update it regularly. There are many other Python tutorials out there that are higher quality and more comprehensive (e.g., here and here). But this one has a more narrow focus, with finance examples in mind, and a target audience of finance undergraduates.