Gary Joseph Gray

Visiting Professor of Finance
Department: Finance
Office: 330 Business Building
Phone: 814-863-3564
Fax: 814-865-3362


Before joining the Smeal College, Dr. Gray was an investment banker/financial engineer specializing in municipal derivative products and new financing techniques and programs. He was the principal architect of a number of financial products including: tax-exempt zero-coupon bonds, capital appreciation bonds, agricultural revenue bonds, tender option crossover refunding bonds, RIBS/SAVRS, Bond Payment Obligations (BPOs), Premium Municipal Bond Receipts, Government Development Receipts, municipal call options (MuniCHOPs), secondary market versions of RIBS/SAVRS and tax-exempt bond and preferred stock programs using various custody and trust arrangements. He assisted in the sale of derivative products to large institutional investors and presented Lehman's programs at municipal and derivatives conferences.


Stock and Bond Valuation
Investment Banking
Financial Institutions
Municipal Finance

Publication List

Gary Joseph Gray, J. Randall Woolridge and Patrick J. Cusatis, "Streetsmart Guide of Valuing a Stock Using the 10 Principles of Finance", McGraw-Hill, 1/1/2003,

Gary Joseph Gray, "Running with the Bulls", Lyon's Press, 1/1/2002,

Gary Joseph Gray, J. Randall Woolridge and Patrick J. Cusatis, "Streetsmart Guide ot Valuing a Stock", McGraw-Hill, 1/1/1998,


Ph.D., Finance, Penn State University, 1984

MBA, Penn State University, 1977

B.S., Electrical Engineering, Penn State University, 1972


B.A. 301, Finance

Fin. 408, Financial Markets