Gary Joseph Gray

Visiting Professor of Finance
Department: Finance
Office: 330 Business Building
Phone: 814-863-3564
Fax: 814-865-3362
E-mail: gxg2@psu.edu
Member of Faculty Since: 1985


Introduction

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 a managing director of Lehman Brothers and a Senior Vice President of E.F. Hutton & Co.  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 and Hutton's programs at municipal and derivatives conferences.


Expertise

Stock and Bond Valuation
Investment Banking
Financial Institutions
Municipal Finance


Publication List

J. Randall Woolridge and Gary Joseph Gray, "Basic Principles of Finance: An Introductory Text", Kendall Hunt, 2011, 501.

Gary Joseph Gray, J. Randall Woolridge and Patrick J. Cusatis, "Streetsmart Guide to Valuing a Stock", McGraw-Hill, 1999, 234.

Gary Joseph Gray and Patrick J. Cusatis, "Municipal Derivative Securities: Uses and Valuation", Dow Jones Irwin, 1995, 285.

J. Randall Woolridge and Gary Joseph Gray, "Applied Principles of Finance", Kendall Hunt, 2006, 486.

J. Randall Woolridge and Gary Joseph Gray, "The New Corporate Finance, Capital Markets, and Valuation: An Introductory Text", Kendall Hunt, 1/1/2003, 505.

J. Randall Woolridge and Gary Joseph Gray, "The CBO Study on Small Issue IRBs: Fact or Fiction?", Municipal Finance Journal, Spring 1981, Vol. 2 No.2, pp.83-89.

Gary Joseph Gray and J. Randall Woolridge, "IDBs--Opportunities and Challenges for Commercial Banks", Municipal Finance Journal, Fall 1981, Vol 2 No 4, pp. 277-284.

Bruce K. Gouldey and Gary Joseph Gray, "Implementing Mean Variance Theory in the Selection of U.S. Government Bond Portfolios", Journal of Bank Research, Fall 1981, Vol 2 No 4, pp.161-173.

Gary Joseph Gray and J. Randall Woolridge, "Industrial Development Bonds--Opportunities and Challenges", The Bankers Magazine, Summer 1981, Vol 164, No 4, pp.82-87.

Gary Joseph Gray, J. Randall Woolridge, and Steven Ferrara, "Competition in Agricultural Lending: Some Recent Developments", Journal of Commercial Bank Lending, Summer 1982, Vol 64/No 12, 2-17.

J. Randall Woolridge and Gary Joseph Gray, "Are Original Issue Discount Bonds here to stay?", Harvard Business Review, Spring 1982, May-June 1982, pp.54-56.

Gary Joseph Gray and Kathryn Engebretson, "Residual Interest Bonds (RIBS)", Municipal Finance Journal, Spring 1992, vol 13, no 1, pp. 1-29.

Gary Joseph Gray and Patrick Cusatis, "Understanding and Valuing Municipal Derivative Securities", Municipal Finance Journal, Summer 1993, Vol 14, No 2, pp. 1-41.

Kathryn Engebretson and Gary Joseph Gray, "An Introduction to Municipal Derivative Products", Government Finance Review, February 1993, Vol 9, No 1, pp.21-25.

Kathryn Engebretsen and Gary Joseph Gray, "An Introduction ro Municipal Derivative Products: Part II", Government Finance Review, April 1993, Vol 9, No 2, pp.17-20.

Gary Joseph Gray, "SEC Rule 415: Benefits and Costs for Equity Issuers", Securities Industry Trends-Securities Industry Association, yyyy, Vol X No 5, pp.1-15.


Education

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

MBA, Finance, Penn State University, 1977

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


Courses

Fin. 301, Finance

Fin. 408, Financial Markets