School of Business Administration : University of Vermont

University of Vermont

School of Business Administration

Michael J. Tomas III, Ph.D. Associate Professor

Contact Information
Office: 217 Kalkin
Phone: 656-8270
E-Mail: mtomas@bsad.uvm.edu

Office Hours: Wednesdays 11:00 a.m. to Noon, Thursdays 3:00 to 4:30 p.m. or by appointment

Dr. Tomas is an Associate Professor in the School of Business Administration at the University of Vermont, where he teaches finance. His research interests include the design and performance of futures and options exchanges and their products, derivative security pricing and use, and fixed income markets. His research has appeared in the Derivatives Quarterly, Journal of Economics and Business, Journal of Futures Markets, Journal of Insurance Issues, Journal of Management Research, Journal of Sports Economics, Review of Derivatives Research, and the Review of Futures Markets. Prior to joining the faculty at UVM's School of Business, Dr. Tomas was on the faculty at Babson College, in Wellesley, Massachusetts. Before coming to academia he was at the Chicago Board of Trade (CBOT), where he was the Group Manager for Financial Product Research. In that capacity he was responsible for managing new product development and research efforts, applied research projects for CBOT strategic decision making, and contract maintenance programs for existing financial products. Dr. Tomas received his Ph.D. from Syracuse University, and MBA and B.S. from the University of Akron.

Suggested Topics for Comment: Derivative Security Pricing; Commodity Exchanges; Fixed income markets.

Affiliations: Financial Management Association

Courses Currently Taught by Michael Tomas III:

Publication History

Journal Article, Academic Journal
  • Tomas III, M.; Bouriaux, S. - " Why do Insurance-Linked Exchange Traded Derivatives Fail?" (Refereed) - The Journal of Insurance Issues - 2014 - v. 37, no. 1, [View publication] [Show/Hide Abstract]
  • Arel, B.; Tomas III, M. - "The NBA draft: A put option analogy" (Refereed) - Journal of Sports Economics - 2012 - v. 13, no. 3, pp. 279-305. [View publication] [Show/Hide Abstract]
  • Tomas III, M.; Bouriaux, S. - "Use of Interest Rate Derivatives by U.S. Based Domestic and Global Bond Mutual Funds" (Refereed) - Journal of Management Research - 2009 - v. 1, no. 2, pp. 17 [View publication] [Show/Hide Abstract]
  • Tomas III, M.; Krishnan, H. P. - "An Extension to Fitting Discrete Time Term Structure Models When Rates Are Outcomes of Bernoulli Trials" (Refereed) - Review of Futures Markets - 2006 - v. 15, no. 2, [View publication] [Show/Hide Abstract]
  • Frino, A.; Harris, F. H.; McInish, T. H.; Tomas III, M. - "Price Discovery in the Pits: The Role of Market Makers on the CBOT and the Sydney Futures Exchange" (Refereed) - Journal of Futures Markets - 2004 - v. 24, no. 8, [View publication] [Show/Hide Abstract]
  • Holder, M. E.; Pace, R. D.; Tomas III, M. - "Complements or Substitutes? Equivalent Futures Contract Markets? The Case of Corn and Soybean Futures on U.S. and Japanese Exchanges." (Refereed) - Journal of Futures Markets/Wiley - 2002 - v. 22, no. 4, [View publication] [Show/Hide Abstract]
  • Tomas III, M.; Yalamanchili, K. K. - "An Application of Finite Elements to Option Pricing." (Refereed) - Journal of Futures Markets - 2000 - v. 21, no. 1, pp. 19-42 [View publication] [Show/Hide Abstract]
  • Kim, M.; Ravi, S.; Tomas III, M. - "Mutual Fund Objective Misclassification" (Refereed) - Journal of Economics and Business - 2000 - v. 52, no. 4, pp. 309-323 [View publication] [Show/Hide Abstract]
  • Holder, M. E.; Tomas III, M.; Webb, R. I. - "Winners and Losers: Recent Competition Among Futures Exchanges for Equivalent Financial Contract Markets" (Refereed) - Derivatives Quarterly - 1999 - v. 14, no. 2, pp. 151-164 [View publication] [Show/Hide Abstract]
  • Tomas III, M. - "A Note on Pricing PCS Single-Event Options" (Refereed) - Derivatives Quarterly - 1998 - v. 4, no. 3,
  • Holder, M. E.; Tomas III, M. - "A Simple Model for Pricing Inflation-Indexed Futures" (Refereed) - Derivatives Quarterly - 1997 - v. 4, no. 1,
  • Finucane, T. J.; Tomas III, M. - "American Stochastic Volatility Call Option Pricing: A Lattice Based Approach" (Refereed) - Review of Derivatives Research, Springer Netherlands - 1996 - v. 1, no. 2, pp. 183-201 [View publication] [Show/Hide Abstract]
  • Tomas III, M.; Howard, D. G. - "The Export Trading Company Act: An Update" (Refereed) - Journal of Marketing Channels - 1992 - v. 2, no. 1, pp. 105-119 [View publication] [Show/Hide Abstract]
Magazine/Trade Publication
  • Tomas III, M. - "CBOT Innovates on U.S. Innovation With Inflation-Indexed Futures and Options" - Financial Exchange - 1997
Conference Proceeding
  • Tomas III, M. - "Globalization of Asset Allocation: Applications to International Equity Markets." (Refereed) - Proceedings of the Conference on Global Equity Indexing - 1997
Book, Chapter in Scholarly Book-New
  • Shukla, R. K.; Tomas III, M. - "Complete Derivation of Black-Scholes Option Pricing Formula - Chapter 9 Appendix" - Financial Derivatives/Prentice Hall of India - 2007 ,
  • Tomas III, M. - "A Note on Pricing PCS Single-Event Options (reprint)" (Refereed) - Insurance and Weather Derivatives, Risk Books - 1999 - pp. Chapter 14 , [View publication]
Research Report
  • Tomas III, M. - "White Paper - OTC Derivatives Survey" - Chicago Mercantile Exchange, Financial Research Department - 1995