Tray Spilker

Spilker Photo
  • Associate Professor of Finance
  • Shidler Faculty Fellow

Room

BusAd E-601k

Phone

(808) 956-8738

Academic Background

  • Ph.D. in Finance, Boston College
  • M.B.A. (Finance), University of Maryland
  • Graduate Diploma in Management (Finance), Harvard University
  • B.S. Business Administration, (Finance), Virginia Tech

Background

Professor Spilker is an Associate Professor of Finance and Shidler Faculty Fellow at the Shidler College of Business, University of Hawai‘i at Mānoa. 

His research focuses on the social networks of institutional investors and their impact on portfolio decisions, performance measurement of alternative investments, and the evolving role of passive investing within active mutual fund families. His work has been published in leading academic journals such as the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and the Journal of Banking and Finance, and has been featured in media outlets including Bloomberg and Institutional Investor Magazine. Professor Spilker teaches across the undergraduate and master’s programs in the areas of investments, portfolio management and optimization, financial derivatives, and risk management. He is widely recognized for his teaching excellence.

Before entering academia, Professor Spilker advised institutional clients on hedge fund portfolio construction at Cambridge Associates and K2 Advisors, conducted equity research at UBS, and managed public equity investments at Terrapin Creek Capital, a family office. Earlier in his career, he held financial roles at Harvard University and General Electric, and served as an F-16 crew chief in the U.S. Air National Guard.

He holds a Ph.D. in Finance from Boston College, an M.B.A. from the University of Maryland, College Park, a graduate diploma in management from Harvard University, and a B.S. in Finance from Virginia Tech. He is a Chartered Financial Analyst® (CFA) charterholder and currently serves on the board of the CFA Society Hawai‘i.

Research Interests

  • Asset Management
  • Institutional Investing
  • Investment Performance
  • Price Informativeness
  • Social Networks

Selected Publications

Publications

Working Papers

  • Private Equity Performance: A Time-Series Approach,” with A. Fragkiskos, O. Krasotkina, and R. Wermers. R&R Journal of Banking and Finance.
  • Alpha by Affiliation,” with N. Patel and J. Reuter.
  • “​​​Alpha Left in the Middle of the Table: Evidence from Volatility Sorts,” with M. Arabaci.
  • "Asset Volatility and Wealth Transfers: Evidence from Stock Repurchase Announcements," with M. Arabaci, J. Kim, and G. Rhee

Permanent Working Papers

SSRN Author Page: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=959552

Awards & Honors

  • Professor of the Semester, Undergraduate business core course, Fall 2019
  • Professor of the Semester, Undergraduate in major course, Fall 2019
  • Professor of the Semester, Master of Science in Finance, Spring 2022
  • Professor of the Semester, Undergraduate business core course, Fall 2022
  • Professor of the Semester, Master of Science in Finance, Spring 2023
  • Professor of the Semester, Master of Science in Finance, Spring 2024

Board Service

  • CFA Hawaii Society

Certifications

  • Chartered Financial Analyst®, CFA Institute
  • Private Pilot (Single Engine Airplane Land), FAA