The Myth of Private Equity: An Inside Look at Wall Street’s Transformative Investments, Columbia University Press, upcoming October 2021.

M&A: A Practical Guide to Doing the Deal, John Wiley & Sons, 2nd edition, 2015.

Security Analysis on Wall Street, John Wiley & Sons, 2nd edition, 2013.

The Dinosaur Among Us: The World Bank and Its Path to Extinction, Booksurge Publishing, 2007.

The Emerging Markets, A Practical Guide for Investors, Corporations and Lenders, John Wiley & Sons, 2000.


Academic Journals

Journal of Investing, Special ESG Issue, January 2020, “Comparing ‘Fossil Free’ Equity Portfolio Performance to a Conventional Stock Market Index,” with Ken Yook

Journal of Alternative Investments, Winter 2020, "Alternative Asset Fees, Returns and Volatility of State Pension Funds: A Case Study of the New Jersey Pension Fund,” with Ken Yook and Carol Park.

Pension Risk Management for Institutional Investors, Fall 2018, “The Grand Experiment: The State and Municipal Pension Fund Diversification into Alternative Assets,” with Ken Yook.

Nonprofit Management and Leadership, Fall 2018, “Top Foundations 10 Year Plunge into Alternatives Yields Mixed Results and High Fees,” with Ken Yook and Wenqi Chu

Journal of Private Equity, Winter 2017, “The Curious Year-to-Year Performance of Buyout Fund Returns: Another Mark-to-Market Problem?” with Ken Yook.

Journal of Alternative Investments, Spring 2017, “An Analysis of Returns for Moderately Aged Buyout Funds,” with Ken Yook.

Journal of Private Equity, Winter 2016, “The Relative Performance of Large Buyout Fund Groups,” with Ken Yook.

Journal of Indexing, November-December 2013, “Replicating Buyout Funds Through Indexing,” with Ted Barnhill.


Trade Publications

Axial Markets, M&A Market Trends, January 2015

Public Power Magazine, March-April, 2011, “Alternative Energy Deals.”

Business Valuation Update, July 2010, “The Probability-Weighted Expected Return Method: A Critique.”

Private Banker International, March 2010, “Private Equity Underperforms S&P 500.”

Gaming Observer, February 23, 2009, “Auction Process Ensures that States Receive Full Value of Licenses.”

Gaming Observer, August 18, 2008, “Slot Machines at Racetracks May Not Get Racing Industry to the Finish Line.”

The Journal of Corporate Accounting and Finance, March/April 2004, “Need Cash? Don’t Forget Leveraged Recaps.”

The Journal of Corporate Accounting and Finance, January/February 2002, “Eight Common Mistakes That Business Sellers Make.”

Capital Market Strategies, April 1995, “Defining Risk in Emerging Markets Equities.”

Latin Finance, October 1992, “Dynamics in Project Financing.”


Non-Profit Group Research Reports

Maryland Public Policy Institute:

“2018 State Pension Fund Investment Performance Report,” April 26, 2018, with Carol Park.

“Maryland Pension Fund Wall Street Fees Top Half Billion Dollars in Fiscal 2015, Even as Investments Continue to Underperform” May 26, 2016, with Marco Orsimari.

“Maryland's Pension Fund Returns Trend Worse Than Peer Group,”  September, 22, 2014

with John Walters

Maryland Tax Education Foundation:

“Public Pension Funds and Wall Street Fees,” July 2013, with Maryland Public Policy Institute and John Walters.

“Maryland State Pension Fund Performance Falling Behind,” March, 2012, with MPPI.

“Maryland Pension Fund has $4 Billion Underperformance,” September 2010.

Various presentations on Constellation Energy regarding nuclear plant spinoff, reregulation and M&A penalty fees. January 2009 to November 2011.

“Water Utility Privatization: A Comparison of Private Sector and Government Owned Utilities,” December 2008.

“Higher Purses and Maryland Racing.” August 2008.

“Private Equity Returns and Performance,” July 2008, with Ke-Chang Chung

“New York State’s $2 Billion Trifecta:  NYRA, VLTs & OTB,” 2006, with Tom Firey

“Montgomery County School Performance: Comparison to Eleven Other Affluent Counties,” 2005.

“Horseracing and Casino-Style Gambling: Facts Behind the Myths,” 2003

“Legalizing Video Slot Gaming in Maryland: A Business Analysis,” 2003, with Tom Firey

Florida Tax Watch Research Institute:

“On Indian Casino Compacts,” July 2007

“The State Legislature May Leave $4.8 Billion on the Table by Not Setting a Fair State Gaming Tax,” April 2005, with Tom Firey

Reason Foundation:

“Expanding Slot Gaming in California,” October 2004, with Tom Firey

Buckeye Institute:

“Ohio Casino Giveaway: Taxpayers Could Leave $1 Billion on the Table by Approving Issue 6,” October 2008