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Indiana University Bloomington

Department of Finance

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A 2012 Businessweek recruiter poll placed Kelley's Department of Finance in the top 10 programs for the quality of finance instruction.

Charles Trzcinka

Contact Information

(812) 855-9908
ctrzcink [at] indiana [dot] edu (E-mail)
Business School

Faculty Web Page

  • Professor of Finance
  • James W. and Virginia E. Cozad Chair


  • Bloomington


  • PhD, Purdue University, 1980
  • BA, Boston State College, 1973
  • MBA, Purdue University, 1977
  • MS, Purdue University, 1976

Professional Experience

  • School of Management, University at Buffalo (SUNY), Sept. 1998-July 2000, Professor of Finance
  • New York University Leonard K. Stern School of BUsiness, Sept. 1996 to Aug. 1998, Visiting Professor of Finance
  • United States Securities and Exchange Commission, Sept. 1988 to Jan. 1990, Senior Research Economist
  • China MBA Program Program, Dalian, China, May 1987-July 1987, Resident Dean
  • Kelley School of Business, Indiana University, July 2000 to present, James and Virginia Cozad Professor of Finance
  • School of Management, University at Buffalo (SUNY), Jan. 1986-Sept. 1996, Associate Professor of Finance
  • School of Management, University at Buffalo (SUNY)., Sept. 1980-Aug. 1986, Assistant Professor of Finance
  • School of Management, Syracuse University, Sept. 1979-Aug. 1980, Assistant Professor of Finance and Statistics
  • Buffalo Chapter, United University Professions, 1999-2000, Vice President for Academic Affairs

Awards, Honors & Certifications

  • 1995 Financial Management Association’s Silver Anniversary Best of the Best Research Award, ($3,500) and Best Paper in Investments ($1000), Financial Management Association annual meeting.
  • 1993-1998 $20,000 from the Mobius Group for performance measurement of pension funds
  • 1993 $10,000 from the Investment Company Institute, for research on Mutual Funds and Credit Allocation.
  • 1991 MBA Professor of the Year (runner-up)
  • 1990-1992 $140,000 National Science Foundation (grant number 150-4134A), "Unions and Corporate Takeovers," principal investigators Brian Becker and Charles Trzcinka.
  • 1985 $7500 Bio-Technology Equipment Fund, University at Buffalo (SUNY)., "The Investigation of Option Prices and Short-Selling Constraints," principal investigator Charles Trzcinka, (report by Robert Welch).

Professional Interests

  • Finance

Personal Interests

Scuba Diving, Bicycling, weightlifting


International stock market liquidity measures; asset management;

Selected Publications

  • Berzins, Janis, Crocker Liu and Charles Trzcinka (2013), "Asset Management and Investment Banks," Journal of Financial Economics, 110(1): 215-231, (Awarded for Best Paper in Financial Institutions in the Midwest Finance Association Meetings in March 2013).

  • Trzcinka, Charles, Stephen Horan, and Vahan Janjigian (2011), Forbes/CFA Investment Guide, Wiley. 

  • Trzcinka, Charles (2010), Forbes Stock Market Course (2nd Edition), New York: Forbes Magazine. 

  • Goyenko, Ruslan Y., Craig W. Holden, and Charles A. Trzcinka (2009), "Do Liquidity Measures Measure Liquidity?," Journal of Financial Economics, Vol. 92, No. 2, May, pp. 153-181. Read Abstract ››

  • Chakrabarty, Bidisha and Charles Trzcinka (2006), “Momentum Strategies and Financial Databases: An Investigation of Intraday Pattern in Price Momentum,” Journal of Financial Research, Winter, pp. 441-462. 

  • Trzcinka, Charles (2004), "Chapter 2," in Coping with Institutional Order Flow, Kluwer Academic Publishing.

  • Gore, Angela, Kevin Sachs, and Charles Trzcinka (2004), “Financial Disclosure and Bond Insurance,” Journal of Law and Economics, April.

  • Trzcinka, Charles (2003), Forbes Stock Market Course, New York: Forbes Magazine.

  • Kallberg, Jerry, Crocker Liu, and Charles Trzcinka (2000), “Mutual Fund of Reits: A Test of the Grossman-Stiglitz Hypothesis,” Journal of Financial and Quantitative Analysis, September, pp. 387-408.

  • Coggin, T. D. and C. A. Trzcinka (2000), "A Panel Study of U.S. Equity Pension Fund Manager Style Performance,"  Journal of Investing, Vol. 9, Summer, pp. 6-12.

  • Lesmond, David, Joseph Ogden, and Charles Trzcinka (1999), "A New Measure of Total Transactions Costs," Review of Financial Studies, Vol. 12, Winter, No. 5, pp. 1113-1141.
  • Trzcinka, Charles (1999), The Conflicting Views of Institutional Equity Investing in Financial Markets, Institutions & Instruments, Boston, MA: Basil Blackwell, Vol. 7, No. 5.