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Faculty and Staff

Bio: &²Ô²ú²õ±è;
Toli has taught management science, quantitative finance, and other business classes at a few major universities in the Chicago area. Contemporaneously, he worked as consultant and senior quant at several banking institutions, including Mercer, Alliant Credit Union, Federal Home Loan Bank, and Calamos Investments. As an industry consultant he refined numerous statistical methodologies including the efficacy of investment manager ratings, mortgage asset sensitivity to interest rates, portfolio return outperformance and risk management applications. Previously, he had worked with over-the-counter financial derivatives at Bank of America and joined KPMG Peat Marwick’s enterprise-wide risk applications. At Deutsche Asset Management, he designed and implemented programming modules of fund performance. Toli has two master’s degrees, a doctorate from the Illinois Institute of Technology and has published in academic journals. A list of selected publications is shown below. 
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Courses Taught (Author, Textbook):  &²Ô²ú²õ±è;

• Business Process Automation (Gaddis, Starting out with Python) 
• Quantitative Methods for Business (Anderson, Quant Methods for Business) 
• Business Forecasting and Visualization (Camm, Business Analytics. Excel, R) 
• Financial Management (Besley, Essentials of Managerial Finance) 
• Supply Chain Optimization (Blanchard, Supply Chain Mgmt.: Best Practices)  
• Investment Portfolio Theory (Bodie, Essentials of Investments)  
• Financial Decision Making (Bruner, Case Studies in Finance)  
• Management Science (Hillier, Introduction to Management Science)  
• Solution-Oriented Decision Models (Keast, Rational Decision Making)  
• Principles of Finance (Ross, Essentials of Corporate Finance) 
• Operations Research (Anderson, Introduction to Management Science) 
• Strategy Formulation, Deployment, Innovation (Hitt, Strategic Management) 
• Business Analytics (Dursum, Business Intelligence, Analytics, Data Science) 
• Doctoral Dissertation Mentor (Tabachnick, Using Multivariate Statistics; R) 
• Quantitative Data Analysis-Business Research (Salkind, Statistics; SPSS, R) 
• Business Statistics (Anderson, Modern Business Statistics with MS Excel) 
• Intermediate Microeconomics (Perloff, Microeconomics) 
• Intermediate Macroeconomics (Mankiw, Macroeconomics) 
• International Economics (Carbaugh, International Economics) 
• Financial Markets, Institutions (Mishkin, Economics of Money & Banking) 
• Managerial Finance (Brigham, Fundamentals of Financial Management) 
• Financial Management (Brooks, Financial Management)  
• Investments (Bradford, Fundamentals of Investments: Valuation & Management) 
• Derivatives (Hull, Options, Futures, and Other Derivatives) 
• Fixed Income Securities (Sundaresan, Fixed Income Markets & Derivatives) 
• Multinational Corp Finance (Eitman, Multinational Business Finance) 
• Fundamentals of Financial Mgmt. (Ross, Corporate Finance & Applications) 
• International Business Finance (Eitman, Multinational Business Finance) 
• Analytical Tools for Mgmt. Decisions (Stine, Statistics for Business) 
• Financial Management (Brealey, Principles of Corporate Finance) 
• Investment Theory & Portfolio Mgmt. (Luenberger, Investment Science) 
• Applied Statistics (James, Statistical Learning with Applications in R) 
• Intermediate Corporate Finance (Berk, Corporate Finance; Excel) 
• Methods and Analysis of Quantitative Research (Steinberg, Statistics Alive!) 
• Methods and Analysis of Qualitative Research (Creswell, Qualitative Theory)

Publications:  &²Ô²ú²õ±è;

• “En-Route to Greece: A Market-Capitalized vs. a Government-Run Retirement System – Comparison and Chronological Development,” Advancement in Business Analytics Tools for Higher Financial Performance, IGI Global (August 2023). DOI: 10.4018/978-1-6684-8386-2.ch011

• “Simple Qualitative Assessment of Investment Recommendations,” American Journal of Humanities and Social Sciences Research 3 (November 2019). . 

• “Investment Advising: Pay-to-Play, or Capture?” SPOUDAI Journal of Economics and Business 69, No 3 (2019). The 14th Biennial APF Conference, University of Piraeus, Greece (July 2018). .

• “Iso-Risk: An Analysis of Risk Taking in Fixed Income Markets,” Applied Economics 60 (December 2018). . 

• “Investor Behavior Before and After the Financial Crisis: Accounting Standards and Risk Appetite.” Handbook of Investors' Behavior during Financial Crises (November 2017). .

• “Nonlinearity in Portfolio Performance Evaluation,” Journal of International Finance Studies 16 (2016). Best Paper (October 2016). . 

• “Fund Performance in Low Volatility Environment,” Proceedings, 22nd MFS Conference, Khalkidhiki, Greece (June 2015). .

• “Financial Crisis, Intervention and Performance Measurement,” International Journal of Economics and Business Administration 2 (June 2014). 12th Biennial APF Conference with Ryerson, Toronto (June 2014). . 

• “Unconstrained Strategies and the Variance-Kurtosis Trade-Off,” Applied Financial Economics 24 (2014).

• “The Entrenched Kurtosis in Current Portfolio Returns,” The Journal of Economic Asymmetries 9 (December 2012). The 11th Biennial APF Conference, Khalkidhiki, Greece (July 2012). . 

• “A Mixture of Normals Model of Market Efficiency,” Journal of International Finance Studies 11 (June 2011). IABE Conference (October 2011). .

• “An Interpretation of Carry Trade Profitability,” Review of Business Research 11 (June 2011). . 

• “Market Value Signal Extraction and Misapplication of SFAS 133 in the U.S. GSE’s,” The Journal of Economic Asymmetries 7 (December 2010). The 10th Biennial APF Conference, Deutsche Bundesbank Eurosystem, Frankfurt, Germany (July 2010). . 

• “Mortgage Prepayments as a Precursor to the Financial Crisis,” Review of Business Research 9 (2009). . 

Professional Activities: 

Nov 2013 - Oct 2019
MARSH & MCLENNAN, Chicago, IL
Senior Consultant, Portfolio Manager Research 

Jan 2005 - Dec 2005
FEDERAL HOME LOAN BANK OF CHICAGO, Chicago, IL      
Senior Quantitative Analyst, Market Risk 

Jan 2003 - Dec 2004
CALAMOS INVESTMENTS, Naperville, IL
Independent Consultant, Fixed Income Performance and Risk 

Oct 2000 - Dec 2002
DEUTSCHE ASSET MANAGEMENT, Chicago/New York
Supervisor, Investment Performance and Risk Analytics 

Jan 1999 - Sep 2000
KPMG, Chicago/New York
Senior Consultant, Risk Management  

Jan 1993 - Dec 1998
NATIONSBANK/BANK OF AMERICA, Dallas/Charlotte/Chicago
Analyst, Operations and Counterparty Credit Risk Management 

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