Mike Highfield , PhD, CFA, CTP

Mike Highfield , PhD, CFA, CTP

Department

  • Finance and Economics

Discipline

  • Finance

Titles

  • Professor of Finance
  • Robert W. Warren Chair of Real Estate Finance

Contacts

m.highfield@msstate.edu
Office: (662) 325-1984
312-I

Overview

Summary:

Michael J. Highfield, PhD, CFA, CTP is a Professor of Finance and the Robert W. Warren Chair of Real Estate Finance at Mississippi State University. He earned his BBA and MBA from Mississippi State University and later earned his MS in Economics and Ph.D. in Finance from the University of Kentucky. He holds the Chartered Financial Analyst (CFA®) designation from the CFA Institute, and he holds the Certified Treasury Professional (CTP®) designation from the Association for Financial Professionals.

A former faculty member at Louisiana Tech University, Dr. Highfield returned to Mississippi State University in 2005 and served as the Department Head of Finance and Economics from 2009-2018. His teaching interests are corporate finance, real estate finance, and financial modeling in Microsoft Excel®. Dr. Highfield has published in over 20 peer-reviewed journals including Financial Management, the Journal of Corporate Finance, Real Estate Economics, the Journal of Real Estate Finance and Economics, and the Journal of Real Estate Research. He currently serves as the chair of the University's Conflict of Interest Review Committee, and he is also a member of the University Graduate Council.

Professionally, Dr. Highfield is a consultant (2014-Present) and active volunteer (2004-Present) for the CFA Institute in Charlottesville, Virginia. He serves on the Investments Committee for the Mississippi State University Foundation. Dr. Highfield is a past president (2017-2018) of the American Real Estate Society (ARES), a member of the ARES Board of Directors (2018-Present), and a member of the Board of Directors for the Southern Finance Association (2020-Present). He is also a member of the Board of Directors (2017-Present), member of the Investments Committee (2019-Present), and Treasurer (2019-Present) of the James R. Webb ARES Foundation. He previously served as a faculty member for the Mississippi School of Banking (2005-2015), and he has taught at the Graduate School of Banking at LSU since 2011. He was recognized with the T. Eugen Spragens, III President's Award for Teaching Excellence in 2021, and he has served as the Senior Academic Consultant (VP of Curriculum) since 2017.

Education:

  • Ph D, Finance, University of Kentucky, 2002
  • MS, Economics, University of Kentucky, 2001
  • MBA, Business Administration, Mississippi State University, 1998
  • BBA, Business Administration, Mississippi State University, 1997

Research interests:

Securities Issuance, Real Estate Finance, and Real Estate Investment Trusts (REITs), and Banking/Financial Institutions.

Publications

Journal Article

Presentations

Paper

  • "Structural Changes in US Mortgage Origination and Agency Securitization: Evidence from GNMA-Guaranteed Loans." Southern Finance Association Annual Meeting, Southern Finance Association, Captiva, FL. 2021
  • "Structural Changes in US Mortgage Origination and Agency Securitization: Evidence from GNMA-Guaranteed Loans." Financial Management Association Annual Meeting, Financial Management Association, New York, New York. 2020
  • "Implications of Changing U.S. Mortgage Market and Agency Securitization: Evidence from GNMA Lending." Southern Finance Association Annual Meeting, Southern Finance Association, Orlando, FL. 2019
  • "Economies of Scale and the Operating Efficiency of REITs: A Revisit." American Real Estate Society Annual Meeting, American Real Estate Society, Scottsdale, Arizona. 2019
  • "Implications of Changing U.S. Mortgage Market and Agency Securitization: Evidence from GNMA Lending." American Real Estate Society Annual Meeting, American Real Estate Society, Scottsdale, Arizona. 2019
  • "Economies of Scale in REITs: A 15 Year Analysis." Southern Finance Association Annual Meeting, Southern Finance Association, Asheville, North Carolina. 2018
  • "Economies of Scale in REITs: A 15 Year Analysis." American Real Estate Society Annual Meeting, American Real Estate Society, Estero, Florida. 2018
  • "Are REIT IPOs More Transparent than Industrial IPOs?." American Real Estate Society Annual Meeting, American Real Estate Society, San Diego, California. 2017
  • "A Note on REIT Returns and the Case-Shiller Home Price Index." American Real Estate Society Annual Meeting, American Real Estate Society, Ft. Myers, Florida. 2015
  • "Are REIT IPOs More Transparent than Industrial IPOs?." American Real Estate Society Annual Meeting, American Real Estate Society, San Diego, California. 2014
  • "Are REIT IPOs More Transparent than Industrial IPOs?." Mississippi College Research Presentation, College of Business, Clinton, Mississippi. 2014
  • "Are REIT IPOs More Transparent than Industrial IPOs?." Florida Gulf Coast University Real Estate Lecture Series, Lucas Real Estate Institute at Florida Gulf Coast University, Ft. Myers, Florida. 2013
  • "An Examination of Primary and Secondary Market Returns in REIT IPOs." American Real Estate Society Annual Meeting, American Real Estate Society, Kona, Hawaii. 2013
  • "Are REIT IPOs More Transparent than Industrial IPOs?." Financial Management Association Annual Meeting, Financial Management Association International, Atlanta, Georgia. 2012
  • "Registered Insider Sales and Seasoned Equity Offerings." Financial Management Association Annual Meeting, Financial Management Association International, Atlanta, Georiga. 2012
  • "Are REIT IPOs More Transparent than Industrial IPOs?." American Real Estate and Urban Economics Association Mid-Year Meeting, American Real Estate and Urban Economics Association, Washington, D.C.. 2012
  • "Registered Insider Sales and Seasoned Equity Offerings." Financial Management Association European Meeting, Financial Management Association International, Istanbul, Turkey. 2012
  • "Are REIT IPOs More Transparent than Industrial IPOs?." American Real Estate Society Annual Meeting, American Real Estate Soceity, St. Petersburg, Florida. 2012
  • "Insider Sales and the Long-Run Performance of SEO Firms: New Evidence from Combination Offerings." Midwest Finanance Association Annual Meeting, Midwest Finance Association, New Orleans, Louisiana. 2012
  • "Insider Sales and the Long-Run Performance of SEO Firms: New Evidence from Combination Offerings." Southern Finance Association Annual Meeting, Southern Finance Association, Key West, Florida. 2011
  • "The Quiet Period Has Something to Say." Midwest Finance Association Annual Meeting, Midwest Finance Association, Chicago, Illinois. 2011
  • "The Quiet Period Has Something to Say." Financial Management Association Annual Meeting, Financial Management Association, New York, New York. 2010
  • "Does a Severe National Economic Crisis Merit a Prima Facie Finding of 'Exigent Circumstances' or Other Emergency Relief: The Impact of Section 109(h), the Credit Counseling Provision of BAPCPA upon Distressed Homeowners in a Severe National Economic Downturn." Annual Conference of the Academy of Legal Studies in Business, of Legal Studies in Business, Denver, Colorado. 2009
  • "Waiting on the Calm after the Storm…." 4th Annual Mississippi Affordable Housing Summit, State of Mississippi, Biloxi, Mississippi. 2009
  • "The Quiet Period has Something to Say." Financial Management Association Annual Meeting, Financial Management Association, Reno, Nevada. 2009
  • "Can Secondary Market Investors Profit from REIT IPOs?." American Real Estate Society Annual Meeting, American Real Estate Society, Monterey, California. 2009
  • "The Quiet Period has Something to Say." Midwest Finance Association Annual Meeting, Midwest Finance Association, Chicago, Illinois. 2009
  • "Can Secondary Market Investors Profit from REIT IPOs?." The University of Southern Mississippi Finance & Economics Seminar Series, The University of Southern Mississippi, Hattiesburg, MS. 2008
  • "Net Operating Working Capital Behavior: A First Look." The Financial Management Association Annual Meeting, Financial Management Association, Dallas, TX. 2008
  • "The Quiet Period has Something to Say." The Financial Management Association Annual Meeting, Financial Management Association, Dallas, TX. 2008
  • "The Quiet Period has Something to Say." Eastern Finance Association Annual Meeting, Eastern Finance Association, St. Petersburg, FL. 2008
  • "Can Secondary Market Investors Profit from REIT IPOs." The American Real Estate Society Annual Meeting, American Real Estate Society, Captiva Island, FL. 2008
  • "The Determinants of REIT Cash Holdings." The American Real Estate Society Annual Meeting, American Real Estate Society, Captiva Island, FL. 2008
  • "Performance and Fee Structure within the Private Equity Industry." The Midwest Finance Association Annual Meeting, Midwest Finance Association, San Antonio, TX. 2008
  • "Can Secondary Market Investors Profit from REIT IPOs." The American Real Estate and Urban Economics Association Annual Meeting, American Real Estate and Urban Economics Association, New Orleans, LA. 2008
  • "The Quiet Period is Making Noise Again." Eastern Illinois University Finance Presentation, Eastern Illinois University, Charleston, IL. 2007
  • "The Quiet Period is Making Noise Again." Stephen F. Austin State University, Stephen F. Austin State University, Nachogdoches, TX. 2007
  • "CEO Incentive-Based Compensation and REIT Performance." The Southern Finance Association Annual Meeting, The Southern Finance Association, Charleston, SC. 2007
  • "The Quiet Period is Making Noise Again." The Southern Finance Association Annual Meeting, The Southern Finance Association, Charleston, SC. 2007
  • "The Determinants of REIT Cash Holdings." The Southern Financial Management Association Annual Meeting, The Southern Financial Management Association, Charleston, SC. 2007
  • "The Determinants of REIT Cash Holdings." University of Mississippi Finance Presentation, University of Mississippi, Oxford, MS. 2007
  • "CEO Incentive-Based Compensation and REIT Performance." The Financial Management Association Annual Meeting, The Financial Management Association, Orlando, FL. 2007
  • "Performance and Fee Structure within the Private Equity Industry." The Financial Management Association Annual Meeting, The Financial Management Association, Orlando, FL. 2007
  • "The Determinants of REIT Cash Holdings." The Financial Management Association Annual Meeting, The Financial Management Association, Orlando, FL. 2007
  • "The Quiet Period is Making Noise Again." Clemson University Finance Seminar Series, Clemson University, Clemson, SC. 2007
  • "Beyond the Expense Ratio: An Examination of Access Related Fees in Mutual Funds." The Eastern Finance Association Annual Meeting, Eastern Finance Association, New Orleans, LA. 2007
  • "Can Secondary Market Investors Profit from REIT IPOs?." The Eastern Finance Association Annual Meeting, The Eastern Finance Association, New Orleans, LA. 2007
  • "Do Investors Leave Money on the Table?." The Eastern Finance Association Annual Meeting, The Eastern Finance Association, New Orleans, LA. 2007
  • "The Quiet Period is Making Noise Again." The Eastern Finance Association Annual Meeting, The Eastern Finance Association, New Orleans, LA. 2007
  • "Do Investors Leave Money on the Table?." Belmont University Massey School of Business Research Symposium, Belmont University, Nashville, TN. 2007
  • "Performance and Fee Structure within the Private Equity Industry." Middle Tennessee State University Finance Presentation, Middle Tennessee State University, Murfreesboro, TN. 2007
  • "The Quiet Period is Making Noise Again." Mississippi State University 2007 Graduate Research Symposium, Mississippi State University, Mississippi State, MS. 2007
  • "Can Secondary Market Investors Profit from REIT IPOs?." Mississippi State University Finance Seminar Series, Mississippi State University, Mississippi State, MS. 2007
  • "Do Investors Leave Money on the Table?." Mississippi State University Finance Seminar Series, Mississippi State University, Mississippi State, MS. 2007
  • "The Quiet Period is Making Noise Again." Mississippi State University Finance Seminar Series, Mississippi State University, Mississippi State, MS. 2007
  • "Beyond the Expense Ratio: An Examination of Access Related Fees in Mutual Funds." Mississippi State University Finance Seminar Series in Mississippi State, Mississippi State University, Mississippi State, MS. 2007
  • "Beyond the Expense Ratio: An Examination of Access Related Fees in Mutual Funds." The Midwest Finance Association Annual Meeting, Midwest Finance Association, Minneapolis, MN. 2007
  • "Do Investors Leave Money on the Table?." The Midwest Finance Association Annual Meeting, The Midwest Finance Association, Minneapolis, MN. 2007
  • "Do Investors Leave Money on the Table?." CFA Society of Mississippi, CFA Society of Mississippi, Jackson, MS. 2007
  • "Beyond the Expense Ratio: An Examination of Access Related Fees in Mutual Funds." Financial Management Association Annual Meeting, Financial Management Association, Salt Lake City, UT. 2006
  • "Can Secondary market Investors Profit from REIT IPOs." Financial Management Association Annual Meeting, Financial Management Association, Salt Lake City, UT. 2006
  • "Do Investors Leave Money on the Table? IPO Secondary Market Returns and Volatility." University of Mississippi Finance Seminar Series, University of Mississippi, Oxford, MS. 2006
  • "Do Investors Leave Money on the Table? IPO Secondary Market Returns and Volatility?." Financial Management Association annual meetings, Financial Management Association, Chicago, IL. 2005
  • "The Determinants of the Debt Maturity Decision for Real Estate, Investment Trusts." Financial Management Association annual meetings, Financial Management Association, Chicago, IL. 2005
  • "Do Investors Leave Money on the Table?." Louisiana Tech University Research and Policy Forum, Louisiana Tech University, Ruston, LA. 2005
  • "Real Estate and Economies of Scale: The Case of REITS." Southern Finance Association Annual Meeting, Southern Finance Association, Charleston, South Carolina. 2003
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." Financial Management Association Annual Meeting, Financial Management Association, Denver, Colorado. 2003
  • "The Determinants of Secured Loans: Theory and Evidence." The Financial Review Symposium on Financial Institutions and Bank Lending, Eastern Finance Association, Orlando, Florida. 2003
  • "The Determinants of Secured Loans: Theory and Evidence." Louisiana Tech University Research and Policy Forum, Louisiana Tech University, Ruston, Louisiana. 2003
  • "The Determinants of Secured Loans: Theory and Evidence." Financial Management Association Annual Meeting, Financial Management Association, San Antonio, Texas. 2002
  • "The Determinants of Secured Loans: Theory and Evidence." Midwest Finance Association Annual Meeting, Midwest Finance Association, Chicago, Illinois. 2002
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." Clemson University Finance Presentation, Clemson University, Clemson, South Carolina. 2001
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." Louisiana Tech University Finance Presentation, Louisiana Tech University, Ruston, Louisiana. 2001
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." University of Alabama at Birmingham Finance Presentation, University of Alabama at Birmingham, Birmingham, Alabama. 2001
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." University of Arkansas at Little Rock Finance Presentation, University of Arkansas at Little Rock, Little Rock, Arkansas. 2001
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." University of Memphis Finance Presentation, University of Memphis, Memphis, Tennessee. 2001
  • "On the Relative Yields of Taxable and Municipal Bonds: A Theory of the Tax Structure of Interest Rates." University of Southern Mississippi Finance Presentation, University of Southern Mississippi, Hattiesburg, Mississippi. 2001
  • "The Determinants of the Maturity of Corporate Debt Issues: Revisited." Financial Management Association Annual Meeting, Financial Management Association, Toronto, Canada. 2001
  • "The Determinants of the Maturity of Corporate Debt Issues: Revisited." University of Kentucky Finance Seminar Series, University of Kentucky, Lexington, Kentucky. 2001
  • "Inflation-Linked Treasuries: A Theoretical Model." Midwest Finance Association Annual Meeting, Midwest Finance Association, Cleveland, Ohio. 2001
  • "Inflation-Linked Treasuries: A Theoretical Model." Southwestern Finance Association Annual Meeting, Southwestern Finance Association, New Orleans, Louisiana. 2001

Areas of Expertise

Real Estate Finance Corporate Finance Banking Financial Markets Financial Modeling