Rate My Professor Will Armstrong

Will Armstrong is Professor, holder of the Robert C. Brown Chair in Finance, and Area Coordinator for the Finance area at Texas Tech University’s Rawls College of Business. He joined the institution in 2012 upon completing his Ph.D. in Finance from Texas A&M University, College Station, in 2012. His research specializations encompass empirical asset pricing, market efficiency, limits-to-arbitrage, and market microstructure. Armstrong teaches courses such as Managerial Finance and Investment Analysis. He coordinates the MS Finance Program since 2017 and serves on the M.S. program advisory committee at the college level.

Armstrong’s publications feature prominently in top-tier journals. Notable works include “Capital Market Efficiency and Arbitrage Efficacy” (Journal of Financial and Quantitative Analysis, 2016, with Ferhat Akbas and Sorin Sorescu), which investigates arbitrage constraints and cross-sectional efficiency; “Going for Gold: An Analysis of Morningstar Analyst Ratings” (Management Science, 2017); “Two Centuries of Innovations and Stock Market Bubbles” (Marketing Science, 2018, with Alina Sorescu and Sorin Sorescu), documenting how radical innovations predict bubbles over 200 years; “The Ex Ante Likelihood of Bubbles” (Management Science, 2022); and “Are Subjective Expectations Formed as in Rational Expectations Models?” (Management Science, 2025). These contributions have advanced understanding of asset pricing anomalies, bubble dynamics, and investor expectations. In 2019, he was awarded the Rawls College Integrated Scholar of the Year for excellence in research, teaching, and service. As dissertation chair, he has guided Ph.D. students to academic positions at institutions like the University of Alabama, Framingham State University, and others. Armstrong contributes to the E.W. & J. David Williams Institute for Community Banking & Finance and was appointed interim director of a new center in the Rawls College in 2025.