Biography: Oghenovo A. Obrimah, Ph.D.

Oghenovo A. Obrimah, Ph.D.

Dr. Oghenovo Obrimah holds a Ph.D. in Business & Management with concentration in Finance, and sub-concentration in Economics from the RH Smith School of Business of the University of Maryland, College Park, USA.  His PhD Dissertation was voted one of the best PhD Dissertations in Finance by the Financial Management Association (FMA) during the 2004/2005 academic job market.  Currently, his teaching interests are inclusive of, Investments, Economic Development, Microeconomics, and Risk Management. 

Dr. Obrimah holds a BSc, with First Class Honors (equivalent of Summa Cum Laude) in Mathematics, was awarded a Pre-doctoral Fellowship for study of Economics from 1999 to 2000 by Yale University, and has worked with PricewaterhouseCoopers LLC.  In wake of the mortgage crisis, Dr. Obrimah assisted Fannie Mae with assessments of the robustness of measures for the risk of Mortgage Backed Securities (MBS).  Dr. Obrimah’s research are well cited and are published in reputable journals, such as the Journal of Economics and Business, the Quarterly Review of Economics and Finance, the African Development Review, Social Sciences & Humanities Open, SN Business & Economics, Annals of Financial Economics, and in Finance Research Letters, currently the top Finance Journal by Journal Citation Impact Factor. 

Currently, and for the preceding contiguous five years, he has been ranked as a top 10% researcher (by downloads of research papers) on the reputable Social Science Research Network (SSRN), owned by Elsevier.  His research interests are inclusive of, Venture Capital, IPOs, Financial Markets, Financial Intermediation, General Equilibrium, Economic Development, Microeconomic Theory, Finance Theory, and the Philosophy of Science.  His portfolio of more than 100 publicly available research studies is accessible via his growkudos research profile.  He loves to play squash and bike, and enjoys music.


Ph.D. Bus. & Mgmt.   University of Maryland, College Park 

Major: Finance; Minor Economics

Predoctoral Fellowship: Yale University 


B.Sc.     University of Ibadan, Nigeria

Mathematics ( First Class Honors)

Contact information:

Office Location: Park Johnson, room 232
Office Phone Number: 615-329-5000
Office email:

Oghenovo A. Obrimah, Ph.D. Research & Publications

  • Refining the general equilibrium relation that subsists between stock returns, and each of investors' risk preferences and information sets, 2022, Finance Research Letters (the top Finance journal by Citation Impact Factor) 46, 102420. DOI:
  • Modeling of stock returns in continuous vis-a-vis discrete time is equivalent, respectively to conditioning of stock returns on a random walk process for trade imbalances vis-a-vis a random walk process for evolution of information, 2022, joint with Alan Wong, Annals of Financial Economics (Scopus, i.e. 'Scimago' Ranked, H-index of 12) 17, 2250010. DOI:
  •  Progressiveness of Increase to Utility from Socioeconomic Activities: ‘Barebones’ Necessary Conditions, 2022, Social Sciences & Humanities Open (a new Elsevier Journal) 6, 100308. DOI:
  • Underpricing of Initial Public Offerings (IPOs) and the Credibility of Underwriters' Pricing Services, 2023, SN Business & Economics 3, 45. DOI:
  •  Information production within the venture capital market: implications for economic growth and development, 2016,   Journal of Economics and Business (Scopus, i.e. 'Scimago' Ranked, H-index of 52) 87, 1-17,
  •  How important is innovation for Venture Capitalists'(VCs') Market Reputation? 2016,  Quarterly Review of Economics and Finance (Scopus, i.e. 'Scimago' Ranked, H-index of 55) 61, 64-76.
  • Performance reversals and attitudes towards risk in the venture capital market, joint with Puneet Prakash, 2010, Journal of Economics and Business (Scopus, i.e. 'Scimago' Ranked, H-index of 52) 62, 537-561.
  • Can interactions between financing and investment activities have dissimilar effects on inflation and exchange rates? 2015; African Development Review (Scopus, i.e. 'Scimago' Ranked, H-index of 37) 27, 41-51.
  •  How relevant is the Capital Asset Pricing Model (CAPM) for tests of market efficiency on the Nigerian Stock Exchange; joint with Ugo-Harry, B.C., and J. Alabi, 2015, African Development Review (Scopus, i.e. 'Scimago' Ranked, H-index of 37) 27, 262-273.
  • Consolidation within the banking sector and savings deposits: effects on liquidity, output, and profitability within the Nigerian economy, joint with Ebere, C.E., 2015. Annals of Financial Economics (Scopus, i.e. 'Scimago' Ranked, H-index of 12) 10, 1550001 [29 pages]
  • Investor protections and their impact on capital markets, joint with Manu Gupta, Puneet Prakash, and Nanda K. Rangan. 2010. Second chapter in the Handbook on Emerging Issues in Corporate Governance, ED. Tourani-Rad, Publisher – Ingley.   
  • Essays on Law, Finance, and Venture Capitalists’ Asset Allocation Decisions, 2005, PhD Dissertation.
  • Implications of New Keynesian Theory for Benchmarking of Monetary Efficiency, 2016; International Journal of Regional Development 3, 76-88. DOI:


PROFESSIONAL BOOKS                         




TWO RECENT WORKING PAPERS                        

  • A Discretely Formulated Option Pricing Model That, Absent Directness of Modeling of Volatility, Embeds the ‘Volatility Smile’ , 2022, Available at SSRN:
  • Equilibrium of Relations that subsist between the Activities of Consumption and the Activities of Innovation, 2022, Available at SSRN:

Oghenovo A. Obrimah, Ph.D. Professional Service

Dr. Obrimah has reviewed for journals, such as Finance Research Letters; Venture Capital, an International Journal of Entrepreneurial Finance; Frontiers in Psychology; African Development Review; Quarterly Review of Economics and Finance; Cogent Economics and Finance; Cogent Business and Management; SN Business & Economics; Financial Management Journal; Journal of African Finance and Economic Development; Journal of International Business Studies.

Oghenovo A. Obrimah, Ph.D. Conference Presentations


Dr. Obrimah has presented his research, acted as a program coordinator, or discussed papers at conferences of the Financial Management Association; Eastern Finance Association; Financial Markets and Corporate Governance Consortium; Southern Finance Association; Entrepreneurial Finance Association; and the Emerging Trends in Entrepreneurial Finance Consortium.

Oghenovo A. Obrimah, Ph.D. Courses

  • Business Finance
  • Investments
  • Enterprise Risk Management
  • Microeconomics
  • Macroeconomics
  • Economics of Development