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William Procasky, CFA, Ph.D.
  • Bonds & credit
  • Complex securities & derivatives
  • Project finance
  • Trading & portf. management

William Procasky, CFA, Ph.D.

Dr. William J. Procasky, CFA, PhD, has 25 years of professional experience in financial derivatives, credit default swaps, commodity supply and trading, energy structured finance and large and middle market corporate banking.
He was Chief Credit Officer for the largest natural gas derivative trader in North America where he built a robust risk management and control framework and has worked closely with energy and other industry borrowers on a wide variety of derivative, loan and asset backed structures. He has extensive experience with futures, options, swaps, collars and other more exotic forms of derivatives.
Dr. Procasky has also taught university-level finance and derivatives courses at AACSB accredited institutions and his research on derivatives and other finance related subjects has been published in respected journals, including CFA Digest, Journal of International Money and Finance, Journal of Financial Markets, Journal of Alternative Investments, Journal of Futures Markets, International Review of Financial Analysis and International Journal of Financial Markets and Derivatives. He has presented his work at international, national, and regional conferences and received several awards, including a Best Paper Award at the 2021 Southwestern Finance Association Conference and 2022 Researcher of the Year for the College of Business Administration at Texas A&M University – Kingsville.

Industry Experience
Education
Areas of Expertise
Publications
Working Papers
Presentations
Professional Organizations
Honors and Awards
Journal Refereeing
Keywords

Industry Experience

TEXAS A&M UNIVERSITY-KINGSVILLE

Associate Professor of Finance

WESTMINSTER COLLEGE

Assistant Professor of Financial Economics

TEXAS A&M INT’L UNIVERSITY

Adjunct Finance Faculty, Research Assistant

BP ENERGY CO., INTEGRATED SUPPLY & TRADING

Chief Credit Officer & Global Credit Liaison

2010 - 2012

Director, Financial Products Origination and Macroeconomist

2008 - 2010

Credit Origination Manager & Deputy Chief Credit Officer

2005 - 2008

ABN AMRO

First Vice President, Energy & Chemicals Risk Management

DZ BANK AG

Vice President & Originator, Energy Corporate Finance

BAYERISCHE HYPO-UND VEREINSBANK AG

European Corporate Banking

DZ BANK AG

Financial Analyst, International Finance

PNC BANK CORP

Portfolio Manager, Corporate Banking

1997 - 1999

Corporate Credit Officer & Senior Analyst, Leveraged Finance

1995 - 1997

Total Quality Management Coordinator, Corporate Operations

1992 - 1995

KEYSTONE OAKS SCHOOL DISTRICT

German/ESL Math Teacher

Education

Texas A&M International

Ph.D. Int′l Bus. Administration (Finance)

University of Pittsburgh

MBA Finance

Dickinson College

BA. Mathematics & German

Areas of Expertise

Natural gas and trading

Commodity supply and trading, natural gas trading, energy finance

Energy derivatives, derivative trading, derivative hedging

Futures, options, swaps

Credit and derivatives

Credit default swaps, CDS indices

Interest rate, over-the-counter (OTC) derivatives

Derivative valuation

Credit risk, risk management

ISDAs and CSAs

Corporate banking

Publications

PROCASKY, WILLIAM, NACASIUS UJAH AND ZUBAIR RAJA

“FFO to Total Debt: A More Efficient Proxy of Capital Structure,” Journal of Accounting and Finance, 14(6), 71-90. http://freetrade.tamiu.edu/pdf

PROCASKY, WILLIAM AND NACASIUS UJAH

“Terrorism and Its Impact on the Cost of Debt,” Journal of International Money and Finance, 60, 253-266 (also in CFA Digest, April 2016, Volume 46 Issue 4). DOI: 10.1016/j.jimonfin.2015.04.007

PROCASKY WILLIAM, ZUBAIR RAJA AND RENEE OYOTODE

"Efficiency of Capital Markets: A New Perspective on the Value Premium and Day-of-the-Week Effects" International Journal of Portfolio Analysis and Management,2(2), 114-140. DOI: 10.1504/IJPAM.2018.092649

RAJA, ZUBAIR, WILLIAM PROCASKY AND RENEE OYOTODE

“The Relative Role of CDS and Bond Markets in Price Discovery of Emerging Market Sovereign Risk,” Journal of Emerging Market Finance. DOI: 10.1177/0972652720932772

PROCASKY, WILLIAM

“Price Discovery in CDS and Equity Markets: Default Risk Based Heterogeneity in the Systematic High Yield Sector,” Journal of Financial Markets, Volume 54. DOI: 10.1016/j.finmar.2020.100581

PROCASKY, WILLIAM AND BRIAN PETRUS

“Do Investors Trade Industry Sector-Based Credit Risk Differently than Systematic Credit Risk?” Journal of Alternative Investments, Fall 2021. DOI: 10.3905/jai.2021.1.139

PROCASKY, WILLIAM AND ANWEN YIN

“Forecasting High-Yield Equity and CDS Index Returns: Does Observed Cross-Market Informational Flow have Predictive Power?” Journal of Futures Markets, 42(8), 1466-1490. DOI: 10.1002/fut.22342

PROCASKY, WILLIAM AND ANWEN YIN

“Identifying the True Nature of Price Discovery and Informational Flow in Investment Grade CDS and Equity Markets” North American Journal of Economics and Finance, 64, 101877. DOI: 10.1016/j.najef.2022.101877

PROCASKY, WILLIAM

“The Relative Efficiency of Investment Grade Credit and Equity Markets” International Journal of Financial Markets and Derivatives, 9 (1-2), 43-58. DOI: 10.1504/IJFMD.2023.129100

PROCASKY, WILLIAM AND ANWEN YIN

“The Impact of COVID-19 on Relative Market Efficiency and Forecasting Ability of Credit Derivative and Equity Markets” International Review of Financial Analysis, 90, 102926. DOI: 10.1016/j.irfa.2023.102926

Working Papers

PROCASKY, ANWEN YIN

“Robust Forecast Combination for Elusive Market Risk Premium Predictability” International Trade Journal.

PROCASKY, ANWEN YIN

“Informational Flow Between European CDS and Equity Markets: Existence, Strength, Evolution and the COVID-19 Pandemic”

Presentations

SOUTHWESTERN FINANCE ASSOCIATION CONFERENCE, DALLAS, TEXAS

“Funds from Operations to Total Debt: A More Efficient Measure of Leverage for Capital Structure Decision Making”

18TH ANNUAL WESTERN HEMISPHERIC TRADE CONFERENCE, LAREDO, TEXAS

“FFO to Total Debt: A More Efficient Proxy of Capital Structure”

Texas A&M International University

18TH ANNUAL WESTERN HEMISPHERIC TRADE CONFERENCE, LAREDO, TEXAS

“Terrorism and Its Impact on the Cost of Debt”

Texas A&M International University

ACADEMY OF INTERNATIONAL BUSINESS CONFERENCE, VANCOUVER, CANADA

“Terrorism and Its Impact on the Cost of Debt”

LUPCON CENTER FOR BUSINESS RESEARCH FINANCE AND ECONOMICS CONFERENCE 2014, MUNICH, GERMANY

“Terrorism and Its Impact on the Cost of Debt”

SOUTHWESTERN FINANCE ASSOCIATION CONFERENCE, HOUSTON, TEXAS

“Efficiency of Capital Markets: Is the Value Premium Dead?”

19TH ANNUAL WESTERN HEMISPHERIC TRADE CONFERENCE, LAREDO, TEXAS

“Efficiency of Capital Markets: Is the Value Premium Dead?”

Texas A&M International University

22ND ANNUAL WESTERN HEMISPHERIC TRADE CONFERENCE, LAREDO, TX

“Price Discovery in CDS and Equity Markets: Do Investors Trade Systematic Credit Default Risk More Efficiently than Non-Systematic?”

SOUTHWESTERN FINANCE ASSOCIATION CONFERENCE, HOUSTON, TX

“The Relative Role of CDS and Bond Markets in Efficiently Pricing Emerging Market Sovereign Credit Risk”

25TH ANNUAL WESTERN HEMISPHERIC TRADE CONFERENCE

“Robust Forecast Combination for Elusive Return Predictability,” Texas A&M International University

SOUTHWESTERN FINANCE ASSOCIATION CONFERENCE

“Price Discovery and Cross Market Informational Flow in High-Yield Systematic CDS and Equity Markets: Out-of-Sample Evidence” (Selected for Best Paper Award)

AUCKLAND CENTRE FOR FINANCIAL RESEARCH DERIVATIVES MARKETS CONFERENCE 2021

“Price Discovery and Cross Market Informational Flow in High-Yield Systematic CDS and Equity Markets: Out-of-Sample Evidence”

AUCKLAND CENTRE FOR FINANCIAL RESEARCH DERIVATIVES MARKETS CONFERENCE 2022

“The Impact of COVID-19 on Relative Market Efficiency and the Forecasting of CDS and Equity Market Returns.”

Professional Organizations

SOUTHWEST FINANCE ASSOCIATION
HOUSTON SOCIETY OF FINANCIAL ANALYSTS
FMA INTERNATIONAL (PAST)
NEW YORK REGIONAL EXPERT WITNESS ASSOCIATION
NEW YORK SOCIETY OF SECURITY ANALYSTS (PAST)
CFA INSTITUTE

Honors and Awards

SELECTED INTO HIGH POTENTIAL PROGRAM (CAPS) AT BP ENERGY
FACULTY CONFERENCE FUND AWARD
FACULTY CONFERENCE FUND AWARD
NEW FACULTY INVESTMENT PROGRAM STIPEND
SUMMER RESEARCH GRANT
BEST PAPER AWARD, SOUTHWESTERN FINANCE ASSOCIATION CONFERENCE
COLLEGE OF BUSINESS DISTINGUISHED RESEARCHER OF THE YEAR

Journal Refereeing

INTERNATIONAL TRADE JOURNAL
JOURNAL OF FINANCIAL STABILITY
JOURNAL OF MACROECONOMICS
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
INTERNATIONAL REVIEW OF ECONOMICS AND FINANCE
JOURNAL OF FUTURES MARKETS
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

Expert Keywords

  • Black-Scholes
  • cash flow analysis
  • CDS indices
  • Chief Credit Officer
  • co-chaired derivatives task force
  • commercial banking
  • commodity supply and trading
  • corporate banking
  • Corporate Credit Officer
  • cost of carry
  • credit default swap (CDS)
  • credit origination officer
  • credit risk
  • cross-hedging
  • currency swaps
  • delegated highest credit approval authority
  • derivative hedging
  • derivative trading
  • derivative valuation
  • derivatives
  • derivatives valuation
  • energy & chemicals risk management
  • energy corporate finance
  • energy derivatives
  • energy finance
  • energy structured finance
  • European corporate banking
  • exchange-traded derivatives
  • financial products origination
  • financial products origination and macroeconomist
  • firm valuation
  • forwards
  • futures
  • futures & options
  • futures trading strategies
  • Global credit liaison
  • hedging
  • interest rate swaps
  • interest rates
  • international finance
  • ISDAs and CSAs
  • large corporate banking
  • leveraged finance
  • listed derivatives
  • macroeconomy
  • margining
  • merchant power generation and trading
  • middle market corporate banking
  • natural gas
  • oil and gas
  • options
  • options trading strategies
  • over-the-counter (OTC) derivatives
  • put-call parity
  • reserve based lending
  • risk management
  • risk-weighted asset (RWA) arbitrage
  • speculating
  • structured products
  • swaps
  • treasury bond futures
  • utilized credit derivatives

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