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.
Associate Professor of Finance
Assistant Professor of Financial Economics
Adjunct Finance Faculty, Research Assistant
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
First Vice President, Energy & Chemicals Risk Management
Vice President & Originator, Energy Corporate Finance
European Corporate Banking
Financial Analyst, International Finance
Portfolio Manager, Corporate Banking
1997 - 1999
Corporate Credit Officer & Senior Analyst, Leveraged Finance
1995 - 1997
Total Quality Management Coordinator, Corporate Operations
1992 - 1995
German/ESL Math Teacher
Ph.D. Int′l Bus. Administration (Finance)
MBA Finance
BA. Mathematics & German
Commodity supply and trading, natural gas trading, energy finance
Energy derivatives, derivative trading, derivative hedging
Futures, options, swaps
Credit default swaps, CDS indices
Interest rate, over-the-counter (OTC) derivatives
Derivative valuation
Credit risk, risk management
ISDAs and CSAs
Corporate banking
“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
“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
"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
“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
“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
“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
“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
“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
“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
“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
“Robust Forecast Combination for Elusive Market Risk Premium Predictability” International Trade Journal.
“Informational Flow Between European CDS and Equity Markets: Existence, Strength, Evolution and the COVID-19 Pandemic”
“Funds from Operations to Total Debt: A More Efficient Measure of Leverage for Capital Structure Decision Making”
“FFO to Total Debt: A More Efficient Proxy of Capital Structure”
Texas A&M International University
“Terrorism and Its Impact on the Cost of Debt”
Texas A&M International University
“Terrorism and Its Impact on the Cost of Debt”
“Terrorism and Its Impact on the Cost of Debt”
“Efficiency of Capital Markets: Is the Value Premium Dead?”
“Efficiency of Capital Markets: Is the Value Premium Dead?”
Texas A&M International University
“Price Discovery in CDS and Equity Markets: Do Investors Trade Systematic Credit Default Risk More Efficiently than Non-Systematic?”
“The Relative Role of CDS and Bond Markets in Efficiently Pricing Emerging Market Sovereign Credit Risk”
“Robust Forecast Combination for Elusive Return Predictability,” Texas A&M International University
“Price Discovery and Cross Market Informational Flow in High-Yield Systematic CDS and Equity Markets: Out-of-Sample Evidence” (Selected for Best Paper Award)
“Price Discovery and Cross Market Informational Flow in High-Yield Systematic CDS and Equity Markets: Out-of-Sample Evidence”
“The Impact of COVID-19 on Relative Market Efficiency and the Forecasting of CDS and Equity Market Returns.”