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Professor Emeritus
PhD (MIT) MCom BSc (Hons) PGDipCom (Otago) IMC (UKSIP)



Professor Timothy Falcon Crack is a Professor Emeritus of Finance. He joined the department as a chaired full professor in 2004, and retired in 2021. He maintains an office at the University of Otago and continues to mentor junior faculty and to meet with students.

Professor Crack did PhD coursework at MIT and Harvard, and graduated with a PhD in Financial Economics from MIT. He holds degrees in Mathematics (with a lot of Statistics), Finance, and Financial Economics, and a diploma in Accounting/Finance. He also holds the Investment Management Certificate from the UK Society of Investment Professionals.

Professor Crack has worked as an independent consultant to the New York Stock Exchange and to a foreign government body investigating wrongdoing in the financial markets. His most recent practitioner job was as the head of quantitative active equity research for the UK and Continental Europe in the London office of what was the world's largest institutional asset manager. He also taught undergraduate, MBA, and PhD courses at Indiana University's Kelley School of Business. He has won six university teaching awards and been nominated for at least five others.

Professor Crack's CV and Teaching Evaluations

Professor Crack has supervised or co‑supervised more than a dozen graduate students, including at least a half-dozen PhDs.

Research interests

  • Empirical capital markets
  • Quantitative active equity trading strategies
  • Derivatives
  • Econometrics
  • Market microstructure
  • Job interview techniques for finance practitioners and academics
  • Mathematics, statistics and finance pedagogy

Journal articles and books

Professor Crack has published in the top academic journal in Finance (The Journal of Finance), the top practitioner-oriented journals in Finance (The Financial Analysts Journal and The Journal of Futures Markets), and the top pedagogical journal in Finance (The Journal of Financial Education). He has also published in what was the top interdisciplinary Business journal (The Journal of Business). He has also published in Physica A, Accounting and Finance, and a half-dozen other journals.

SSRN Author Profile – Professor Timothy Crack

Professor Crack has written many sole-authored books, which are listed on Amazon and on his personal website:

Timothy Falcon Crack on Amazon

Professor Crack's favourite books


  • DebtBanana (XLS) – to accompany “Credit Cards, Excess Debt, and the Time Value of Money,” published in the Journal of Financial Education.


Crack, T. F. (2023). Heard on the street: Quantitative questions from Wall Street job interviews (24th ed.). Dunedin, New Zealand: Timothy Crack, 400p.

Arnold, T., Crack, T. F., Marshall, C. D., & Schwartz, A. (2023). Introducing a real option framework for EVA/MVA analysis. Engineering Economist. Advance online publication.

Crack, T. F. (2023). Don’t put much stock in Herst’s ticker-tape covers. American Philatelist, 137(8), 696-697. [Letter].

Crack, T. F. (2022). Foundations for scientific investing: Capital markets intuition and critical thinking skills (12th ed.). Dunedin, New Zealand: Timothy Crack, 730p.

Butler, A. W., & Crack, T. F. (2022). A rookie's guide to the academic job market in finance: The labor market for lemons. Financial Review, 57, 775-791. doi: 10.1111/fire.12317

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