Lalith Samarakoon

Professor, Finance

2115 Summit Ave
McNeely Hall 333
St. Paul, MN 55105

B.Sc., Business Administration, University of Sri Jayewardenepura
M.B.A., Finance, University of New Hampshire
Ph.D., Finance, University of Houston

See publications in UST Research Online

Lalith Samarakoon is a professor of finance. He also holds professional credentials as a chartered accountant and a certified financial analyst. Samarakoon teaches Contemporary Global Finance Issues, Global Financial Services (China course), International Finance and Financial Management. His primary area of research is international finance, with particular focus on emerging and frontier markets. He has published numerous scholarly articles dealing with issues such as market liberalization and return volatility, investment behavior of investor classes, return predictability, relation between returns and inflation, interest rates and dividends, tests of asset pricing models, mean reversion in stock prices, ownership structure, capital structure, initial public offerings, and stock market interdependence, contagion, and the U.S. financial crisis. He also published four texts relating to stock and bond markets.

His current research focuses on financial and policy issues associated with financial crises, particularly the European debt crisis, monetary policy and asset bubbles. He is an international expert in financial sector and capital market development and government debt management. As a financial economist, he has worked with key multilateral organizations such as the World Bank, USAID and ADB, and financial market institutions, investment and commercial banks. Samarakoon has held multiple leadership positions in academia and the private sector and has international leadership experience in business school restructuring and reforms, academic administration, corporate outreach, curriculum design, program development and management. He has received awards for excellence in teaching and research.

Fall 2017 Courses
Fall 2017 Courses
Crs - Sec Title Days Time Location
FINC 490 - 01 Investment Fund Management I - T - - - - - 1800 - 2100 SCH 322
Description of course Investment Fund Management I : CRN: 43409 4 Credit Hours
The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule
Schedule Details
Location Time Day(s)
FINC 600 - 202 Financial Management See Details * *
Description of course Financial Management : CRN: 42901
This course will focus on the financial management of business. It will cover the following subject matter: risk, return, evaluation, cost of capital, capital budgeting, long-term financing, capital structure theory, financial analysis and planning, and working capital management. The international aspect of financial management will be covered as it applies to the subject matter outlined above. -- Prerequisites: OPMT 600, ACCT 601, and GBEC 600 or GBEC 625.
Schedule Details
Location Time Day(s)
SCH 4071730-213006 Sep '17
-- - - - - - -
SCH 4071730-213027 Sep '17
SCH 4071730-213018 Oct '17
SCH 4071730-213008 Nov '17
SCH 4071730-213006 Dec '17
FINC 717 - 201 Invest Fund Mgmt - Aristotle - T - - - - - 1800 - 2100 SCH 322
Description of course Invest Fund Mgmt - Aristotle : CRN: 43410 3 Credit Hours
This class focuses on practical, hands-on investment management. The course provides students with practical experience in individual stock valuation and portfolio management. Student managers are required to commit twelve months to the management of the fund from September through August. The class meets weekly but the students are expected to maintain contact more frequently through phone and email correspondence. The student managers have access to a trading room on campus where they can meet to do research and discuss strategy. The student managers are responsible for all the day-to-day administrative duties necessary to manage the fund, ex. trading, presentation materials and performance reporting. The time commitment for the course is substantial as the students are managing real money for the University. Prerequisites: OPMT 600, ACCT 601, GBEC 600 or GBEC 625, FINC 600, and FINC 713 (may be taken concurrently). Instructor permission is required.
Schedule Details
Location Time Day(s)
J-Term 2018 Courses
J-Term 2018 Courses
Crs - Sec Title Days Time Location
Spring 2018 Courses
Spring 2018 Courses
Crs - Sec Title Days Time Location
FINC 490 - 01 Investment Fund Management II - T - - - - - 1800 - 2100 SCH 322
Description of course Investment Fund Management II : CRN: 21848
The subject matter of these courses will vary from year to year, but will not duplicate existing courses. Descriptions of these courses are available in the Searchable Class Schedule on Murphy Online, View Searchable Class Schedule
Schedule Details
Location Time Day(s)
FINC 600 - 202 Financial Management - - W - - - - 1730 - 2130 SCH 407
Description of course Financial Management : CRN: 21851
This course will focus on the financial management of business. It will cover the following subject matter: risk, return, evaluation, cost of capital, capital budgeting, long-term financing, capital structure theory, financial analysis and planning, and working capital management. The international aspect of financial management will be covered as it applies to the subject matter outlined above. -- Prerequisite: OPMT600, ACCT601, GBEC600
Schedule Details
Location Time Day(s)
GBEC 615 - 368 Global Economics See Details * *
Description of course Global Economics : CRN: 21857
This course focuses on understanding the global macroeconomic conditions and markets to evaluate the current economic environment ofr business and financial decision-making. Concepts covered include determinants of the level of national income, employment, investment, interest rates, business cycles, inflation, exchange rates, managing exchange rate exposure and current global economic and finance developments and issues.
Schedule Details
Location Time Day(s)
SCH 4070800-120012 Jan '18
SCH 4071300-170009 Feb '18
SCH 4071300-170010 Feb '18
SCH 4071300-170006 Apr '18
SCH 4070800-120004 May '18
Academic and Professional Positions
  • Professor, University of St. Thomas, Mineapolis / St. Paul (2012 - present)
  • Department Chair - Finance, University of St. Thomas, St. Paul / Minneapolis (2011 - 2015)
  • Associate Professor, University of St. Thomas, St. Paul / Minneapolis (2001 - 2012)
  • Visiting Associate Professor, University of Houston, Houston (2000 - 2001)
  • Professor of Finance, University of Sri Jayewardenepura, (2000 - 2001)
  • Senior Lecturer in Finance, University of Sri Jayewardenepura, (1994 - 2000)
  • Assistant Professor of Finance, Alabama A&M University, (1993 - 1994)
  • Assistant Lecturer in Business Administration, University of Sri Jayewardenepura, (1985 - 1994)
  • Teaching Fellow in Finance, University of Houston, Houston (1989 - 1993)

Professional Memberships
  • CFA Institute
  • European Financial Management Association
  • Institute of Chartered Accountants of Sri Lanka
  • Minnesota CFA Society
  • Sri Lanka Association for the Advancement of Science

Professional Service
  • Emerging Markets Finance and Trade, Reviewer
  • Financial Management Association European Conference, Reviewer
  • International Journal of Management Science and Engineering Management, Reviewer
  • International Review of Financial Analysis, Reviewer
  • Journal of International Financial Markets, Institutions and Money, Reviewer
  • Journal of Multi-disciplinary Studies, Reviewer
  • Journal of Multinational Financial Management, Reviewer
  • Journal of Risk and Control,
  • North American Journal of Economics and Finance, Reviewer
  • Sri Lanka Finance Association, Officer
  • The African Finance Journal, Reviewer
  • The Financial Review, Reviewer

Publications
  • Samarakoon, L. P. (2017). Contagion of the Eurozone debt crisis. Journal of International Financial Markets, Institutions and Money,
  • Samarakoon, L. P., & Kadapakkam, P. (2014). The two-tier board system and underpricing of initial public offerings: Evidence from Austria. (12)(1), pp. 352-362
  • Fonseka, M. M., Samarakoon, L. P., & Tian, G. (2012). Equity financing capacity and stock returns: Evidence from China. Journal of International Financial Markets, Institutions and Money, (22), pp. 1277-1291
  • Samarakoon, L. P. (2011). Stock market interdependence, contagion, and the U.S. financial crisis: The case of emerging and frontier markets. Journal of International Financial Markets, Institutions and Money, (21)(2011), pp. 724-742
  • Samarakoon, L. P. (2010). The short-run underpricing of initial public offerings in Sri Lankan Stock market. Journal of Multinational Financial Management, (20), pp. 197-213
  • Samarakoon, L. P. (2010). Asymmetric investor behavior between buyside and sellside: Evidence from investor classes in the Sri Lankan stock market. Journal of Multinational Financial Management, (20), pp. 93-113
  • Samarakoon, L. P. (2009). The relation between trades of domestic and foreign investors and stock returns in Sri Lanka. Journal of International Financial Markets, Institutions and Money, pp. 850-861
  • Samarakoon, L. P., & Jaleel, F. M. (2009). Stock market liberalization and return volatility: Evidence from the emerging stock market of Sri Lanka. Journal of Multinational Financial Management, (19), pp. 409-423
  • Samarakoon, L. P. (2004). Efficiency of the Sri Lankan stock market. (1), pp. 1-22
  • Samarakoon, L. P., & Hasan, T. (2003). Altman's Z-Score models of predicting corporate distress: Evidence from the emerging Sri Lankan stock market. (1), pp. 119-125
  • Samarakoon, L. P., & Dissa Bandara, D. (2002). Dividend announcements, firm size and dividend growth in the Sri Lankan stock market. (7)(3 & 4), pp. 228-245
  • Samarakoon, L. P., & Hasan, T. (2000). Short-term interest rates and expected stock returns in Sri Lanka. (6), pp. 337-348
  • Samarakoon, L. P. (1999). The capital structure of Sri Lankan companies. (4), pp. 18-30
  • Samarakoon, L. P. (1999). The ownership structure of Sri Lankan companies. (4), pp. 143-171
  • Samarakoon, L. P., Hasan, T., & Hasan, S. (1999). Stock price behavior in a less developed market: Evidence from Sri Lanka. Journal of Applied Business Research, (16), pp. 15-23
  • Samarakoon, L. P. (1998). Indices to measure the performance of the Sri Lankan corporate bond market. (3), pp. 186-203
  • Samarakoon, L. P. (1998). An Index to measure the performance of the Sri Lankan Treasury bond market. (3), pp. 204-220
  • Samarakoon, L. P. (1997). The cross-section of expected stock returns in Sri Lanka. (2)(3), pp. 233-250
  • Samarakoon, L. P. (1997). Stocks, bills and inflation in Sri Lanka. Vidyodaya Journal of Social Science, (8), pp. 17-183
  • Samarakoon, L. P. (1996). Predictability of short-horizon returns in the Sri Lankan stock market. (1), pp. 207-224
  • Samarakoon, L. P. (1996). Credit rating factors for corporate bonds. (6), pp. 16-20
  • Samarakoon, L. P. (1996). Stock market returns and inflation: Sri Lankan evidence. (1), pp. 293-311
  • Samarakoon, L. P., & Hosseini, J. (1989). Decision support systems for drilling oil wells. (13), pp. 101-110

Books and Chapters
  • Samarakoon, L. P. (2011). The financial market in Sri Lanka (Tamil translation), 1st ed.. Colombo, Sri Lanka Colombo, Sri Lanka: Securities and Exchange Commission of Sri Lanka
  • Samarakoon, L. P. (2010). Equity securities: Theory and practice, 1st ed. Sri Lanka Sri Lanka: Securities & Exchange Commission of Sri Lanka
  • Samarakoon, L. P. (2010). Debt securities: Markets, instruments and analysis, 1st ed... Sri Lanka Sri Lanka: Securities & Exchange Commission of Sri Lanka
  • Samarakoon, L. P. (2009). The financial market in Sri Lanka - 1st ed. Sinhala Sinhala: Securities and Exchange Commission of Sri Lanka
  • Samarakoon, L. P. (2005). Portfolio performance evaluation.
  • Samarakoon, L. P. (2005). Securities market in Sri Lanka, 4th ed. Sri Lanka Sri Lanka: Sri Lanka Securities & Exchange Commission
  • Samarakoon, L. P. (2000). Sri Lankan Corporate Bond Market, 1st ed.. Sri Lanka Sri Lanka: Nawala

Research Interests
  • Global Finance Issues and Policy
  • International Transmission of Financial Crises
  • Eurozone Crisis
  • Monetary Policy and Asset Bubbles

Presentations
  • "Contagion of the Eurozone debt crisis" International Finance and Banking Society Conference, Lisbon, Portugal, June 01, 2014
  • "Contagion of the Eurozone debt crisis" European Financial Management Association, Rome, Italy, June 01, 2014
  • "Equity financing capacity and stock returns: Evidence from China" FMA - Financial Management Association, Atlanta, Georgia, October 01, 2012
  • "Equity financing capacity and stock returns: Evidence from China" FMA - Financial Management Association, Atlanta, Georgia, October 01, 2012
  • "Equity financing capacity and stock returns: Evidence from China" Global Finance Conference, Chicago, IL, May 01, 2012
  • "Equity financing capacity and stock returns: Evidence from China" Global Finance Conference, Chicago, IL, May 01, 2012
  • "External financing capacity and stock returns in Chinese firms" Symposium on Empirical Accounting Research in China, KunMing, China, December 01, 2011
  • "External financing capacity and stock returns in Chinese firms" Symposium on Empirical Accounting Research in China, KunMing, China, December 01, 2011
  • "Stock market interdependence, contagion, and the U.S. financial crisis: The case of emerging and frontier markets" Opus College of Business Research Seminar, University of St. Thomas, Minneapolis, Minnesota, November 01, 2011
  • "External financing capacity and stock returns in Chinese firms" Symposium of China Journal of Accounting Research, Xiamen, China, November 01, 2011
  • "External financing capacity and stock returns in Chinese firms" Symposium of China Journal of Accounting Research, Xiamen, China, November 01, 2011
  • "Stock market interdependence, contagion, and the U.S. financial crisis: The case of emerging and frontier markets" FMA - Financial Management Association, Denver, CO, October 01, 2011
  • "Two-tier board system and underpricing of initial public offerings: Evidence from Austria" Academic Corporate Reporting and Governance Conference, Irvine, CA, September 01, 2011
  • "Two-tier board system and underpricing of initial public offerings: Evidence from Austria" Academic Corporate Reporting and Governance Conference, Irvine, CA, September 01, 2011
  • "Stock market interdependence, contagion, and the U.S. financial crisis: The case of emerging and frontier markets" Global Finance Conference, Bangkok, Thailand, April 01, 2011
  • "The short-run underpricing of initial public offerings in the Sri Lankan stock market" Opus College of Business Research Seminar, Saint Paul, Minnesota, April 01, 2011
  • "Initial public offerings and the performance of investor types in Sri Lanka'" OCB Summer Research Seminar, January 01, 2008
  • "Stock markets in the Russian Federation, transitional Europe and the United States: Profitability vs. pessimism / optimism" Midwest Business Administration Meetings, Chicago, Illinois, January 01, 2003
  • "Altman's Z-Score models of predicting corporate distress: Evidence from the emerging Sri Lankan stock market" Midwest Finance Association, Chicago, Illinois, January 01, 2003
  • "'The behavior of equity flows in emerging markets: Evidence from different investor types in the Sri Lankan stock market'" Southern Finance Association, Key West, FL, January 01, 2002
  • "The behavior of equity flows in emerging markets: Evidence from different investor types in the Sri Lankan stock market'" Southern Finance Association, Key West, Florida, January 01, 2002
  • "The behavior of equity flows in emerging markets: Evidence from different investor types in the Sri Lankan stock market." FMA-Financial Management Association, San Antonio, Texas, January 01, 2002