Eben Otuteye

Professor

PhD (Queen's University)

Business Administration, Faculty of

Singer Hall 362

Fredericton

otuteye@unb.ca
1 506 458 7354



Eben Otuteye is a Professor of Finance with the University of New Brunswick, Fredericton, Canada. Professor Otuteye received a Ph.D. (Finance and Economics) from Queen’s University, Kingston; a M.A in Economics from the University of New Brunswick, Fredericton; and a B.A. in Economics and Statistics from the Univesity of Ghana, Legon.

Professor Otuteye joined the Faculty of Business Administration at UNB in 1987 where he teaches in the BBA, MBA, and Interdisciplinary Ph.D programs. He has taught various finance courses, including Principles of Finance, Corporate Finance, Investments, Behavioral Finance, Value Investing, Personal Financial Planning, Theory of Finance, etc.

Dr. Otuteye is a world-renowned authority on capital markets and investment decision making, especially value investing. His research interests include behavioral finance; managerial decision making and public policy from a behavioral perspective; value investing, asset pricing models, portfolio management strategies, and the economics and security of digital market, topics on which he has made many conference presentations all over the world and on which he has published in several high-ranking journals. His current research focus is on how investors, managers and policy makers make decisions and how these decisions are reflected in financial markets and other domains.

In collaboration with Mohammad Siddiquee, Professor Otuteye developed a heuristic (the O-S heuristic) for making value investing decisions. This is a system for common stock portfolio selection that incorporates the value investing principles as originally propounded by Benjamin Graham and its extensions as developed and practiced especially by Warren Buffett and Charlie Munger.

Recent publications 

Journal articles

Otuteye, E., & Siddiquee, M. (2015). Overcoming Cognitive Biases: A Heuristic for Making Value Investing Decisions. Journal of Behavioral Finance, 16(2), 140-149.

Otuteye, E., & Siddiquee, M. (2015). Avoiding Financially Distressed Companies Using a Value Investing Heuristic. Journal of Investing, 24(3), pp. 73-99.

Otuteye, E., & Siddiquee, M. (2013). Examining the Performance of a Value Investing Heuristic: Evidence From The S&P/TSX 60 From 2001-2011. Journal of Business Economics & Finance, 2(4), 67-81.

Monographs

Otuteye, E., & Siddiquee, M. (2018). A Master Class with Warren Buffett and Charlie Munger 2018. South Carolina: CreateSpace Independent Publishing Platform, Fourth edition.

Otuteye, E., & Siddiquee, M. (2017). A Master Class with Warren Buffett and Charlie Munger 2016. South Carolina: CreateSpace Independent Publishing Platform, Third edition.

Otuteye, E., & Siddiquee, M. (2016). A Master Class with Warren Buffett and Charlie Munger 2015. South Carolina: CreateSpace Independent Publishing Platform, Second edition.

Otuteye, E., & Siddiquee, M. (2015). A Master Class with Warren Buffett and Charlie Munger 2014. South Carolina: CreateSpace Independent Publishing Platform, First edition.

Otuteye, E., & Siddiquee, M. (2015). Redefining Risk and Return in Common Stock from a Value Investing Perspective: Some Tenable Propositions. Brandes Institute Monograph.

Working papers

Otuteye, E., & Siddiquee, M. (2016). A Critique of Modern Portfolio Theory and Asset Pricing Models from a Value Investing Perspective. University of New Brunswick, Fredericton

Otuteye, E., & Siddiquee, M. (2015). The Tale of Two Irrationalities: Why Money Managers Keep Promising What They Cannot Deliver and Why Clients Keep Giving Them Their Money. University of New Brunswick, Fredericton

Otuteye, E., & Siddiquee, M. (2015). Examining the Skewness and Kurtosis of Value vs. Glamour Portfolios. University of New Brunswick, Fredericton

Otuteye, E., & Siddiquee, M. (2013). R.I.P. Risk-Free Assets. University of New Brunswick, Fredericton

Conference presentations

Otuteye, E., & Siddiquee, M. (2017, October). Buffett’s Alpha: Further Explanations from Behavioral Value Investing Perspective. Paper presented at the meeting of the Academy of Behavioral Finance and Economics, Los Angeles, CA.

Otuteye, E., & Siddiquee, M. (2017, September). Interpreting the Fama-French Five-Factor Model from Benjamin Graham’s Value Investing Perspective. Paper presented at the meeting of the 47th Atlantic Schools of Business Conference, Wolfville, NS.

Otuteye, E., & Siddiquee, M. (2017, May). Re-Evaluating the Value of Modern Portfolio Theory and Asset Pricing Models Based on Behavioral Insights from Benjamin Graham’s Value Investing Paradigm. The Administrative Sciences Association of Canada (ASAC) Conference, Montreal, QC.

Otuteye, E., & Siddiquee, M. (2017, May). The Case for Scholarship and Education in Value Investing. Finance Area Symposium at the meeting of The Administrative Sciences Association of Canada (ASAC) Conference, Montreal, QC.

Otuteye, E., & Siddiquee, M. (2016, November). Failure of Asset Pricing Models: Confusion Between Objective Risk and Risk Perception. Poster presented at the meeting of The Society for Judgment and Decision Making, Boston, MA

Otuteye, E., & Siddiquee, M. (2016, October). A Critical Assessment of the Contribution of Modern Portfolio Theory and Asset Pricing Models to the Theory and Practice of Investment Decision Making. Paper presented at the meeting of The 46th Atlantic Schools of Business Conference, Halifax, NS

Otuteye, E., & Siddiquee, M. (2016, October). The Case for Revamping Investment Curriculum in Atlantic Schools of Business: A Behavioural and Value Investing Perspective. Symposium presentation at the meeting of the 46th Atlantic Schools of Business Conference, Halifax, NS

Otuteye, E., & Siddiquee, M. (2016, September). Redefining Risk in Common Stock Investment. Poster presented at the UNB Research Showcase 2016, Fredericton, NB

Otuteye, E., & Siddiquee, M. (2016, September). A Critique of Modern Portfolio Theory and Asset Pricing Models from a Value Investing Perspective. Paper presented at the meeting of Academy of Behavioral Finance and Economics, Las Vegas, NV

Otuteye, E., & Siddiquee, M. (2016, February). The Case that Markowitz Portfolio Theory, the Capital Asset Pricing Model, and Related Multifactor Asset Pricing Models are Neither Accurate Representation of Financial Markets Nor Reliable Models for Making Practical Portfolio Management Decisions. Paper presented at the Faculty Research Seminar, University of New Brunswick, Fredericton, NB

Otuteye, E., & Siddiquee, M. (2016, February). A Critique of Modern Portfolio Theory and Asset Pricing Models from a Value Investing Perspective. Paper presented at the Faculty Research Colloquium, University of New Brunswick, Saint John, NB

Otuteye, E., & Siddiquee, M. (2015, December). A Heuristic for Making Value Investing Decisions. Paper presented at the meeting of 13th Asian Business Research Conference, Dhaka, Bangladesh

Otuteye, E., & Siddiquee, M. (2015, November). Understanding the Persistent Apparent Irrationality in Choosing Between Common Stock Market Index and Professionally Managed Mutual Funds. Poster presented at the meeting of The Society for Judgment and Decision Making, Chicago, IL

Otuteye, E., & Siddiquee, M. (2015, September). Bounded Rationality in Active vs. Passive Money Management: Evidence, Behavioural Explanation, and Possible Solutions. Paper presented at the meeting of The 45th Atlantic Schools of Business Conference, Fredericton, NB

Otuteye, E., & Siddiquee, M. (2015, September). How to Make Intelligent Investment Decisions. Poster presented at the UNB Research Showcase 2015, Fredericton, NB

Otuteye, E., & Siddiquee, M. (2015, September). Questioning Some Widely Accepted Views of Modern Portfolio Theory and Asset Pricing Models: A Value Investing Perspective. Paper presented at the meeting of The 45th Atlantic Schools of Business Conference, Fredericton, NB

Otuteye, E., & Siddiquee, M. (2015, August). Redefining Risk and Return in Common Stock from a Value Investing Perspective: Some Tenable Propositions. Paper presented at the Institute of Business Administration, Jahangirnagar University, Dhaka, Bangladesh

Otuteye, E., & Siddiquee, M. (2015, August). Investigating Higher Moments of Probability Distribution of Common Stock Returns as Potential Behavioral Indicators. Paper presented at the meeting of The 12th Knowledge Globalization Conference, Sonipat, Haryana, India

Otuteye, E., & Siddiquee, M. (2014, October). Rethinking Common Stock Investment: A Critique of Current Investment Management Mindset and Practices. Paper presented at the Faculty Research Seminar, Faculty of Business Administration, Fredericton, NB

Otuteye, E., & Siddiquee, M. (2014, September). Incorporating Psychology in Financial Decision Making: An Overview. Paper presented at the meeting of the 44th Atlantic Schools of Business Conference, Halifax, NS

Otuteye, E., & Siddiquee, M. (2014, September). Heterogeneity in Risk Preferences: Skewness of Portfolio Returns as a Distinguishing Feature Between Value Investors and Others. Paper presented at the meeting of the Academy of Behavioral Finance and Economics, Los Angeles, CA

Otuteye, E., & Siddiquee, M. (2014, April). Redefining Risk from a Value Investing Perspective: Propositions to Motivate a Re-Examination of Standard Portfolio Theory and Asset Pricing Models. Paper presented at the meeting of the 4th Annual International Conference on Accounting and Finance, Phuket, Thailand

Otuteye, E., & Siddiquee, M. (2013, September). R.I.P. Risk-Free Assets. Paper presented at the meeting of the 43rd Atlantic Schools of Business Conference, Antigonish, NS

Otuteye, E., & Siddiquee, M. (2013, September). Redefining Risk: Propositions to Motivate a Re-Examination of the Standard Risk vs. Return Relationship in Common Stock and Bond Portfolio Management. Paper presented at the meeting of the Academy of Behavioral Finance and Economics, Chicago, IL

Otuteye, E., & Siddiquee, M. (2013, July). A Re-Examination of Traditional Risk vs. Return in Portfolio Management. Paper presented at the meeting of the Annual Paris Business and Social Sciences Conference, Paris, France

Otuteye, E., Abekah, J., Bramble, B., & Siddiquee, M. (2013, June). Learning Styles and Learning Objects: Web-Based Tools to Enhance Teaching and Learning in Finance and Accounting. Paper presented at the meeting of The Administrative Sciences Association of Canada (ASAC) Conference, Calgary, AB