Cal Poly

Orfalea College of Business

Larry Gorman

Larry Gorman

Office 03-420
Phone 805-756-1312
Fax (805) 756-1473

Office Hours

Professor of Finance

Larry Gorman

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Download the paper behind Russell Investments’ new risk measure CrossVol®.


Northwestern University (Kellogg School) Finance Ph.D. 1992 — 1998
Western Washington University Finance M.B.A. 1987 — 1988
Washington State University Mechanical Engr. B.S. 1980 — 1985


  • Executive, MBA and undergraduate training in the areas of: Quantitative Methods in Finance, Financial Engineering, Corporate Finance, International Finance,  Equity Investment Analysis.


  • Asset Pricing, Statistical Arbitrage, International Finance, Corporate Finance, Alternative Investments.


  • Professor of Finance, Cal Poly, San Luis Obispo, California.     1997 to present
    Voted most outstanding faculty member in finance each year since 2003.  Pioneering researcher behind Russell Investment’s risk metric, CrossVol®.   Teach five subjects:  (i) Corporate Finance, (ii) International Finance, (iii) Quantitative Methods in Finance, (iv) Equity Investments, and (v) Financial Engineering and Risk Management.  Active researcher in the areas of statistical arbitrage and asset pricing, risk modeling, international finance, corporate finance, and contamination in food and plastics.
  • Corporate Finance Trainer.   Apple Inc,  California.  2007 to present.Oversee all finance training worldwide for Apple.  Currently teach a four quarter program covering statistics, finance, and forecasting.
  • Visiting Professor, Wharton School of Finance,  University of Pennsylvania.      Spring 2011
    Taught 3 sections of international finance to Wharton undergraduates.
  • Visiting Professor, Sasin Graduate School of Management,  Bangkok, Thailand.      1998 to present
    Joint program with the Kellogg and Wharton Schools.  Teach a five week accelerated module in August of each year, to both Thai MBAs and international executives.
  • Visiting Professor, International School of Management,  Paris, France.        2010 to present
    Teach a two day accelerated module in corporate finance in December of each year to French MBAs.
  • Board Member, Investment Oversight Committee.  Cal Poly Endowment.          2007 to present
    Provide investment advice on the active management of Cal Poly’s $180 million endowment.
  • CFO, V Laboratories.  San Luis Obospo, CA        2010 to present
    V Labs focuses on testing plastics for chemical migration into food and beverages.
  • Consultant, US Dept of Justice – Anti-Trust Division.  Washington, DC.       2009 — 2010
    Provided opinion on proposed merger of two large plastic processing firms.
  • Member, Board of Directors, Space Wealth      2008 to present
    Space Wealth promotes the mining of near earth asteroids for extraction of rare metals, and their return to earth.
  • Research Consultant/Analyst, Glencoe Capital.   Chicago,  IL.       2005
    Provided proprietary analysis of Private Equity return distributions using a unique database.
  • Instructor, MBA program, Northeastern University, Shenyang, China.         2002
    Three day intensive course in international risk management taught to Chinese MBA students using an interpreter.  Course arranged by the California State University system and the Chinese government.
  • Instructor, Senior Executive Program, Sasin Graduate School,  Cha-Am, Thailand.       2001
    Joint program with the Kellogg and Wharton Schools who supplied the remaining faculty for a three week intense study of accounting, economics, finance, marketing, organizational behavior, and strategy.
  • Instructor, Corporate Finance, Kellogg/Northwestern University.       1995 – 1996
    As a doctoral student, taught Corporate Finance to Kellogg MBAs.  Awarded “Doctoral Teacher of the Year” due to highest teaching evaluation amongst all doctoral students within Kellogg.
  • Risk Management Analyst,  Ennis Financial Group, Chicago, Illinois.       1995 –1996
    Oversaw construction of all derivative pricing models and software in order to implement customized risk management strategies.  Met with clients in a direct sales capacity.
  • Instructor, Corporate Finance,  University of Arizona.        1990 – 1992
    As a doctoral student, taught Corporate Finance to undergraduate students.  Teaching evaluations were in the top 20% of the business school in each of the three semesters taught.
  • Business Manager, Icicle Seafoods, Alaska.      1989
    Managed all business operations on board 158′ floating seafood processor in Alaska’s Bering Sea.
  • Registered Representative, Waddell and Reed, Bellingham, Washington.       1988 — 1989
    Financial Representative, licensed Series 6, 63 and 22.  Top salesperson in Washington State after four months.
  • Financial Analyst, U.S. Small Business Administration Department.        1987 — 1988
    Determined the cause of financial and operational problems, and proposed remedies for over two dozen small businesses in financial trouble.
  • Field Engineer, Combustion Engineering (ABB).       1985 – 1986
    Inspected, tested, and conducted performance assessments throughout the western and central United States on numerous fossil fuel fired electrical power plants.
  • Commercial Fisherman, Bering Sea, Alaska.         1978 – 1987
    Deckhand on board 32′ salmon and herring gillnetter in Bristol Bay, Alaska.  Boat finished in the top 10% of the fleet in eight of the ten years.

PUBLICATIONS (Refereed Journals):

  1. “Survey of heavy metal contamination in recycled polyethylene terephthalate used for food packaging.” Journal of Plastic Film and Sheeting (2012) with Michael Whitt, Wyatt Brown, and Sara Baker.
  2. “The Cross-Sectional Dispersion of Stock Returns, Alpha, and the Information Ratio” (2010) with Steve Sapra and Robert Weigand.  The Journal of Investing Vol.  19, No. 3. 113-127.
  3. The Role of Cross-Sectional Dispersion in Active Portfolio Management, with Steve Sapra and Robert Weigand. Investment Management and Financial Innovations 7, No. 3 (2010), 58-68.
  4. “Real Estate Price Symmetry” (2010) with John Dobson.   Journal of Research for Consumers.
  5. “Measuring Alpha-Based Performance: Implications for Alpha-Focused Structured Products” (2008) with Robert Weigand, Investment Management and Financial Innovations 5, No. 2, 17-23.
  6. “An Analysis of Factors Affecting Ex-Dividend Day Stock Prices in Global Capital Markets.” (2008) with Thomas Connelly, Piman Limpaphayom, and Robert Weigand. Problems and Perspectives in Management 6, No. 1, 77-92.
  7. “Testing Equity Portfolios for Alpha Bias: An Application for Student Investment Funds” (2008) with Robert Weigand, Journal of Economics and Finance Education 7, No. 2, 31-38
  8. “The Information Content of Dividend Resumptions.” (2006) with Robert Weigand and Thomas Zwirlein.  Studies in Economics and FinanceVol. 22, pp. 79-90.
  9. “The Ex-Divident Day Behavior of American Depository Receipts.” (2004) Journal of Multinational Financial Management Vol 14, pp1-18, with Arvind Mahajan and Robert Weigand.
  10. “Domestic versus International Portfolio Selection: A Statistical Examination of the Home Bias.”  (2002) Multinational Finance Journal, Vol 6, No. 3, pp 131-166, with Bjorn Jorgensen.  Winner of the Journal’s Best Paper Award for 2002 ($2000 prize).
  11. “Conditional Performance, Portfolio Rebalancing, and Momentum of Small Cap Mutual Funds” (2002).  Review of Financial Economics, Vol. 12, pp 287-300.
  12. “Tick Sizes, Stock Prices, and Share Turnover: International Evidence” Studies in Economics and Finance.  (2002) Vol. 20, No. 2, pp 1-18, with Ed Dyl and Douglas Witte.
  13. “An Internally Consistent Approach to Common Stock Valuation”  International Business and Economic Research.  (2002) Volume 1, No. 3, pp 69-78.
  14. “The Revictimization of Companies by the Stock Market Who Report Trade Secret Theft Under the Economic Espionage Act.”  The Business Lawyer, (2001) Vol. 57, No. 1, pp 25-53, with Chris Carr.
  15. “Timely Industry Information as an Assurance Service:  Evidence from the Book-to Bill Ratio”  Auditing, A Journal of Practice and Theory.  (1998) Vol. 17. pp 109-123, with Neil Fargher and Michael Wilkins.


  • The Q Group Key Largo, FL March 2010
    Integrated presentation of two papers: (i) The Cross-Sectional Dispersion of Stock Returns, Alpha, and the Information Ratio, and (ii) The Role of Cross-Sectional Dispersion in Active Portfolio Management.
  • Pensions and Endowments West (Hosted by the Opal Group). Carlsbad, CA Feb. 2009
    Participated in a Portable Alpha panel, also presented a cross-sectional research paper.
  • Hedge Fund Dynamics and Strategy Bangkok, Thailand Aug. 2008
    As the sole speaker, presented a 2 hour presentation to over 100 Bangkok finance executives and 200 Sasin alumni covering state of the art hedge fund strategy, products, and practices available to elite investors.
  • Alternative Investing Summit (Hosted by the Opal Group). Ritz Carlton, CA. Dec. 2008
    Chaired an Alternatives session. Participated in a Portable Alpha panel.
  • Alternative Investments East (Hosted by the Opal Group). Lansdowne, Virginia Apr. 2008
    Co-Chair of the conference, including chairing a separate 130/30 session.
  • Investing in 130/30 Funds USA 2008 (Hosted by Terrapinn) Santa Monica, CA Mar. 2008
    130/30 panel and discussion. Initial presentation of my presented a x-sectional research paper.
  • Pensions and Endowments West (Hosted by the Opal Group). Carlsbad, CA Feb. 2008
    130/30 panel and discussion.
  • Portable Alpha — Europe 2007. (Hosted by Terrapinn) London, England Nov. 2007
    Invited key-note speaker for the conference. Also ran the half-day 130/30 training seminar.


Finalist — Most Outstanding Professor (campus wide) Cal Poly 2014 — 2015
Most Outstanding Faculty — Finance Cal Poly, Finance Area 2013 — 2014
Most Outstanding Faculty — Finance Cal Poly, Finance Area 2012 — 2013
Outstanding Professor — College of Business ($1000) Flour Corporation 2012 — 2013
Most Outstanding Faculty — Finance Cal Poly, Finance Area 2011 — 2012
Most Outstanding Faculty — Finance Cal Poly, Finance Area 2010 — 2011
Finalist — Most Outstanding Professor ( campus wide) Cal Poly 2009 — 2010
Most Outstanding Faculty – Finance Cal Poly, Finance Area 2009 — 2010
Most Outstanding Faculty – Finance Cal Poly, Finance Area 2008 — 2009
Distinguished Teacher of the Year ($500 award) Cal Poly, College of Business 2007 — 2008
Most Outstanding Faculty Cal Poly, Finance Dept. 2006 — 2007
Most Outstanding Faculty Cal Poly, Finance Dept. 2005 — 2006
Finalist — Most Outstanding Professor (campus wide) Cal Poly 2004 — 2005
Most Outstanding Faculty Cal Poly, Finance Dept. 2003 — 2004
Distinguished Faculty Award ($500 prize) Cal Poly, College of Business 1999 — 2000
Doctoral Teaching Award Kellogg Graduate School 1994 -1995
Teaching Honor Roll (3x) University of Arizona 1990 — 1992


Finalist – Distinguished Scholar Award Cal Poly 2013 — 2014
Best Paper Award ($2000 prize) Multinational Finance Journal 2002
Faculty Research Support Grant Cal Poly
1998 & 1999
Faculty Member, Delta Sigma Chi Cal Poly
Doctoral Fellowship. Sole Recipient in Department University of Arizona 1990 & 1991
Wall Street Journal Award (Top MBA) Western Washington University 1988
FMA National Honor Society Western Washington University 1988

University Service:

Investment Oversight Board Member. Cal Poly Endowment. (~$160 million) 2007 — Present
Chair, Faculty Affairs Committee. Cal Poly 2013 — Present
Founder/Organizer: Cal Poly’s annual “Finance Forum” (5 speakers, 170 attendees) 2007 — Present
Financial Management Association (FMA) club advisor 2001 — Present
Advisor to the RISE Student Managed Portfolio Competition. Placed 2nd nationally. 2002
Various university committees (UPC 4x, etc) 1998

Other Media Coverage and Publications:

  • Pioneering researcher behind the development of the risk measure:  CROSSVOL®            June 2011
    Published daily by Russell Investments and Parametric Portfolio.

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