MATTHEW D. WHITLEDGE
Texas Tech University
Rawls College of Business Administration
Lubbock, TX 79409-2101
Office: (806) 834-2446
matthew.whitledge@ttu.edu
www.myweb.ttu.edu/mwhitled
EDUCATION
Texas Tech University
Ph.D. Candidate-Finance
Expected Graduation: May 2016
Southeast Missouri State University
MBA
2011
BSBA, Finance 2008
TEACHING EXPERIENCE
Texas Tech University
Instructor BA 3303
Foundations of Finance
Fall 2014
4.80/5.00
Spring 2015
4.49/5.00
Fall 2015
4.57/5.00
Spring 2016
In progress
Spring 2016 (Online) In progress
(21 students)
(65 students)
(52 students)
(20 students)
(33 students)
PUBLICATION
Whitledge, M. D., & Winters, D. B. (2015). The price of liquidity: CD rates charged by
money market funds. Journal of Banking & Finance, 54, 104-114.
We examine the cost of liquidity in rates on CDs purchased by money market funds (MMFs).
We find no evidence that rates vary directly with the size of CDs. However, we do find that
large MMFs receive higher rates on large CDs than small MMFs. This suggests banks pay for
(potential) liquidity.
RESEARCH PAPERS
The Cost of Liquidity: Certificate of Deposit Rates Before, During, and After the Financial
Crisis (Job Market Paper)
I examine the cost of liquidity that Money Markets Funds (MMFs) are able to charge on
Certificates of Deposit (CDs) issued by global banks from 2006 through 2013. I examine
both bank liquidity needs in the form of undrawn loan commitments and customer deposits
and also potential liquidity that MMFs can provide. During and after the crisis, I find that
larger MMFs are able to charge higher rates relative to smaller MMFs for offering higher
amounts of liquidity in this market. The result is not present prior the crisis supporting the
notion that the price of liquidity is not constant. This result is present after controlling for
interest rates, the size and term of the CD, bank risk, the length of the relationship between
banks and funds, and other bank characteristics.
Allen, K. D., Hein, S. E., & Whitledge, M. D. (2015). The Evolution of the Federal Reserve's
Term Auction Facility and Community Bank Utilization. SSRN: 2551021.
The Term Auction Facility (TAF) was designed by the Federal Reserve during the financial
crisis to inject emergency short-term funds into banks as a supplement to the lender of last
resort discount window offerings. We document both community and non-community FDICinsured banks’ usage of the facility over its existence. Community banks, the vast majority of
banks in the U.S., were far less likely to use the facility than larger, non-community banks
during the financial crisis. Those community banks that used the facility, especially in latter
stages, seemed to do so to mitigate concerns stemming from commercial real estate exposure
but were also attracted by the funds being a cheap source of funds.
WORKS IN PROGRESS
Examining Dodd-Frank’s Reform on FDIC Insurance (with Kyle Allen and Scott Hein)
Foreign Bank Participation in US Crisis Programs (with Will Armstrong and Scott Hein)
HONORS AND AWARDS
Community Banking Research Conference Emerging Scholar Recipient
Rawls College of Business Admin. Doctoral Student Research Award
Rawls College of Business Admin. PhD Student Research Grant
Rawls College of Business Admin. Scholarship
2015
2014-2015
2014
2012-2016
PROFESSIONAL EXPERIENCE
The Bank of Missouri
Financial Adviser
2008-2010
Previous Licenses: Series 7, 63, Missouri Life and Health
REFERENCES
Drew Winters (Chair)
Lucille & Raymond Pickering Chair
Rawls College of Business
Texas Tech University
Lubbock, TX 79409-2101
Phone: 806-834-3350
drew.winters@ttu.edu
Scott Hein
Robert C. Brown Chair in Finance
Rawls College of Business
Texas Tech University
Lubbock, TX 79409-2101
Phone: 806-834-3433
scott.hein@ttu.edu
Jack Cooney
Benninger Family and Rawls Professor
of Finance Chair in Finance
Rawls College of Business
Texas Tech University
Lubbock, TX 79409-2101
Phone: 806-834-1536
jack.cooney@ttu.edu