Stephen Ciccone

Accounting and Finance
Phone: (603) 862-3343
Office: Accounting & Finance, Paul College Rm 355E, Durham, NH 03824
Stephen Ciccone

Stephen Ciccone is an Associate Professor of Finance. He holds Bachelor's and Master's degrees in Accounting from the University of Florida and a Ph.D. in Finance from Florida State University. He is a Certified Public Accountant, formerly employed by Arthur Andersen. He has been a professor at the University of New Hampshire since 2000 and chaired the Accounting and Finance Department from 2013-2022. Among his research interests are stock return properties, analyst forecasts, and behavioral finance.


  • Ph.D., Finance, Florida State University
  • M.S., Accounting, University of Florida
  • B.S., Accounting, University of Florida

Research Interests

  • Investments and Securities
  • Forecasting - Trends/Statistical Analysis
  • Finance

Courses Taught

  • ACFI 650: Wildcat Investment Fund
  • ACFI 702: Investments Analysis
  • ACFI 750: Internships in Accounting
  • ACFI 751: Internships in Finance
  • ACFI 752: Ind Studies in Accounting
  • ACFI 753: Independent Studies in Finance
  • ACFI 802: Investments
  • ACFI 874: Finance Experience
  • ACFI 896: Top/Alternative Investments
  • ADMN 830: Investments
  • ADMN 992: Special Projects & Ind Study
  • FIN 650: Wildcat Investment
  • FIN 702: Investments Analysis
  • PAUL 695: Independent Study

Selected Publications

Cai, C., Ciccone, S., Li, H., & Xu, L. E. (2023). Audit partner characteristics, career advancement and audit quality in the USA. Managerial Auditing Journal, 38(4), 389-418. doi:10.1108/maj-09-2021-3325

He, Z., & Ciccone, S. (2019). Too much liquidity? Seemingly excess cash for innovative firms. Financial Review, 55(1), 121-144. doi:10.1111/fire.12210

Ciccone, S., Kaen, F. R., & Li, H. (2018). The Fortunes of War and Aircraft Manufacturer Stock Returns: The Case of the Korean War. EASTERN ECONOMIC JOURNAL, 44(2), 211-241. doi:10.1057/s41302-016-0077-7

Ciccone, S. (2018). Investing During Major Depressions, Recessions, and Crashes. International Journal of Business Management and Commerce, 3(2), 1-6.

Dual-Class Voting Structure and Firm Value (2017).

Ciccone, S. J. (2011). Investor Optimism, False Hopes and the January Effect. JOURNAL OF BEHAVIORAL FINANCE, 12(3), 158-168. doi:10.1080/15427560.2011.602197

Ang, J. S., Ciccone, S. J., & Baker, H. K. (2009). Dividend Irrelevance Theory. In DIVIDENDS AND DIVIDEND POLICY (pp. 97-113). Retrieved from

Ciccone, S. J. (2005). Trends in analyst earnings forecast properties. International Review of Financial Analysis, 14(1), 1-22. doi:10.1016/j.irfa.2004.06.001

Ciccone, S. (2003). Does Analyst Optimism About Future Earnings Distort Stock Prices?. Journal of Behavioral Finance, 4(2), 59-64. doi:10.1207/s15427579jpfm0402_02

J Ciccone, S. (2003). Forecast dispersion and error versus size, book-to-market ratio and momentum: A comparison of anomalies from 1992 to 2001. Journal of Asset Management, 3(4), 333-344. doi:10.1057/palgrave.jam.2240087

Most Cited Publications