MICHAEL C. EHRHARDT, Ph.D. is a Professor in the Finance Department at the University of Tennessee and is the Paul and Beverly Castagna Professor of Investments. Dr. Ehrhardt received his M.S. in Operations Research and Ph.D. in Finance from the Georgia Institute of Technology.

Dr. Ehrhardt has taught extensively at the undergraduate, masters, and doctoral levels in the areas of investments, corporate finance, and capital markets. Much of his research is in the areas of corporate valuation and asset pricing models, including pricing models for interest-rate sensitive instruments. His work has been published in numerous journals, including The Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Financial Management, The Financial Review, The Journal of Financial Research, and The Journal of Banking and Finance. He is the author of The Search for Value: Measuring the Company’s Cost of Capital, published by the Harvard Business School Press. He is co-author of Financial Management: Theory and Practice, the market-leading MBA finance textbook, and Corporate Finance: A Focused Approach, a more focused textbook that can be covered in a single semester. He also is co-author of Corporate Valuation: A Guide for Managers and Investors. Dr. Ehrhardt teaches in executive education programs and consults in the areas of corporate valuation, value-based compensation plans, financial aspects of supply-chain management, and the cost of capital.