Email
kdunbar@wpi.edu
Office
50 Prescott Street, Room 1319
Director, FinTech Program
Education
PhD Financial Economics, Fordham University
MS Mathematics, Fairfield University
MBA Economics and Finance, Sacred Heart University
BS Economics, University of the West Indies

Dr. Dunbar is currently a tenured Associate Professor of Finance at WPI. In addition to his extensive experience in teaching and research, he has a wealth of industry experience working with several fortune 500 companies in various capacities.

Professor Dunbar's research has appeared in leading economics and finance journals such as Quantitative Finance, Economic Modeling, International Review of Financial Analysis, and Research in International Business and Finance, amongst others. His research has received considerable attention via citations, and he regularly presents his work at leading international conferences and writes media pieces. His current research examines Blockchain assets for Social Good and Sustainability. His primary research focus is empirical asset pricing, and cryptocurrencies, with a focus on FinTech and futures markets. His transformational work has contributed to various areas in finance that focus on digital assets, financial technologies, and digital transformation from the perspectives of finance and economics

Sustainable Development Goals

SDG 4: Quality Education

SDG 4: Quality Education - Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

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SDG 7: Affordable and Clean Energy

SDG 7: Affordable and Clean Energy - Ensure access to affordable, reliable, sustainable and modern energy for all

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SDG 9: Industry, Innovation, and Infrastructure

SDG 9: Industry, Innovation, and Infrastructure - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

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SDG 11: Sustainable Cities and Communities

SDG 11: Sustainable Cities and Communities - Make cities and human settlements inclusive, safe, resilient and sustainable

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SDG 12: Responsible Consumption and Production

SDG 12: Responsible Consumption and Production - Ensure sustainable consumption and production patterns

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SDG 13: Climate Action

SDG 13: Climate Action - Take urgent action to combat climate change and its impacts

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Research Interests
Asset pricing
Impact of decentralized finance (DeFi) market
Economics and economic theory
Financial markets and institutions
Financial technologies
Decentralized finance (DeFi)
Cryptocurrency
Risk aversion and future markets hedging
Futures market
Impact of environmental, social, and government policy on investment

Scholarly Work

Professor Dunbar's research focuses on asset pricing, futures markets, fintech and the impact of environmental, social, and government policy on investment.

Featured Works: 

Dunbar, K., Treku, D., Sarnie, R., and Hoover, J., (2023). What does ESG risk premia tell us about mutual fund sustainability levels: A difference-in-differences analysis. Finance Research Letters, Volume 57, 104262, https://doi.org/10.1016/j.frl.2023.104262.

Dunbar, K., and Owusu-Amoako (2023). Role of hedging on crypto returns predictability: A new habit-based explanation. Finance Research Letters, Volume 55, Part B, 104009, https://doi.org/10.1016/j.frl.2023.104009.

Dunbar, K., and Owusu-Amoako (2023). Predictability of crypto returns: The impact of trading behavior. Journal of Behavioral and Experimental Finance, Volume 39, 100812, https://doi.org/10.1016/j.jbef.2023.100812.

Dunbar, K., and Owusu-Amoako (2023). Predicting inflation expectations: A habit-based explanation under hedging. International Review of Financial Analysis. Volume 89, 102816, https://doi.org/10.1016/j.irfa.2023.102816.

Dunbar, K., (2023). CBDC uncertainty: Financial market implications. International Review of Financial Analysis. Volume 87, 102607, https://doi.org/10.1016/j.irfa.2023.102607.

Jackson, D., Dunbar, K., Sarkis, J., and Sarnie, R., (2023). Advancing Fintech through a transdisciplinary approach. I-Science. Vol. 26, Issue 9, 107694, https://doi.org/10.1016/j.isci.2023.107694.

Dunbar, K. (2021). Pricing the hedging factor in the cross-section of stock returns. The North American Journal of Economics and Finance, 56, 101376. https://doi.org/10.1016/j.najef.2021.101376

Dunbar, K. (2022). Impact of the COVID-19 event on U.S. banks’ financial soundness. Research in International Business and Finance, 59, 101520. https://doi.org/10.1016/j.ribaf.2021.101520

Dunbar, K., & Jiang, J. (2020). What do movements in financial traders’ net long positions reveal about aggregate stock returns? The North American Journal of Economics and Finance, 51, 100908. https://doi.org/10.1016/j.najef.2019.01.005

Dunbar, K., & Owusu-Amoako, J. (2021). The impact of hedging on risk-averse agents’ output decisions. Economic Modelling, 104, 105638. https://doi.org/10.1016/j.econmod.2021.105638

Dunbar, K., & Owusu-Amoako, J. (2022a). Cryptocurrency returns under empirical asset pricing. International Review of Financial Analysis, 82, 102216. https://doi.org/10.1016/j.irfa.2022.102216

Dunbar, K., & Owusu-Amoako, J. (2022b). Hedging the extreme risk of cryptocurrency. The North American Journal of Economics and Finance, 63, 101813. https://doi.org/10.1016/j.najef.2022.101813

Professional Affiliations
American Finance Association (AFA)
Eastern Finance Association (EFA)
Financial Management Association (FMA)
Associate Editor, Heliyon [Elsevier] Journal
Advisory Board of i-Science [Elsevier] Journal
Guest Editor, Special Issue Finance Research Letters, "Fintech for inclusivity,…

News

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Media Coverage

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The Worcester Guardian
WPI launches first in the U.S. financial tech Ph.D.

The Business School has launched the nation’s inaugural PhD program in Financial Technology. It's the only university in the U.S. to offer fintech degrees at all levels (bachelor's, master's, PhD)

USA Today
What is cryptocurrency?

Cryptocurrency and blockchain, the technology cryptocurrency operates on, are widely referenced, but not always understood. Kwamie Dunbar, associate professor of finance in The Business School and director of fintech programs, provided analysis for this USA Today Blueprint article that seeks to explain some frequently asked questions.